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Saturday, January 15, 2011

U.S. Navy Selects Lockheed Martin for Submarine Sonar Upgrades

USS North CarolinaLockheed Martin [NYSE: LMT] received a U.S. Navy contract to continue providing sonar systems for U.S. submarines, enabling the fleet to maintain an acoustic advantage.

The $84 million contract contains options which, if exercised, will bring the total contract value to $2.1 billion.

The program’s scope includes the development, production, support and modernization of all U.S. submarine sonar systems including initial system deliveries for Virginia Class submarines under construction as well as upgrades for all in-services submarines.

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