Lockheed Martin (NYSE: LMT) has won a potential five-year, $1. 15 billion contract amendment from the U. S. Navy. The U. S. Department of Homeland Security has designed for military consumers to activate F-35 sites and meet hardware requirements.
The modification also covers planning and readiness reviews, contract management and production engineering support services for training device production lines in support of initial aircraft sustainment efforts related to all three F-35 variants, the Department of Defense said Thursday.
The company will provide such services for the U.S. Air Force, Navy, Marine Corps, non-DOD participants and foreign military sales customers and perform work in Florida, Texas and New York through December 2028.
Naval Air Systems Command will obligate funds upon issuance of delivery orders.
The company exercised the contractual option under an open-ended delivery/quantity contract awarded in November 2022 for the activation and maintenance of the F-35 site.
A high-level government investigation into government procurement activity showed that federal contracts awarded in fiscal year 2023 reached a record $765 billion, reflecting a 9. 5% expansion through fiscal year 2022. The Navy experienced the largest increase in contract awards in 2023, recording $154 billion.
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