US Navy Approves $362 Million LCS Construction Contract To Lockheed Martin

Lockheed Martin announced on Wednesday that it has won a $362 million contract modification from the US Navy for fully funded 2015 Littoral Combat Ship (LCS), along with $79 million in advanced procurement funding for a second ship.

The balance of the second ship will be funded by Dec. 31, 2015, the company announced in its press release on Wednesday.

The advanced procurement dollars approved by Congress provides the funding required maintaining the cost and schedule of the final block buy option. It also includes a priced option for one additional fiscal year 2016 ship.

The contract modification is for construction of LCS 21 and LCS 23, the 11th and 12th Freedom variant ships. Nearly 900 suppliers across 43 states are contributing to the Freedom-class LCS program.