Lockheed Martin Submits Littoral Combat Ship Proposal to U.S. Navy

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Apr 12, 2010, 04:39 ET

WASHINGTON, April 12 /PRNewswire/ -- The Lockheed Martin (NYSE: LMT)-led industry team submitted its proposal for the Littoral Combat Ship (LCS) fiscal year 2010-2014 contract to the U.S. Navy today.

Lockheed Martin is one of two industry teams competing for the contract. The Navy will award the winning team a fixed-price incentive fee contract to provide up to 10 ships as well as combat systems for five additional ships. Two of the 10 ships would be acquired in fiscal 2010 and the rest via options through fiscal 2014.

"We are offering the U.S. Navy a low-risk, affordable design that has already proven itself essential to the expanding challenges faced by our Sailors," said Lockheed Martin Chairman and CEO Bob Stevens. "Lockheed Martin is committed to continuing our strong performance to ensure delivery of an affordable class of LCS ships for our nation."

The Navy awarded the Lockheed Martin team a fixed-price incentive fee contract in March 2009 to build the Navy's third LCS. LCS 3, the Navy's future USS Fort Worth, is being built in Marinette, WI, with all of the ship's modules currently under construction and nearly 40 percent of the ship complete.

Lockheed Martin's first LCS, USS Freedom, was delivered to the Navy in 2008. In February, it began its maiden deployment approximately two years ahead of schedule. Since then, the ship has conducted a series of drug interdictions in which the crew seized more than five tons of cocaine.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation reported 2009 sales of $45.2 billion.

For additional information about Lockheed Martin, visit: http://www.lockheedmartin.com and http://www.lmlcsteam.com

SOURCE Lockheed Martin