Lockheed Martin awarded $11.76B Navy contract

Lockheed Martin (LMT) was awarded a not-to-exceed $11.76B undefinitized, fixed-price incentive, firm-fixed-price modification to a previously awarded contract. This modification adds scope for the production and delivery of 145 F-35 full rate production Lot 18 aircraft. Additionally, this modification provides tooling support for the governments of Italy and Japan’s final assembly and check out facilities. Work is expected to be completed in June 2027. FY24 aircraft procurement funds in the amount of $2.51B; FY24 aircraft procurement funds in the amount of $2.04B; F-35 non-U.S. DOD program partner funds in the amount of $816.35M and FMS customer funds in the amount of $2.01B will be obligated at the time of award, none of which will expire at the end of the current fiscal year. The contract that is being modified was not competed. Naval Air Systems Command is the contracting activity.