LOCKHEED MARTIN MH-60 HELICOPTER SYSTEMS MULTI-YEAR PRODUCTION CONTRACT FROM THE U.S. NAVY TOTALS $1.065 BILLION
Owego, NY, August 16, 2007 -- Lockheed Martin [NYSE: LMT] has received $951.7 million from the U.S. Navy to produce and integrate mission systems for the MH-60R helicopter over five years. This funding, in combination with two advanced procurement contracts totaling $113.6 million, increases the total value of this multi-year contract to $1.065 billion.
The multi-year contract provides for Lockheed Martin Systems Integration of Owego, NY, to integrate advanced electronic systems into 139 multi-mission helicopters through 2013. The advanced procurement contracts associated with this multi-year were awarded in May 2006 and January 2006.
“We’re extremely proud of our 35 years of service to the U.S. Navy,” said Frank C. Meyer, President of Lockheed Martin Systems Integration – Owego. “The mission systems on the MH-60R elevate the U.S. Navy's anti-submarine and anti-surface warfare capabilities to a new level. This is an investment in technology that will bring benefits to the Navy, its Sailors and our nation for years to come.”
“This multi-year contract allows the U.S. Navy to lock in a price and configuration for the helicopters that equates to an estimated 12 percent cost reduction compared to buying these integrated systems over the same period on an annual schedule,” said Richard Holmberg, general manager for Naval Helicopter Programs at Lockheed Martin.
Lockheed Martin is the prime air weapons systems integrator for the MH-60R, the U.S. Navy’s most advanced submarine hunting and surface warfare helicopter.
The MH-60R, replacing the Navy’s current fleet of SH-60B and SH-60F Seahawk helicopters, is designed primarily for anti-submarine and anti-surface warfare. Secondary missions include search and rescue, vertical replenishment, naval surface fire support, logistics support, personnel transport, medical evacuation and communications and data relay.
Newly-developed mission systems integrated by Lockheed Martin into the MH-60R combine and significantly improve the mission capabilities of two currently deployed Navy helicopters. Among the capabilities in the MH-60R is an acoustic sonar suite that provides significantly increased range for detecting submarines, and a multi-mode, long-range search radar that can automatically detect and track an increased number of surface vessels. Along with improving the mission systems, Lockheed Martin has also reduced the time required to install and integrate the equipment.
"We’ve improved cycle time from six months to four months,” said Holmberg. “That means we’re able to get these helicopters into the fleet faster, and at a lower cost to the taxpayer."
Once integrated by Lockheed Martin, each MH-60R helicopter is flown to the U.S. Navy’s training squadron, HSM-41, at Naval Air Station North Island, San Diego, CA where pilots and crews learn to operate the new aircraft. The first MH-60R operational squadron will be the HSM-71 “Raptors,” which stands up in October at North Island, and makes its first deployment with an aircraft carrier strike group in 2009.
Headquartered in Bethesda, Md., Lockheed Martin 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.
Greg Caires, (607) 751-3200; e-mail: email@example.com
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