December 16, 2004

Navy awards Lockheed Martin contract for first LCS

The U.S. Navy has awarded a Lockheed Martin-led team $188.2 million to commence detail design and construction of the first Littoral Combat Ship (LCS). The option was exercised under the LCS final system design contract, awarded to the Lockheed Martin (NYSE: LMT) team in May 2004.

The Lockheed Martin team will begin construction of the lead ship at Marinette Marine in Marinette, WI, in the first quarter of 2005 and deliver it to the U.S. Navy in late 2006.

"We are honored to partner with the U.S. Navy to build the lead LCS and provide the first ever ship in this transformational new class of surface combatants," said Carol Hulgus, vice president and general manager of Lockheed Martin Maritime Systems & Sensors' Littoral Ships & Systems unit.

The Lockheed Martin team design is based a proven semi-planing steel monohull.

Team members include naval architect Gibbs & Cox and shipbuilders Marinette Marine, a subsidiary of The Manitowoc Company, Inc. (NYSE: MTW), and Bollinger Shipyards.

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