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28 Sep 2023

VIDEO: Taiwan Reveals First Domestically Made Submarine in Defense Milestone

Credit: Taiwan President Website

Taiwan unveiled its first domestically developed submarine on Thursday, a major step in a project aimed at strengthening the island's defense and deterrence against the Chinese navy, though it won't enter service for another two years.Taiwan, which China claims as its own territory, has made the indigenous submarine program a key part of an ambitious project to modernize its armed forces as Beijing stages almost daily military exercises to assert its sovereignty.President Tsai Ing-wen…

25 Sep 2023

Taiwan Expects to Deploy Two New Submarines by 2027

© Norman Chan / Adobe Stock

Taiwan hopes to deploy at least two new, domestically developed submarines by 2027, and possibly equip later models with missiles, to strengthen deterrence against the Chinese navy and protect key supply lines, the head of the program said.Taiwan, which China claims as its own territory, has made the indigenous sub program a key part of an ambitious project to modernise its armed forces as Beijing stages almost daily military exercises to assert its sovereignty.President Tsai Ing-wen…

27 Jan 2022

US Navy to Recover F-35 Warplane that Fell into South China Sea

(Photo: Larissa T. Dougherty / U.S. Navy)

The U.S. Navy said on Tuesday it was making arrangements to recover an F-35C warplane that fell into the South China Sea after a landing mishap this week.Seven U.S. military personnel were hurt in Monday's accident on the deck of the aircraft carrier USS Carl Vinson and the pilot ejected, the Navy said."I can confirm the aircraft impacted the flight deck during landing and subsequently fell to the water," said Lieutenant Nicholas Lingo, spokesperson for the U.S. 7th Fleet."The U.S.

29 Mar 2019

GasLog in LNG Charter Deal with JERA

Monaco-based liquefied natural gas (LNG) shipper GasLog has agreed a 12-year charter contract with world’s largest LNG buyer, Japan’s JERA.The LNG vessel owner said in a press release that the charter party agreement was signed  with LNG Marine Transport Limited (LMT), the principal LNG shipping entity of JERA, for its existing uncommitted newbuild vessel, HN 2274. GasLog is scheduled to take delivery of the vessel, a 180,000 cubic meter Mark III Flex Plus design with low pressure two stroke propulsion, from Samsung Heavy Industries in April 2020, at which point it will commence the 12-year fixed-term time charter. The vessel offers industry leading unit freight costs to JERA.Paul Wogan…

27 Apr 2018

Seaspan Shipyards Celebrates Handover of HMNZS Te Kaha

Seaspan’s Victoria Shipyards (VSL) celebrated the handover of Her Majesty’s New Zealand Ship (HMNZS) Te Kaha at a ceremony in Victoria, BC. The handover ceremony marks the transfer of care of HMNZS Te Kaha from the Royal New Zealand Navy (RNZN) to Lockheed Martin Canada (NYSE:LMT) and VSL. Today’s event follows last month’s formal announcement that VSL had been awarded work on the Frigate Systems Upgrade for the RNZN’s ANZAC class frigates as a subcontractor for Lockheed Martin Canada. “Being awarded this project demonstrates Seaspan’s Victoria Shipyards’ capabilities as a leader in ship repair in North America,” said Brian Carter, President & CEO of Seaspan Shipyards.

23 Feb 2018

US Lays Keel for 21st Littoral Combat Ship

The Lockheed Martin (LMT)-led industry team officially laid the keel for the U.S. Navy's 21st Littoral Combat Ship (LCS), the future USS Minneapolis-Saint Paul, in a ceremony held at Fincantieri Marinette Marine in Marinette, Wisc. Ship sponsor Jodi Greene authenticated the keel by welding her initials onto a steel plate that will be placed in the hull of the ship. "It is a tremendous honor to serve as the sponsor of the future USS Minneapolis-Saint Paul," Greene said. "I look forward to supporting the ship and its crew throughout the building process and the life of the ship. The Lockheed Martin and Fincantieri Marinette Marine team is currently in full-rate production of the Freedom-variant of the LCS, and has delivered five ships to the U.S. Navy to date.

20 Feb 2018

Wärtsilä Inks 25 Maintenance Deal with Maersk Drilling

(Photo: Wärtsilä)

Wärtsilä said it has entered a cooperation with drilling contractor Maersk Drilling to create a 25-year thruster maintenance strategy for Maersk’s three semisubmersible rigs and four drillships. The parties have already completed the strategy work on the D-rigs and commenced the strategy work related to V-Drillships. By reducing the thruster exchange time, the deep-sea rigs and drillships will spend less time in sheltered waters for thruster maintenance, Wärtsilä said. The joint…

21 Dec 2017

UK's New $4.2 Bln Aircraft Carrier Has a Leak

HMS Queen Elizabeth (Photo: UK Royal Navy)

Britain’s biggest ever warship, the new 3.1 billion pound ($4.2 billion) aircraft carrier HMS Queen Elizabeth, has a leak and needs repairs, the Ministry of Defence (MoD) said on Tuesday. The 65,000-tonne ship is hailed as Britain’s most advanced military vessel and was only commissioned by the queen two weeks ago but it has a problem with a shaft seal that was identified during sea trials, the MoD said. “Sea trials are precisely for finding manageable teething problems like this and rectifying them,” a Royal Navy spokesman said.

18 Aug 2013

Philippine Passenger Ferry Disaster Update

Child rescued from the ferry: Photo courtesy of Philippine Coast Guard

The collision occurred in the vicinity of Lawis Ledge, off the island of Cebu between 'MV Sulpico Express 7', a cargo ship bound for Davao City, and 'MV St. Thomas Aquinas', a RoR passenger ferry out of Butuan bound for Cebu City. The ferry, with 841persons on board sank and at the latest count Monday, 19, August 0845 LMT, 750 passengers had been rescued, there were 42 casualties, and 78 persons were missing. "Official Statement on M/V St. At around 9pm of August 16, in the vicinity of Lawis Ledge, Talisay, Cebu, M/V St.

29 Jun 2012

Wärtsilä to Power Six New Pipe-laying Vessels

Wärtsilä has been contracted to supply integrated power solutions to six new offshore Pipe Laying Vessels (PLVs) being built for operation in Brazilian waters. The majority of these orders were booked before the second quarter of 2012. The PLVs will be operating for the Brazilian multinational corporation Petrobras for the construction of pipelines from offshore oil rigs to the mainland. The six vessels are to be built by three different companies at yards in the Netherlands, Brazil and South Korea. The Wärtsilä solutions selected for the six vessels include design, main engines, and propellers and will be delivered during the fourth quarter of 2012 and the first quarter of 2013.

30 Apr 2012

Lockheed Martin Show Growth in Q! 2012 Results

Lockheed Martin Corporation (NYSE: LMT) reports first quarter 2012 net sales of $11.3 billion compared to $10.6 billion in 2011. Earnings from continuing operations during the first quarter of 2012 were $665 million, or $2.02 per diluted share, compared to $556 million, or $1.57 per diluted share, in 2011. Cash from operations during the first quarter of 2012 was $458 million, after pension contributions of $505 million and tax payments of $150 million, compared to cash from operations of $1.7 billion during the first quarter of 2011, which benefited from a tax refund of $236 million and no pension contributions. "Our strong first quarter results reflect the strength of our portfolio and the commitment of our team to deliver value to our customers and shareholders…

13 Sep 2011

OceanPower Technologies and Lockheed Martin Collaborating on Powerbuoy

Ocean Power Technologies, Inc. is pleased to announce it will collaborate with Lockheed Martin (NYSE: LMT) in connection with OPT’s proposed commercial-scale wave power generation project at Reedsport, Oregon. Lockheed Martin will provide design, manufacturing, system integration and supply chain management expertise to enhance OPT’s PowerBuoy® technology. This builds on previous work conducted by Lockheed Martin and OPT. This collaboration follows a $2.4 million contract awarded by the US Department of Energy (DoE) to OPT as part of US Secretary of Energy Steven Chu’s initiatives announced in September 2010 to promote the development of renewable marine energy.

18 Mar 2011

Lockheed Martin Awarded $376m for LCS

The U.S. Navy awarded a Lockheed Martin (NYSE: LMT)-led industry team $376m to build the seventh Littoral Combat Ship (LCS). The fixed-price-incentive-fee contract provides funding for the second of 10 ships the Navy awarded to the Lockheed Martin team in December 2010. The contracts for the remaining eight ships will be awarded through 2015. Marinette Marine Corporation, a Fincantieri company, will construct the ships in Marinette, Wis., and naval architect Gibbs & Cox will provide engineering and design support. "As the Lockheed Martin team constructs this next ship, we will remain focused on performance and cost," said Joe North, vice president of Lockheed Martin's Littoral Ship Systems business.

08 Mar 2011

Marinette Marine Breaks Ground on New Facility

Marinette Marine Corporation, a member of the Lockheed Martin (NYSE: LMT)-led Littoral Combat Ship (LCS) industry team, broke ground for a new panel-line fabrication building to support construction of the U.S. Navy's LCS. The new building will improve the first stage of ship construction at Marinette Marine and decrease ship module travel distance throughout the LCS construction process. The building will feature automation to increase efficiency and provide the capacity for storage of steel and other raw materials. In addition to this groundbreaking, Marinette Marine also marked the opening of its professional center and the completion of a project to expand its main indoor ship construction building.

15 Dec 2010

U.S. Navy Urges Senate to Approve LCS Plan

According to a Dec. 14 report from Reuters, four top U.S. Navy officials appeared at a hastily arranged Senate hearing to press for approval of a $9.8b plan to buy 10 new coastal warships each from both Lockheed Martin Corp (LMT.N) and Australia's Austal Ltd (ASB.AX), instead of selecting just one. (Source: Reuters)

06 Dec 2010

Lockheed Martin-Led Team Launches Third LCS

The Lockheed Martin (NYSE: LMT)-led industry team launched the nation's third Littoral Combat Ship (LCS), Fort Worth, at the Marinette Marine shipyard. The 389-ft Fort Worth was launched into the Menominee River. Just prior to its launch, the ship's sponsor, Congresswoman Kay Granger of Texas, christened Fort Worth with the traditional smashing of a champagne bottle across the ship's bow. In March 2009, the U.S. Navy awarded the Lockheed Martin-led industry team a contract to construct Fort Worth. Only 20 months later, the ship is 80 percent complete. Now formally christened and launched, Fort Worth will continue to undergo outfitting and testing at Marinette Marine before delivery to the Navy in 2012.

15 Oct 2010

Lockheed Martin $24M Anti Sub Systems Contract

Advanced acoustic processing and tracking capabilities provided by Lockheed Martin (NYSE: LMT) will enhance underwater surveillance and help increase situational awareness for the U.S. Navy fleet. Lockheed Martin has been awarded a follow-on contract from the Navy's Space and Naval Warfare Systems Command to provide technology updates and new concepts to detect and track submarines. This contract extension is valued at $24m. The team will engineer enhancements to the Navy's common Integrated Undersea Sensor System hardware and software baseline, or Integrated Common Processor (ICP) system, which assists operators in localizing and tracking surface and subsurface maritime contacts.

03 Aug 2009

Lockheed Team Submits LCS FY10 Proposal

The Lockheed Martin (NYSE:LMT) -led industry team submitted its proposal for the Littoral Combat Ship (LCS) fiscal year 2010 contract to the U.S. Navy on July 31. The Program Executive Office, Ships, is expected to award a contract this coming fiscal year for additional Littoral Combat Ships. The U.S. Navy is proceeding with a limited competition with winners of the Flight 0 phase of the program, Lockheed Martin and General Dynamics. The U.S. 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, Wis., with more than half of the ship's modules currently under construction.

25 Mar 2009

Lockheed Martin Contract for Next LCS

The U.S. Navy has awarded a Lockheed Martin (NYSE:LMT) -led industry team a fixed price incentive fee contract to construct the Navy's third Littoral Combat Ship (LCS). Marinette Marine Corporation in Marinette, WI, will construct the ship. "The Freedom class LCS is the most affordable surface combatant in the current shipbuilding plan in the last four decades - only six years from concept to the fleet, half the time," said Dan Schultz, vice president and general manager of Lockheed Martin's Integrated Defense Technologies business. The nation's first LCS, USS Freedom, was also built at Marinette Marine. USS Freedom was commissioned by the Navy on November 8, 2008, following successful sea trials in August and delivery in September.

12 Jan 2009

Lockheed Martin, Navy Destroyer Contract

Lockheed Martin [NYSE: LMT] was awarded a $15m firm-fixed-price contract as part of the U.S. Navy's Modernization Program for the DDG 51 Arleigh Burke-class destroyers. The contract, for initial Machinery Control System (MCS) shipsets and related equipment, includes options and engineering services which, if exercised, would bring the cumulative value to $51.5m. MCS provides centralized and remote control of selected machinery on U.S. Navy DDG 51-class ships. The new contract follows three earlier awards (January and November 2007, and April 2008) to modernize computer programs, provide engineering services, backfit software and support integration of hull, mechanical and electrical systems aboard existing Arleigh Burke-class ships.

05 Aug 2008

Fincantieri to Acquire the Manitowoc Marine Group

Fincantieri - Cantieri Navali Italiani S.p.A., a leader in the commercial and naval shipbuilding industry, signed a definitive acquisition agreement to acquire the Manitowoc Marine Group (MMG), from its parent company, The Manitowoc Company, Inc. [NYSE: MTW]. Lockheed Martin Corporation [NYSE: LMT] has agreed to be a minority investor with Fincantieri in the proposed acquisition. The transaction, that is valued at approx. $120m (subject to certain closing adjustments), is an all-cash deal that is anticipated to close at the end of 2008. The Boards of Directors of Fincantieri and have approved the terms of the agreement. The transaction is subject to customary closing conditions, including clearance from the antitrust authorities.

29 May 2008

Coast Guard Postpones Pursuing Refunds For Faulty Ships

The U.S. Coast Guard said it will temporarily stop its review and suspend its pursuit of a $96.1m refund for faulty ships built by Lockheed Martin Corp. (LMT) and Northrop Grumman Corp. (NOC), pending a Justice Department investigation. The Justice Department and the Department of Homeland Security Office of the Inspector General are investigating the Coast Guard's Deepwater contracts, including the eight, 123-ft. patrol boats found to have structural problems, the AP reported. The Coast Guard will continue to provide documents and technical support to assist the government's investigation. The latest move signals a shift by the Coast Guard…

12 Oct 2001

Comsat Granted Access to Domestic U.S. Market

Ruling Provides More Satellite Communications Options to Agencies, Relief Organizations and Businesses Operating in the U.S. Comsat Mobile Communications (CMC), a business unit of Lockheed Martin Global Telecommunications, announced that it has received authority from the FederalCommunications Commission (FCC) to provide domestic land mobile, maritime, and aeronautical mobile satellite communications services throughout the United States and its territories via the Inmarsat satellite system. This authority is granted in anticipation of the conduct of an IPO by Inmarsat as required by the 2000 Federal ORBIT Act. All of CMC's voice, data, and high-speed data services -- including Direct Internet access, e-mail, and fax -- are included in this ruling.

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