Lockheed Martin Team Approved to Begin Detail Design and Construction on First Littoral Combat Ship

The U.S. Navy awarded a Lockheed Martin-led team $188.2 million to commence detail design and construction of the first Littoral Combat Ship (LCS), a revolutionary new class of naval combatant designed to dominate the world's coastal waters. 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. The team is using common tools and proven processes to ensure a seamless transition from design to construction for on-time and on-budget delivery. "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 line of business. "Our exceptional design for a flexible, maneuverable and high-performance ship is combined with our team's proven experience in delivering ships on schedule and cost." The Lockheed Martin team design, a proven semi-planing steel monohull, provides outstanding agility and high-speed maneuverability with known seakeeping characteristics to support launch and recovery operations, mission execution and optimum crew comfort. The Lockheed Martin-led team includes naval architect Gibbs & Cox and shipbuilders Marinette Marine, a subsidiary of The Manitowoc Company, Inc. (NYSE:MTW), and Bollinger Shipyards and best-of-industry domestic and international teammates to provide a low-risk, affordable LCS solution. LCS provides the Navy with fast, maneuverable, shallow-draft ships aimed at maximizing mission flexibility. Ensuring littoral battlespace access and dominance, the ship's first missions will include mine warfare, anti-submarine warfare and surface warfare. LCS will also be a FORCEnet enabler, sharing tactical information with other naval ships, submarines, aircraft, joint units and LCS groups.