Lockheed wins $20.6m Deal
Lockheed Martin Corp (NYSE:LMT) said it has been awarded a $20.6m contract to upgrade fire control systems on Australian naval ships. Lockheed said it will upgrade the MK92 Fire Control System to support the introduction of Standard Missile 2 capability on the Adelaide-class guided missile frigates. [Source: Thomson Financial]
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)
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.
Telenor Finalizes Comsat Acquisition
Telenor has completed the acquisition of COMSAT Mobile Communications operations . Simultaneously to the acquisition, Telenor gathers all its mobile satellite activities under the new business area name Telenor Satellite Services, and becomes one of the world's largest global mobile satellite operators. COMSAT Mobile now becomes the U.S. Inc. COMSAT Mobile, has annual revenues in excess of $100 million. transaction transfers CMC's operations, including all employees as well as the two earth station facilities in Southbury, Connecticut, and Santa Paula, California, to Telenor. Additionally, in September 2000 Telenor purchased a portion of LMT's Inmarsat shares to become the largest single owner of Inmarsat Ventures plc, holding the maximum permitted stake of 15 percent.
Coast Guard Awards Deepwater Contract Under New Management
According to reports, the Coast Guard has awarded the first contract under its new management structure for the Deepwater program. The Coast Guard said in June that it would assume overall management duties for the troubled project, which includes a wide range of ships, aircraft and other systems. Lockheed Martin Corp. (LMT) and Northrop Grumman Corp. (NOC), the program's prime contractors through their Integrated Coast Guard Systems joint venture, were stripped of their lead systems integrator role. But the two contractors remain on deck to continue program work, through an extension of their umbrella contract. Now the Northrop-Lockheed team has finalized details on a $53m contract for a range of systems engineering and design work.
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.
GD to Build 'Sea Robots'
General Dynamics Corp. (GD) won a $8.5 million contract to build two sea robots for the U.S. Navy. The unmanned surface vehicles will be part of an antisubmarine warfare package for the Littoral Combat Ship, a new U.S. Navy vessel designed to chase down enemy forces in coastal waters. General Dynamics is building some of the new vessels alongside a competing design built by Lockheed Martin Corp. (LMT). The sea robots will carry a variety of sensors and will have the ability to operate autonomously. These sensors include sonar, listening devices and towed arrays of information collectors, the company said in a press release. General Dynamics said its contract covers up to four of the robots. If all options are exercised, the deal could be worth $11.3 million.
Deepwater Fast-Response Cutter Reaches Milestone
The U.S. Coast Guard's, 140-ft. construction commencement. Integrated Deepwater System Program. proceed to design development. The new cutter has been developed to meet post-Sept. requirements. 40-year hull-life. reaction capability. patrols in areas of concern. program manager. originally proposed at the time of contract award in June 2002. Surveillance and Reconnaissance (C4ISR) suite and logistics support. plans as an asset in the Integrated Deepwater System. phase, with the customer review scheduled for this August.
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.
LCS Team Confirms Seaframe Design
The Lockheed Martin-led Littoral Combat Ship (LCS) team has confirmed its semi-planing seaframe design performance in preparation for the program's final design contract. The team, consisting of ship builders Bollinger Shipyards and Marinette Marine, naval architect Gibbs & Cox, and prime Lockheed Martin (NYSE:LMT), has developed a fast, maneuverable and highly capable seaframe. "We are very confident in the performance of our offering," said Fred Moosally, president of Lockheed Martin's Maritime Systems & Sensors. Carol Hulgus, vice president of programs for Lockheed Martin's MS2, further confirmed the team's confidence that it is positioned to meet the Navy's LCS needs.
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.
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.
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.
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…
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.
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.
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.
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.
Coast Guard Meets with Lockheed, Northrop
U.S. Coast Guard Commandant Adm. Thad Allen met last week with chief executive officers from Lockheed Martin Corp. (LMT) and Northrop Grumman Corp. (NOC) to discuss his agency's $24b modernization program, which has struggled with rising costs and technical difficulties. Lockheed Martin CEO Robert Stevens and Northrop Grumman CEO Ron Sugar met with Allen to talk about the Deepwater program's new management plan, the Coast Guard said. The Deepwater program is a 25-year effort to replace a wide variety of aging ships and aircraft. Costs have ballooned from the original $17b estimate, and critics have said the program's shipbuilding troubles show that the Coast Guard isn't equipped to manage such a big project.
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…
UK's New $4.2 Bln Aircraft Carrier Has a Leak
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.
Philippine Passenger Ferry Disaster Update
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.
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.