Lockheed Martin was awarded an extension on its Performance Based Logistics contract for the MK 41 Vertical Launching System (VLS) on March 5 from the Naval Inventory Control Point (NAVICP) in Mechanicsburg, PA. Under this contract, Lockheed Martin is responsible for repairing, distributing, warehousing and managing repairable spare parts for the MK 41 system for the U.S. Navy.

This award is a modification and extension of a contract awarded to Lockheed Martin in November 2000, and is valued at $17.1 million for 2004 through 2006. It includes options that could continue the contract through 2014.

As a performance-based contract, the Navy will pay for Lockheed Martin's services based on its ability to respond quickly to spare parts and repair requirements for both U.S. and foreign Navy ships equipped with the MK 41 Vertical Launching System.

This is the first ever NAVICP-awarded Performance Based Logistics contract extension for any system.

"This is a great day for Lockheed Martin, NAVICP, and most importantly our fleet," said Rear Admiral Mark Harnitchek, Commander of NAVICP. "The MK 41 VLS extension shows our commitment to performance based logistics. This is the way we want to continue doing business."

Lockheed Martin's VLS Life Cycle Support Facility (LCSF) in Ventura, CA, is responsible for fast-response MK 41 VLS supply support. Overall, the employees at the LCSF respond to more than 1,000 Fleet Spares/Repairs Requisitions for the more than 75 U.S. Navy and allied nations' MK 41 VLS equipped ships annually under the Performance Based Logistics contract.

"Lockheed Martin is committed to providing our customers with the best possible service on all of our products, and the LCSF continues to prove itself as an innovative approach to meeting commitments for supply support of the MK 41 VLS in the U.S. fleet," said Jon Wing, acting vice president and general manager of Lockheed Martin Maritime Systems & Sensors' Marine Systems line of business. "We are ready every day to rapidly provide needed spares and repairs to ensure the warfighter can fulfill his or her mission whenever required in the defense of our country."

Headquartered in Bethesda, MD, Lockheed Martin employs about 130,000 people worldwide and is principally engaged in the research, design, development, manufacture and integration of advanced technology systems, products and services.

For additional information on Lockheed Martin Corporation, visit:

www.lockheedmartin.com

SOURCE: Lockheed Martin