The U.S. Navy recently awarded Lockheed Martin a contract for design agent engineering for the MK 41 Vertical Launching System (VLS). The contract, initially valued at $18.5 million, has a potential value in excess of $140 million over four years.

Lockheed Martin employees in Baltimore and Ventura, CA will support the contract through continuous launcher development, constantly refreshing the technology on the launching system, providing maintenance and repairs to the system and integrating new missiles into the system.

This is the fifth recurring design agent contract Lockheed Martin has been awarded for this system. The contract award provides an initial $18.5 million of funding, with options through 2008 that have a potential total value in excess of $140 million.

"We are extremely proud of the role we play in providing state-of-the-art systems that meet the highest standards of excellence for our customers and serve to defend our freedom and the freedom of many allied nations around the globe," said Jon Wing, acting vice president and general manager of Lockheed Martin Maritime Systems & Sensors' Marine Systems line of business.

The MK 41 Vertical Launching System is a missile launching system used on U.S. Navy surface warships as well as the ships of 10 other allied countries. It is installed below deck and provides the capability to fire a variety of missiles including anti-air, anti-submarine, surface-to-surface and strike.

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:

http://www.lockheedmartin.com/.

SOURCE: Lockheed Martin