Lockheed Martin Wins $395M Deal For GPS III SV 09 And 10
Zacks Investment Research | Sep 21, 2016 09:11PM ET
Defense prime Lockheed Martin Corp.’s (NYSE:LMT) Space Systems business unit won a modification contract for the development of GPS III Space Vehicles (SV) 09 and 10. Valued at $395 million, the contract was awarded by the Space and Missile Systems Center, Los Angeles Air Force Base, CA.
Work, expected to be completed by Aug 8, 2022, will be executed at Littleton, CO. The contract will utilize fiscal 2014 and 2015 advanced procurement funds as well as fiscal 2016 space procurement funds.
GPS III and Lockheed Martin
Global Positioning System (GPS), originally developed by the U.S. Department of Defense (DoD), is a space-based navigation system. GPS III is the next-generation satellite version of original GPS.
GPS III promises more advanced navigation services and can deliver signals three times more accurate than the current GPS spacecraft. Due to its advanced design, GPS III has operational life expectancy of over 15 years, more than 25% longer than the newest Block IIF satellites.
In 2008, Lockheed Martin was awarded the original contract for the design, development and production of the GPS III Non-Flight Satellite Testbed (GNST) and the first two GPS III satellites (SV 01–02), with priced options for up to 10 additional satellites.
Recently, Lockheed Martin delayed the delivery of the first GPS III satellite to the U.S. Air Force from August to December, citing a problem detected in the navigation payload. The satellite’s launch is now expected sometime in the first half of 2017, marking a delay of two years from the oiginal schedule.
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