Lockheed Gains $979.2 Million For Aegis Program BMD

The Missile Defense Agency gave Lockheed Martin Corp. [LMT] a $979.2 million change to an existing cost-plus-award-fee contract, with the added funds paying for continued work on the Aegis ballistic missile defense (BMD) program, the Pentagon announced.

Aegis is part of the U.S. multi-layered ballistic missile defense shield, a weapons control and guidance system that works with an interceptor missile to take down incoming enemy missiles. Aegis systems mounted on ships have taken out target missiles in most tests.

Under the contract increase, Lockheed Martin Maritime Sensors and Systems of Moorestown, N.J., will continue to design, test, and deliver the Aegis BMD Block 2006/2008 (consolidated) weapon system capability (BMD Baseline 4.0.1) requirement.

Work will be completed by December 2010. That work will include using research and development funds from the current fiscal year ending Sept. 30, 2007.

The Naval Sea Systems Command in Washington, D.C., handles the contract.