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Navy Awards Lockheed Martin $500 Million For Presidential Helicopter Work

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Lockheed Martin [LMT] was awarded a $500 million modification to a previously awarded cost-plus-award-fee contract to provide additional funds for engineering development efforts in support of the System Development and Demonstration (SDD) of the VH-71 Presidential Helicopter, the Navy recently said. This action is aligned with the FY '09 Appropriations/Authorization Act, the Navy added. The contract modification, increasing the contract ceiling on the VH-71 contract, is a reflection of cost growth already reported by acquisition leadership in March 2008, Cmdr.…

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