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Business/Financial

Navy’s RMMV Breaches Nunn-McCurdy Law

DDN

Monday, December 21st, 2009

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By Geoff Fein The Navy last week notified Congress of a critical Nunn-McCurdy breach of the Remote Multi-Mission Vehicle (RMMV) portion of the Remote Minehunting System (RMS) program. Lockheed Martin [LMT] builds the RMMV. According to the Navy, in November, the program manager for AN/WLD-1 RMS notified Navy officials of reasonable cause to believe average procurement unit costs for the RMMVs are $12.7 million, approximately 51.8 percent greater (in 2006 baseline dollars) than the original baseline estimate; and that procurement…

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