Lockheed Martin bags contract worth $11B from US Navy
What's the story
Lockheed Martin's subsidiary, Sikorsky, has won a major contract from the US Navy. The deal, worth nearly $11 billion, is for the production of up to 99 CH-53K King Stallion helicopters. This is the largest order ever placed for this particular model. The five-year agreement gives the US government an option to purchase these advanced helicopters either directly for its Marine Corps or on behalf of foreign military customers.
Delivery timeline
Deliveries scheduled between 2029 and 2034
Sikorsky has committed to delivering these helicopters between 2029 and 2034. The CH-53K King Stallion is a heavy-lift helicopter that can transport troops, supplies, and equipment. It is powered by three engines, each with a power output of up to 7,500 shaft horsepower. The aircraft's advanced capabilities make it an ideal choice for military operations requiring heavy lifting and transportation of personnel or equipment.
Recent contracts
Recent contract wins and financial challenges
Just last month, Sikorsky bagged a $1.6 billion deal for five Seahawk maritime helicopters and two jets from New Zealand. However, despite these wins, Lockheed Martin reported an 80% drop in profit in July. The defense giant posted a pre-tax loss of $1.6 billion, largely due to losses from a classified program in its Aeronautics business unit.