Navy awards Lockheed Martin $2.4 billion F-35 contract modification

The Navy on Friday announced a $2.4 billion contract modification to Lockheed Martin for the F-35 Joint Strike Fighter.

According to the announcement, the modification is for "initial spares" for the Navy, Marine Corps and Air Force, as well as sales to foreign countries and non-Pentagon partners.

"Spares to be procured include global spares packages, base spares packages, deployment spares packages, afloat spares packages and associated consumables," the announcement reads.

"All orders are expected to be placed no later than December 2020. No funds will be obligated at time of award, funds will be obligated on individual delivery orders as they are issued," it continues.

In a statement about the modification, Lockheed Martin spokesman Michael Friedman said: "This funding is an important step to increasing spare parts availability for the growing global fleet and ultimately enhancing F-35 readiness and reducing operating costs."

In early July, the Navy announced a $348 million contract modification to Lockheed for Lot 12 of the F-35 program's low-rate initial production phase.

The contract modification for Lot 12 came after the Pentagon in June announced it had reached a $34 billion "handshake agreement" with Lockheed for Lot 12 of the F-35 program, with options for Lots 13 and 14.