CGNewsTip: Coast Guard May End Lockheed-Northrop Contract

Feb. 14 (Bloomberg) — The U.S. Coast Guard may not renew its $24 billion contract with Lockheed Martin Corp. and Northrop Grumman Corp. to modernize the service’s aging ships, the Coast Guard’s top official said today.

The service is considering a number of options as it negotiates with the two companies about renewing their contract to continue the “Deepwater” modernization program, Coast Guard Commandant Thad Allen told reporters after a Senate subcommittee hearing. The $3 billion contract extension would start in June and continue for 43 months.

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