"We're absolutely thrilled. This is ships five and six in a block buy contract that we have with Lockheed Martin," said Marinette Marine President/CEO Chuck Goddard.
The $696-million dollar deal comes on top of 74-million dollars that Fincantieri, Marinette Marine's parent company, has invested in the shipyard. The latest contracts come in the midst of mandated federal spending cuts. But Goddard says sequestration won't hinder future or current contracted work.
"The Milwaukee, LCS 5.. LCS 7, the Detroit and then we have Little Rock, which is eleven and then Sioux City which will get started here very shortly, in the next couple of months," Goddard said.
The new contracts won't create additional jobs. But they will help keep Marinette Marine, and current employees, on a steady course.
"So if you think about three-years to do this, we're now at the steady state that we need to be. And these are just keeping us with work back logged out. So we can work through 2016 with these," Goddard said.
Two LCS ships built at Marinette Marine, the USS Freedom and USS Fort Worth have already been delivered to the U.S. Navy.
Local 5's Terry Kovarik has the story.