High Costs Lead Navy to Cancel Lockheed Coastal Vessel

The Navy cancelled the second of two ships to be built by Lockheed Martin yesterday, ending intense negotiations over the vessels' growing price tags and continuing efforts to keep the cost of weapons programs under control.

The decision comes three months after the Navy ordered the Bethesda defense contractor to stop work on the second coastal combat ship after finding that the first would cost $350 million to $375 million, more than 50 percent over its original price. Last month the Navy said Lockheed could save the ship from cancellation by agreeing to take on more of the financial risk, including picking up the tab for future cost overruns.

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- Posted: 2007-04-13 10:02:33

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