Reports in daily news media such as the Washington Post and Denver Post that “Lockheed Martin will lose its entire fee of about $70 million to defray an 18 percent cost overrun” on GPS III satellites misconstrue the facts.
The U.S. Air Force says defense contractor Lockheed Martin will lose its entire fee of about $70 million to defray an 18 percent cost overrun on the first of its newly designed GPS III satellites, the Washington Post reported.
The Lockheed Martin team developing GPS III is progressing on-schedule, achieving key milestones in the Preliminary Design Review (PDR) phase with the U.S. Air Force.
In late-breaking news, the U.S. Air Force awarded Lockheed Martin a $6 million contract to develop and demonstrate a payload that will temporarily transmit a third civil signal, on the L5 frequency at 1176MHz, from a Block IIR-M satellite.
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