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SAIC Awarded $383 Million Contract by Naval Sea Systems Command

Company to manufacture components of MK 48 Mod 7 heavyweight torpedoes

Category:

Wednesday, November 2, 2016 6:30 am EDT

Dateline:

MCLEAN, Va.

Public Company Information:

NYSE:
SAIC
"As the manufacturer of the MK 48 Mod 7 heavyweight torpedo afterbody/tailcone sections, SAIC will ensure that the Navy is ready to meet their missions at sea across the globe."

MCLEAN, Va.--(BUSINESS WIRE)--The Naval Sea Systems Command (NAVSEA) awarded Science Applications International Corp. (NYSE: SAIC) a contract to manufacture MK 48 Mod 7 heavyweight torpedo afterbody/tailcone sections. The work to be performed will increase the quantity of the MK 48 Mod 7 heavyweight torpedoes for operational use.

The contract has a 27-month base period of performance from award to final acceptance and includes options for the procurement of spares, production support material, engineering services, test equipment design and manufacturing, and hardware repair services. If all options are exercised, the total contract value will be more than $383 million with an expected completion date of January 2020. Work will be performed in Bedford, Indiana; Marion, Massachusetts; Middletown, Rhode Island; and Indianapolis, Indiana.

“SAIC is proud to grow our support to NAVSEA under this new contract award. As a technology and systems integrator, SAIC is very excited to expand our support to NAVSEA by providing critical weapons hardware to the Navy,” said Tom Watson, SAIC senior vice president and general manager of the Navy and Marine Corps Customer Group. “As the manufacturer of the MK 48 Mod 7 heavyweight torpedo afterbody/tailcone sections, SAIC will ensure that the Navy is ready to meet their missions at sea across the globe.”

SAIC is teamed with Lockheed Martin, who will procure various afterbody/tailcone assemblies, as well as provide engineering services. Lockheed Martin is currently manufacturing guidance and control systems for the MK 48 Mod 7 torpedo. These guidance and control systems will increase bandwidth, provide streamlined targeting and tracking capabilities to enable greater effectiveness and provide advanced counter-measure capabilities.

About SAIC

SAIC is a premier technology integrator providing full life cycle services and solutions in the technical, engineering, intelligence, and enterprise information technology markets. SAIC is Redefining Ingenuity through its deep customer and domain knowledge to enable the delivery of systems engineering and integration offerings for large, complex projects. SAIC’s approximately 15,000 employees are driven by integrity and mission focus to serve customers in the U.S. federal government. Headquartered in McLean, Virginia, SAIC has annual revenues of approximately $4.3 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

Certain statements in this announcement constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and a number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in SAIC's Annual Report on Form 10-K and other such filings that SAIC makes with the SEC from time to time, which may be viewed or obtained through the Investor Relations section of our web site at  www.saic.com . Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.

Contact:

SAIC Media Contact:
Lauren Presti, 703-676-8982
lauren.a.presti@saic.com