Lockheed Martin said in a statement Thursday it had "received $951.7 million from the U.S. Navy to produce and integrate mission systems for the MH-60R helicopter over five years. This funding, in combination with two advanced procurement contracts totaling $113.6 million, increases the total value of this multi-year contract to $1.065 billion."

"The multi-year contract provides for Lockheed Martin Systems Integration of Owego, N.Y., to integrate advanced electronic systems into 139 multi-mission helicopters through 2013. The advanced procurement contracts associated with this multi-year were awarded in May 2006 and January 2006," the company said.

“The mission systems on the MH-60R elevate the U.S. Navy's anti-submarine and anti-surface warfare capabilities to a new level. This is an investment in technology that will bring benefits to the Navy, its Sailors and our nation for years to come,” said Frank C. Meyer, president of Lockheed Martin Systems Integration-Owego.

“This multi-year contract allows the U.S. Navy to lock in a price and configuration for the helicopters that equates to an estimated 12 percent cost reduction compared to buying these integrated systems over the same period on an annual schedule,” said Richard Holmberg, general manager for Naval Helicopter Programs at Lockheed Martin.

Lockheed Martin said it was "the prime air weapons systems integrator for the MH-60R, the U.S. Navy’s most advanced submarine hunting and surface warfare helicopter."

"We’ve improved cycle time from six months to four months,” said Holmberg. “That means we’re able to get these helicopters into the fleet faster, and at a lower cost to the taxpayer."