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Home >> Business
UPDATED: 08:49, January 16, 2007
U.S. Navy halts Lockheed job on new coastal waters warship
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The U.S. Navy has ordered Lockheed Martin Corp. to stop work on a new coastal waters warship because of big cost overruns, The Wall Street Journal website reported on Monday.

The report said construction on one ship will continue, but a second Lockheed Martin ship is on hold and subject to a 90-day stop-work order.

The navy did not disclose the size of the cost increase, but the Lockheed Martin ship is now expected to cost 320 million dollars or more. The ships are supposed to cost 220 million dollars each once they are in production, according to the report.

However, the navy acknowledged last year that the lead ships for each of two ship designs were more likely to cost on the order of 300 million dollars each, the report said.

The Littoral Combat Ship program is a planned fleet of 55 ships designed to hunt submarines, detect mines and chase small enemy boats in coastal waters. Its initial research phase was projected to cost 1.7 billion dollars, according to Defense Department estimates.

Lockheed Martin is building the first and third ships in this initial series. Its first ship is about 70 percent complete. Construction has not started on the second.

Source: Xinhua

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