The U.S. government said on Tuesday it has approved the sale of up to four Lockheed Martin Corp multi-mission warships, plus associated equipment, training and logistics to Saudi Arabia, a deal valued at $11.25 billion overall.
The Pentagon’s Defense Security Cooperation Agency, which oversees foreign military sales, notified U.S. lawmakers late Monday about the possible sale, and released a statement on its website on Tuesday.
“We stand ready to support that sale,” Lockheed Chief Executive Officer Marillyn Hewson told analysts on an earnings call. She said the deal could be completed in 2016.
DSCA said the major defense equipment involved in the deal was worth $4.3 billion, with the rest going to fund extensive engineering, logistics and training required for the program.