New Zealand Renegotiates Frigate Upgrade Contract With Lockheed

New Zealand and Lockheed Martin have signed a revised contract for the installation phase of the Anzac Frigate Systems Upgrade (FSU) contract, which has overrun its original $491 million budget by 30%, or $148 million. The new project budget is $639 million. New Zealand Defense Minister Ron Mark says the FSU cost overrun was the largest example of procurement “overspends” so far identified under the previous government, which was led by former Prime Minister Bill English. To fund ...