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SAIC Snares Naval Contract, Shares Up

Science Applications International Corp. (NYSE: SAIC) shares fought their way upThursday morning, on word the company has been awarded a $80.5-million task order by the U.S. Navy for the completion of the MK710 TSTS design and then to produce and deliver MK 710 Torpedo System Test Sets (TSTS) to enhance the Navy’s capability to provide the Submarine force with high quality, tested and validated MK 48 heavyweight torpedoes.

“SAIC looks forward to expanding our support to the Navy’s heavyweight torpedo program,” said Executive Vice President Barbara Supplee. “This award further demonstrates the trust and confidence the Navy has placed on SAIC and our exceptional workforce’s heavyweight torpedo expertise.”

Under the five-year contract, SAIC will provide MK 710 TSTS which will be used to test and validate the integrity and operational status of warshot MK 48 heavyweight torpedoes prior to delivery to the Navy. The testing and validation of exercise torpedoes supports the training, tactics development and certification of torpedo upgrades for Navy.

SAIC is a leader in supporting the Navy’s heavyweight torpedo program providing MK 48 heavyweight torpedo Afterbody Tailcone and fuel tanks for warshot and exercise torpedoes for Naval Sea Systems Command. In support of the Naval Undersea Warfare Center (NUWC) Division Newport, SAIC also handles testing and data collection for MK 48 heavyweight torpedoes, and MK 54 lightweight torpedoes.

SAIC shares took on six cents to $128.69.