The United States and Saudi Arabia remain in discussions
about the sale of four Lockheed Martin Corp (N:LMT) warships and other
equipment despite Riyadh's rejection of the initial U.S. offer, according to
sources familiar with the matter.
Saudi Arabia, grappling with 12-year low oil prices, balked
at both the price offered by the U.S. Navy for the four frigates, and the
proposed seven-year time frame for delivery of the first ship, said two of the
sources, who were not authorized to speak publicly.
The U.S. government in October approved the sale to Saudi
Arabia of up to four Lockheed multi-mission warships valued at up to $4.3
billion, plus associated training, engineering and logistics, which would bring
the total value of the deal up to $11.25 billion.
The ships are based on the steel monohull-designed Littoral
Combat Ship (LCS) that Lockheed is building for the Navy together with Italy's
Fincantieri SpA.
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