07:05 AM EST, 11/04/2024 (MT Newswires) -- Lockheed Martin's ( LMT ) current procurement activity with Australia for a single orbit geostationary earth orbit-based satellite communications system is being ceased, Australia's Defence department said Monday.

"With the acceleration in space technologies and evolving threats in space since the project's commencement, Defence has assessed that a single orbit GEO-based satellite communications system would not meet strategic priorities," the department added.

The department also said it must focus on a multi-orbit capability to enhance "resilience" for the Australian Defence Force.

Lockheed Martin ( LMT ) did not immediately respond to MT Newswires' request for comment.

Price: 546.90, Change: +1.55, Percent Change: +0.28