Defense contractor Lockheed Martin Corp. has bagged a $1.1 billion contract from U.S. government, to build the next-generation Geostationary Operational Environmental Satellite R-Series, known as GOES-R.

The satellites are the latest in a series used by NASA and the National Oceanic and Atmospheric Administration to monitor weather and environmental changes on Earth.

The basic contract is for two spacecraft, which will also include instruments for the study of the Sun and space.

The first launch of the satellites is expected to take place in 2015.

According to the official sources, the new equipment will provide about 50 times more weather and climate data than the current fleet of satellites used by NOAA.

In addition, the GOES-R mission will improve forecasting quality and timeliness generating significant economic benefits to the nation in the areas of climate monitoring, ecosystems management, commerce and transportation.

The shares of Lockheed Martin ended the day at $ 73.31 on NYSE, up 3.15% compared to previous close. It touched an intraday high and low of $ 74.83 and $ 71.05.