The company has secured contracts with Finnish power company Wartsila and marine transportation company Harvey Gulf International to produce cryogenic LNG storage tanks.
Lockheed is manufacturing tanks in different variants and materials for offshore supply vessels as well as land-based tanks in an attempt to address what it sees as a growing market.
"There is a growing need for storing and transporting LNG to consumers," Lockheed Martin vice-president of space and cyber programs Dr Rob Smith said.
"Having developed complex cryogenic external tanks for NASA for years, it made sense for us to apply that technological expertise to the liquefied natural gas tank market."
The company is also looking at leveraging existing capabilities and services, saying it could improve the safety and efficiency of storing and moving LNG.
