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Lockheed Martin to sell 12 Hybrid Airships to UK-based firm

(Reuters) - Lockheed Martin said it signed a letter of intent on Wednesday to sell 12 of its Hybrid Airships to U.K.-based Straightline Aviation in a deal that could be valued at about $480 million (£333.49 million).

Straightline Aviation, which owns and operates Hybrid Airships, is working with Lockheed Martin's Hybrid Airship reseller, Hybrid Enterprises, to finalise the purchase agreement, the company said in a press release.

Hybrid Airships can transport heavy cargo to remote locations, burn significantly less fuel than conventional aircraft and land on any flat surface, including sand, snow and water.

The airships can revolutionise the way oil and mining companies haul equipment to remote areas, such as the Arctic, without roads or infrastructure, enabling affordable delivery of heavy cargo and personnel.

(Reporting by Shivam Srivastava in Bengaluru; Editing by Sunil Nair)