Aug. 27 (Bloomberg) -- Lockheed Martin Corp.'s first littoral combat ship is ready for delivery to the U.S. Navy.

The first of a planned fleet of 55, the Freedom passed Navy acceptance tests this month with ``relatively low numbers of material deficiencies as compared to other first-of-class- warships,'' Allison Stiller, the Navy's deputy assistant secretary for shipbuilding, told reporters today.

The ships are designed for fast maneuvering in near-shore environments called littorals for missions including mine clearance.

Lockheed and General Dynamics Corp. received U.S. contracts in 2004 to each build two prototype vessels. After each company exceeded cost targets on its first ship, contracts were canceled for the second set of prototypes.

The basic cost of Lockheed's ship has grown 146 percent -- to $531 million from its original projection of $215 million, according to Navy estimates.

The ship will be delivered in September and undergo additional Navy tests before it is deemed combat-ready in 2011, Vice Admiral Kevin McCoy, head of the Naval Sea Systems Command, told reporters.

``We didn't get any real `gotchas,''' McCoy said, referring to serious workmanship issues.

Behind Schedule

The Navy projected in 2004 when the program started that the first vessel would be delivered between January and March 2007.

Program costs overall had grown 46 percent to $2.84 billion from $1.938 billion as of December 2007, the Pentagon said in its most recent report on weapons programs.

Bethesda, Maryland-based Lockheed Martin's Maritime Systems & Sensors unit in Moorestown, New Jersey, is managing the ship's design and construction, using designer Gibbs & Cox Inc. and builders Marinette Marine of Marinette, Wisconsin, and Bollinger Shipyards of Lockport, Louisiana.

``The delivery is a milestone that marks the nominal ending of the construction effort for this lead ship -- an effort that was considerably longer, more difficult and more expensive than originally projected,'' said Ronald O'Rourke, the naval analyst for the non-partisan Congressional Research Service.

``The reports of the ship's successful sea trials stand in contrast to the reports of difficulties that were the subject of much discussion last year,'' he said.

To contact the reporter on this story: Tony Capaccio at acapaccio@bloomberg.net.

Last Updated: August 27, 2008 16:53 EDT