The U.S. Navy has issued the remaining balance to Lockheed Martin to fund the construction of the future littoral combat ship USS Cooperstown.

The Navy's payout of $279 million follows an earlier advanced payment of $79 million, approved by Congress in March 2015. USS Cooperstown will be the first ship in the Navy's fleet to be named after Cooperstown, New York.

"By providing this funding, the Navy demonstrates its commitment to the Lockheed Martin-led team in building the advanced Freedom-variant littoral combat ship," Lockheed Martin vice president of Littoral Combat Ships and Systems Joe North said in a statement. "We have delivered three of these ships to the fleet so far, and we stand committed on the remaining block buy deliveries."

The additional funding comes days after the Navy awarded Lockheed Martin funding for the construction of additional Freedom-class littoral combat ship USS Milwaukee.

Littoral combat ships are designed to project naval power in near-shore environments, capable of fast maneuvers and equipped to defeat asymmetric "anti-access" threats such as naval mines, submarines, and surface craft. The Freedom-class is one of the U.S. Navy's two variants of littoral combat ships, the other being the Independence-class.

Each variant is constructed by a different industry-led team, with Lockheed Martin taking the lead on the Freedom-class.