Lockheed Martin will reduce by half its presence at the Farnborough International Air Show in London next month, the chairman and chief executive officer of the Bethesda, Md.-based company, Robert Stevens, told reporters June 17.

“We’re changing our approach based on the sense that we are all facing a new reality” marked by “an escalating set of demands and increasing constraints on resources,” Stevens said. “In that spirit, we elected to reduce our participation in the air show this year by 50 percent, so I won’t be going to the air show. Many of our corporate leaders won’t be going to the air show.”

During a media breakfast held at the Lockheed Martin Global Vision Center in Arlington, Va., Stevens mostly talked about the company’s defense business. Turning to space, Stevens said Lockheed believes it can leverage the technology it has developed under the Orion Crew Exploration Vehicle program to deliver “within the next few years” the scaled-back crew rescue vehicle President Barack Obama called for in April.

“We’re very much looking forward to working through the details of the crew rescue vehicle with NASA and continuing our work on the human spaceflight program through the Orion contract,” Stevens said.