As of 2014-12-19 (the last major revision to this event) it takes 100 LoCom units to execute a ship build and those 100 LoComs can give you any Warship above a Battleship. The amount of warships per 100 LoCom units has fluctuated in each of the prior events, but the major change on 2014-12-19 was that a player could only convert 100 LoCom unit PER DAY for free. If a player wanted to convert more LoCom units, the she/he would have to purchase for 33 Credits (as of 2014-12-19) a new item named "Build-a-Bot" - which would bypass the 24 hour "cool down" period and let the player convert another 100 LoCom units (i.e., each 33 Credit purchase allows the conversion of 100 LoCom units). Additionally, the prior LoCom's forced conversion of any remaining unconverted LoCom units into Destroyers (it was 800 Destroyers per 100 LoCom units) was ELIMINATED and you simply now HOLD unconverted LoCom units (you can still convert them at 100 LoCom units per day).
UNFORTUNATELY, by making the LoCom a PAY TO PLAY event, the strategic importance of the LoCom has been reduced to a OPTIONAL participation event since you can still get Elite Warships for FREE in the GEF Event.