Norway has confirmed an estimated $10 billion purchase of Lockheed Martin-made (NYSE: LMT) F-35 jets, the country’s defense ministry announced Friday.
The government authorized an initial order of two planes, followed byBudget Year another pair in 2016 and 48 more jets will arrive in the country after 2017.
According to the release, this procurement marks the largest in the country’s history and its first purchase of combat aircraft in 30 years.
Norway’s parliament approved a white paper Thursday that outlines goals to acquire 52 F-35 jets and increase the country’s defense budget 7 percent byBudget Year 2016.
Defense Secretary Leon Panetta confirmed in a letter to Norwegian Defense Minister Espen Barth Eide that the U.S. supports integrating the Joint Strike Missile into the F-35.
Norway will now start the final phase of preparing to integrate the missile, designed specifically for the F-35 and launched both externally and internally from the bomb bay.
According to the ministry, the missile’s total market potential is between $3.3 billion and $4.2 billion.