The company will build 132 missiles for use on a vertical launch system located onboard surface ships and 120 missiles for use on a capsule launch system located on submarines.
The Navy is obligating $254, 627, 806 in contract funds at the time of award and no funds will expire at the end of the current fiscal year.
Work will occur through August 2015 and the Naval Air Systems Command at Patuxent River, Md. is the contracting activity.
Raytheon is providing the Navy 361 cruise missiles on another contract worth an estimated $338 million, with 238 missiles for vertical launch systems and 123 missiles for capsule launch systems.