Lockheed Martin (NYSE: LMT) has won a $253,381,949 U.S. Air Force contract to support an F-15SA modernization program in Saudi Arabia, the Defense Department said Monday.
Saudi Arabia is upgrading its F-15 fleet under a foreign military sales agreement with the U.S., where Boeing (NYSE: BA) will convert 68 of the jets to the F-15SA configuration under a $4 billion contract.
In late 2011, the U.S. and Saudi governments signed a $30 billion agreement covering the sale of 84 jets and upgrades.
Lockheed will perform work under the firm-fixed-price contract in Akron, Ohio through June 2020 and Wright-Patterson Air Force Base is the contracting activity.
The company is also upgrading F-16 fleets under a $1.8 billion sales agreement with the U.S., supporting Taiwan.