Lockheed Martin (NYSE: LMT) has won a potential eight-year, $500 million contract extension to continue developing an air traffic management platform for the Federal Aviation Administration to manage aircraft safety over the Atlantic and Pacific Oceans.
The FAA uses the transoceanic air traffic management software and hardware for its Advanced Technologies and Oceanic Procedures program, Lockheed said Thursday.
The extension is for one base year and seven one-year options.
Sandy Samuel, vice president of transportation services for Lockheed’s information systems and global solutions business, said the company will work with the agency to update oceanic air traffic control systems, reduce carbon emissions and build tools for flight safety.
Lockheed will deploy ATOP systems at FAA offshore facilities, develop simulation and training systems and provide an ATOP system to the agency’s East Coast air traffic management site.