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Lockheed Awarded $142M FMS Contract for Greece P-3B Aircraft Upgrade Services

lockheed martinLockheed Martin (NYSE: LMT) has received a three-year, $141.9 million foreign military sales contract from the U.S. Navy to perform reactivation and modernization work on P-3B maritime patrol aircraft for Greece.

The Defense Department said Thursday that Lockheed’s aeronautics segment will restore one P-3B and obtain hardware kits needed to overhaul an additional four P-3Bs of the Greek military.

The company will also provide avionics, an indigenous mission integration and management system, ancillary equipment and phased depot maintenance services under the FMS contract.

Work will occur through July 2019 in Greece and at various U.S.-based company facilities in Georgia, Maryland and South Carolina.

Greece previously requested P-3B overhaul and upgrade services in 2014 under a $500 million contract.

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