The U.S. Navy has awarded RaytheonÂ (NYSE: RTN)Â a $177.9 million contract modificationÂ to fundÂ the production ofÂ Evolved SeasparrowÂ Missiles Block 1Â for fiscal years 2016 and 2017.
Raytheon’s missile systems business will provide 186 all up rounds, inert operation missiles, spare components andÂ shipping containers under the modification, the Defense Department said Friday.
DoD added the contractÂ includes foreign military sales to Spain, Thailand and the United Arab Emirates.
The Naval Sea Systems Command obligated $125.2 million inÂ FY 2016 weapons procurement, FMS and “other” procurement funds at the time of award.
Work will occur at various domestic and international locations through March 2020.
The Evolved Seasparrow missile is an updated version of the RIM-7 SeasparrowÂ missile and designed to provide ships with air defense againstÂ aircraft, high and low velocity air threats and high divers.