Lockheed Gets $260M Modification on Greek P-3B Aircraft Modernization Contract

Lockheed Martin (NYSE: LMT) has received a potential $260 million contract modification from the U.S. Navy to help modernize four P-3B maritime patrol aircraft for the government of Greece.

The Defense Department said Monday Lockheed’s aeronautics business unit will support phased depot maintenance as well as avionics and country-specific mission and management systems upgrades under the modification.

DoD noted the services are part of a mid-life upgrade effort to extend the service life of each Greek P-3B unit by 15,000 flight hours.

The Naval Air Warfare Center Aircraft Division is the contracting activity and the service branch will obligate $59.5 million in foreign military sales funds at the time of award.

Work under the modification will occur in California, Georgia, North Carolina, Washington, Canada, Greece and Israel through December 2023.

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