The State Department has given Saudi Arabia the green light to continue to purchase missile system services from the U.S. government under a potential $500 million foreign military sales agreement.
Lockheed Martin (NYSE: LMT) and Raytheon (NYSE: RTN) will serve as principal contractors for the proposed deal that seeks to provide technical support for the Patriot Engineering Services Program, Patriot Legacy Field Surveillance Program and Patriot Advanced Capability 3Â FSP, the Defense Security Cooperation AgencyÂ said Wednesday.
The proposed transaction seeks to support the Middle Eastern countryâs national security efforts and will also cover Hawk and Patriot missile system spare parts; return management support; component repairs; program support; and logistic services.
The proposed FMS deal will involve the temporary assignment of support teams composed of four to 10 personnel to Saudi Arabia.
DSCA said it notified Congress of the possible deal Wednesday.