Raytheon (NYSE: RTN) has secured a potential $362.7 million contract to design, test and field an autonomous unmanned underwater vehicle for the U.S. Navy to neutralize explosive devices.
The company will develop the Barracuda mine neutralization system to help the service branch counter bottom, near-surface and drifting mines, the Defense Department said Tuesday.
DoD added the system will feature an expendable modular neutralizer composed of a kill mechanism, sensors, propulsion technology and a buoy designed to support wireless communications.
The cost-plus-incentive-fee contract has an $83.3 million base value and will reach its cumulative value if all options are exercised.
Ninety-six percent of work will take place in Portsmouth, Rhode Island, and the remaining 4 percent will occur in DeLeon Springs, Florida.
The Naval Sea Systems Command received one offer for the contract via a full and open competition on FedBizOpps and the service branch will obligate $11.4 million at the time of award.
Raytheon is scheduled to complete work in November 2022.