A joint venture between Boeing (NYSE: BA) and Textron’s (NYSE: TXT) Bell subsidiary has received a three-year, $146M contract modification to help the U.S. Navy update and maintain MV-22 Osprey aircraft as part of the Common Configuration-Readiness and Modernization program.
The Navy exercised an option for Bell-Boeing Joint Project Office to convert nine MV-22 Block B units to the Block C configuration and perform scheduled maintenance work on eight tiltrotors, the Department of Defense said Monday.
As part of the new agreement, Naval Air Systems Command will obligate the full amount from the service branch's aircraft procurement for fiscal years 2018 and 2020 Navy as well as FY20 operations and maintenance funds.
The award builds on the JV's prior Osprey modernization work under an $85.6M modification awarded in March.
Ninety-one percent of contract work will take place in Ridley Park, Pa., and the remaining 9 percent in Fort Worth, Texas, through March 2022.