Wednesday, global security company Lockheed Martin (LMT) said it was awarded a $156 million contract to provide P-3 Aircraft Service Life Extension Program or ASLEP for the Canadian Forces' CP-140 aircraft fleet.
The Bethesda, Maryland-based company under the contract said, it would provide 10 Canadian CP-140 Aurora aircraft Life Extension Kits consisting of all-new outer wings, center wing lower surface assemblies, horizontal stabilizers, wing and horizontal stabilizer leading edges, and various items to be installed on a conditional basis.
Lockheed Martin Life Extension Kits will provide, on average, an additional 20-25 years of service life for the world's Orion and Aurora fleets and will greatly reduce maintenance costs over the aircraft's service life.
Ray Burick, Lockheed Martin Vice President of P-3/S-3 programs, said, "Lockheed Martin Life Extension Kits will give the Canadian Forces an additional 15,000 flight hours of service life from their Auroras. The ASLEP solution leverages the knowledge and experience of Lockheed Martin as the original equipment manufacturer to support the P-3 and CP-140 aircraft."
Lockheed Martin said Canada was the fourth customer under its P-3 ASLEP program. Other customers for the Life Extension Kits include the Royal Norwegian Air Force and the U.S. Customs and Border Protection. The U.S. Navy is under contract for 13 sets of new outer wings, and a proposal for the Taiwan P-3 fleet is also in pipeline.
LMT is currently trading at $72.18, down 94 cents or 1.29%, on a volume of 0.77 million shares on the NYSE.
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