Pentagon Awards $100 Million in V-22 Osprey Defense Contracts

The Department of Defense awarded 12 defense contracts Thursday, worth $346.9 million in total. Two of these -- including the day's largest contract -- dealt with the new V-22 Osprey tiltrotor aircraft built jointly by Bell Helicopter Textron (NYSE: TXT  ) and Boeing (NYSE: BA  ) , and in use by the U.S. Air Force, Navy, and Marine Corps.

Specifically:

  • Britain's Rolls-Royce Corp. (NASDAQOTH: RYCEY  ) was awarded a $90.2 million option exercise instructing it to supply the U.S. Marine Corps with, and install, 40 AE1107C engines to power USMC MV-22 Osprey helicopters. Delivery of these engines is due in November 2015.
  • Additionally, the Bell-Boeing Joint Project Office was awarded a $10.3 million contract modification paying for additional "Joint Performance Based Logistics" work supporting USMC MV-22 Ospreys, and Air Force and Special Operations Command CV-22 Ospreys, as well. Work on this contract should now be completed in February 2014.

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