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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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Rich Smith
TMFDitty

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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Related Tickers

7/27/2015 4:00 PM
BA $141.03 Down -3.03 -2.10%
The Boeing Company CAPS Rating: ****
RYCEY $55.60 Down -1.00 -1.77%
Rolls-Royce CAPS Rating: ***
TXT $40.53 Down -0.58 -1.41%
Textron, Inc. CAPS Rating: ****

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