Pentagon Awards $7.14 Billion in Defense Contracts

Buckeye Partners, BP, United Tech, General Dynamics, and Textron all win contracts.

Jul 1, 2014 at 10:09AM

The Department of Defense rushed right out of the gate Monday with 38 separate defense contracts in its first announcement of daily contract awards this week. The total value of contracts awarded came to $7.14 billion.

Among the publicly traded companies winning contracts:

  • Buckeye Partners (NYSE:BPL) subsidiary Buckeye Terminals, LLC, won a contract to provide at least $42.5 million worth of fuel storage services to the Defense Logistics Agency Energy. No specific end-date was stated, but the contract is described as being for a term of four years and six months.
  • BP (NYSE:BP) won a similar contract for a stated minimum of $21.5 million worth of fuel storage services. Again, the contracting party is the Defense Logistics Agency Energy, and the term is for four years and six months.
  • United Technologies (NYSE:UTX) subsidiary Sikorsky Aircraft was awarded a $14 million delivery order under a foreign military sales contract with the government of Australia to deliver 22 Emergency Locator Transmitter kits and incorporate an engineering change into Royal Australian Navy MH-60R Seahawk helicopters. This work should be completed by June 2016.
  • General Dynamics (NYSE:GD) was awarded a $7.3 million contract modification to evaluate risks and assist the U.S. government in determining the best approach for developing a High Waterspeed Amphibious Combat Vehicle for the U.S. Marine Corps. Initially targeting an October completion date, this contract modification includes options that, if exercised, would raise its value to $15.9 million and extend its duration through April 2015.
  • Textron's (NYSE:TXT) Hawker Beechcraft Corp. subsidiary won a $7.8 million contract to supply the government of Iraq with one King Air 350 Extended Range surveillance aircraft. Delivery is due March 30, 2015.

King Air
Iraqi Air Force King Air 350. Photo: Wikimedia Commons.

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Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of General Dynamics and Textron. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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