if it weren't for a general downturn all across the stock market, today probably would have been a good day for L-3 Communications (NYSE:LLL).

On Thursday, the defense contractor announced that the Government of Canada has renewed a relationship that it began with L-3 back in June 2012, awarding the company a minimum five-year contract to continue providing complete in-service support (ISS) services for the country's fleet of Airbus CC-150 Polaris transport aircraft. The contract comes with two subsequent "options" to extend its duration for additional five-year periods. If both options are exercised, the total value of this contract to L-3 could reach $669 million.

Canada's Polaris aircraft are derived from the civilian Airbus A310 platform, and are used by Canada's Department of National Defence as VIP transports, for med-evac, passenger and freight transport, and even strategic air-to-air refueling. As prime contractor, L-3 will be responsible for managing the fleet, providing engineering support, maintenance, repair, and overhaul services.

L-3 Integrated Systems Group President John McNellis called the contract "very significant to L-3, as we continue to expand our platform and logistics solutions capabilities internationally," and noted that this contract "provides additional diversity to our impressive Canadian military ISS business base, which already includes fighters, trainers and helicopters."

L-3 shares are down 0.6% despite the news, currently trading around $91.54 per share.