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07:54 AM, April 2, 2018
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Lockheed Martin Wins $530 Million PAC-3 Missile Modification Contracts
PAC-3 MSE (Image: Lockheed Martin)

Lockheed Martin has won $530 million in two separate contracts for PATRIOT Advanced Capability-3 cost reduction initiative and other enhancements to Saudi Arabia and Romania.

Lockheed Martin is awarded $279 million modification contract to increase fiscal 2018 PATRIOT Advanced Capability-3 production contract to include Cost-Reduction Initiative missiles and associated ground support equipment to Saudi Arabia, the US department of defense said in a statement Friday.

In another modification contract, Lockheed Martin has won $251 million for production near-term obsolescence requirements, missile segment enhancements, command launch station, initial spares and unique costs for Saudi Arabia and Romania.

Both the works are expected to be completed by Feb. 28, 2023.

The US State Department had approved sale of 202 PAC-3 missiles for an estimated $1.750 billion to Saudi Arabia in 2014.

The notification had stated that the proposed sale would help replenish Saudi’s current Patriot missiles which are becoming obsolete and difficult to sustain due to age and the limited availability of repair parts. Saudi Arabia already has Patriot missiles in its inventory.

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