Boeing wins follow-on contract valued up to $23.8 billion from U.S. Defense Department


imageStock Markets15 minutes ago (Sep 29, 2021 03:07PM ET)

(C) Reuters. FILE PHOTO: A Boeing logo is pictured during the European Business Aviation Convention & Exhibition (EBACE) at Geneva Airport, Switzerland May 28, 2018. REUTERS/Denis Balibouse

(Reuters) – Boeing (NYSE:BA) Co said on Wednesday the U.S. Department of Defense had awarded it a follow-on contract valued at up to $23.8 billion to provide services to a fleet of C-17 Globemaster III transport aircraft over a 10-year period.

Under the agreement, Boeing will continue to provide services including engineering, field support and material management for a fleet of 275 aircraft managed by the United States Air Force and eight global partners, the planemaker said.

Boeing will also lower operating cost per-flight-hour for the fleet under the new agreement, it said.

The new agreement is currently funded through September 2024, the company said, with a Phase I award of $3.5 billion.

Boeing wins follow-on contract valued up to $23.8 billion from U.S. Defense Department

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