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 and Boeing , and in use by the U.S. Air Force, Navy, and Marine Corps.

Specifically:

  • Britain's Rolls-Royce Corp. 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.

The article Pentagon Awards $100 Million in V-22 Osprey Defense Contracts originally appeared on Fool.com.

Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Textron. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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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