(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
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.