U.S. Air Force Lockheed F-16s

January 3, 2006, Lockheed Martin [NYSE: LMT] has announced that the U.S. government awarded the firm a $99.7 million contract on December 27 for long-lead tasks related to the production of 30 new Advanced F-16 Fighting Falcon Block 52+ aircraft for Greece.

The governments of Greece and the United States signed a Letter of Offer and Acceptance (LOA) for the aircraft earlier in December. The new order includes 20 single-place F-16Cs and 10 two-place F-16Ds. The LOA provides Greece an option for an additional 10 aircraft.

The new aircraft will supplement the existing fleet of Hellenic Air Force (HAF) F-16s and continue the modernization of the HAF. The total program value for the initial 30 aircraft is approximately $2 billion, with Lockheed Martin's portion estimated at about $1.2 billion.

"Under this contract, we'll provide the latest in advanced technologies to ensure long-term mission success for our valued customer, the Hellenic Air Force," said Ralph D. Heath, president of Lockheed Martin Aeronautics Company.

The Block 52+ is one of the most modern and capable F-16 versions ever built, providing a major leap in capabilities over earlier models. Enhancements include an expanded core computing capacity, improved communications and a large selection of precision weapons.

The initial Foreign Military Sales (FMS) contract covers materials and tasks necessary to launch the new production program for Greece.

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