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

by Mike Robinson

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© 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:) 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.

The agreement will allow Boeing to continue providing services such as engineering, field support, and material management for the 275-strong fleet managed by the United States Air Force, eight international partners and other aircraft manufacturers.

It also stated that the agreement will lower the operating costs per flight-hour of the fleet.

According to the company, the new agreement will be funded until September 2024 with $3.5 billion in Phase I funding.

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