The deal is estimated to be worth more than $79.6 million and is classified as a fixed-price-incentive-firm contract, meaning, that once performance on the contract is complete, Raytheon and the U.S. government will renegotiate the final cost of the deal.
The U.S. Navy purchased the CAEW-based Gulfstream 550 for range support in March 2016 in order to replace the Lockheed NP-3D "Billboard" aircraft brought out of retirement in 2010 by the Air and Test and Evaluation Squadron VX-30, which is based at Point Mugu, California.
Work on the contract will be performed in Albuquerque, N.M., and is expected to be completed in February 2022.
Fiscal 2017 research, development, test and evaluation funds from the U.S. Navy in the amount of $6.5 million will be obligated at time of award, all of which will expire at the end of the current fiscal year.
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