July 30, 2009 (FinancialWire) — Lockheed Martin (NYSE: LMT) has been awarded an $821 million maintenance, repair, and overhaul contract for the Customs and Border Protection P-3 Orion fleet. The contract is for a base period of one year, with nine additional one-year options.

CBP currently operates 16 P-3s, updated with a suite of modern surveillance sensors oriented towards conducting homeland security missions.

In April 2008, CBP contracted ordered up to 14 production wing life extension kits under a contract with Lockheed Martin. To date, CBP has placed firm orders for six life extension kits.

Bethesda, Maryland-based Lockheed Martin employs about 146,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of technology systems, products and services.

The company reported 2008 sales of $42.7 billion.

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