Lockheed Martin has secured a $662m modification contract from the US Air Force (USAF) for the purchase of different variants of C-130J aircraft.

As a part of the contract, the company will purchase two MC-130J, two HC-130J, three KC-130J, one C-130J, two US Coast Guard HC-130J production aircraft, and 20 quick engine change assemblies.

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Work under the contract will be carried out in Marietta, Georgia, and is expected to be completed by 31 January, 2018.

The US Air Force Life Cycle Management Center, Wright-Patterson Air Force Base, Ohio, will serve as the contracting activity.

"Work under the contract will be carried out in Marietta, Georgia, and is expected to be completed by 31 January, 2018."

Zacks Equity Research reported that the company has also secured two contracts, one, a $91.1m agreement from the Missile Defense Agency and the modification contract for United Arab Emirates Terminal High Altitude Area Defense (THAAD) to acquire continental US and outside continental US support for services and equipment.

This contract is expected to be completed by 31 October, 2019. The agreement is set to be carried out at Las Cruces in New Mexico, Huntsville in Alabama, Sunnyvale in California and United Arab Emirates.

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Lockheed Martin’s missiles and fire control unit has secured another contract worth $78.2m from the US Army, for a service life extension program (SLEP) for the army’s tactical missile system (ATACMS) which will run through until 29 December, 2018.

The SLEP will help leverage existing, service life-expired ATACMS Block I missiles into policy compliant area attack munitions.

Recently, the firm also inked a $244m modification contract to ensure that labour and material costs of 61 units of C-130J aircraft is reduced through the procurement of raw materials by the company.

Another $308.3m deal will see the company provide the Taiwan Government with 144 active electronically scanned array radars.