Jan. 9 (UPI) -- The U.S. Navy has awarded a contract to Pennsylvania's Lord Co. for repair services on the V-22 Osprey.
The terms of the contract were announced Monday by the Department of Defense, awarding Lord with a five year firm-fixed-price, long term contract worth more than $27 million.
The deal taps Lord to repair three items used on the V-22 Osprey aircraft.
The Bell-Boeing V-22 Osprey tilt-rotor aircraft has the capability to take-off and land vertically and on short runways. It is primarily used by the U.S. Marine Corps and Air Force.
Work on the contract will occur in Erie, Pa., and is expected to be completed by January 2023. U.S. Navy working capital funds will be obligated to Lord as individual orders are requested, the Pentagon said. Those funds will not expire at the end of the current fiscal year.
Last week, the U.S. Navy revealed its plans to replace the C-2A Greyhound carrier on-board delivery aircraft with the CMV-22B Osprey tilt-rotor aircraft.
The new Osprey variant is set to be operational in 2024, with the transition between the two aircraft completed by 2028.