Lockheed Martin Corporation (NYSE:LMT) shares are trading higher on Friday. Lockheed’s Sikorsky disclosed a long-term deal with Bristow Group, Inc. (NYSE:VTOL) to enhance support for Bristow’s S-92 helicopter fleet.

This agreement will provide improved support for Bristow’s more than 60 S-92 aircraft.

These aircraft are used in crucial sectors like offshore energy and search and rescue (SAR) worldwide.

The long-term package includes Sikorsky’s Total Assurance Program (TAP), which offers Bristow predictable aftermarket support for its S-92 fleet, minimizing the risk of unexpected costs.

Also Read: Lockheed Can Unlock Significant F-35 Growth Potential With This Clever Pivot: Analyst

The TAP package provides Bristow’s global fleet with Power-by-the-Hour (PBH) for offshore energy and SAR helicopters, covers over 90% of replacement parts, offers enhanced global support via Sikorsky’s FSL/FSR network, and grants access to the Sikorsky360 customer portal for parts, service, and aircraft data.

Leon Silva, vice president of Global Commercial and Military Systems at Sikorsky said, “We are committed to providing exceptional support to our customers and ensuring the continued success of the S-92 helicopter, which has a lifetime availability average of over 90% and many aircraft achieve more than 1,500 flight hours per year on average in the demanding offshore energy industry.”

Bristow’s Chief Operating Officer, Offshore Energy Services, added, “This long-term support agreement will enable us to maintain our high level of service to our customers while also controlling our operational costs and improving our overall efficiency.”

This Thursday, Lockheed Martin acquired Amentum Holdings’ Rapid Solutions hardware and product business for $360 million.

On Tuesday, the company reported a 4% year-over-year increase in net sales to $18 billion, beating the consensus of $17.8 billion. It clocked a GAAP EPS of $7.28, beating the consensus of $6.32.

As of March 31, Lockheed Martin had cash and cash equivalent of $1.80 billion.

Investors can also monitor the broader defense sector through ETFs, including the First Trust Exchange-Traded Fund First Trust Indxx Aerospace & Defense ETF (NYSE:MISL) and the Invesco Aerospace & Defense ETF (NYSE:PPA). 

Price Action: LMT shares are up 1.94% at $475.86 at the last check Friday.

Read Next:

• Lockheed Martin Targets 80% Of 6th Gen Capabilities In F-35 At Half The Cost After Losing NGAD Contract To Boeing

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