Investing.com -- Raytheon Co. (NYSE: RTX) has been awarded three defense contracts by the U.S. Department of War totaling approximately $980.5 million for radar development and avionics sustainment work.

The largest award is a $773.5 million noncompetitive contract modification to increase the ceiling value of an existing radar development contract from $1.47 billion to $2.25 billion. The modification extends the ordering period from October 30, 2027, to October 31, 2030. Under this modification, Raytheon will provide research and development support for the Army Navy Transportable Radar Surveillance Control Model-2 (AN/TPY-2) Radar. The Missile Defense Agency in Huntsville, Alabama, is the contracting activity.

Raytheon also received a $193.2 million noncompetitive contract modification for spares replenishment and continuation of AN/TPY-2 development support. This modification increases the value of a previously awarded task order from $145.9 million to $339.1 million. The work will be performed from Friday through October 31, 2030. The Missile Defense Agency in Huntsville, Alabama, is the contracting activity.

The third contract is a $13.8 million cost-plus-fixed-fee modification for continued sustainment of V-22 avionics systems for the Navy, Marines, and Air Force. The work includes sustainment of delivered block fleet releases and ongoing development of flight test and fleet releases. Work will be performed in Indianapolis, Indiana, and is expected to be completed in March 2027.

The V-22 avionics contract will be funded with fiscal 2026 operations and maintenance funds from the Air Force ($4.9 million), Navy ($4.7 million), and U.S. Special Operations Command ($2.9 million), along with fiscal 2026 research, development, test and evaluation funds ($560,539) and aircraft procurement funds ($221,007). Of the total funding, $12.6 million will expire at the end of the current fiscal year. Naval Air Systems Command in Patuxent River, Maryland, is the contracting activity.