SAN DIEGO, Sept. 05, 2017 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS ), a leading National Security Solutions provider, announced today that it received a Foreign Military Sales (FMS) sole-source, three-year, single award indefinite delivery indefinite quantity (IDIQ) contract to provide training-related products and services in a variety of disciplines to Royal Saudi Naval Forces (RSNF), the Naval Force of the Kingdom of Saudi Arabia. The award, issued by Naval Air Warfare Center Training Systems Division (NAWCTSD), is contained in a U.S. FMS agreement with a potential value to Kratos of $100 million, depending on the number of task orders issued and anticipated contract modifications under the FMS agreement.
Kratos’ initial award is $46 million over three years. Kratos will provide Manpower, Personnel & Training (MPT) planning as well as instructional services for a broad array of missions, functions and tasks. The first task order, valued at $24.1 million, is to provide Contractor Support Services to all levels of RSNF training along with other logistical requirements in the Kingdom of Saudi Arabia. Across future task orders, Kratos will deploy personnel in-country to provide training related products and services for a three-year period.
The mission of this single award contract is to sustain levels of military preparedness and performance, increase the protection of critical industrial infrastructure and further strengthen defense interoperability with U.S. and other allied forces. Additionally, the award is expected to enhance U.S. foreign policy and national security objectives by helping to improve the security of a strategic regional partner.
Jose Diaz, Sr. Vice President of Kratos’ Training Division, said, “The award is another example of the rapid and successful international expansion of our training services in areas including the Middle-East, Australia and Europe. More importantly, this award provides Kratos the opportunity to aid U.S. efforts to support its allies through our extensive portfolio of military-focused aircrew and maintenance technical training skills, programmatic and logistics support, and instructional services for ground, sea and air platforms.”
About Kratos Defense & Security Solutions Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS ) develops transformative, affordable technology for the Department of Defense and commercial customers. Kratos is changing the way breakthrough technology for these industries is brought to market through proactive research and a streamlined development process. Kratos specializes in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, training and combat systems. For more information go to www.kratosdefense.com .
Notice Regarding Forward-Looking Statements Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 25, 2016, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
Press Contact: Yolanda White 858-812-7302 Direct Investor Information: 877-934-4687 investor@kratosdefense.com
