L3 Communications coast surveillance contract with Equatorial Guinea could be worth $250M

L3 gets Equatorial Guinea deal worth up to $250M

NEW YORK — Military contractor L3 Communications Holdings Inc. said Wednesday it received a maritime security contract from the government of Equatorial Guinea that could be worth as much as $250 million.

L3 said it will provide coastal surveillance for the African nation and set up a network of sites and operations networks. The initial contract is worth $58 million and L3 said the work should be complete within three years. The government of Equatorial Guinea will have options to extend the contract for another two years.

During that time, L3 would perform maintenance support.

L3 shares rose $1.15 to close at $91.33. Earlier the stock reached a 52-week high of $92.12.