Raytheon has been awarded a $37 million contract for the MK 54 lightweight torpedo, the company announced Monday.

The firm-fixed-price, fixed-price-incentive, cost and cost-plus-fixed-fee contract includes options that, if exercised, would bring the total contract value to $448 million, Raytheon said in a statement.

The contract calls for the procurement of common parts kits, Mod 0 lightweight torpedo kits and MK 54 exercise fuel tanks, spares, production support material, engineering support and hardware repair support.

It combines purchases for the U.S. Navy and the government of Thailand under the U.S. Foreign Military Sales program.

Work will be performed in Washington, Rhode Island and Massachusetts, and is expected to be completed by May 2019.

Formally known as the Lightweight Hybrid Torpedo, the MK 54 Mod 0 Lightweight Torpedo integrates existing torpedo hardware and software from past torpedo programs with state-of-the-art commercial, off-the-shelf digital signal processing technology, the Navy said.

The MK 54 Mod 0 reached initial operational capability in 2004.

The torpedo can be deployed from a surface ship, helicopter or fixed-wing aircraft to track, classify and attack underwater targets, Raytheon said.