The U.S. Air Force awarded Lockheed Martin a $76 million contract to produce Paveway II Plus Laser Guided Bomb kits, the company announced on Wednesday.

The Paveway II Plus Laser Guided Bomb (LGB) is an advanced weapon designed to convert conventional gravity bombs into precision-guided munitions. The weapon is controlled by a semi-active laser seeker and pneumatically-controlled canards. The weapon can be integrated from air platforms, compatible with the MK 80 series and BLU-109 warheads.

Lockheed Martin's contract with the Air Force represents the majority share of funding for fiscal year 2015. Joe Serra, precision guided systems manager at Lockheed Martin Missiles and Fire Control, says the guidance system helps ensure the weapon's accuracy.

"Our high-efficiency production lines enabled us to offer the U.S. Air Force a best-value solution for their LGB kit requirements," Serra said in a statement. "The Paveway II Plus guidance system significantly enhances overall system performance and precision, and provides the U.S. Air Force with a cost-effective capability."

Deliveries are scheduled for the second quarter of 2016.