The Czech Republic is extending its lease of Saab-made Gripen fighter aircraft from Sweden for an additional 12 years.

Saab said the order it received for the lease came from the Swedish Defense Materiel Administration. It includes continuing support and upgrade of the Czech aircraft to 2027 and carries a value of nearly $76.5 million for a further 12 years. The order is valued at approx. SEK 576 million.

"The Czech Republic's decision is further evidence of Gripen's high capability and great cost-efficiency," said Lennart Sindahl, deputy chief executive officer and head of Saab's Aeronautics business area. "It proves again how well the aircraft stands up in global competition."

The Gripen is a single-engine multi-role aircraft with a maximum speed at high altitude of 1,370 miles per hour. It has a combat radius of 497 miles and a service ceiling of 50,000 feet. It is operated by Sweden, South Africa, Hungary, Thailand and the Czech Republic.

Saab signed a contract with the Brazilian government in October for the development and production of next-generation Gripens for the Brazilian Air Force.

The Czech Republic has leased 14 of the aircraft since 2005.

Saab said the lease extension provides for hardware modification of the aircraft and upgrade of system functions for a continued increase in capabilities.

Work to adapt new mission software for Czech requirements will begin immediately.