Lockheed Martin has received a $1.2 billion contract to upgrade 134 F-16 fighters for South Korea's air force.

Under the contract, the company will provide a variety of enhancements including an active alectronically acanned array radar, modernized avionics, a high-speed data bus, and a high resolution center pedestal display. Lockheed Martin officials say the upgrades are essential for keeping the fighters competitive.

"We truly appreciate the trust and confidence the Republic of Korea has placed in us with this contract," Lockheed Martin F-16 program vice president Susan Ouzts said in a press release. "These upgrades are a critical piece of South Korea's national defense and highlight Lockheed Martin's commitment to the full lifecycle of the F-16, from production to through-life sustainment."

The South Korean government contracted Lockheed Martin through a foreign military sales agreement issued by the U.S. Air Force.

The F-16 Fighting Falcon is a multirole fighter initially designed by General Dynamics for both air-to-air and air-to-ground attack missions. The aircraft is capable of flying at speeds of 1,500 miles-per-hour, and is typically armed with an M-61A1 20mm multibarrel cannon in addition to six air-to-air missiles and other munitions.

South Korea operates a total of 180 F-16C/D aircraft. The country's fleet is comprised of Block 30 and Block 52 aircraft, locally designated as KF-16. It was the second air force to fly the fighters, and the fifth country to open an F-16 production line.