The US Navy has issued a $302 million contract to Charles Stark Draper Laboratory Inc. to repair and maintain Trident D5 nuclear missiles, according to a US Defense Department statement.

"Charles Stark Draper Laboratory Inc... is being awarded a maximum amount $302,443,626 firm-fixed-price, fixed-price-incentive and cost-plus-incentive-fee contract for the ongoing acquisition of Trident (D5) MK 6 Guidance System Repair Program with failure verification, test, repair and recertification of inertial measurement units, electronic assemblies and electronic modules," the statement, issued on Monday, said.

The Trident D5 is a submarine-launched intercontinental ballistic missile with a range greater than 4573 miles, according to the Navy.

The US ballistic missile submarine fleet consists of 14 Trident submarines that currently carry approximately 1,000 warheads, according to the Congressional Research Service.

The Navy has programs to keep the Trident missiles in operating condition capable of being deployed throughout the life of the submarines. A new submarine is expected to replace the existing fleet by 2031, according to the Congressional Research Service.

The Trident D5 contract is expected to be completed by March 31, 2019, the Pentagon statement said.