On 12 February 2003, prime contractor Hellenic Shipyards and Thales Nederland signed a contract for the Mid-Life Modernization Program of six Hellenic Navy S-frigates, with an option of two more.

In the scope of this program, the operational capabilities of the frigates will be raised to contemporary standards, with the emphasis on search and fire control equipment and combat management system. The objective of the modernization is to extend the S-frigates' operational life span beyond the year 2020. The first S-frigate is expected to be delivered three years form the effective contract date; the sixth S-frigate three and a half years later.

Thales Nederland's share of the total program amounts to approximately 257 million euro.

Thales is a world leader and front-runner in professional electronics in three key markets : Aerospace, Defence and Information Technology. The Group employs 66,500 people in nearly 50 countries around the globe, and generated revenues of over £11 billion in 2002.