Korea Aerospace Industries
On 7 November 2006, Boeing won a $1.6 billion contract with South Korea to deliver four aircraft by 2012. Boeing beat the other entrant, IAI Elta's Gulfstream G550-based aircraft, which was eliminated from the competition in August 2006. The first "Peace Eye" aircraft was delivered to Gimhae Air Base, Busan for acceptance testing on 1 August 2011 with the remaining three aircraft delivered every six months until 2012. The second aircraft was modified into an AEW&amp;C configuration by Korea Aerospace Industries (KAI), then delivered to Gimhae Air Base on 13 December 2011. After receiving AEW&amp;C modifications by KAI, the third aircraft was delivered on 17 May 2012 to Gimhae Air Base. The fourth aircraft was delivered on 24 October 2012.