Cubic Corp. said on July 29 that it received a contract worth more than $700 million to provide fare collection services to London’s mass transit system.

The deal, which is a continuation of existing work, is good for seven years. An option would extend the contract to 10 years and more than $1 billion.

Cubic Transportation Systems Inc., a business segment of Cubic (NYSE: CUB), has been serving London’s mass transit agency for 30 years, supporting it through events such as the London 2012 Olympic and Paralympic Games.

The new deal with Transport for London begins in August 2015.