He said the agreement was good news for the prime contractors on the program, but would also stabilize production for smaller suppliers that build parts for the aircraft.
He said the program was making good strides and the 214 aircraft in use now had flown nearly 190,000 hours in combat.
One V-22 would be used this week on the USS Truman for a series of exercises aimed at demonstrating its ability to deliver food and other cargo to Navy ships at sea, Masiello said. The Navy could save billions of dollars if it used the V-22 to replace its fleet of aging C-2 supply aircraft, he said.
Two V-22s had also been added to the military unit that flies the U.S. president, while others were being deployed to Britain and Spain, he said.
International interest in the new aircraft also remained high, Masiello said, noting that the U.S. government had provided briefings to Saudi Arabia, Qatar, the United Arab Emirates, Italy, Brazil, Colombia, Singapore and Australia.
He said the Pentagon was exchanging letters with three countries on possible V-22 purchases but did not name them.
Defense Secretary Chuck Hagel announced in April that Israel would be the first foreign buyer of the V-22. Sources said Israel would receive five or six V-22s at an estimated price of $70 million each.