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Principale » BAE Systems share price: Group lands £3.7bn Royal Navy deal

BAE Systems share price: Group lands £3.7bn Royal Navy deal

03 Juillet 2017

BAE Systems has received a potential $4.8 billion contract from the United Kingdom defense ministry to build the first three ships under the country's Type 26 Global Combat Ship program.

This provides a strong foundation for the next two decades of shipbuilding in Scotland, securing more than 3,400 jobs across BAE Systems and the wider United Kingdom maritime supply chain.

Construction is expected to start on the 6,900-tonne ships next month, with steel beginning to be cut for the vessels at a ceremony in Scotland. "Backed by a rising defence budget and a £178bn Equipment Plan, the Type 26 programme will bring vast economic benefits to Scotland and the wider UK". Commenting on this important announcement, Charles Woodburn, Chief Executive, BAE Systems said: "The award of this contract is a strong endorsement of the talent and commitment of our employees across the United Kingdom and reinforces Glasgow as the centre of shipbuilding in the UK".

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"The Type 26 will be the most advanced anti-submarine warfare ship in its class around the world".

The agreement to start work on the new Type 26 combat ships is one of the biggest United Kingdom defence deals in years and will guarantee work at BAE's Scottish shipyards and across its supply chain for years.

The U.K. government pledged to purchase eight Type 26 combat ships to replace Type 23 frigates created to perform anti-submarine warfare operations and support humanitarian missions. "The MOD is exploring potential export opportunities where there is strong interest from global customers", the ministry outlined.

BAE Systems share price: Group lands £3.7bn Royal Navy deal