Cobham, the FTSE 250 defence and security technology group, has won a five-year contract extension in Papua New Guinea for its Fly-in Fly-out (FIFO) aviation services to transport workers to remote mines.
The contract extension from Ok Tedi Mining, worth AUD$85m, will see Cobham run flights for over 800 passengers a week between the Tabubil mine site and other major centres, flying over half a million kilometres every year.
"This extension strengthens our 22-year relationship with OTML and its operation in Papua New Guinea," said Cobham's Chief Executive Officer Bob Murphy.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"We will also increase the number of aircraft we operate in the region from two to three Bombardier Dash 8 in early 2014, further enhancing our operations," he said.
Cobham, which has a market capitalisation of around £3.1bn, works in a variety of sectors including aviation services, satellite communications an defence electronics.
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
