A consortium formed by engineering and support services firm Babcock International and UGL Infrastructure has been declared as the preferred tenderer for the Royal Australian Navy's Group Maintenance Contract (GMC) for its eight Anzac class frigates.
The contract is expected to be valued at A$300m (£200m) over an initial five year period, with an option to extend for a further five years.
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
According to Babcock this contract marks the company's entry into the surface ship support market in Australia at a time when the Australian Department of Defence is seeking to reform its naval ship repair market.
Babcock and UGL have also been down selected to tender for the Amphibious and Afloat Support Ships' GMC when it is released. This is expected to be by mid-2013.
As of 11:12am shares of Babcock are falling by 1.72% to the 743.5p mark.
AB
-
Two thirds of easy access savings accounts come with restrictions – can you access your savings in an emergency?Out of the top 30 easy access savings on the market, 22 come with some sort of restriction on how fast you can access your money, according to new research.
-
Most popular London boroughs: Full list of in-demand places to move toA deluge of people move to or within Britain’s capital each year – but which area is the most popular? We look at the most in-demand London boroughs in 2025.
