Naval Support Contract for Australian Anzac Class Frigates
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.
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
-
‘Sandwich generation’ carers losing £6,000 a year to support elderly relativesMiddle-aged adults are often caught between caring for children or grandchildren and their elderly parents, leaving them taking time out of the workforce and facing a huge hit to wages while they are still trying to save for retirement. We look at the true cost of caring.
-
Ground rents to be capped at £250 a year – what does it mean for you?The government has published draft legislation which would see ground rents capped at £250 per year for leaseholders. We examine what it means for homeowners and the housing market.
