Cobham, the FTSE 250 aerospace and defence technology and systems group, has received a two-year contract extension with the Australian Customs and Border Protection Service for its aerial maritime surveillance contract.
The extension is worth £105m to Cobham and secures the contract until the end of 2021.
"We're very proud of the civil maritime surveillance service we provide in Australia and the positive relationship we have with the Australian Customs and Border Protection Service," said 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
"This two-year agreement extends our operation until 2021 and further underpins our business operations in this strategically important country, where we also provide contracted airline services for Qantas and fly in fly out services for numerous resource industry clients."
The company's Aviation Services division has been working on Australia's borders since 1995 under a performance-based service contract involving the full turnkey operation of 10 highly modified Bombardier Dash 8 maritime patrol aircraft that fly 2,500 missions and 15,000 hours each year.
-
Ofgem proposes new energy tariffs with low or no standing changesStanding charges have invited public backlash as households battle high energy bills
-
Google shares bounce on Gemini 2.0 launchGoogle has launched the latest version of its Gemini AI platform, and markets have responded positively. Is it time to buy Google shares?
