Royce wins 1.0 bn pound contract
Rolls-Royce announced on Wednesday the signing of a 10-year contract with the British government worth 1.0 billion pounds (1.5 billion euros, $2.1 billion) to help keep Royal Navy submarines at sea.
By Agencies |
LONDON: Rolls-Royce announced on Wednesday the signing of a 10-year contract with the British government worth 1.0 billion pounds (1.5 billion euros, $2.1 billion) to help keep Royal Navy submarines at sea.
The British group, which makes engines for different means of transport, including also planes and cars, said the deal covers support of nuclear powerplant systems on board the Ministry of Defence's current fleet of 13 Swiftsure, Trafalgar and Vanguard class submarines.
It also promises similar support for the MoD's Astute class submarines, which have yet to enter service, a joint statement said.
Rolls-Royce said the contract broke new ground as the company and MoD will form a joint team to set agreed service levels. Rolls will meanwhile be paid for meeting its targets rather than as a result of individual contracts.
"We are committed to working ever more closely with the MoD to reach jointly agreed goals," said Steve Ludlam, head of Rolls' submarine arm.
The British group, which makes engines for different means of transport, including also planes and cars, said the deal covers support of nuclear powerplant systems on board the Ministry of Defence's current fleet of 13 Swiftsure, Trafalgar and Vanguard class submarines.
It also promises similar support for the MoD's Astute class submarines, which have yet to enter service, a joint statement said.
Rolls-Royce said the contract broke new ground as the company and MoD will form a joint team to set agreed service levels. Rolls will meanwhile be paid for meeting its targets rather than as a result of individual contracts.
"We are committed to working ever more closely with the MoD to reach jointly agreed goals," said Steve Ludlam, head of Rolls' submarine arm.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
