By Razak Musah Baba
LONDON--The U.K. Ministry of Defence has awarded BAE Systems PLC
(BA.LN) a five-year, 600- million-pound ($1 billion) contract to
manage Portsmouth Naval Base and support global Royal Navy
operations, the defense firm said Wednesday.
BAE said the Maritime Support Delivery Framework contract will
run to 2019 and provides a partnering agreement between BAE
Systems, the Royal Navy and the Ministry of Defense.
The contract is part of GBP3.2 billion worth of contracts to
support the management of the U.K.'s Naval Bases and maintain and
repair the Royal Navy's warships and submarines, directly
sustaining more than 7,500 jobs across the U.K.
Babcock International Group PLC (BAB.LN) earlier Wednesday
announced it has signed a Maritime Support Delivery Framework
agreement worth GBP2.6 billion with the British Ministry of
Defense.
BAE shares at 0915 GMT traded up 0.1% at 472 pence, valuing the
company at GBP14.9 billion.
Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
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