VT Group and BAE Systems Establish JV

July 25, 2007

VT Group plc announced that it has entered into a Framework Agreement with BAE Systems plc to establish a joint venture intended to create a provider of naval ships and associated through-life support. It is intended that the joint venture will comprise the following businesses on completion of the JV transaction: VT’s surface warship building and through-life support operations; each of VT’s and BAE Systems’ 50 per cent. shareholdings in their existing surface warship through-life support joint venture, Fleet Support Limited (FSL); and BAE Systems’ Surface Fleet Solutions operations, which includes surface warship building and surface warship through-life support. VT will also acquire BAE Systems’ 50 percent. holding in Flagship Training Limited, a provider of training solutions and support services.

Related News

Salvage Efforts for Stena Immaculate Tanker Continue in North Sea Houthis to Escalate Attacks O'Grady Tapped for Leadership at NUWC Newport China Shipowners' Association Opposes U.S. Port Fees Greece to Buy Four New Submarines