VT Chairman Outlines Venture with BAE Systems

Tuesday, May 15, 2007
In a statement provided with the company's Preliminary Results , VT Group's chairman Michael Jeffries gave an indication of how the new shipbuilding venture between his company and BAE Systems would be structured. He said "We announced in December 2006 that we had entered into discussions with BAE Systems to combine our respective surface shipbuilding and naval support businesses, including Fleet Support Limited (FSL). The proposed consolidation is in line with the Defence Industrial Strategy and would create a world-class provider and strategic partner for the UK Government. "It is envisaged that the JV would be owned 45% by VT and 55% by BAE Systems, with equal board representation and voting rights."

He also confirmed VT Group's withdrawal from small commercial boatbuilding activities. Earlier the group announced that VT Halmatic would be restructured and would concentrate on the build of small military vessels. VT Shipbuilding saw profits higher than last year with a turnover of £164.0m making £13.2 million in profits. However this figure excluded costs for the restructuring of Halmatic. Source: Shipping Times

Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

News

Livorsi Launches New Throttle Lineup

Livorsi Marine introduced the all new Platinum Series throttles, which they say are designed to be more ergonomically comfortable to the operator while being lighter

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

Austal Launches Trenton (JHSV 5)

Second Joint High Speed Vessel to be launched at Austal in 2014 On September 30, 2014, Austal USA successfully completed the launch process of Trenton (JHSV

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1466 sec (7 req/sec)