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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

QinetiQ Signs Contract with ASV

QinetiQ, as part of a new Marine Surface Target Service, has signed a contract with Autonomous Surface Vehicles (ASV) for the supply and operational support of autonomous surface target vessels.

GTT Wins DSME Order for 9 More Icebreaking LNGCs

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of Liquefied Natural Gas (LNG), announced

Bollinger to Build 6 More FRCs for the USCG

Bollinger Shipyards, Inc., Lockport, Louisiana, announced the award of six additional USCG Sentinel Class Fast Response Cutters (FRCs). The U. S. Coast Guard

News

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just two days away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

Phillips 66 Marine Fueling Facility Nears Completion

Phillips 66’s previously announced marine over-the-water fueling facility at its Richmond, Calif. terminal is nearing completion. The facility, located on Canal Boulevard, and known as Pier No.

 
 
Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1238 sec (8 req/sec)