VT and BAE Agree on Shipbuilding JV

Wednesday, June 11, 2008

VT Group has finalized its shipbuilding joint venture with BAE Systems.
Under the agreement -- the terms of which are substantially unchanged from those set out in the framework agreement in July 2007 -- the BVT Surface Fleet Ltd joint venture will be owned 45 percent by VT and 55 percent by BAE Systems.
The joint venture, under which VT has an option to sell its stake to BAE for at least $745 million, is key to VT's attempts to focus entirely on support services, leaving behind its origins as a shipbuilder, Reuters said.
Last July, gave the go-ahead for plans to build two aircraft carriers, triggering the deal to merge operations at BAE and VT, 's two largest shipbuilders.
The formation of BVT comes ahead of the full manufacturing contract for the aircraft carrier programme that will be signed by the UK Ministry of Defence and BVT shortly, VT said.
John Parker has been appointed non-executive chairman designate and Alan Johnston chief executive designate of BVT.

Source:  Reuters

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Navig8 Acquires Chemical Tanker from STX

Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it

Damen ASD Tug for Mexico

Damen congratulates Reylaver on the safe arrival and naming ceremony of the new ASD Tug 2411 Jesus. In order to reach her owners, the vessel undertook, on her own keel,

Hyundai Bags NZ Defence Order

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, has won an order to build a 23,000 ton class logistics support vessel for New Zealand Defence

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.0703 sec (14 req/sec)