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

Shipbuilding

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

U.S. Shipbuilding: ESG Nabs Two Z-Drive Tug Contracts

Eastern Shipbuilding (ESG) said that Suderman & Young Towing Company and Bay Houston Towing Company each exercised one additional Z-Drive Tug to be built at ESG.

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
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: 0.1076 sec (9 req/sec)