BAE Systems, VT Group in Talks About Combining Shipbuilding Ops

Thursday, December 14, 2006
According to reports, shipbuilding companies BAE Systems PLC and VT Group PLC are in talks about merging their naval shipbuilding businesses into a new UK shipbuilding giant. The statement said the discussions were entirely in line with UK government ambitions, and that sustaining shareholder value remained a key consideration. Ministers and firms are examining ways to bring the UK\'s shipbuilding operations together to eliminate peaks and troughs in order cycles and improve efficiency and job security. A VT spokesman said the joint venture was likely to involve the creation of a new company that VT and BAE would jointly own. There would likely be rationalisation of back office functions to eliminate duplication, but existing shipyards would remain open and it was too early to say whether there would be job losses, the spokesman said.

The combination of the two companies naval shipbuilding operations would bring together the yard at Portsmouth in England with those at Govan and Scotstoun in Scotland, and their workforces. VT employs about 1,000 people in its shipbuilding operations. UK defense minister Lord Drayson has reportedly set the end of this year as the deadline for the UK's naval shipbuilders to come up with proposals for consolidation of the industry. BAE Systems said its submarines business was not included in the discussions. Source: AFX

Maritime Today


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

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

Shipbuilding

James Troop Supplies Engines for 3 Naval Vessels

Liverpool City Region (UK) based ship engine specialist James Troop & Co has won an order to supply Volvo Penta diesel engines for three European naval vessels being built on Merseyside.

OSV Delivered to MC2 in Dubai

Marine Core & Charter LLC (MC2) headquartered in Dubai has taken delivery of the new build PETRA-1, the first of two, 45-meter Fast Offshore Support Vessels in

Six New VLCCs Marks the Start of a Busy Delivery Year

2016 is off to a flying start when it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, says a report BIMCO.

LNG

FSRU Golar Tundra Sold to Golar LNG Partners

Golar LNG Limited has entered into a purchase agreement to sell the Golar Tundra, a floating storage and regasification unit (FSRU), to Golar LNG Partners LP for a sale price of $330 million.

Top 10 Shipowning Nations by Value

VesselsValue has provided a list ranking the top shipowning nations by value, including the percentage change difference against 2015 figures. Although the

GTT, DSME Partner for NO96 Max Development

GTT signs a cooperation agreement with Daewoo Shipbuilding & Marine Engineering aiming at the industrialization of its NO96 Max technology   GTT, a designer of

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction
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: 0.0537 sec (19 req/sec)