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

Shipbuilding

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Third RAmparts 2500 Tug for SMIT-Rebras

Keppel Singmarine BrasilLtda. (KSMB), of Navegantes, Brazil has recently completed the construction of the SMIT Panará, the third of a series of six Robert Allan Ltd.

Russia Doubts France Will Cancel Warships Sale

A senior Russian official said on Monday he doubted France would cancel its sale of warships to Russia, despite coming under pressure from other Western leaders

LNG

EXXONMOBIL Files Export Application for Alaska LNG Project

In another important step forward for the Alaska LNG project, an application to export liquefied natural gas (LNG) was submitted to the U.S. Department of Energy by EXXONMobil.

Bureau Veritas Kick-starts LNG Bunkering

International classification society Bureau Veritas has published a comprehensive set of guidelines on LNG Bunkering, with the aim of speeding adoption of LNG as

Port of Antwerp to Set Up LNG Bunkering

It would be possible for barges to fill up with LNG at a permanent bunkering station in the port of Antwerp by the beginning of 2016. Truck-to-ship bunkering is already possible,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1772 sec (6 req/sec)