VT Group announced that its new shipbuilding and naval support joint venture, BVT Surface Fleet Limited, is to be the major beneficiary from the manufacturing contract signed for two new Royal Navy aircraft carriers (CVF).
The CVF contract will contribute in the region of £3 billion to BVT’s order book, of which just under half will be delivered by the joint venture directly and the balance sub-contracted. CVF revenues will start to flow through BVT shortly with production of the first carrier set to start later this year.
VT owns 45 percent of BVT, with the remaining 55 per cent owned by Systems.
BVT, which officially started operations on July 1, also includes the remaining work on the Royal Navy’s Type 45 Anti Air Warfare Destroyer program and export projects for and in its order book.