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Paul Lester News

14 May 2002

VT: Business is Profitable

It appears that the trend toward consolidation and acquisition can be profitable, at least in the case of British shipbuilder Vosper Thornycroft Holdings Plc, which reported to a wire service today that it expects revenue and operating profits to rise by 15-20 percent in the current year, in large part due to acquisitions. The company reportedly expects a rise in pre-tax profit in the year to March 31. U.S.-based Griffin Services Inc. -- a military facilities manager -- was among the company's six acquisitions last year. In addition to financial news, the company said that Paul Lester, the group managing director of construction and infrastructure group Balfour Beatty Plc, would replace veteran Chief Executive Martin Jay on July 1.

16 Jan 2007

VT Group Signs $600m Oman Ship Contract

VT Group (VT), the Support Services and Shipbuilding Company, has signed a contract with the Government of Oman to supply three Ocean Patrol Vessels (OPVs) for the Royal Navy of Oman. Work will start immediately on the programme with the first of the ships, which are approximately 100 metres in length, scheduled for hand-over in early 2010 and the subsequent ships at six-month intervals. The programme is valued at around £400 million over a five-year period, including initial support. VT Group Chief Executive Paul Lester commented: “This is a major export success for the UK and maintains the long and successful relationship we have had with the Royal Navy of Oman over the past 25 years. These ships will be the most advanced of their type in the world when they are completed.

15 Nov 2006

Ministry Urges VT Group and BAE to Merge

VT Group is under pressure from the Ministry of Defense to agree to the framework of a deal to merge its shipbuilding assets with BAE Systems by Christmas. VT and BAE are in discussions to consolidate what remains of the British shipbuilding industry. An initial attempt to merge the assets at the start of this year failed when Babcock, the engineering company, demanded too high a price for its ship-repair facilities. Under pressure from the MoD, VT and BAE have begun talks again. Babcock is not involved this time, but Paul Lester, chief executive of VT, said yesterday that the merged shipbuilder, dubbed Shipco, eventually could buy Babcock’s facility at Rosyth, Fife.

17 Apr 2006

VT Group Named Preferred Bidder for Oman Ship Contract

VT Group (VT), the Support Services and Shipbuilding Company, has been selected as the preferred bidder to enter the next round of discussions for the supply of Ocean Patrol Vessels (OPVs) for the Royal Navy of Oman. Technical and contractual negotiations will commence next month and should be concluded by late summer 2006. Contract duration will be four years and the value will be in excess of £400m, including initial support. VT Group Chief Executive Paul Lester commented: “This is set to be a major export success and extends the long and successful relationship that we have had with the Royal Navy of Oman over the past 25 years.

13 Apr 2006

VT Group Named Preferred Bidder for Oman Contract

VT Group (VT), the Support Services and Shipbuilding Company, has been selected as the preferred bidder to enter the next round of discussions for the supply of Ocean Patrol Vessels (OPVs) for the Royal Navy of Oman. Technical and contractual negotiations will commence next month and should be concluded by late summer 2006. Contract duration will be four years. VT Group Chief Executive Paul Lester commented: “This is set to be a major export success and extends the long and successful relationship that we have had with the Royal Navy of Oman over the past 25 years.