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Thursday, July 23, 2009

MoD and BVT in shipbuilding deal

Type 23 frigateThe Ministry of Defence and BVT Surface Fleet, a joint venture between BAE Systems and VT Group, have signed a landmark agreement worth at least £3.5bn ($5.7bn) to sustain Britain’s shipbuilding industry over the next 15 years.

Britain’s remaining shipyards are at full stretch building new aircraft carriers, frigates and submarines. But the industry has long recognised that rationalisation is necessary.

Under the legally binding agreement, BVT has committed to find at least £350m of cost savings over 15 years in return for a guaranteed minimum workload from the MoD estimated at about £235m a year.

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