LONDON (dpa-AFX) - Babcock International Group PLC (BAB.L), an engineering and construction company, on Friday said it has secured a full cost recovery contract with the UK's Submarine Delivery Agency or SDA worth an estimated 560 million pounds.
As per the terms, the company will undertake the deep maintenance and life extension program for HMS Victorious, one of UK's Vanguard Class nuclear submarines.
'Through the HMS Victorious program, more than 1,000 jobs will be sustained in the south west,' Babcock said in a statement.
The work on the submarine has already started, after the department committed to authorize early-works from July 2023.
On Thursday, Babcock shares closed at 489.80 pence, down 0.08% in London.
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