31 May 2018 – contract extension
The group has announced that is has been awarded a contract extension worth around £225m to provide service support to Canada’s fleet of four Victoria class submarines. The contract with the Royal Canadian Navy has been extended until 2021 and will see around 400 Babcock engineers, project managers and support staff provide support to the submarines in refit and in service. This is clearly good news for the company and we retain our BUY rating.