British aerospace and defence mid-cap Babcock International PLC (LSE:BAB) has inked a deal with the UK Submarine Delivery Agency (SDA) government body to refit the HMS Victorious nuclear submarine.
HMS Victorious, a Vanguard-class submarine pivotal to the UK’s Trident strategic nuclear defence system, is stationed in Babcock’s Devonport facility in Plymouth
A 1,000-strong team at Babcock will commence "deep maintenance of the complex submarine", the company stated.
"This is the result of a truly collaborative effort with the SDA. The work we do to support the vanguard class fleet, a vital part of the UK's defence, has never been more important," said Dominic Kieran, chief executive officer of Nuclear at Babcock.
"The commercial framework we have agreed will ensure the retention of our skilled workforce, support future recruitment and enable us to focus on supporting the SDA in its drive to increase submarine availability."
Chris Gardener, chief executive of the SDA, called the refitting “vital” to supporting the Ministry of Defence’s “highest priority”.
Earlier this week, Babcock was awarded a £50mln contract from the UK Ministry of Defence to support "urgent operational requirements" for Ukraine’s army as it mounts a counter-offensive following Russia's invasion.
The company will release its full-year results on Thursday, July 20.