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Headline : Australia signs $1.4 billion deal to upgrade navy submarines

Read more from the original article on here at www.investing.com.






Tags : #australia #signs #14 #billion #deal #upgrade #navy #submarines


No. of Paragraph 10

SYDNEY (Reuters) - Australia said on Saturday it had signed a A$2.2 billion ($1.4 billion) four-year contract with state-owned submarine builder ASC to upgrade the navy's Collins class submarines.

The "sustainment contract" is part of a government pledge to keep the diesel-electric powered Collins-class fleet "a potent strike and deterrence capability", Defence Industry Minister Pat Conroy said in a statement.

The contract will be "directly ensuring job security for more than 1,100 highly skilled workers", with the work carried out in the towns of Henderson in Western Australia and Osborne in South Australia, Conroy said.

Osborne is where ASC and Britain's BAE Systems (LON:BAES) will jointly build Australia's fleet of nuclear-powered submarines, the core component of the 2021 AUKUS pact between Britain, the U.S. and Australia.

Read more from the original article on here at www.investing.com.


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