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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BAE Systems plc    BA.   GB0002634946

BAE SYSTEMS PLC

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BAE : U.S. Navy awards $197 million contract for USS Wasp modernization

11/24/2020 | 05:46pm EST

This is the second time in four years that the company has performed significant work onboard the Wasp to sustain its warfighting capability.

Under the new contract, BAE Systems' Norfolk shipyard will begin working aboard the 843-foot-long USS Wasp in February 2021, performing hull, tank and mechanical work. The contract includes options that, if exercised, would bring the cumulative value to $237.7 million.

During the company's last maintenance availability aboard the Wasp, from December 2016 to May 2017, BAE Systems added modifications to support Joint Strike Fighter operations onboard.

'BAE Systems is very familiar with USS Wasp, performing substantial upgrade work onboard before its forward deployment to Japan three years ago,' said Mark Whitney, deputy general manager of BAE Systems Ship Repair and general manager of Norfolk Ship Repair. 'Our team of skilled tradespeople and subcontractors look forward to executing another long sustainment period on Wasp, to ensure the ship retains its sharp warfighting capability.'

The USS Wasp is the lead ship of a class of U.S. Navy amphibious assault ships. It is the 10th Navy vessel to bear the name since 1775.

To prepare for drydocking the Wasp, BAE Systems sent its largest floating drydock in Norfolk to a Baltimore, Maryland, shipyard for five months of lifecycle maintenance. The drydock, called 'Titan,' returned to Norfolk earlier this month. The lifecycle maintenance work performed on Titan drydock will enable the yard to service the largest Navy ships in the port of Norfolk for another 20 to 25 years. Titan is capable of lifting up to 52,500 long tons. The USS Wasp displaces about 40,500 long tons.


BAE Systems is a leading provider of ship repair, maintenance, modernization, conversion, and overhaul services for the Navy, other government agencies, and select commercial customers. The company operates four full-service shipyards in , and offers a highly skilled, experienced workforce, seven dry-docks/railways, and significant pier space and ship support services. The company's Norfolk shipyard has approximately 1,250 employees and works with the Navy and several subcontractor companies to accomplish its sustainment work.

Disclaimer

BAE Systems plc published this content on 24 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2020 22:44:03 UTC


© Publicnow 2020
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Financials
Sales 2020 20 358 M 27 658 M 27 658 M
Net income 2020 1 226 M 1 665 M 1 665 M
Net Debt 2020 3 782 M 5 138 M 5 138 M
P/E ratio 2020 13,1x
Yield 2020 4,74%
Capitalization 15 936 M 21 662 M 21 651 M
EV / Sales 2020 0,97x
EV / Sales 2021 0,91x
Nbr of Employees 88 400
Free-Float 92,3%
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Charles Nicolas Woodburn Group Chief Executive Officer & Director
Roger M. Carr Chairman
Brad Greve Group Finance Director & Director
Steve N. Millward Chief Information Officer
Benjamin Hudson Chief Technology Officer
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