CVF MANUFACTURING CONTRACT BOOSTS VT GROUP 

Defence and support services company VT Group has welcomed the announcement today that its new shipbuilding and naval support joint venture, BVT Surface Fleet Limited, is to be the major beneficiary from the manufacturing contract signed for two new Royal Navy aircraft carriers (CVF).

The CVF contract will contribute in the region of £3 billion to BVT's order book, of which just under half will be delivered by the joint venture directly and the balance sub-contracted. CVF revenues will start to flow through BVT shortly with production of the first carrier set to start later this year.

VT owns 45 per cent of BVT, with the remaining 55 per cent owned by BAE Systems. 

VT Group Chief Executive Paul Lester commented: "The formal signing of the manufacturing contract for CVF is a major boost for our new Joint Venture and will ensure that UK shipbuilding has a healthy workload for several years to come."

BVT, which officially started operations on July 1, also includes the remaining work on the Royal Navy's Type 45 Anti Air Warfare Destroyer programme and export projects for Oman and Trinidad and Tobago in its order book. 

For Further information contact:

Paul Lester, Chief Executive                          07785 388664

Phil Harrison, Finance Director                      07810 152663

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