Proactive Investors - Babcock (LON:BAB) International has won a contract worth an estimated £560 million to refurbish and retrofit HMS Victorious, one of the UK's Vanguard Class nuclear submarines.
Work on the submarine is already underway, said the shipyard operator, with the multi-year contract designed to enable the sub to continue operational patrols well into the 2030s
Babcock said the contract will safeguard 1,000 jobs in the southwest and utilise its Plymouth-based skills academy,
HMS Victorious is the second Vanguard Class submarine to undergo a life extension package at Babcock's Devonport facility.
David Lockwood, Babcock’s chief executive, said: "Delivering the programme for this vital and complex defence asset is our top priority.
“Babcock's supports all of the UK's submarine fleet. The capability and experience gained through the delivery of similar complex projects, combined with new ways of working, is being applied to deliver this important overhaul programme at pace.”
Defence Secretary, Grant Shapps added: "In an increasingly dangerous world, it is crucial that we continue to invest in one of our most important assets, our nuclear deterrent.”
Shares in Babcock rose by 1.3% to 496.2p.