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(Sharecast News) - UK government contractor Serco said it had won three contracts with a combined value of more than 1bn by the Ministry of Defence to provide maritime services for the Royal Navy.
The main contract is valued at 850m over 10 years for the delivery of in-port services for naval bases in Devonport, Portsmouth and the Clyde, including Faslane.
That deal includes procurement of 24 new vessels on behalf of the Royal Navy which will be brought into service over the next decade to modernise the fleet and replace the older vessels currently operated.
Serco added that the second 70m contract over five years was to provide inshore support to military training and exercises at the British Underwater Test and Evaluation range off the northwest coast of Scotland and for diver training support.
The third contract is valued at 110m over 10 years for offshore support to military training and exercises. This service includes two specialist ocean-going vessels.
The contracts, which replace existing services and expand into new capabilities, will start later this year, the company said on Thursday.
Reporting by Frank Prenesti for Sharecast.com
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