Naval Ship Management (NSM), a 50/50 joint venture between Babcock and UGL, has been awarded a 15-year contract by the Australian Defence Force. The entity will provide support services to the largest vessels in the Australian navy – two flagship Canberra Class Landing Helicopter Docks and their 12 associated amphibious landing craft. The FTSE 250 company was awarded the Wildfire Suppression Services contract by the government of Manitoba. Babcock also worried investors as it cut its 2019-20 guidance for revenue from its joint venture for decommissioning of Magnox nuclear sites in the UK. The contract is due to end in August 2019 and Babcock does not now expect any additional revenue after that date.

Source: Irish Independent December 03, 2018 08:14 UTC