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Share Price Information for Babcock (BAB)

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Share Price: 524.00
Bid: 523.50
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Change: 2.00 (0.38%)
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UK awards Babcock $65 mln contract for Ukrainian military support

Wed, 12th Jul 2023 10:45

LONDON, July 12 (Reuters) - Britain has awarded defence firm Babcock International a contract worth 50 million pounds ($64.6 million) to provide operational support for armoured vehicles given to Ukraine, such as Challenger 2 tanks.

The British company said on Wednesday the initial 12-month contract could be extended.

"This contract delivers essential support for Ukraine on the battlefield, sustaining their military equipment by providing the expertise and skills to keep Ukraine's armoured vehicles moving, along with the provision of vital spares," British Defence Secretary Ben Wallace said.

Earlier this week, Britain handed BAE Systems, the country's biggest defence company, a 280 million pound

order for munitions

, seeking to ramp up production to replenish its stockpiles and ensure supply for Ukraine.

Britain has pledged to match or exceed this year the 2.3 billion pounds in military support it gave Ukraine last year.

The Babcock contract comes as Britain, the United States and global allies were due to unveil

new security assurances

for Ukraine on Wednesday at a NATO summit in Lithuania.

($1 = 0.7738 pounds) (Reporting by Muvija M, writing by Sachin Ravikumar; Editing by Kate Holton)

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