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(Sharecast News) - QinetiQ Group announced the renewal of its Maritime Strategic Capability Arrangement (MSCA) with the Submarine Delivery Agency on Wednesday, for a further 10 years.
The FTSE 250 company said the contract would be worth £259m, and included an option for an additional five-year extension.
It said the MSCA provides "critical sovereign capabilities" that contribute to the UK's ability to design, build, and safely operate the Royal Navy's surface and subsurface fleet, including its continuous at-sea deterrent.
The arrangement offers independent design, test, evaluation, and assurance services covering hydromechanics, stealth and signatures, structures, and maritime life support.
QinetiQ said the renewal of the MSCA would ensure that "vital sovereign skills" were secured, and would also provide a framework for the firm to leverage those skills and capabilities, ensuring that the UK retained the ability to work as a strategic partner to its allies.
It added that with experts, facilities, and technology delivered from sites in Gosport, Rosyth, Chichester, and Farnborough, the renewed contract would provide longevity and consistency for the Royal Navy's maritime capability, as well as in sustaining employment in those areas for the next decade.
Additionally, the enhanced programme of work will enable greater engagement with the broader maritime enterprise, including academia.
"The award of the MSCA contract demonstrates the ongoing commitment of the Ministry of Defence and the Submarine Delivery Agency in working with QinetiQ to deliver and assure critical maritime capability to the UK," the chief executive officer of QinetiQ UK Defence, Nic Anderson.
"We are extremely proud of our highly skilled and dedicated employees who continue to deliver the MSCA in support of the Royal Navy, helping to ensure national security and vital maritime trade.
"The renewal of the MSCA will sustain key skills at our sites and will also reinvigorate our relationships with education and academia, supporting STEM programmes to attract the next generation of naval architects, engineers and other vital roles."
At 0848 BST, shares in QinetiQ were up 0.67% at 332p.
Reporting by Josh White for Sharecast.com.
