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(Alliance News) - Qinetiq Group PLC on Wednesday said it has renewed its UK maritime strategic capability arrangement with the Submarine Delivery agency for at least another 10 years.
Qinetiq is a Hampshire, England-based science & engineering company operating primarily in the defence and security markets.
Qinetiq said the renewed agreement, which provides design, test, evaluation and assurance services covering hydromechanics, stealth and signatures, structures and maritime life support, is for GBP259 million, and includes an option for a further five-year extension.
The firm added that the new deal will allow for a seamless transition from its previous 15-tear agreement with the Submarine Delivery agency.
Nic Anderson, chief executive of Qinetiq's UK Defence arm, said: "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. 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."
Qinetiq shares rose 1.5% to 334.60 pence each in London on Wednesday morning.
By Harvey Dorset, Alliance News reporter
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