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(Alliance News) - The UK government has signed a GBP347 million contract with Rolls-Royce Holdings PLC to provide maintenance support for the engines of the Typhoon fighter jets operated by the Royal Air Force.
The multi-year contract will see FTSE 100-listed Rolls-Royce provide maintenance support to the EJ200 engine until 2024.
The GBP346.7 million five-year contract will result in Rolls-Royce repairing and maintaining the Typohoon engines as required as well as the provision of modules, spares and accessories to support the fleet.
In 2018, Rolls-Royce generated a GBP2.95 billion pretax loss on revenue of GBP15.73 billion. Underlying pretax profit stood at GBP483 million.
"Not only will this contract help to maintain our world-class jets, it secures 175 jobs across the UK and boosts the skills base our world-leading defence industry relies upon," UK Minister for Defence Procurement Anne-Marie Trevelyan said.
"Together with our multi-million-pound upgrade programme, this contract will ensure our Typhoon fleet continues to dominate the skies in the decades to come," Trevelyan added.
Shares in Rolls-Royce were 2.5% lower at 807.80 pence in London on Monday.
