Serco Share News (SRP)

(Sharecast News) - Serco has been awarded a $320m contract by the US Army Corps of Engineers (USACE), it announced on Thursday, to modernise the electrical infrastructure at the US Space Force's Pituffik Space Base in Greenland.

The FTSE 250 outsourcing giant said the four-year contract was focussed on upgrading the base's backup electrical plant.

Pituffik Space Base, formerly known as Thule Air Base, plays a crucial role in missile warning, missile defence, and space surveillance operations.

The company said the project would enhance the reliability and capacity of the base's electrical network, ensuring continued support for its critical missions.

Serco's involvement would include overseeing the renovation and improvement of the alternate power plant, a key component of the base's infrastructure, to bolster its operational stability.

"This contract award builds on Serco's strong capabilities in systems design and installation, as well as our exemplary past performance on defence construction projects," said group chief executive officer Mark Irwin.

"We are delighted to have the opportunity to support this large, mission-critical upgrade project for the US Space Force and Army Corps of Engineers.

"We recognise the impact of our work in ensuring mission critical readiness is maintained for this pivotal location."

At 0840 BST, shares in Serco were up 0.46% at 174.1p.

Reporting by Josh White for Sharecast.com.