Babcock to push forward on Ukrainian naval enhancement project

(Sharecast News) - Engineering services company Babcock has signed a tripartite memorandum of implementation in Odesa with the Ministry of Defence of Ukraine and the UK Government.
Babcock said on Wednesday that building on an agreement signed in October 2020, the two nations will now push forward a major programme of Ukrainian naval projects, with the FTSE 250-listed firm as their designated prime industrial partner.

"Reflecting Babcock's extensive naval experience and capabilities, the group has been chosen to lead in the delivery of the scope of the broad-ranging Ukrainian Naval Capabilities Enhancement Programme," said Babcock.

The London-based group said the programme includes the enhancement of capabilities on existing naval platforms, the delivery of new platforms, including fast attack missile craft, a modern frigate capability, shipborne armaments and the training of naval personnel. It will also work to regenerate Ukrainian shipyards.

Babcock chief executive David Lockwood said: "We are very proud to support Ukraine with their Naval Capabilities Enhancement Programme. This marks the beginning of a new international relationship for Babcock, bringing together our new ship capability, our infrastructure and support capability and our new strong relationship with the UK Government. I know that we can bring our collective experience and knowledge together to achieve some really great things.

"Our strengthened relationship with the UK Government has been instrumental in underpinning this significant agreement which is supported by UK Export finance and we continue to work with them on a number of international opportunities."

As of 0905 BST, Babcock shares were up 0.22% at 293.63p.