(Sharecast News) - Cohort announced on Monday that its SEA subsidiary has secured a significant £15.1m contract for the production of its lightweight Torpedo Launch Systems (TLS), as part of a major naval vessel program.
The AIM-traded firm said the contract was set to begin promptly, and was projected to conclude in 2030.
It said SEA's TLS was designed as a rapid-reaction system with the capability to launch various NATO-standard lightweight torpedoes.
The execution of the contract would be overseen by SEA's wholly-owned Canadian subsidiary, SEA Canada, with support from a dedicated team at SEA's UK branch.
"This contract is another significant win for SEA and will deliver an essential capability for the Royal Canadian Navy," said chief executive officer Andy Thomis.
"It builds on SEA's long-standing reputation and successful delivery of the TLS system to customers around the world.
"Together with other recent contract wins across the group, this further underpins our order book and enhances the visibility of future revenues."
At 1222 GMT, shares in Cohort were up 3.64% at 570p.
Reporting by Josh White for Sharecast.com.
Cohort (CHRT)