Share Name Share Symbol Market Type Share ISIN Share Description
Bae Systems Plc LSE:BA. London Ordinary Share GB0002634946 ORD 2.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  10.00 2.07% 492.20 493.10 493.30 494.80 488.20 488.20 4,508,560 16:35:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Aerospace & Defence 18,305.0 1,626.0 46.4 10.6 15,795

BAE Systems Gets Notice Of Cancellation For Trinidad, Tobago OPV Job

21/09/2010 4:18pm

Dow Jones News

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BAE Systems PLC (BA.LN), said Tuesday that it has received written notice from the Government of Trinidad and Tobago or GORTT that it wishes to cancel the program under which BAE Systems is providing three Offshore Patrol Vessels and support to the Trinidad and Tobago Coast Guard.


-The financial consequences of any termination cannot be definitively assessed at this time, the Group estimates a further charge of up to GBP150 million, before tax, may be required in the Group's accounts for 2010, before recognizing value from the potential re-sale of the vessels.

-The company will seek to engage in commercial discussions with GORTT to find an equitable settlement.

-The contract was entered into in April 2007 by the previous Trinidad and Tobago government and VT Shipbuilding International Ltd; BAE Systems acquired full control of VT Shipbuilding International Ltd in October 2009.

-The program has suffered from delays, prior to the receipt of the notice, the parties had been engaged in the final stages of acceptance of the first ship.

-The second ship has completed its sea trials and will be ready for delivery in October.

-The third ship is due to begin sea trials in November.

-Cost overruns on the program resulted in cash adjustment to the acquisition consideration and further provisions were charged to the acquisition accounts for that transaction.

-Shares at 1445 GMT up 2.4 pence, or 0.72%, at GBP336 pence, valuing the company at GBP11.45 billion.

-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275;


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