Confirmation of contract award

RNS Number : 2690B
TP Group PLC
03 April 2017

Confirmation of contract award

TP Group (AIM: TPG), the specialist services and engineering group, announces that TPG Maritime has been awarded a contract by the Ministry of Defence ('MoD'), following successful negotiations first announced on 4 July 2016. This agreement will see TPG Maritime manage equipment availability and spares provision for air purification systems on board Royal Navy submarines currently in service.

The 5 year contract has an option for a further 2 year extension and is estimated by the Company and the MoD to be worth at least £22m (at 2017 prices) over 7 years, although the final value is dependent on, inter alia, spares usage.

Phil Cartmell, Chief Executive Officer of TP Group, commented:

"We are delighted to confirm this significant contract which will see TPG continue to support advanced, safety-critical systems in the Royal Navy's submarine programme. This recognition re-enforces our long-term partnership with the Ministry of Defence and provides visibility of future work and revenue in Portsmouth."