Contract Call-Off - Submarine Equipment
Second Call-off approximately £12.5m from Defence Framework Contract
TP Group (AIM: TPG), the specialist services and engineering group, is pleased to announce the award of a second call-off by the Ministry of Defence ("MoD") under the framework contract for Combined Oxygen Generating Systems ("COGS"), first announced on 11 April 2017.
This call off, worth c. £12.5m, is for a number of COGS units and additional ancillary items for in-service Royal Navy submarines. With this call-off, all options under this framework have now been taken up. The systems will be manufactured by TPG Engineering and are expected to be fully delivered by 2026.
Phil Cartmell, Chief Executive Officer of TP Group, commented:
"We are delighted to confirm the next step on this long-term agreement which demonstrates the strength of our support to the MoD's submarine programmes and provides further visibility of revenues in the Engineering business unit."