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VT lands £100m Kiwi navy contract

13 April 2012

THE VT GROUP, formerly Vosper Thornycroft, which runs the Portsmouth naval dockyard, has landed a contract to help run the Royal New Zealand Navy's home port at Devonport, near Auckland.

The joint venture contract is worth a total of £100m over 10 years. VT chief executive Paul Lester said: 'With our proven experience in running Portsmouth naval base in the UK, the contract in New Zealand highlights the potential for exporting this expertise overseas,' said chief executive Paul Lester.

The initial contract will be carried out with New Zealand joint venture partner Fitzroy Engineering.

VT and Fitzroy have formed a joint venture company and will carry out maintenance and repair work on naval and commercial ships for a period of 10 years with an option for a further five.

VT Group shares added 1 3/4p to 264p.

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