Ultra Electronics plans to double Indonesian naval deal

4th Jul 2013 07:59

Defence and security group Ultra Electronics has won a 32m pounds contract from the Indonesian ministry of defence.The FTSE 250 company has been charged with the mid-life modernisation of one of the Indonesian navy's Fatahillah destroyers.Ultra said the exact start-time of the modernisation programme is subject to funding provision and once it has begun the contract will then be delivered over a 28 month period. The High Wycombe group was eyeing a potential doubling of the deal as it added that discussions regarding the similar modernisation of the second Fatahillah ship were expected to start later in the year.The contract includes the development, installation and integration of a new combat management system. The marine engineering aspects of the work package will be undertaken by Ultra's partner, Nobiskrug with its local subcontractor in Indonesia. Rakesh Sharma, Chief Executive of Ultra, said: "Following five years positioning of Ultra's offering to the Middle and Far Eastern markets, I am delighted that Ultra's specialist naval capabilities have been recognised with the award of this prestigious contract by the Republic of Indonesia. "Ultra has again demonstrated its ability to partner with other world class businesses to offer differentiated solutions to its customers. "I look forward to the further development of Ultra's relationship with this new customer and we will continue to position our businesses for further successes in the future."Shares in Ultra Electronics were unmoved at 1,738p at 08:15 on Thursday morning.OH