Ultra receives IDIQ option exercise under ERAPSCO JV

08:27 12/10/2017
StockMarketWire.com - Ultra Electronics' ERAPSCO joint venture has been awarded a modification to exercise options under an indefinite delivery / indefinite quantity (IDIQ) contract for US Navy sonobuoys.

The work is expected to be completed by October 2020.

The IDIQ option exercise is valued at $219,757,475 and enables ERAPSCO to extend continuous production.

Ultra will exclude this IDIQ option value from its order book.

Rakesh Sharma, chief executive of Ultra, said: "I am very pleased with this extension to our current IDIQ. Not only does it ensure continuous production it means we can deliver seamless service to our major customer the US Navy in the strategic area of anti-submarine warfare."

At 8:27am: (LON:ULE) Ultra Electronics Holdings PLC share price was +1.5p at 1834.5p

Story provided by StockMarketWire.com



What the Papers Say

telegraph financial times daily mail daily express independent times
18:25 Phones4U founder 'felt bereaved' after...
source: The Guardian
18:08 Spain to force elections in Catalonia in...
source: The Telegraph
18:02 Managers of bonds backed by leveraged...
source: FT.com
17:58 Noble close to selling Americas-focused...
source: FT.com
17:58 Mifid asks more questions than it’s...
source: FT.com
17:51 Hurricanes and earthquakes will cost...
source: The Guardian
17:50 Ericsson shows signs of recovery as market...
source: FT.com
17:50 Boots Meal Deal price goes up 5.2% to...
source: The Daily Mail
17:49 Telegraph cartoons, October 2017
source: The Telegraph
17:41 Bad weather and Brexit cloud big-ticket...
source: The Guardian
[more ...]