11 April 2017
TP Group plc
("TP Group" or the "Company" or the "Group")
Confirmation of contract award
TP Group (AIM: TPG), the specialist services and engineering group, announces that TPG Maritime has been awarded a framework contract with the Ministry of Defence ('MoD'), following successful negotiations first announced on 5 August 2016, for the provision of up to 8 Combined Oxygen Generating Systems ('COGS') and additional ancillary items to upgrade in-service Royal Navy submarines.
These safety-critical systems generate oxygen from sea water to deliver breathable air as part of the environmental management that allows submarines to remain submerged for extended periods. The framework contract has a potential value of up to £22.5m if all systems are ordered. The systems will be called off at the MoD's discretion over the next 5 to 8 years.
The systems will be built at TPG Maritime's Portsmouth facility.
Phil Cartmell, Chief Executive Officer of TP Group, commented:
"We are delighted to have confirmed this contract and our continuing support to the Navy's submarine programme. It builds upon the long standing relationship we have with the MoD and provides continuity of service for this critical equipment."
For further information, please contact:
TP Group plc |
Tel: 01753 285 810 |
Phil Cartmell, Chief Executive Officer |
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Derren Stroud, Chief Financial Officer |
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www.tpgroup.uk.com |
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Cenkos |
Tel: 020 7397 8980 |
Mark Connelly / Callum Davidson |
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www.cenkos.com |
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Vigo Communications |
Tel: 020 7830 9700 |
Jeremy Garcia / Fiona Henson |
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www.vigocomms.com |
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Notes to Editors
TP Group designs and develops advanced technologies, engineers complex equipment and systems, and provides support throughout their operational life. The Company's shares have been traded on AIM since July 2001.