BAE Systems selected by Australian govt to build nuclear powered submarines

[ jetcityimage - www.stock.adobe.com]
said on Thursday that it and ASC Pty Ltd have been selected by the Australian government to build the country's new fleet of nuclear powered submarines.
The contract is part of the AUKUS trilateral security pact between the United States, the United Kingdom and Australia.
BAE said the SSN-AUKUS will be the largest, most powerful and advanced attack submarines the Royal Navy has ever operated and will start to replace the Astute class - which it is building at its site in Barrow-in-Furness in the North West of England - from the late 2030s.
Australia expects to deliver its first SSN-AUKUS submarine in the early 2040s.
BAE chief executive Charles Woodburn said: "We're extremely proud of our role in the delivery of this vitally important, tri-nation submarine programme. Our selection as a partner in Australia, alongside ASC, recognises our role as the UK's long-term submarine design and build partner and as a key player in Australia's maritime enterprise and wider defence landscape.
"Drawing on decades of experience in the UK and Australia, we look forward to working with ASC to develop an enduring, sovereign nuclear-powered submarine building capability for Australia. We're already making good progress on the design and development of the next generation submarine in the UK where we have more than 1,000 people working on the SSN-AUKUS programme and major infrastructure investment underway.
"This latest step will ensure an integral connection between the UK design and the build strategy development in Australia as we work together to deliver next generation military capability as well as considerable social and economic value to all three nations."
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.