Pennant International Shares Rise on Being Named Key Supplier by Boeing's UK Defense Unit
January 21 2022 - 6:31AM
Dow Jones News
By Anthony O. Goriainoff
Shares in Pennant International Group PLC rose on Friday after
the company said that it has been named a key supplier by Boeing
Defence United Kingdom Ltd., or BDUK, in regards to winning a
long-term services contract for the U.K.'s new Apache helicopter
fleet.
Shares at 1100 GMT were up 6.50 pence, or 20%, at 39 pence.
The London-listed provider of technology-based training said it
was presently working to finalize the contract with BDUK and that
the awarding of the contract is imminent.
"Pennant's scope of work will be to deliver several new and
upgraded Part Task Trainers which are compatible with the new
fleet," the company said.
BDUK--a subsidiary of U.S. aerospace-and-defense giant Boeing
Co.--said earlier in the day that it has signed an agreement with
the U.K.'s Ministry of Defence for it to provide long-term
training, support and sustainment to the British Army's new fleet
of 50 Apache AH-64E helicopters.
BDUK said the Long Term Training and Support Services contract
is worth 287 million pounds ($390.3 million).
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
January 21, 2022 06:16 ET (11:16 GMT)
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