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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