TP Group maritime division wins defence contract

Specialist services and engineering company TP Group announced that TPG Maritime had been awarded a contract by the Ministry of Defence, following successful negotiations first announced on 4 July 2016.

The AIM-traded firm said the agreement would see TPG Maritime manage equipment availability and spares provision for air purification systems on board Royal Navy submarines currently in service.

It said the five-year contract had an option for a further two-year extension, and was estimated by the company and the MoD to be worth at least £22m at 2017 prices over 7 years, although the final value remained dependent on spares usage, among other things.

“We are delighted to confirm this significant contract which will see TPG continue to support advanced, safety-critical systems in the Royal Navy's submarine programme,” said chief executive officer Phil Cartmell.

“This recognition reinforces our long-term partnership with the Ministry of Defence and provides visibility of future work and revenue in Portsmouth.”