- Total contract value $320 million
- Space base near the North Pole
- Critical work on energy network
Outsourcing and facilities management group Serco (SRP) scored another win with the US military in the form of a four-year contract to modernise a space base 750 miles inside the Arctic Circle for a cool $320 million.
The shares, which fell sharply at the start of August after the firm posted a drop in first-half sales and earnings, continued their come-back with a gain of 1.8p or 1% to 175p.
MISSION-CRITICAL TASK
The contract, which started this month, is expected to last four years and will see the UK firm manage the modernisation of the back-up electrical plant at the US Space Force’s Pituffik base in Greenland, enhancing its capacity and stability.
Pituffik, formerly known as Thule Air Base, is the US Armed Forces’ most northerly installation and is home to a substantial portion of the global network of missile warning sensors of Space Delta 4, and space surveillance and space control sensors of Space Delta 2, providing space awareness and advanced missile detection capabilities to North American Aerospace Defense Command (NORAD), the United States Space Force and joint partners.
‘This contract award builds on Serco’s strong capabilities in systems design and installation, as well as our exemplary past performance on defence construction projects,’ commented chief executive Mark Irwin.
‘We are delighted to have the opportunity to support this large, mission-critical upgrade project for the US Space Force and Army Corps of Engineers. We recognise the impact of our work in ensuring mission critical readiness is maintained for this pivotal location.’
