Rolls-Royce reveals £1.0 billion submarine contract from Britain

LONDON - Agence France-Presse

A handout picture dated 20 November 2009 released by the British Ministry of Defence (MoD) 18 June 2012 shows Royal Navy submarine HMS Astute on exercise. EPA photo

Rolls-Royce said on Monday it had won a contract worth more than £1.0 billion (1.24 billion euros, $1.57 billion) to power Britain's next-generation nuclear submarines.

The British power-systems group, which is best known for producing engines for planes, said the contract includes regeneration of the current Rolls-Royce submarine reactor core manufacturing facility in Derby, central England. "Rolls-Royce, the global power systems company, has signed a contract worth in excess of £1 billion with the Ministry of Defence to deliver reactor cores for the UK's nuclear-powered submarine fleet," Rolls said in a statement.