Steve Wadey, CHIEF executive of QinetiQ, said: “Today`s agreement increases our contribution to the security and operational effectiveness of the British armed forces at a time when threats to our security remain acute and rapidly changing. The new contract, which will come into effect on April 1, 2003, will replace the current short-term management contract, which was introduced at QinetiQ vesting and expires on March 31. I am pleased to inform you that after 12 months of negotiations and restructuring, MOD has successfully entered into a long-term partnership agreement (LTPA) with QinetiQ to meet the MOD`s testing and evaluation requirements. MOD customers have considered a number of options for the provision of future testing and evaluation services and have concluded that a long-term partnership agreement with QinetiQ is the most effective approach to maximizing value for money and ensuring the continued success of these key functions. The company wins the contract amendment for a long-term partnership agreement with the Department of Defence “Supported by an increasing defence budget and our $178 billion equipment plan, the three sites will continue to play an important role in supporting our defence capability. This investment will help secure their long-term future. QinetiQ has signed an agreement with the UK Ministry of Defence (MoD) for the modernization of 16 critical defence institutions, with a modification of the Long-Term Partnership Contract (LTPA), a 25-year contract, under which QinetiQ has provided the MoD with experiments, tests, evaluations and training assistance amounting to $1.3 billion until 31 March 2028. In today`s rapidly changing and sophisticated world of threats, it is essential that the British armed forces rapidly and flexibly develop and use advanced military capabilities to protect national interests. The modernization of the supply of ET is an essential element of the success of this result. In collaboration with mod, QinetiQ launched this programme to ensure that the UK is at the forefront of the excellence of competitive flights and test crews, which are relevant to the current and future needs of the British armed forces and government and industrial customers around the world. Security and arms company QinetiQ has signed an agreement with the UK Ministry of Defence (MOD) amending the modernization of 16 defence facilities across the country.
The capital investment is financed by QinetiQ and then recovered by the MoD over the duration of the contract, with the same mechanism as the amendment signed in December 2016, to guarantee reasonable returns for QinetiQ, in accordance with its capital allocation policy. The level and gradual introduction of this investment are in line with QinetiQ`s forecasts for the November 2018 interim results. Defence Minister Gavin Williamson said: “Ensuring that our state-of-the-art equipment is tested and tested before being sent to the front is critical to the capability of our military.” This $1.3 billion investment will not only provide our armed forces with the reliable, state-of-the-art weapons they need, but also support jobs across the country. Steve Wadey, Chief Executive Officer of QinetiQ, said: “Today`s agreement increases our contribution to the security and operational effectiveness of the British armed forces at a time when threats to our security remain acute and rapidly changing. In line with our strategy, we are introducing innovative working methods and making selective investments to strengthen the UK`s position as a world leader in the production and guarantee of military capabilities.