UGL Limited (ASX:UGL) has announced a 50:50 joint venture with British naval company Babcock Pty Ltd.
The alliance will provide Naval surface maintenance services for the ANZAC ship group maintenance contract.
The joint venture agreement is worth $300 million over five years.
UGL’s says, the combined expertise of UGL and Babcock offers the Commonwealth Government a low risk transition and roadmap to total asset management.
UGL reported a net profit of $55.5 million for its first half figures this year.
