Electro Optic Systems (ASX:EOS) awarded NATO navies contract

Company News

by Ortenzia Borre

Electro Optic Systems (ASX:EOS) Brisbane-based subsidiary, EM Solutions, has won $14 million of orders from four navies for its Cobra maritime satellite terminals.

The defence manufacturer says the contracts are principally for delivery to member states of the North Atlantic Treaty Organisation (NATO) and will be delivered through 2020 and 2021.

The company says in addition to its strong existing order book with the Royal Australian Navy, these contracts result in a record backlog for the company, six months after being acquired by EOS.

Earlier this month, EOS raised $134 million through an institutional placement at $4.75 a share.

Shares Electro Optic Systems (ASX:EOS) are trading 8.2 per cent higher at $4.38.