HII and Babcock International Group Create Strategic Partnership to Explore Global Opportunities

Rhea-AI Summary

HII (NYSE: HII) and Babcock International Group have entered into a strategic agreement to collaborate on naval and civil nuclear decommissioning and construction opportunities in the U.K. and U.S. The collaboration aims to share best practices, upskill, and enhance both organizations’ capability for the benefit of the U.S. and U.K. programs. This agreement also identifies opportunities for cooperation in civil nuclear, including power plant and component design, fabrication, and construction in North America and the U.K.

Positive

• Strategic collaboration between HII and Babcock International Group opens up new opportunities for both organizations in naval and civil nuclear decommissioning and construction, potentially leading to significant growth and expansion in the U.K., U.S., and beyond.

Negative

• None.

NEWPORT NEWS, Va., July 17, 2023 (GLOBE NEWSWIRE) -- HII (NYSE: HII) and Babcock International Group have entered into a strategic agreement to collaborate on naval and civil nuclear decommissioning and construction opportunities in the U.K. and U.S.

HII and Babcock will apply their complementary capabilities to existing nuclear decommissioning contracts for U.S. ships and U.K. submarines, to share best practices and provide the opportunity to upskill and enhance both organizations’ capability for the benefit of the U.S. and U.K. programs.

The Memorandum of Understanding also identifies opportunities for cooperation in civil nuclear, including power plant and component design, fabrication and construction in North America and the U.K. For Babcock, this will include leveraging the capability of its wholly-owned subsidiary, Cavendish Nuclear, a leader in the U.K. nuclear civil industry across the nuclear lifecycle.

“As we expand our presence globally this is an important agreement to leverage more than 60 years of HII expertise in complex nuclear processes on behalf of civil and defense customers,” said Chris Kastner, president and CEO of HII. “We are excited to explore with Babcock potentially promising opportunities for both companies.”

“This collaboration supports our expanding global reach and capability,” said David Lockwood, CEO of Babcock. “We look forward to working with HII to realize the benefits that our collaboration can bring to the nuclear programs in the U.K., U.S. and beyond.”

HII and Babcock will also explore how their combined capability as global leaders in defense can be applied in support of the Australia – United Kingdom – United States (AUKUS) programs.

About HII

HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world. As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 43,000 strong. For more information, visit:

• HII on the web: https://www.HII.com/
• HII on Facebook: https://www.facebook.com/TeamHII
• HII on Twitter: https://www.twitter.com/WeAreHII
• HII on Instagram: https://www.instagram.com/WeAreHII

About Babcock International Group

Babcock is an international defense company providing a range of products and service solutions to enhance our customers’ defense capabilities and critical assets. Our business is underpinned by a deep understanding of technology integration and engineering, infrastructure management and specialist training. We help our customers around the world to cost effectively improve the capability, reliability and availability of their most critical assets.
www.babcockinternational.com

Contacts:
Greg McCarthy
HII
+1 (202) 264-7126
gregory.j.mccarthy@hii-co.com

Kate Hill
Babcock Group
+44 (0)7899 792991

Andrew Gollan
Babcock
Group Director of Investor Relations
+44 (0)7936 039004

What is the strategic agreement between HII and Babcock International Group about?

The strategic agreement aims to collaborate on naval and civil nuclear decommissioning and construction opportunities in the U.K. and U.S.

What are the opportunities identified in the agreement?

The agreement identifies opportunities for cooperation in civil nuclear, including power plant and component design, fabrication, and construction in North America and the U.K.

How does HII's president and CEO, Chris Kastner, view the collaboration?

Chris Kastner sees it as an important agreement to leverage HII's expertise in complex nuclear processes on behalf of civil and defense customers.

What are the potential benefits of the collaboration?

The collaboration aims to share best practices, upskill, and enhance both organizations’ capability for the benefit of the U.S. and U.K. programs, as well as exploring promising opportunities for both companies.