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  • BY: Andrew Hore |
  • POSTED: 16/01/2008 |

Engineering services and insulation supplier Chieftain has won a marine outfitting contract for the fourth Astute submarine. 

Chieftain has worked on the other three Royal Navy Astute submarines and the builder BAE Systems Submarine Solutions has extended the existing contract to include the fourth. This will keep that side of the business busy until 2013.

Chieftain has also won additional fabrication work from Scandinavia. All this means that the group order book is worth £65m.

The company’s 2007 profits will be in line with expectations of £2m. The shares rose 7p to 188.5p, which means they are trading on less than 12 times 2007 earnings estimates. The results will be announced on 18 March 2008.

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