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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

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CONTACT

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BAE SYSTEMS PLC (BA.)

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Wednesday 06 November, 2013

BAE SYSTEMS PLC

Re Agreement

RNS Number : 3444S
BAE SYSTEMS PLC
06 November 2013
 



 

 

 

BAE Systems plc  - Naval sector restructuring

 

6 November 2013

 

 

BAE Systems has reached agreement in principle with HM Government on measures to enable the implementation of a restructuring of its UK naval ships business.

The agreement will result in:

·    Restructuring of the contract for the Queen Elizabeth Class Aircraft Carrier programme.

·    Provision of additional shipbuilding work prior to the start of the Type 26 Global Combat Ships programme.

·    Rationalisation of the UK naval ship business to match future capacity requirements.

 

In 2009, BAE Systems entered into a Terms of Business Agreement (ToBA) with the Ministry of Defence that provided an overarching framework for significant naval shipbuilding efficiency improvements in exchange for commitments to fund rationalisation and sustainment of capability in the sector.  The agreements announced today, together with an anticipated contract for the design and manufacture of the Type 26 Global Combat Ships programme, will progressively replace that ToBA.

 

Queen Elizabeth Class Aircraft Carrier

BAE Systems, with the other participants in the Aircraft Carrier Alliance, has agreed changes to the Queen Elizabeth Class Aircraft Carrier contract.  Under the revised terms, the contract will be amended to accommodate programme changes and activities previously excluded from the contract.

 

Under the new Target Cost contract the industrial participants' fee will move to a 50:50 risk share arrangement providing greater cost performance incentives.  The maximum risk to the industrial participants will continue to be limited to the loss of their profit opportunity.

 

The revised contract reflects the increased maturity of the programme, with structural assembly of the first of class vessel now substantially complete. 

 

Interim shipbuilding workload

A significant reduction in workload will follow the peak of activity on the Aircraft Carrier programme, the six Type 45 destroyers and two export contracts.  The anticipated Type 26 programme will, in future years, address some of that workload reduction.  In the interim period, a proposed contract for the manufacture of three Offshore Patrol Vessels, announced today, will provide additional capability for the Royal Navy and sustain key shipbuilding skills.

 

Restructuring of the Naval Shipbuilding business

Following detailed discussions about how best to sustain the long-term capability to deliver complex warships, BAE Systems has agreed with the UK Ministry of Defence that Glasgow would be the most effective location for the manufacture of the future Type 26 ships. Consequently, and subject to consultation with trade union representatives, the Company proposes to consolidate its shipbuilding operations in Glasgow with investments in facilities to create a world-class capability, positioning it to deliver an affordable Type 26 programme for the Royal Navy.

 

Under these proposals, shipbuilding operations at Portsmouth will cease in the second half of 2014.  Subject to consultation, Lower Block 05 and Upper Blocks 07 and 14 of the second Queen Elizabeth Class Aircraft Carrier will be allocated to Glasgow. 

 

The Company remains committed to continued investment in the Portsmouth area as the centre of its Maritime Services and high-end naval equipment and combat systems business.

 

Consultation will commence on a total employee reduction of 1,775 that is expected to result from these restructuring proposals, including 940 in Portsmouth in 2014 and 835 across Filton, Glasgow and Rosyth, progressively through to 2016.

 

The cost of the restructuring will be borne by the Ministry of Defence.

 

The implementation of these restructuring activities will sustain BAE Systems' capability to deliver complex warships for the Royal Navy and secure the employment of thousands of highly skilled employees across the UK.

 

 

Issued by:

BAE Systems plc

London

 



 

Additional notes:

 

 

Portsmouth:

The company has extensive high end naval engineering operations in the Portsmouth area. After the proposed reductions announced today, BAE Systems will still employ approximately 3,200 people across its sites at HM Naval Base Portsmouth, Portsdown Hill, Broad Oak, Cowes, and HMS Collingwood.

 

Portsmouth based engineers will be retained to support the design and development of the Type 26 frigate programme. The Company's Maritime Services business, based in Portsmouth, manages the running of HM Naval Base on behalf of the Ministry of Defence. The Queen Elizabeth Class carriers are expected to be based in the Portsmouth from 2017.  The business also provides support services to the Royal Navy's Portsmouth flotilla, including the six Type 45 destroyers, which accounts for around 50% of the surface fleet.

 

Glasgow:

BAE Systems operates two shipyards in Glasgow, Govan and Scotstoun, currently employing 3,200 people. These sites are supporting the manufacture of the Queen Elizabeth Class aircraft carriers and design of the Type 26 Global Combat Ship.

 

 

Type 26 Global Combat Ship:

The assessment phase for the Type 26 programme started in March 2010. A combined Ministry of Defence and BAE Systems team of approximately 550 engineers in Bristol, Glasgow and Portsmouth are currently working to develop the detailed specification for the vessel, with a manufacturing contract expected to be awarded at the end of 2014.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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