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BAE to be hit by cost over-runs on Omani programme
BAE shares down as it experiences over-runs that would lead to a $258.7 million charge
June 18, 2011 2:55 by p.deleon
British aerospace and defence group BAE said one of its programmes had incurred cost over-runs which would lead to a 160 million pound ($258.7 million) charge for the company.
“Following recent sea trials, subsequent related engineering reviews and customer discussions, BAE Systems has concluded that it will incur significantly higher than planned costs to complete the Omani Offshore Patrol Vessel programme,” it said in a statement on Friday.
“As a consequence the group anticipates a charge of approximately 160 million pounds, pretax, will be required in its 2011 first-half accounts,” it added.
BAE shares were down 0.9 percent in early afternoon trade. ($1=.6184 Pound) (Reporting by Sudip Kar-Gupta; Editing by Erica Billingham)