Ultra receives IDIQ option exercise under ERAPSCO JV

Ultra Electronics' ERAPSCO joint venture has been awarded a modification to exercise options under an indefinite delivery / indefinite quantity (IDIQ) contract for US Navy sonobuoys.

The work is expected to be completed by October 2020.

The IDIQ option exercise is valued at $219,757,475 and enables ERAPSCO to extend continuous production.

Ultra will exclude this IDIQ option value from its order book.

Rakesh Sharma, chief executive of Ultra, said: "I am very pleased with this extension to our current IDIQ. Not only does it ensure continuous production it means we can deliver seamless service to our major customer the US Navy in the strategic area of anti-submarine warfare."

At 8:27am: (LON:ULE) Ultra Electronics Holdings PLC share price was +1.5p at 1834.5p