Wragge & Co advises on £1.1 billion investment in Royal Navy submarines
Wragge & Co has advised the Ministry of Defence (MOD) on a £1.1 billion contract for investment in the Royal Navy's nuclear submarine programme. The contract secures vital strategic infrastructure capabilities to meet the present and future defence needs of the UK.
A team of commercial specialists led by Wragge & Co partner David Hamlett, and including senior associate Julia Holdright and solicitor Dermot McGirr, worked closely with MOD to secure the supply of nuclear reactor cores for its submarines.
Incumbent supplier Rolls-Royce will regenerate the existing infrastructure at its site at Raynesway with advanced nuclear reactor core production facilities, generating another 40 years' use from the current production site.
David Hamlett said: "For MOD, this contract is an important step in securing the future defence needs of the Nation. The team has worked closely with MOD's commercial team to get to this point. As an experienced adviser to the Ministry, our knowledge of its objectives ensured we could help it move forward and achieve its goals."
The contract secures 300 jobs at Rolls-Royce and will see construction of new buildings to replace existing facilities that have reached the end of their useful lives.
Since joining MOD's legal panel in 1996, Wragge & Co has worked on a number of projects. These include helping MOD seal its landmark CVF Aircraft Alliance project to deliver two new 65,000-tonne aircraft carriers. The team also advised on the design contract for the UK's next generation submarine fleet, in January 2012.
Wragge & Co's projects practice advises government departments, contractors, banks and other lenders on UK and international projects. With 29 partners and particular strength in the defence, energy and infrastructure sectors the team is experienced in a broad range of work. Clients include the Department of Health, Amey, Strabag and the International Finance Corporation.
Legal advice to Rolls-Royce was provided by Rolls-Royce legal, Nick Manassei, and by Freshfields, led by Emma Kendall.
For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Rebecca Davies on +44 (0)121 685 3819, Gayle Biddle on +44 (0)121 685 2708 or Amy Richards on +44 (0)121 260 9973
This press release may contain information of general interest about current legal issues, but does not give legal advice.