Kaman Wins $120 Million Super SeaSprite Contract
May 9th 2013 9:12PM
Updated May 9th 2013 11:45PM
Bloomfield, Conn.-based Kaman Corporation has landed its helicopter contract.
Three weeks ago, the aerospace and defense firm announced that the New Zealand Ministry of Defense had received authorization to contract with Kaman for the purchase of 10 SH-2G(I) Super Seasprite anti-submarine/anti-surface warfare helicopters, plus associated equipment, spare parts, and support services. The contract wasn't yet signed, but all systems looked "go."
Yesterday, the company confirmed that it has won the contract. In return for $120 million, Kaman will build and deliver to the NZ MoD 10 helicopters over the course of the next three years. Revenue from the contract will begin accruing, and profits begin appearing in Kaman's income statement, this very year.
Kaman describes the Super SeaSprite as being "an advanced integrated maritime weapon system and a proven day/night/all-weather multi-mission helicopter ... originally designed to meet the exacting requirements of the U.S. Navy." The "largest, most powerful small ship helicopter in use today" is said to be capable of running not just anti-submarine and anti-surface warfare missions, but also "surveillance, troop transport, vertical replenishment, search and rescue, and utility missions."
Kaman shares, which closed modestly higher on the news yesterday, are down 0.2% in Thursday trading, at $33.71.
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