Babcock has announced that it is acquiring the remaining 50 per cent interest in its Australian Naval Ship Management (NSM) joint venture from its long-term partner in Australia, UGL, for $60 million.
The acquisition is subject to customary approvals.
The NSM joint venture was established in 2012 to maintain the RAN's Anzac class frigates. Today the business supports the Anzac class under the Warship Asset Management Agreement, the two Canberra Class Landing Helicopter Docks (LHDs) and 12 LHD Landing Craft.
NSM has approximately 300 employees.
“We’re very proud of the success of NSM since its formation nearly a decade ago. We look forward to continuing to provide innovative and highly skilled support to the Australian Defence Force as we further develop our presence in this important market," Babcock CEO David Lockwood said.