UPDATE 1-Qinetiq signs $1.6 bln support services deal with MoD
LONDON Feb 1 (Reuters) - Qinetiq Group Plc said on Friday it had renewed its support services contract with Britain's Ministry of Defence (MoD), who will pay the defence technology company 998 million pounds ($1.6 billion) for the five-year deal.
The renewed contract is the third term of the pair's Long Term Partnering Agreement which was signed in February 2003 and reviewed every five years. The deal runs until 2028 and is valued at 5.6 billion pounds over 25 years, Qinetiq said.
Under the contract, Qinetiq manages 17 sites owned by the MoD and is responsible for providing training support services as well as maintaining equipment, land and buildings.
"We are committed to continuing to invest in these capabilities over the next five-year period to provide this vital service to the MOD in support of the front line," Chief Executive Leo Quinn said.