Kaman Corp. (NYSE:KAMN) today announced that the New Zealand Cabinet has authorized the New Zealand Ministry of Defence (MoD) to enter into an approximately $120 million contract with Kaman Aerospace Corporation (Kaman) for the purchase of ten SH-2G(I) Super Seasprite aircraft, spare parts, a full mission flight simulator, and related logistics support.
The MoD and Kaman expect to execute a contract in the next few weeks. Kaman anticipates the contract will call for the aircraft to be delivered over an approximately three year period with revenue recognition beginning in 2013.
Neal J. Keating, Chairman of the Board, President and Chief Executive Officer said, “We are very pleased to have reached this milestone with the Government of New Zealand. Kaman has had a longstanding relationship with the New Zealand Defence Force based on the success they have experienced flying the Kaman Super Seasprite since 2001. This success led to their interest in our SH-2G(I), the latest variant of the aircraft and one of the most technologically advanced helicopters in the world today. We expect to transition the aircraft into their fleet over the next three years and to continue to support them for many years to come. This contract represents an important step forward for Kaman and we welcome the opportunity to continue supporting the operational needs of the New Zealand Defence Force.”
The SH-2G(I) Super Seasprite is an advanced integrated maritime weapon system. The SH-2G Super Seasprite is a proven day/night/all-weather multi-mission helicopter. Originally designed to meet the exacting requirements of the U.S. Navy, the SH-2G Super Seasprite has the highest power-to-weight ratio of any maritime helicopter, assuring a safe return-to-ship capability even in single-engine flight conditions. Its robust design, outstanding stability, and excellent reliability have been proven through more than 1.5 million flight hours. The SH-2G is a fully integrated, multi-mission maritime weapon system designed to fulfill anti-submarine warfare (ASW), anti-surface warfare (ASuW), over the horizon targeting, surveillance, troop transport, vertical replenishment, search and rescue, and utility missions. It is the largest, most powerful small ship helicopter in use today and is recognized for its mission effectiveness, support, and unmatched performance. In addition to the Royal New Zealand Navy, the SH-2G Super Seasprite is operated by the Egyptian Air Force and the Polish Navy.
Source: Kaman Corp.
Date: Apr 19, 2013