Cohort plc company SEA has secured a contract with Hyundai Heavy Industries (HHI) to supply its Torpedo Launcher System (TLS) to two of the Philippine Navy’s new corvettes.
Cohort’s share price rose to 474.80p in early morning trade, before the rally faded and shares fell back to just 1% up at 455.52p.
The contract is worth several million pounds and is scheduled to see the first TLS delivered in 2023, with the second estimated for delivery in 2025.
The TLS is reportedly a close-range and rapid-react system which is equipped to fire a selection of NATO-compatible standard lightweight torpedoes.
The system is capable of launching the US Mk44, Mk46 and Mk54 torpedoes, UK Sting Ray, Italian A244S, French MU90 and the Korean Blue Shark.
The contract comes as part of the Revised Armed Forces of the Philippines Modernization Program (RAFPMP), and follows the success of SEA’s TLS onboard the Philippine Navy’s frigates.
“The inherent flexibility of our TLS will provide the Philippine Navies with a capability that helps future-proof the corvettes against new weapon developments and obsolescence, whilst also ensuring commonality across the fleet,” said David Hinds, Vice President Strategic Accounts at SEA.
“We look forward to working with our partners across Southeast Asia and further strengthening our relationship with HHI and the Philippine Navy.”
HHI representative Mr Kyunghyun Cho added: “This contract is part of a significant modernisation programme for the Philippine Navy.”
“Following the successful delivery of SEA’s TLS for the Philippine Navy’s frigates, we were impressed by the performance and reliability of the system and are pleased to be collaborating with SEA to deliver the same superior capability to the Navy’s corvettes.”