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Babcock International has announced its success in netting some 拢485m in new defence and marine contracts in its latest trading statement.

The engineering support services firm said it had won a 拢350m overhaul and refuel contract for submarine HMS Vengeance and and a 拢135m service and replacement contract for some 14,000 Ministry of Defence vehicles as part of Project Phoenix.

Babcock said its order book had now moved up to around 拢12.5bn after remaining constant at the 拢12bn mark for some 18 months.

The company said it was benefiting from customers鈥� on-going budgetary constraints as they 鈥渋ncreasingly have looked to outsource their support requirements to achieve cost-savings and improved availability or efficiency鈥�.

Babcock said its bid pipeline had increased from 拢10bn at January 31 to 拢12bn now, including the Dounreay Parent Body Organisation contract, which will not become operational until early April.

The company said it would announce full year results on 15 May.