US Navy selects Serco for ID/IQ contract

The US Navy's Naval Information Warfare Systems Command selected Serco alongside seven other firms as an awardee for an Indefinite Delivery, Indefinite Quantity (ID/IQ) multiple award contract.

Said contract had a ceiling value of $968.0m over a five-year base period and one five-year option period, the company said in a statement.

Under the terms of the contract, the outsourcer would continue to supply the US Navy with the modernisation of shore-based Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) systems.

As of 1616 BST, shares of Serco were trading 2.99% lower to 142.60p.