Israel Shipyards Discloses €80 Million Vessel Deal With Foreign Government

Israel Shipyards Industries disclosed Monday that its subsidiary, Israel Shipyards, signed an approximately €80 million vessel and services agreement with an unnamed foreign governmental customer on October 11. The deal involves cooperation with an unnamed Israeli governmental body and includes systems installation, logistics support and integration work on an existing vessel previously built by the subsidiary. Delivery and work are expected within about 30 months. The customer has an approximately €13 million option for additional work on the existing vessel. The contract provides a 24% advance payment, milestone-based payments for the balance and customary military equipment export conditions, including export permits.