Rolls-Royce Reveals £1.0 Bn Submarine Contract from Britain

Rolls-Royce said on Monday it had won a contract worth more than £1.0 billion (1.24 billion euros, $1.57 billion) to power Britain's next-generation nuclear submarines.

The British power-systems group, which is best known for producing engines for planes, said the contract includes regeneration of the current Rolls-Royce submarine reactor core manufacturing facility in Derby, central England.

"Rolls-Royce, the global power systems company, has signed a contract worth in excess of £1 billion with the Ministry of Defense to deliver reactor cores for the UK's nuclear-powered submarine fleet," Rolls said in a statement.