Two Royal Navy frigates will be setting course for a new lease of life in the Black Sea after a Ј116m BAE Systems refit supported by the Export Credits Guarantee Department (ECGD) under a Government-to-Government contract.
The Type 22 frigates will be overhauled in Portsmouth before heading for Romania under a contract between the UK's Ministry of Defence (MOD) and the Romanian Government. The MOD has subcontracted the transfer, regeneration and modernisation of the ships to BAE Systems.
ECGD issued a Buyer Credit for Ј85m to BAE Systems for the UK phase of the project. The London offices of Deutsche Bank AG and ABN Amro Bank NV arranged the financing.
International Trade Minister Baroness Symons said: "Both BAE Systems and their subcontractors will benefit from the significant British element of this project - an example of ECGD's continuing commitment to helping UK exporters win business overseas."
