Ultra receives IDIQ option exercise under ERAPSCO joint venture

Ultra Electronics announced today that ERAPSCO, its 50/50 joint venture with the ECP division of Sparton Corporation, has been awarded a modification to exercise options under an indefinite delivery / indefinite quantity (IDIQ) contract for US Navy sonobuoys. The work is expected to be completed by October 2020. The IDIQ option exercise is valued at $219,757,475 USD and enables ERAPSCO to extend continuous production. As previously, Ultra will exclude this IDIQ option value from its order book. 

Rakesh Sharma, Chief Executive of Ultra commented: “I am very pleased with this extension to our current IDIQ. Not only does it ensure continuous production it means we can deliver seamless service to our major customer the US Navy in the strategic area of Anti-Submarine Warfare.”