26th Jun 2014 10:37
LONDON (Alliance News) - Petards Group PLC said Thursday it has signed a framework agreement to supply Siemens Sector Infrastructure and Cities, Rail Systems Division with Petards train related products and services in an order worth in excess of GBP1.5 million.
The AIM-listed developer of advanced security and surveillance systems said the deal will run for an initial five-year term which is renewable annually thereafter. The agreement covers the entire Siemens business, a portfolio comprising the whole Siemens rail vehicle business ranging from locomotives, commuter, regional, intercity and high-speed trains, metros, light rail vehicles and automated people movers, as well as passenger coaches for inter-city rail service and electric bus systems for cities and related services and maintenance.
Petards said the order, worth in excess of GBP1.5 million, will be fulfilled and supported from its facility in Gateshead. Engineering activities have already commenced and equipment deliveries are expected to commence in the second half of 2014 and to be completed by the end of 2015, said the company.
Petards has also secured its first order under the deal to supply Siemens with Petards eyeTrain on-board digital CCTV systems for the new super high-speed Velaro type trains Siemens are building for the Turkish State Railway who have announced plans to procure up to a further 90 high speed trains in the future.
The equipment to be supplied will provide CCTV coverage of the internal saloon areas, the drivers cab as well as "day/night" track monitoring. Petards systems will also provide the trains with Driver Only Operation capability, said the company.
Shares in Petards were trading 18.31% higher at 10.5 pence per share Thursday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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