- LONDON: British aerospace and defense group BAE said one of its programs had incurred cost over-runs which would lead to a 160 million pound ($258.7 million) charge for the company.
“Following recent sea trials, subsequent related engineering reviews and customer discussions, BAE Systems has concluded that it will incur significantly higher than planned costs to complete the Omani Offshore Patrol Vessel program,” it said in a statement.
“As a consequence the group anticipates a charge of approximately 160 million pounds, pretax, will be required in its 2011 first-half accounts,” it added.