Saab and Sweden agree $1 billion deal for two submarines, two upgrades

Tuesday, Jun 30, 2015

Defence firm Saab has signed contracts with Sweden worth 8.6 billion crowns (661.54 million pounds) for two new submarines and upgrades to two existing submarines, the Swedish company said on Tuesday.

Sweden, which has said it will increase defence spending over the coming years due to worsening security around the Baltic Sea, said in March it would place the order with Saab.

Saab said deliveries of the two new Type A26 submarines would start in 2022 and be finalised in 2024. The upgraded existing Gotland-class submarines will be delivered in late 2018 and late 2019, respectively.

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