UK Ministry of Defence announced that it intends to proceed to the manufacturing stage in the project to build two new 65,000 tonne aircraft carriers (CVF) for the Royal Navy.

The carriers, to be named HMS Queen Elizabeth and HMS Prince of Wales, will be the biggest and most powerful surface warships ever constructed in the UK. Once they enter service in 2014 and 2016 respectively they are expected to remain in the fleet for up to fifty years.

The move will enable BAE Systems and VT Group to progress finalisation of the arrangements for BVT Surface Fleet, the Joint Venture (JV) combining their shipbuilding and naval support businesses, following the framework agreement signed in July 2007. BAE Systems and VT Group expect the JV transaction documentation to be signed shortly. The agreement will then be subject to VT shareholder approval.