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UK Defense Firm BAE Systems Reaps Rewards from Saudi Oil Payments.
Knight Ridder/Tribune Business News, June, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Jun. 3--Defence contractor BAE Systems is collecting a windfall of nearly UKpound 1.5 million a day from the rise in the oil price, writes Brett Arends. It is paid in oil, not cash, by one of its biggest customers, Saudi Arabia.
City sources say the payment amounts to 400,000 barrels a day. This year's price rise from $30 a barrel to last night's $37 (down $2) is worth an extra UKpound 1.5 million a day.
BAE says: "Yes, this a positive thing for us and it helps cash flow. But because of the volatility we don't tend to get overly exercised about it."
Yesterday, it landed a subcontracting role helping build the US Navy's new Littoral Combat Ship. Oil eased 92 cents in London...
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