The company has just been narrowed down to the final two in a hard-fought contest to take control of all the UK's helicopter rescue missions for the next three decades.
The Search and Rescue Harmonisation contract is one of the largest PFI deals e
ver put to tender, worth between £3bn and £5bn.
Currently, the UK's search-and- rescue service is handled jointly by the Maritime and Coastguard Agency and the military.
Search and rescue uses seven MCA helicopters at four locations around the country, including Lee-on-the-Solent.
This is backed up by 29 Sea King helicopters at two Royal Navy bases and six RAF bases, which are tasked to perform emergency rescues.
The new contract proposes military and civilian bases integ-rated to form a country-wide net-work of 12 rescue stations, where MCA and military rescue crews will mingle with one another and fly the same craft.
Crucially, as the antiquated Sea Kings go out of service, the winner of the contract will be charged with procuring a raft of new helicopters for rescue missions.
The contract, due to begin in 2012 and last for up to 30 years, would see investment, maintenance, training, and ownership of the rescue helicopter fleet in the UK and the Falkland Islands controlled by a private company.
The VT Group, headquartered in Hedge End, tendered a bid as part of AirKnight, a 50-50 partnership with US defence giant Lockheed Martin.
It has beaten off a key rival for the deal – UK Air Rescue, an alliance of investors and defence companies – and is now competing with one other consortium, Soteria, for the bid.
If AirKnight wins the contract, the boost to VT could eclipse all its major contracts to date – including its £585m stake in BVT's £1.3bn supercarrier joint venture, and its estimated £2bn stake in the RAF's pilot training programme.
The MCA's Mark Clark, one of the members of the committee overseeing the bids, said: 'We're finding the existing technology is reaching the end of its useful life. There needs to be a decision taken about the future of search and rescue and Sea King, and it offers better value for money to do it by PFI.'
The announcement of a preferred bidder is expected to be made in 2009.
The full article contains 411 words and appears in The News newspaper.
