HMS Queen Elizabeth and HMS Prince of Wales will be part-built in Portsmouth and based in the city when completed.
The deal, signed on board HMS Ark Royal this morning, will see 1,300 workers in Portsmouth constructing massive hull sections of the carriers with a further 1,700 jobs in support roles. A total of 10,000 jobs will also be secured nationwide.
Defence chiefs say the carriers cement the future of shipbuilding in Portsmouth after an uncertain two years when there was a real fear that the naval base could be closed down by the government.
Once built, the carriers will remain in service for 30 years – guaranteeing the future of the naval base for the next three decades.
Naval base commander Commodore David Steel spoke of the pride in the city and the navy at securing the carrier deal.
He said: 'During the naval base review we were fighting for our long-term future and while we were confident of survival I don't think we dared to dream a day like this would come.
'This is excellent news for both the base and the city of Portsmouth and guarantees a steady flow of work for at least a decade. The contracts with BVT is a landmark decision and builds on the excellent work I have seen here for the last five years.
'I have a passion for this place and I'm lucky to share that with the people who work here – they're ready for it, they are up for it.'
Work preparing the jetty at the naval so the supercarriers can be berthed will take place next year. Portsmouth harbour will also be dredged to accommodate the massive 65,000-ton vessels.
Alan Johnston, chief executive of BVT, a company merged from VT and BAE, said it was committed to completing the two carriers on time by 2014 and 2016.
'This guarantees work here with support services for 15 years,' he said.
'The signing of this contract is a huge positive for both our workers and the local economy.'
Today's supercarrier deal comes after years of campaigning locally, including by The News. We launched our We Can Build Them campaign to persuade the government to give part of the contract to Portsmouth.
We were also influential in opposing any plans to close the naval base with our
Hands Off Our Base campaign last year in which 10,000 readers signed a petition.
Senior naval figures have for years urged the government to press ahead with the carriers, saying they were vital for the defence of the realm.
Bob Stokes, senior south coast organiser for the GMB union, which represents around 1,000 workers at the shipyards, said the deal was without parallel.
He said: 'It secures employment for at least eight years, with the possibility of another seven beyond that.
'This is the greatest news in terms of future employment you could ever expect. There are no other employers in the region who can even consider guaranteeing employment for that length of time.
'Although we were pretty sure it was going to happen, it's great to have it concluded. It will create opportunities for future employment. One of the things we are hoping to achieve is the increase in training opportunities for young people, and for people who may have missed the boat in the past.'
Although it has been a long time coming Charles Thompson, speaking for BVT, said the deal would secure the long-term future of Portsmouth's shipbuilding.
He said: 'The contract signing is fantastic news for Portsmouth and the whole of the maritime sector.
'Over 10,000 will be employed across the UK, many in Portsmouth, helping us build a sustainable business beyond the timescale of the carriers and ensuring those jobs long into the future.
'It gives us a solid workload and a clear view of the next few years.
'We've got to build that up and work with the MoD to secure future export contracts.'
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