ASX-listed company lands $410m contract

EOS 30mm remote weapon system integrated with the U.S. Army JLTV.

A Canberra-based business has secured a $410 million contract to supply its weapons systems to an undisclosed overseas customer with the help of Australia’s export agency Efic.

ASX-listed Electro Optic Systems (EOS) won the contract, which will see it supply "significant quantities" of its new R400S-Mk2 remote weapons system. This contract brings the sales of this weapons system to $600 million in its first 12 months of release. 

The EOS R400S-Mk2 is a stabilised, single weapon station with flexible ballistic protection. EOS said the small dispersed control modules allow integration into tight internal vehicle spaces.

It also features an integrated video tracker, an integrated battlefield sector scan, integrated firing inhibit zones and various sensors, including a laser rangefinder and day and thermal cameras.

EOS chief executive Dr Ben Greene made the announcement just one day after the release of the government's Defence Export Strategy, which includes a $3.8 billion Defence Export Facility to be administered by Efic, Australia’s export credit agency.

"This innovative technology for the first time allows 30mm cannon systems to be deployed with unprecedented accuracy on light vehicles, significantly enhancing lethality and protection without compromising mobility, and at low cost. It meets and over-matches current threats," Dr Greene said.

"All $600 million of new contracts are deliverable in monthly shipments from 2018-2022 and follow-on awards for additional equipment, spare parts, servicing and support are expected. EOS is also negotiating contracts with other customers who have completed their tendering process and already selected EOS. Further awards are likely."

Minister for Trade, Tourism and Investment Steven Ciobo said the support of Efic will allow for more Australian businesses within defence to export their products overseas.

"The trade finance Efic provides is helping Australian businesses like EOS export their products and services to the world. Their success will create and sustain Australian jobs," Minister Ciobo said.

EOS' announcement took place at its new facility in Hume, Canberra, which was officially opened by Minister for Defence Industry Christopher Pyne.

ASX-listed company lands $410m contract
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