Teledyne Technologies Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne Instruments, Inc., has been awarded an indefinite delivery/indefinite quantity (IDIQ) contract by the U.S. Naval Undersea Warfare Center to supply autonomous underwater vehicles (AUVs) and related monitoring and communications acoustic systems. The initial 2019 value of the contract is approximately $5.4 million. The award has a maximum value of $22.2 million through December 2024, if all contract options are exercised.
Autonomous underwater vehicles are capable of carrying out complex survey missions for commercial, scientific and defense applications. Teledyne AUVs' modular architecture enables sensors to be easily integrated and battery packs to be exchanged in the field. In addition to powered, self-propelled AUVs, Teledyne provides a wide range of autonomous profiling floats, variable-buoyancy autonomous gliding vehicles, unmanned surface vehicles and inspection-class remotely operating vehicles (ROVs).
“For more than a decade, Teledyne has been the leading provider of autonomous underwater gliding vehicles to the U.S. Government," said Al Pichelli, President and Chief Executive Officer. “We are exceptionally pleased now to have received our first significant order from the U.S. Navy for Teledyne's self-propelled autonomous underwater vehicles."
FORWARD-LOOKING STATEMENTS CAUTIONARY NOTICE
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, relating to a contract award. Actual results could differ materially from these forward-looking statements. Many factors could change anticipated results, including funding, continuation and award of government programs, as well as risks associated with government contracts, are identified in Teledyne's 2018 Annual Report on Form 10-K.
