Sweden’s Defence Material Administration (FMV) awarded Saab AB an order worth $183 million for the development and production of the New Lightweight Torpedo system.

The order is under the terms of a Letter of Intent (LoI) between Saab and the FMV first announced on June 9, 2014. The LoI supports Sweden’s armed forced underwater capabilities for the 2015-2024 capabilities. The newest order connects the previous orders from FMV announced in July 2014 and February 2015 for the New Lightweight Torpedo.

Saab's New Lightweight Torpedo system. Artist's concept: Saab.
Saab’s New Lightweight Torpedo system. Artist’s concept: Saab.

Deliveries for the system are set to take place from 2016-2024.