Rolls-Royce will manufacture nuclear reactors to power new U.K. submarines under a contract valued approximately at $11.1 billion.

Britain said on Friday it had awarded Rolls-Royce a 9 billion pound ($11 billion) eight-year contract to design, make and support the nuclear reactors that power its fleet of submarines, amid U.S. calls for higher defence spending.

Rolls-Royce and the UK Ministry of Defense agreed to a $11 billion deal for nuclear submarine reactors, the biggest between the two parties.

A £9bn deal for nuclear submarine reactors has been agreed between the Ministry of Defence and Rolls-Royce - the biggest ever between the two. Defence Secretary John Healey announced the agreement on Friday during a visit to the firm's nuclear reactor production facility in Derby.

Rolls-Royce has been awarded a £9 billion contract to design and maintain nuclear reactors for the UK's submarine fleet, boosting the Royal Navy's deterrent capabilities. The deal will save £400 million and create 1,

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The Rolls-Royce share price remains at its all-time high as investors assess whether its spectacular rally in the past few years. Its stock was trading at 600p, bringing the 12-month gains to near 100% and its market cap to over $68 billion.