Norway takes delivery of Boeing P-8 submarine-hunter aircraft

Norway takes delivery of Boeing P-8 submarine-hunter aircraft

Boeing (NYSE:BA) Co is trading up 0.28% at 227.25    

Norway took delivery on Thursday of the first of five Boeing (NYSE:BA) Co P-8 maritime patrol aircraft, central to the NATO country’s ability to expand its submarine-hunting capabilities in the strategic “High North” area inside the Arctic Circle.

The five aircraft will replace the Royal Norwegian Air Force’s current fleet of six Lockheed Martin Corp (NYSE:LMT) P-3 Orions and two Dassault Aviation DA-20 Jet Falcons.

The fleet will expand Norway’s maritime capabilities as it sees Russia “fielding some incredibly capable maritime assets,” Major General Odd-Harald Hagen, Norway’s defence attache, said before a ribbon-cutting ceremony on a rain-slicked Boeing Field.

“With a much more assertive Russia in the High North, in the Atlantic, and with a more forward-leaning Russian posture, we are returning to near-peer competition also in the maritime domain,” Hagen said.

Norway will spend roughly 11 billion kroner ($1.25 billion) on the P-8 aircraft, including additional equipment and support, a Norwegian official said. They will be operated at Norway’s Evenes Air Station inside the Arctic Circle

For Boeing, the delivery underscores the importance of its defence business as the U.S. plane maker works to recoup billions of dollars from the overlapping coronavirus and 737 MAX safety crises.

The anti-submarine and anti-surface warfare, surveillance and reconnaissance P-8 is based on Boeing’s 737-800 next- generation commercial jetliner.

On technical fronts Boeing (NYSE:BA) Co RSI stood at 66.83 and currently stock is trading above all MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : Boeing (NYSE:BA) Co – BUY: 226.99, TARGET: 233.28, STOP LOSS : 223.51

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