Babcock International Group announced the decision of David Lockwood, Group Chief Executive, to retire by the end of this calendar year. The Board has chosen Harry Holt, the current CEO of Babcock’s Nuclear sector, as his successor. The appointment of a strong internal candidate ensures Babcock’s ability to continue implementing the strategy which has been fundamental to the business growth and success, the company said.
Lockwood joined Babcock as Group Chief Executive in September 2020 and during this tenure has led the business through a highly successful strategic and financial transformation, building a strong, focused and high-performance defence engineering business delivering growth, margin expansion, and cash generation, alongside a comprehensive step-change in operating performance, delivery track-record for customers, and portfolio alignment. Lockwood will leave the Group with excellent momentum and an exciting opportunity set for future growth. With a strengthened leadership team, Lockwood has driven a transformed Babcock culture, one that is committed to expertise, encouragement, and excellence.
Lockwood said: “It has been my privilege to lead Babcock, through a period that has seen the COVID pandemic, international geopolitical unrest and an increased focus on global security. Babcock is a unique company, it has a team of great people, with a range of important skills, alongside some of the most critical specialist infrastructure needed today. I am proud to leave Babcock well-positioned to deliver on the opportunities ahead in this new era in international defence and security. I am delighted that the Board has chosen Harry to succeed me. Harry has been a key member of my senior management team. His skills, expertise, and deep knowledge of the business make him the ideal person to drive Babcock forward and I look forward to supporting this transition.”
As CEO of Babcock’s Nuclear sector, the largest sector in Babcock’s global business, Holt has been an integral part of the senior management team since November 2023, successfully helping to deliver the Group’s transformation and growth programme. Under his leadership, the sector has improved performance on its many critical programmes and has grown revenue by 54%, between FY23 and FY25, achieving margins reaching 9%, with both the defence and civil businesses within the Nuclear sector growing significantly and well-set for exciting future growth.
Prior to joining Babcock, Holt spent seven years on the Executive Team of Rolls Royce plc in a number of senior roles, including President of its Nuclear Division and latterly as Chief People Officer, leading a group-wide transformation and restructuring. His industrial career has also included a range of senior appointments across multiple organisations in the Aerospace, Defence, Security and Nuclear sectors. Before joining Rolls-Royce, Holt had a long and distinguished career as an officer in the British Army.
Holt will assume the newly created role of Deputy CEO and will join the Board in June.
Harry Holt, Deputy CEO, said: “I am deeply honoured to have the opportunity to lead Babcock through its next chapter. I would like to pay tribute to David’s inspirational leadership that has put Babcock on an excellent footing from which we can continue to grow and am looking forward to working with him through the transition period. With our great people and our financial strength, we have the means to confidently address the exciting opportunities before us and to continue to deliver for our customers, colleagues, and communities, while creating long-term value for our shareholders. I look forward to working with the executive team, as well as colleagues throughout the business to continue the disciplined delivery of our strategy. In these uncertain times, our collective purpose to create a safe and secure world has never been more important.”
Company signs first deal under Indonesia Maritime Partnership Programme
Babcock International Group (Babcock), the defence company, has secured its first agreement under the £4 billion Maritime Partnership Programme (MPP) with Indonesia, for the sale of two Arrowhead 140 frigate licences, to be delivered over the coming months.
A Letter of Intent outlining Indonesian procurement aims for the MPP has been signed, alongside an initial agreement for the two licenses, to be delivered in the next few months. These build on Babcock’s original export of two Arrowhead 140 licences in 2021. The announcement underpins the growing momentum of Babcock’s frigate exports and comes just weeks after the first ship, in the Merah Putih frigate class programme, undertook its initial launch in Indonesia.
The Letter of Intent, that paves the way for further agreements, was recently signed on behalf of Indonesia’s President Prabowo Subianto and CEO of Babcock, David Lockwood, and follows the landmark MPP that was announced in November 2025 between Babcock and the Indonesian Government to jointly develop maritime capability for Indonesia’s navy, fishing industry and in turn, food security. In this short period, significant progress has been made between Babcock and Indonesia’s Ministry of Defence.
Babcock continues to play a key role in cementing international defence partnerships, while delivering and driving economic and social benefits to communities across the UK. This new agreement recognises Babcock’s strategic part in delivering Indonesian President, Prabowo Subianto’s important maritime and prosperity plans, which will see major investment in Indonesian shipbuilding to support further modernisation, revitalising fishing communities, enhancing the country’s defence and maritime security, and boosting food security.
UK Prime Minister Keir Starmer, said: “No matter where I am, delivering for working people at home is always in my mind’s eye. Today’s next phase of our partnership with Indonesia is a powerful vote of confidence in the UK, securing hundreds of high‑skilled jobs right here in Rosyth and strengthening our world-class shipbuilding future.”
Indonesian President Prabowo Subianto, said: “I met with the CEO of Babcock. We are pleased to proceed with the maritime partnership. I think this is very important and strategic for Indonesia. This is a vital part of our maritime economic development.”
David Lockwood, outgoing Babcock CEO, said: “The Maritime Partnership Programme between Babcock and Indonesia is focused on advancing Indonesia’s defence and maritime capabilities, infrastructure and supply chain, while creating jobs and prosperity for local communities. As the lead industrial partner in this programme, we are creating a strong and enduring alliance that will not only support Indonesia’s maritime goals but will sustain and grow jobs in both countries. This first work order, within this landmark framework, signals the importance of the pace and progress needed to deliver President Prabowo Subianto’s maritime transformation and underpins the growing success of our Arrowhead 140 export design.”
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