According to the app of Zhītōng Cáijīng, the energy technology company American Superconductor (AMSC.US) announced that the company has signed a long-term contract worth $75 million with Irving Shipbuilding, a Canadian shipbuilding company.

Under the agreement, American Superconductor will provide lightning protection equipment and support for the Royal Canadian Navy. The company's degaussing system is designed to reduce the magnetic characteristics that make ships detectable by mines. More than 80% of the Canadian Navy's ships are built by Irving Shipbuilding.

Daniel McGahn, Chairman, President and CEO of American Superconductor stated in a statement: "This contract marks the company's first delivery of ship protection production systems to allied navies. This contract represents the success of a series of very careful actions we have taken to achieve business diversification, promote growth and expand domestic and foreign operations."

The company expects revenue for the first quarter ending in June to be between $38 million and $42 million. Management also expects the company's net loss for the first quarter to be $2.2 million, or a loss of $0.05 per share.

The financial report released by the company last month showed that the net loss for the fourth quarter had narrowed from $6.87 million (or $0.25 per share) in the same period last year to $1.58 million (or $0.05 per share).