Defence and security company Saab has signed a new Skr3.2bn ($357.6m) contract with the Swedish Defence Material Administration (FMV) for the development of a next-generation anti-ship missile system.

The anti-ship missile system will be developed in both air-launched and ship-launched configurations, and incorporated into the Swedish Air Force’s new Gripen E multirole fighter aircraft and in the Royal Swedish Navy’s Visby-class corvettes.

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Saab president and CEO Håkan Buskhe said: “These next-generation missiles will provide the Swedish Air Force and the Royal Swedish Navy with greatly improved capabilities compared to other missiles on the market.

"They will have the capability to engage any target in all conditions.”

The next-generation system will feature enhanced capabilities that will be combined with proven capabilities from the company’s anti-ship RBS15 missile family, which is jointly produced by Saab and Diehl Defence.

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"This joint programme will strengthen the position of both companies as world leaders in anti-ship missile technology, being the first to introduce a next-generation missile to the market."

Diehl Defence chief executive officer Claus Günther said: “Diehl is proud to continue its participation in the RBS15 success story with our missile know-how and proven expertise.

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“This joint programme will strengthen the position of both companies as world leaders in anti-ship missile technology, being the first to introduce a next-generation missile to the market.”

The new missile system features enhanced combat range and upgraded target seeker, allowing it to combat a wide range of naval and land-based targets.

It also has an all-weather capability and a new design that enables future growth potential, with a lower mass compared to earlier systems.

The new anti-ship missile system is expected to be delivered during the period of 2017 to 2026.