Raytheon Co. has been awarded a $45.3 million U.S. Navy contract extension to provide hardware, test equipment and services for the MK 54 lightweight torpedo, the company announced Thursday. more

(Updated, Sept. 13, 2:30 p.m.)Some of the orders coming in at Subsalve USA Corp. in North Kingstown could be mission briefings in an adventure film. more

Brad Read, along with his brother Ken, was recently presented the Rhode Island Marine Trades Association’s inaugural Anchor Award. The award recognizes those who make a significant contribution to Rhode Island and its marine trades. Read is executive director of Sail Newport, a public-access sailing center that creates affordable sailing opportunities and draws regattas to Newport. Read, who was chair of the America’s Cup World Series Host Committee, was a central player in drawing this summer’s America’s Cup event back to Rhode Island waters. more

The University of Rhode Island has received roughly $2.5 million from the estates and bequests of URI alumni brothers John and David Parker, the University of Rhode Island Foundation announced Tuesday. more

On Wednesday night, the New England Fishery Management Council voted to cut the catch limit on Gulf of Maine cod by 77 percent, a move the opposition claims is tantamount to shutting down the industry, The Gloucester Times reported. more

(Updated, 1:30 p.m.) In order to assist the city of Providence with improvements to its port, Gov. Lincoln D. Chafee has announced that the state has partnered with the city to take control of a $10.5 million grant to purchase two mobile, barge-based cranes. more

The R.I. Department of Environmental Management will accept proposals for federal boating infrastructure grants until Friday, Aug. 31, the state agency announced Monday. more

Many independent East Coast fishermen face rough economic seas due to limits in the amount of fish they will be allowed to catch next year. more

Oliver Hazard Perry Rhode Island was awarded $500,000 from the Allette Morris McBean Charitable Foundation and a $250,000 matching grant from the Stratus Foundation. more

Former Senate Fiscal Advisor, Peter M. Marino, will be the first director of the new Office of Management and Budget, Gov. Lincoln D. Chafee announced Wednesday morning at the Statehouse. more