BAE Systems is forecasting a significant near-term decline in its US defense and security businesses but has been able to point to sizable deals with Saudi Arabia to help underpin its international order book in 2013, according to results released here Thursday.

The British-based contractor said Pentagon defense spending cuts would likely trigger a 15 percent reduction in its US business for 2013 and 2014.

Release of the figures saw BAE’s share price plummet 11.1 percent at one point but had recovered slightly and by mid-afternoon stood down 8.8 percent.