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AUSTAL LIMITED — Capital/Financing Update 2009
Jun 21, 2009
64429_rns_2009-06-21_89fcab21-c44c-43f7-b73b-af1de3c4891d.pdf
Capital/Financing Update
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COMPANY ANNOUNCEMENT 22 June 2009
US NAVY ORDERS MATERIAL FOR ADDITIONAL AUSTAL JHSVS
The US Navy has exercised contract options funding Austal’s acquisition of long lead-time equipment associated with the construction of two additional 103 metre Joint High Speed Vessels (JHSV).
The award is valued at almost AUD $125 million.
Austal was awarded the initial contract to design and build the first 103 metre JHSV in November 2008. The contract included options for nine additional vessels to be awarded between FY09 and FY13.
Each JHSV is valued at approximately AUD $225 million, with the potential 10-vessel program valued at approximately AUD $2.3 billion.
Austal CEO and Managing Director Bob Browning said;
“This request confirms the Department of Defense’s public support of this very important vessel program and is a clear signal that options 2 and 3 will be taken up,” Mr Browning said.
Long lead-time material for the additional vessels will include diesel engines, water jets and reduction gearboxes.
Similar to the Austal-built “WestPac Express” operated by the US Marines for the past seven years, the JHSV will be capable of transporting troops and their equipment, supporting humanitarian relief efforts, operating in shallow waters and reaching speeds in excess of 35 knots fully loaded. The vessels will be a joint-use platform operated by both the United States Army and Navy.
Construction of the first JHSV is scheduled to commence at Austal’s US shipyard in November.
ENDS
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For further information contact: Austal, Public Relations Tel: +61 8 9410 1111 Fax: +61 8 9410 2564 Email: [email protected] Website: www.austal.com
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