AUSTAL LIMITED — Capital/Financing Update 2011

Jun 30, 2011

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COMPANY ANNOUNCMENT July 1, 2011

U.S. NAVY ORDERS ADDITIONAL AUSTAL JHSVs

The U.S. Navy has exercised contract options funding the construction of the sixth and seventh Joint High Speed Vessel (JHSV), as part of a ten-vessel program potentially worth over US$1.6 billion. The construction contract for both vessels is valued at approximately US$313 million.

Austal now has contracts to build a total of seven JHSVs. Intended as the U.S. Navy’s next-generation multi-use platform, the two 103 metre high speed vessels will be constructed at Austal’s shipyard in Mobile, Alabama, USA.

Austal Chief Executive Officer, Andrew Bellamy, noted that this contract demonstrates the U.S. Navy’s confidence in Austal as a leading defence prime contractor.

“With options remaining for a further three vessels, we expect the JHSV program to deliver a predictable revenue stream of approximately USD $300 million per annum from 2012 to 2015, which is approximately 60 per cent of Austal’s historical annual revenue.”

Construction is already underway on the first three Austal JHSVs “Spearhead” (JHSV 1) and “Vigilant” (JHSV 2) at Austal’s US facility. “Spearhead” is scheduled for delivery in December 2011.

Austal USA is also currently building a second 127 metre Littoral Combat Ship (LCS) “Coronado” for the U.S. Navy. Contracts have been awarded for the construction of a further two vessels “Jackson” (LCS 6) and “Montgomery” (LCS 8), along with options for up an additional 8 Littoral Combat Ships to be appropriated over the next five years.

ENDS

About Austal

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Austal is an emerging global defence prime contractor. The Group supplies revolutionary vessel platforms such as the Littoral Combat Ship and the Joint High Speed Vessel to the United States Navy, an extensive range of patrol and auxiliary vessels to defence forces around the world, and installs and maintains military communications, radar and command and control systems.

Austal’s defence capabilities leverage its position as a world leader in the design and construction of customised, high performance aluminium vessels. Austal has a broad international presence with a dedicated defence shipyard in Mobile, Alabama, USA and a combined defence and commercial shipyard in Henderson, Western Australia. The Group provides defence vessel support services from its bases in Trinidad & Tobago, Oman and Darwin, Australia, and supports commercial vessels from its base in Spain. The Group’s defence systems integration capability is based in Canberra. Austal further supports clients through sales offices in the United Kingdom and the United Arab Emirates.

For further information contact: Austal, Public Relations Tel: +61 8 9410 1111 Fax: +61 8 9410 2564 Email: pubrel@austal.com Website: www.austal.com

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