AUSTAL LIMITED — Interim / Quarterly Report 2011

Feb 23, 2011

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COMPANY ANNOUNCEMENT 25 FEBRUARY 2011

AUSTAL LIMITED HALF YEAR RESULTS

Austal Limited today released its half yearly results, announcing a net profit after tax of $14.1 million from revenue of $251.2 million.

The net profit after tax was 9% lower than the prior comparative period, with revenue up by 15% between periods.

Revenue was lower principally as a result of the continued softness in commercial sales for Austal’s Australian operations, due to the continued impacts of a strong Australian dollar and weakness in the debt finance markets, however buyer confidence is returning, which has been reflected in good enquiry rates.

Austal’s newly appointed Chief Executive Officer, Andrew Bellamy, noted that while traditional commercial markets are still recovering from the effects of the global financial crisis, Austal has enjoyed significant success in the international defence sector.

“Key events during the past six months have included the awarding of a multi‐vessel contract for the construction of the Independence Class Littoral Combat Ship (LCS), along with the full award of contracts for Joint High Speed Vessels (JHSV) 4 and 5. Austal is also currently pursuing other significant defence tenders throughout the world which will benefit both our Australian and US businesses.” “The LCS multi‐vessel contract has the potential to deliver an average revenue stream of approximately US$600 million per annum from 2013 to 2017. In conjunction with the contribution from the JHSV multi‐vessel contract of approximately US$280 million per annum between 2012 and 2015, the Group is positioned to deliver a consistent flow of predictable earnings results.

“Austal maintains a strong order book position, closing the half year with work in hand of $1.2 billion,” concluded Mr Bellamy.

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About Austal

Austal is the world leader in the design and construction of customised, high performance aluminium vessels for both commercial and defence applications. With shipyards in Western Australia and the USA (Mobile, Alabama), Austal has delivered more than 200 vessels for customers around the world.

Established in Western Australia in 1988, Austal’s product range includes passenger and vehicle‐passenger ferries, patrol boats, theatre support vessels, combat ships, multi‐role vessels and luxury private live‐aboards. Austal is also an established provider of worldwide vessel maintenance and management services.

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

Richard Simons, Chief Financial Officer Tel: +61 8 9410 1111 Fax: +61 8 9410 2564 Email: pubrel@austal.com Website: www.austal.com

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