Join our daily newsletter At The Bell to receive exclusive market insights
- Austal’s (ASB) subsidiary, Austal USA, wins a US$3.19 billion (A$4.8 billion) contract for the design and construction of up to seven T-AGOS ships for the US Navy
- T-AGOS ships support the anti-submarine warfare (ASW) mission by offering a platform capable of passive and active anti-submarine acoustic surveillance
- Austal CEO Paddy Greg says the contract is a “further demonstration of the US Government’s trust in Austal USA’s capabilities”
- The latest contract adds to Austal USA’s growing portfolio of shipbuilding programs
- Shares in ASB are up 24.9 per cent and trading at $1.99 at 12:40 pm AEST
Austal USA, a subsidiary of Austal (ASB), has been awarded a US$3.19 billion contract (A$4.8 billion) for the design and construction of up to seven T-AGOS ships for the US Navy.
T-AGOS ships support the anti-submarine warfare (ASW) mission by offering a platform capable of passive and active anti-submarine acoustic surveillance.
Austal Chief Executive Paddy Gregg said the newest contract was a “further demonstration of the US Government’s trust in Austal USA’s capabilities”.
“Austal USA is honoured to be selected to deliver this critical capability for the Navy, utilising our advanced manufacturing processes, state-of-the-art steel shipbuilding facilities and our growing team of shipbuilders,” he said.
“The T-AGOS contract is a clear acknowledgment of Austal’s capabilities in steel naval shipbuilding, that includes the Navy’s Towing, Salvage and Rescue (T-ATS) ships, an Auxiliary Floating Drydock Medium (AFDM), and the US Coast Guards’ Offshore Patrol Cutters.”
Mr Gregg expressed that the T-AGOS contract adds to Austal USA’s growing portfolio of steel shipbuilding programs. He said its ongoing projects are positioning it “exceptionally well” to meet the growing demands of the US Navy and Coast Guard.
Shares in ASB were up 24.9 per cent and trading at $1.99 at 12:40 pm AEST.
