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Austal Limited (ASX:ASB) today announced that the company has secured construction contract by the U.S. Navy to build two additional Combat Ships for the value of approximately US$584 million per ship. The contract includes the construction of Independence class Littoral Combat Ships which are said to be sixteenth and seventeenth in the class.
Under the congressional cost cap, the contract cost reaches to circa $1.6 billion for both the vessels.
Austal CEO, David Singleton said, âThis latest order from US Navy is a tremendous endorsement of the Austal LCS platform and further evidence of the important role Austal plays in building the United States Navy.â
To meet the U.S. Navyâs mission requirements as they operate globally, the shipbuilder Austal designs the 127m frigate combat ship in the Austal center for excellence in maritime design located in Henderson, Western Australia. This design is transferred by the company to its U.S. segment Austal USA which then builds the vessel in company-owned built shipyard located in Mobile, Alabama USA. Last month Austal has delivered the future USS Charleston-LCS 18- to the Navy. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]
With nine Expeditionary Fast Transport (EPFs) and eight Littoral Combat Ships (LCS) already delivered, Austal is expected to deliver USNS Burlington EPF10 before the end of 2018. Also, it has been informed that construction of LCS 32 is expected to commence in 2019 while the delivery of LCS 34 is scheduled to occur in mid FY2023.
Austal USA is a part of Austal Limited, a global shipbuilder. Austal USA is a defense prime contractor for markets around the globe. The segment focuses on design, manufacturing and maintenance of commercial and defense vessels. It has built shipyard located in Mobile, Alabama USA.
Despite clutching yet another contract from U.S. Navy, Austalâs share price bled 0.521% to $1.910 on 19 September 2018. The stock has seen a performance change of +17.79% over the past year, while it has been trading at PE of 16.990 x with market capitalization of $675.17 million.
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