The Austal Limited (ASX: ASB) share price will be on watch this morning, following a positive announcement the company released after market close on Thursday.
Here is what the defence shipbuilder announced yesterday.
Vessel delivery
According to the release, Austal advised that its subsidiary Austal Vietnam has successfully delivered the first vessel constructed at the Vung Tau shipyard.
The 94-metre high-speed catamaran has been given to the National Infrastructure Development Company (NIDCo) of Trinidad and Tobago.
The passenger ship was designed at Austal Australia, and features the company’s signature raked bow and optimised hull design. The vessel will be used to ferry people between the islands of Trinidad and Tobago using the maritime transport service sea bridge route.
Austal’s latest catamaran is an all-aluminium vessel that can carry up to 926 passengers and 250 vehicles. The vessel can travel at speeds of up to 37.5 knots and features the company’s ‘smart ship’ technology. This includes an advanced motion control system that stabilises the catamaran in choppy waters, ensuring a safe and comfortable ride.
Austal Vietnam is now well underway on the shipyard’s next project, a 41-metre high-speed catamaran ferry for SGTM of Mauritius. Delivery of the ship is expected to be in the first-half of 2021.
What did the CEO say?
Austal CEO, Mr David Singleton was proud of Austal Vietnam’s accomplishment, highlighting that the shipyard built and delivered the catamaran in less than two years.
He commented:
This is an outstanding achievement for both Austal Vietnam and the Austal Group as we continue to focus and consolidate our defence and commercial vessel capabilities in strategic locations throughout Australasia.
Austal Vietnam is now clearly a valuable asset in our commercial vessel shipbuilding network, building upon and complementing the growing capability in the Philippines, while also freeing up capacity in our Australian shipyard for additional defence contracts for the Royal Australian Navy and export markets.
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Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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