Shares in ASX-listed shipbuilder Austal have climbed 3 per cent following an announcement that the United States Coast Guard has exercised options valued at $A480 million. Austal described the move as an “important sign of intent” regarding the ongoing Offshore Patrol Cutters (OPC) program. Austal specialises in designing, constructing, and supporting defence and commercial vessels. The company has shipyards in Australia, the United States, and the Philippines.
The original OPC contract was awarded to Austal USA in June 2022. This contract covers the detailed design and construction of up to 11 OPCs and has a potential total value of $US3.3 billion ($A5.1 billion). These 110-metre Offshore Patrol Cutters are designed to support the US national security strategy.
The vessels will contribute to maintaining the US’s economic, social, environmental, and military security mission areas. Austal’s Chief Executive Officer, Paddy Gregg, commented on the development, stating that these early awards reflect the robust partnership established between the Coast Guard and the Austal USA teams. He further noted the awards provide a significant indication of intent for OPCs 3-6.
