Austal shares soar on news of US contractArticle from: AAPFont size: Decrease Increase Email article: Email Print article: Print Submit comment: Submit comment November 14, 2008 02:54pm
SHARES in shipbuilder Austal Ltd have jumped on news it has won a contract with the US Department of Defence as part of a program potentially worth more than $US1.6 billion ($A2.42 billion).
The Perth-headquartered company's shares were up 43 cents, or 26.54 per cent, to $2.05 at 1436 AEDT.
Under the contract, Austal will design and build the department's first Joint High Speed Vessel (JHSV) with options for nine additional vessels, expected to be exercised between the 2009 and 2013 financial years.
``The JHSV will be capable of transporting troops and their equipment, supporting humanitarian relief efforts, operating in shallow waters and reaching speeds in excess of 35 knots fully loaded,'' Austal said.
``The vessels will be a joint-use platform operated by both the US army and navy.''
They will be built at Austal's US shipyard in Mobile, Alabama.
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