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Austal ( (AU:ASB) ) just unveiled an announcement.
Austal Limited has reached an agreement with the United States Navy to resolve its Request for Equitable Adjustment concerning the Towing, Salvage, and Rescue Ship (T-ATS) program. Initially valued at $145 million for two vessels, the contract expanded to five vessels with a total value of $380 million. Due to challenges such as late technical data and design discrepancies, the contract was deemed onerous. The resolution results in the permanent halt of construction on two vessels, with the contract now limited to three ships. This agreement aligns with previous financial provisions and is expected to have no further impact on Austal’s revenue or earnings.
The most recent analyst rating on (AU:ASB) stock is a Hold with a A$7.07 price target. To see the full list of analyst forecasts on Austal stock, see the AU:ASB Stock Forecast page.
More about Austal
Austal is a global shipbuilder and defense prime contractor based in Australia, known for designing, constructing, and sustaining advanced commercial and defense vessels. With 38 years of operations, Austal has built over 350 vessels for 122 operators in 59 countries, making it Australia’s largest defense exporter and the first ASX-listed shipbuilder. The company operates industry-leading shipyards in Australia, the USA, the Philippines, and Vietnam, and is renowned for its monohull, catamaran, and trimaran platforms. Austal is the world’s largest aluminum shipbuilder but also constructs ships in steel and other materials, including submarine modules.
Average Trading Volume: 1,327,397
Technical Sentiment Signal: Buy
Current Market Cap: A$3.18B
See more insights into ASB stock on TipRanks’ Stock Analysis page.