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Austal ( (AU:ASB) ) has provided an announcement.
Austal Limited has secured a US$100 million loan from Export Finance Australia to support the construction of vessels for the US Navy and US Coast Guard at its Mobile, Alabama Shipyard. This funding will aid in the development of Austal’s Final Assembly 2 project, which includes building up to eleven US Coast Guard Offshore Patrol Cutters and up to seven US Navy Ocean Surveillance vessels. The loan signifies a major milestone for Austal, enhancing its $13.1 billion order book and supporting shared defense objectives between the Australian and US Governments. The expansion reflects the strength of Australian businesses in securing international contracts and investing in defense capabilities.
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 Limited operates in the shipbuilding industry, focusing on the construction of vessels for defense and commercial purposes. The company is known for its work with the US Navy and US Coast Guard, and it is expanding its shipbuilding and submarine capabilities in the USA.
Average Trading Volume: 1,380,509
Technical Sentiment Signal: Buy
Current Market Cap: A$3.46B
For detailed information about ASB stock, go to TipRanks’ Stock Analysis page.