Civmec Progresses Towards Acquisition of Luerssen Australia

Civmec Singapore Limited Shs Chess Deposit Interests Repr 1 Sh ( (AU:CVL) ) just unveiled an announcement.

Civmec Limited has announced progress on a non-binding agreement to acquire Luerssen Australia Pty Ltd, responsible for building Offshore Patrol Vessels for the Royal Australian Navy. The acquisition aims to continue the vessel construction at facilities in South Australia and Western Australia, contingent on obtaining necessary approvals and completing due diligence. A Service Level Agreement has been established to enhance project efficiency and operational support, allowing Civmec to provide shipbuilding services until the ownership transfer is finalized. This collaboration promises to increase confidence in the SEA 1180 project’s delivery and operational efficiency.

More about Civmec Singapore Limited Shs Chess Deposit Interests Repr 1 Sh

Civmec Limited is an integrated, multi-disciplinary construction and engineering services provider operating in the Energy, Resources, Infrastructure, and Marine & Defence sectors. The company, headquartered in Henderson, Western Australia, with regional offices in Newcastle, Gladstone, and Port Hedland, specializes in heavy engineering, shipbuilding, modularisation, SMP, EIC, precast concrete, site civil works, industrial insulation, maintenance, surface treatment, refractory, and access solutions. Civmec is listed on the ASX and SGX.

YTD Price Performance: 3.12%

Average Trading Volume: 175,306

Technical Sentiment Consensus Rating: Sell

Current Market Cap: A$671.3M

For a thorough assessment of CVL stock, go to TipRanks’ Stock Analysis page.