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SEA 1180 contender announces trading halt as OPV decision looms

A Fassmer OPV.

One of the teaming partners of a SEA 1180 bidder has requested an ASX trading halt until the release of a shipbuilding announcement.

The request, issued this afternoon by Austal, said the company's reason for the halt was "pending an announcement in a relation to a material government shipbuilding contract".

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Austal is part of a joint venture with German company Fassmer for the build of the 12 Offshore Patrol Vessels which forms the SEA 1180 project.

Dutch company Damen and German business Lürssen are also in the running for the project and have each teamed with ASC and Civmec/Forgacs for their bids.

Austal's most recent request for a trading halt was in June 2016, prior to an announcement that it had been awarded an US$11 million contract modification from the US Navy for work on Littoral Combat Ship USS Jackson (LCS 6).

Prior to this, the company was suspended from quotation on 8 November 2010 before the official awarding of a fixed price incentive contract by the US Navy in December for a ship block-buy of Austal's Independence Class LCS. The total value of the initial contract was US$432.1 million.

In 2005, the company also issued a trading halt prior to the US$223 million contract for the first of two planned "Flight 0" vessels being awarded to prime contractor Bath Iron Works, which had teamed with Austal.

Australia's 12 OPVs are due to commence construction early next year. Two of the vessels will be built in Adelaide, South Australia, before the project is moved to Henderson, Western Australia.

More to follow.

 

SEA 1180 contender announces trading halt as OPV decision looms
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