Austal (ASB)

Shares / Stock Code

ASB

Stock Exchange / Sharemarket

ax

Austal Limited (ASB) is an Australia-based company engaged in the design and manufacturing of high-performance aluminum naval vessels and vehicles. Aside from the design and manufacturing, Austal Limited also provides pre-operation services like spare parts inventory recommendation, maintenance schedules preparation as well as long-term support services such as planned maintenance systems, parts and equipment supply and repairs and maintenance. It has prime operations in Australia, the US, Japan, UK and operates shipyards in the US and in Australia. ASB was listed on the Australian Stock Exchange on the 8th of December 1998. Its average annual revenue reaches approximately $543 million out of its issued capital of $46 million. Its headquarters is located in Henderson, Australia and to date; around 2000 people are employed in the company. Austal Limited operates mainly through its 4 shipbuilding subsidiaries: Image Marine, Oceanfast, Austal USA and Austal ships.

Image Marine is engaged in the design and construction of Austal's vessels that are up to 40 to 50 meters in length. This subsidiary has already delivered over 150 custom-built vessels throughout Africa, the Pacific and Australasia. Oceanfast is an Australia-based super yacht builder operating through a product and customer bases network with an office in the US.

Austal USA is the partner of Bender Shipbuilding & Repair, a major US shipbuilder. This subsidiary supplies the aluminum vessels of Austal in the US market as well as its neighboring countries and regions. 70% of the Austal USA's equity is maintained by Austal Limited. Austral Ships on the other hand is the world's leading builder of fast ferries. It also serves fast and shipping operators in the world providing vehicle-passenger and passenger ferries, high-speed military support vessels, coastal combat ships, cruise vessels, patrol boats, offshore crew/supply boats, private vessels and live-aboard.

Austal (ASB) Company History

Austal Limited (ASB) was established in 1987 by John Rothwell. It started with its shipbuilding operations the following year and constructed commercial vessels for the International market. In 1989, Austal entered the China market and in 1992, the company got a second shipyard on the Jervoise Bay waterfront. In early 1993, gas turbine propulsion and the first two installations were presented in Hong Kong. In the mid1990s, Austal extended their operations into Europe, the Mediterranean and the Asia-Pacific. In 1996, three vehicle-passenger catamarans were delivered to Europe and were estimated to reach 25% of the world deliveries of such craft.

In 1998, Austal joined Australian Stock Exchange and organised Austal USA and in 2001, Austal became the first company to provide the Theatre Support Vessel (TSV) to the US military.

The Austal’s first sale of ferry to its local market was in 2002 when they signed an agreement for a 49.9 metre catamaran with Kangaroo Island SeaLink. In 2003, Austal formed a team led by General Dynamics to design and build ship. In 2004, Bath Iron Works, a General Dynamics company teamed with Austal was bestowed a final design contract by the US Department of Defense. The same year, two amphibious ships were constructed by Austal teamed together with Raytheon Australia.

In June 2005, Austal was bestowed a contract for the design, construction and supply of six 16metre aluminum monohull boats. In October 2005, a $233 million contract was attained from the US Navy. In November 2005, the company signed a new agreement for two fast metre ferries and opened a new US shipbuilding facility.

In order to strengthen the links between Defense Science and Technology Organization’s maritime research and development activities and Austal's expertise in vessel, the company signed a five year strategic alliance in March 2006. The installation of the four MTU 8000 engines was developed completely in June 2006. Austal accepted order for two additional royal Australian Patrol boats between Defence Materiel Organization, the Australian Government Defense Forces purchasing body, and Defense Maritime Services the same month.

Austal signed a contract for the supply of multiple aluminum passenger ferries and a choice to buy more vessels in November 2006. The company began operations with Bermuda water police and earned a second littoral combat ship order in December 2006. The company promoted the first of two Express 88 fast car ferries Osman Gazi which was the ninth fast ferry Austal for Istanbul Deniz Otobusleri the same month. In January 2007, Hull 615 which is a 107 meter high speed vehicle – passenger catamaran for Hawaii Superferry was released.