Perth shipbuilder will manufacture novel unmanned drone surveillance vessels developed by California’s Saildrone (pictured) as well as develop new autonomous vessels and build aircraft carrier ship elevators among a number of contracts revealed by the company that are potentially worth $108 million.
One of the contracts involves Austal staff learning and developing ways to manufacture components for nuclear submarines.
Austal told investors of seven previously unannounced contracts that ‘diversify Austal’s near-term revenue base, whilst providing the company with enhanced exposure to significant long-term growth opportunities’.
These opportunities include:
Austal Chief Executive Officer Paddy Gregg said: “The new contracts and partnerships demonstrate our growing capabilities across a broad range of naval shipbuilding and support programmes in Australia and the US, as we increasingly diversify our revenue base and expand our future growth pathways.
“This is all underpinned by our modern and agile shipyards that can build in steel and aluminium, small to large vessels, and conventional crewing or autonomous capability.
“Our shipbuilding capacity is complemented by our expanded advanced technology efforts in autonomy and
Gregg said that over the longer-term, the contracts took the company another step forward towards its annual revenue target of $500 million from the support segment by FY2027.
“Buoyed by a robust cash balance, we have the financial muscle to continue to invest in the future and achieve long term profitable growth.”
Austal also announced contracts for design definition work for fully funded programmes for the construction of three Expeditionary Medical Ships for the US Navy.
While US$975 million has been funded for the overall ship programme for three 110-metre long catamaran vessels, there is no certainty that Austal will win construction contracts going forward.
However Austal builds Expeditionary Fast Transport catamarans for the US Navy at its yard in Mobile, Alabama and is the sole company awarded design definition contracts.