Civmec moves domicile to Australia in record year

Engineering and shipbuilding firm Civmec has confirmed it is moving its corporate domicile from Singapore to Australia in light of the company’s business – a record in FY 24 – being in this country.

Chairman James Fitzgerald said moving domicile aligned with the company’s strategic growth plans.

Fitzgerald said: : “It is pleasing to deliver another record result for our shareholders, with the group achieving over $1 billion in revenue and $64 million in NPAT.

“Following record revenues…and EBITDA of $120.8 million, Civmec generated cash from operations of $96.9 million, representing an 80 percent conversion rate and resulted in a year-end net cash position of $24.5 million.”

The change of domicile for the group’s head company is from Civmec Limited (domiciled in Singapore) to Civmec Australia Limited (domiciled in Australia).

During the year Civmec opened a new maintenance facility in Port Hedland, Western Australia and purchased an established adjoining workshop next to Civmec’s land in Gladstone, Central Queensland, facilitating the establishment of a permanent base of operations.

Civmectold investors it remained committed to supporting future shipbuilding programmes in the defence sector and is working towards formalising its MOU with shipbuilder Austal for a joint venture to tender on the LAND8710 landing craft heavy shipbuilding programme for the Commonwealth of Australia.

The MOU opens the opportunity for Civmec to potentially participate in over $25 billion of future works.

Civmec has been building offshore patrol vessels (OPVs) for the navy at Henderson, while Austal builds patrol boats as well as multi-hulled aluminium ferries.

Civmec’s order book at year’s end amounted to over $853 million.

Further reading:
Civmec and Austal join forces for landing ship bid

Picture: Picture: Civmec/Henderson, WA shipyard