Austal hits record high on being approved as Australia's strategic shipbuilder

Austal

05/08/2025 02:36

** Austal ASB.AX rises as much as 7.5% to a record high of A$6.9

** Stock last up 5.6%, set for strongest day since June 10

** Shipbuilder finalises terms, gets government nod for its strategic deal with Australia

** Under agreement, co will deliver key Tier 2 surface shipbuilding programmes in Western Australia, starting with delivery of Landing Craft Medium over an eight-year term

** Deal structured on target cost incentive basis, with revenues as yet undetermined

** Co upgrades full-year EBIT outlook to at least A$100 mln ($64.7 mln) from previously announced A$80 mln

** YTD, ASB gains 118.4%

($1 = A$1.5468)

 (Reporting by Shruti Agarwal in Bengaluru)

 ((Shruti.Agarwal@thomsonreuters.com))