Australia's Austal hits record high on US unit's contract win

Austal

05/09/2025 06:23

** Austal ASB.AX rises as much as 3.2% to record high of A$8.29; marks third straight session of gains

** Stock gains 5% so far this week; set to record second consecutive week of gains

** Shipbuilder and defense contractor said on Thursday U.S. Coast Guard exercised options worth $314 mln with Austal USA for offshore patrol cutter programme

** Original contract, entailing $3.3 bln in potential value, awarded to co's U.S. unit in 2022

** YTD, ASB surges ~164%

 (Reporting by Shruti Agarwal in Bengaluru)

 ((Shruti.Agarwal@thomsonreuters.com))