Austal Awarded AU$1.03 Billion Design, Build Contract for Landing Craft Medium Vessels, Shares Jump 4%

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Austal (ASX:ASB) was awarded a AU$1.03 billion design and build contract for landing craft medium (LCM) vessels under the firm's strategic shipbuilding agreement with the Commonwealth of Australia, according to a Thursday Australian bourse filing.

Austal's unit, Austal Defence Shipbuilding Australia, was appointed to complete the detailed design and building of 18 LCM vessels, to be manufactured in steel and capable of projecting loads up to 80 tonnes, at Austal's Henderson, Western Australia, shipyard.

The construction of the first LCM vessel is scheduled to begin in 2026, and the final vessel is scheduled for delivery in 2032.

The firm's shares rose 4% in recent trading on Thursday.

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