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Marine Log

February 28, 2007

Austal buys Tasmanian shipyard

Henderson, Western Australia, based Austal Ships has finalized a contract to buy the Margate, Tasmania, shipyard facilities of North West Bay Ships from John Fuglsang Developments Pty. Ltd. and related parties.

According to a stock exchange notice published by Austal, the value of the assets is approximately Australian $10 million and Austal will immediately assume operational control of the shipyard. Negotiations will also commence with its workforce on future opportunities,

The seven year old North West Bay Ships currently has a labor force of around 90, according to local press reports, but has at times employed up to 300. Its design portfolio has focused largely on catamaran and trimaran fast ferries of 20 m to 60 m.

Facilities include a fully-enclosed shipbuilding hall.