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Marine Log

March 16, 2007

New CEO for Austal USA

In a stock exchange announcement today, John Rothwell, Executive Chairman of Austal Limited announced the appointment of Bob Browning as Chief Executive of Austal USA, effective August this year.

American-born Browning has been a non-executive director of Austal since September 2003.

Rothwell said Browning would "add substantial experience to Austal's existing executive team and assist the company achieve its strategic growth plans across all sectors of the business."

"In his most recent capacity," noted Rothwell, "Bob took a company with a market capitalization of around $350 million at the time of his appointment in 2001 to its present position as one of Australia's leading energy infrastructure companies with a value now of over $7 billion."

Up until January, Browning was CEO of Alinta, Australia's largest energy-transmission company. He resigned that position to pursue a management buy out proposal led by the company's then chairman backed by Macquarie Bank. That led to Alinta inviting bids for the company and Browning is committed through mid-July to working on a Macquarie consortium bid.