Austal Philippines yard delivers high speed catamaran

AUGUST 6, 2015 — Austal Limited (ASX:ASB) reports that its Philippines shipyard has delivered the first of two high speed catamaran ferries to the Abu Dhabi National Oil Company (ADNOC).

The contract for two 45 m ferries was awarded in April 2014 under a contract valued at approximately $30 million.

Austal CEO Andrew Bellamy said the ferry’s on-time and on-budget delivery demonstrates Austal’s ability to compete in the Middle East target market.

“We continue to see opportunities in the Middle East and the energy sector and have the right production cost base in the Philippines to compete for commercial vessel contracts and successfully leverage our intellectual property with a proven design,” Mr. Bellamy said.

The second ferry is in its final stages of construction and is expected to be delivered by the shipbuilder later this quarter.