Austal Australia has been awarded a deal extension for two extra Developed Cape-class Patrol Boats for the Royal Australian Navy.Graphic – Austal Australia
Australian shipbuilding large Austal shot down a takeover offer you well worth $662 million from South Korea’s Hanwha Ocean. The deal was deemed not likely to attain acceptance from regulators owing to Austal’s vital purpose in building armed service vessels for equally Australia and the United States.
Late previous yr, Austal signed an settlement with the Australian governing administration to turn out to be a strategic shipbuilder, even more solidifying its posture as a critical participant in countrywide protection. The corporation also builds and maintains ships for the U.S. Navy.
Fearing roadblocks from govt agencies like Australia’s Overseas Expense Review Board and the US Committee on Overseas Expenditure in the U.S., Austal turned down Hanwha’s supply. The deal also wanted approval from the US Protection Counterintelligence and Security Company because of to nationwide security concerns.
Hanwha, a single of South Korea’s prime protection corporations, expanded its curiosity in naval shipbuilding when it obtained Daewoo Shipbuilding & Marine Engineering (DSME). The company scooped up the device following Hd Hyundai’s failure to get regulatory approvals in late 2022. The unit is the third largest shipbuilder in the earth and generates professional ships these types of as LNG carriers and warships this kind of as frigates and submarines. The procedure has subsequently been renamed Hanwha Ocean and operates below the aegis of Hanwha Aerospace, which is now the aim of anything defense-related for the company.