Austal says it is regularly involved in discussions with potential suitors in response to reports several US investment funds had approached the Henderson-based shipbuilder.
Shares in the Perth shipbuilder have rocketed on the back of a new contract win that could see the group's overseas division build up to seven surveillance ships for the United States Navy.
US regulators have charged three Austal USA executives for their roles in an alleged fraudulent accounting scheme, six months after the shipbuilder settled with ASIC over similar breaches.
Perth-based shipbuilder Austal has recorded a $7.3 million loss for the first half of 2023 and forecasts an even bigger blow for the full financial year.
More than a year after Australia committed to buying nuclear-powered submarines, industry is no closer to knowing how it will be involved in the project.
Jobs for Austal's US division are continuing to roll in with the Henderson-based defence contractor picking up $225 million worth of work with the US Navy.
Austal's share price has hit a 10-month high with the Henderson-based shipbuilder announcing it could be in line for $4.35 billion of work with the US government.
Henderson-based shipbuilder Austal has reported an “expected” decrease in revenue to $722 million for the first half of FY22 but achieved record earnings.
A new defence pact with the US and UK will create opportunities for businesses in training, technology, and subsea industry, Austal chief executive Paddy Gregg says.
Austal's US subsidiary has been contracted for $2.8 million to deliver initial design studies for the United States Navy's Next Generation Logistics Ship program.
Austal suffered a sharp drop in revenue and underlying earnings in the year to June, on the back of a strengthening Australian dollar, COVID-19 and decreasing support work in the US.
Austal has lowered its full-year earnings and revenue targets, due to delays in construction as well as expected costs associated with a recent claim against the Henderson-based shipbuilder.
Austal's net profit after tax was $52.4 million, up 29 per cent, while revenue fell 19 per cent to $840.3 million, due to a poor exchange rate and less throughput in the US.
There's unprecedented investment in Australia's defence industry manufacturers as the government embarks on the most significant armed build-up in a generation.
Digital technology's growing influence on defence has prompted Henderson-based shipbuilder Austal to appoint vice-president Andrew Malcolm to the newly-created role of chief digital officer.
Shipbuilder Austal has appointed chief operating officer Patrick Gregg to lead the company next year, replacing current chief executive David Singleton, whose contract is due to end in December.
