Austal wins $30m ferry works

Shipbuilder Austal has been awarded a contract to design and construct two high-speed catamaran ferries for a Middle Eastern oil and gas company in a deal valued at $30 million.

Austal will build the ferries for Abu Dhabi National Oil Company, a state-owned oil and gas company in the United Arab Emirates.

The ferries will be designed and constructed at Austal's Philippines shipyard, where the company established production last year.

Austal chief executive Andrew Bellamy said the company had identified the Middle East as a key target to drive value from its Philippines shipyard.

"Given the subdued commercial ferry market, we have repositioned our commercial business to be more competitive and target sectors that will deliver value from the depth of knowledge Austal has in designing and constructing these vessels," he said.

"Expanding into the Philippines was a key step in increasing competitiveness and we have enhanced this through the ongoing transfer of technology to the shipyard."

Both vessels are expected to be delivered in 2015.