Jan 27, 2023
Austal Limited (Austal) (ASX: ASB) is pleased to announce it has been awarded a time and material (T&M) contract by General Dynamics Electric Boat (GDEB) for structural assembly fabrication in support of the US Navy Virginia Class submarine program.
The contract, awarded to Austal USA, is for structural assembly fabrication in support of the US Navy Virginia Class submarine program. This award is a continuation of previously announced efforts to support Electric Boat in work for the US Navy submarine industrial base. This award is expected to provide potentially up to $25 million USD revenue for Austal USA.
Austal Limited CEO Paddy Gregg said the previous contract to train staff was a key enabler for the current award.
“This style of contract is recognition of Austal’s shipbuilding expertise and provides important revenue diversification and expansion,” Mr Gregg said.