Shipbuilder Austal has increased its shareholder payout after announcing a two per cent lift in first-half profit on its expanding US Navy and commercial ferry work.
US federal agents have conducted a search at Austal's offices in Mobile, Alabama, in relation to an inquiry by the Australian Securities and Investments Commission into announcements the shipbuilder made in late-2015 and mid-2016.
Austal disclosed today that the corporate regulator is investigating announcements in late 2015 and mid 2016 that triggered a sharp fall in the ship builder's share price.
Austal has secured a contract to build two vessels for the US Navy, while also announcing that the Commonwealth has agreed to loan the government of Trinidad & Tobago $80 million to support a purchase from the local shipbuilder.
Austal will build a ferry for the government of Trinidad & Tobago, in a deal worth approximately $97.7 million, while also announcing it had won an advanced $54.9 million order for materials to construct a transport vessel for the US Navy.
SPECIAL REPORT: There has been a notable reduction in the number of high-earning executives in WA, though some individuals do well year after year, research by Business News has found.
Poseidon Nickel has announced the resignations of long-time board members David Singleton and Chris Indermaur, with their replacements coming from major shareholders Black Mountain Metal and Squadron Resources.
Months after being overlooked by the Australian government for local naval contracts, Henderson-based Austal has achieved more success in the US, securing a $1.6 billion contract to build two ships for the US Navy.
A strong performance in the United States has underpinned a 150 per cent increase in profit for shipbuilder Austal, although chief executive David Singleton has said the company's defeat in the offshore patrol vessel bid will mean a tougher future for its Henderson shipyard.
Austal has been selected as preferred supplier to build six naval vessels for the Philippines, using a design similar to the offshore patrol vessel concept which was unsuccessful in a recent federal government tender.
The Henderson contractor that outplayed local shipbuilder Austal for a share of work on the navy's new offshore patrol vessels has doubled profit over the past nine months, but it remains unclear how much work it will gain from the $3.5 billion project.
Austal has announced a $US30 million ($40 million) expansion of its commercial shipbuilding operations across three sites, including a $6 million upgrade at Henderson, days after the company was left out of the contract to build Australia's new offshore patrol vessels.
The German company contracted to build Australia's new offshore patrol vessels has concluded negotiations with its build partners, but Henderson-based Austal will not be participating, with Civmec being the big local winner.
Local shipbuilder Austal has expanded its footprint in the US with the acquisition of technology company ElectraWatch in a cash deal worth $US6.7 million ($9 million).
The US arm of Henderson-based shipbuilder Austal has secured a $US10.2 million ($13 million) for engineering and design work with the US defence department.
Shipbuilder Austal reported a big jump in profit for the first half of the financial year, while it is still unsure of what its exact role will be in the upcoming $3 billion offshore patrol vessel build program.
Henderson-based Austal has been awarded a $20 million contract, through a joint venture with a Chinese shipbuilding company, for the design and build of four high-speed ferries.
SPECIAL REPORT: Chris Ellison's astute commercial achievements placed him at the top of our short list of nine people contending to be person of the year.
Perth companies Austal and Civmec are looking forward to working on the construction of 10 navy vessels at Henderson but the amount and type of work they will undertake is unclear after the federal government selected Germany's Luerssen as its preferred designer and builder.
Anglicare WA has received confirmation that shipbuilder Austal will commit $300,000 to the not for profit's family and domestic violence support service, Young Hearts, over three years.
Perth-based shipbuilder Austal has denied it sent an update to shareholders signalling the potential closure of its Henderson shipyard, with chief executive David Singleton telling Business News the company was strongly positioned to remain in Western Australia.
Austal has won a $190 million contract to build two ferries for a Spanish client, along with an order for a 15th littoral combat ship for the US Navy for an undisclosed sum, but the company has yet to decide whether the two ferries will be built at its Henderson shipyard or overseas.
Henderson-based shipbuilder Austal has landed its first commercial deal in Taiwan after being hired to build two vessels, with the contract valued at $44 million.
Henderson-based shipbuilder Austal has returned to the black with a profitable 2017 financial year, driven in large part by a turnaround in its US operations.
SPECIAL REPORT: Henderson shipbuilders have plans to put on hundreds of apprentices as billions of dollars in naval investment is expected in the next few years.
Henderson-based shipbuilder Austal has won a $22 million contract for a high speed passenger catamaran to be used in Germany, but it will be built in the Philippines.
Chief executive salaries in WA are continuing to ratchet down, and companies are seeking more flexibility, a study of nearly 30 new appointments this year has found.
Henderson-based ship builder Austal has flagged an earnings deficit of up to $121 million on the back of unexpected costs incurred in its $US4 billion contract with the US Navy.
