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AUSTAL WELCOMES GOVERNMENT SUPPORT

AUSTAL WELCOMES GOVERNMENT SUPPORT FOR AUSTRALIAN INDUSTRY IN DEFENCE EXPORTS

AUSTAL (ASX:ASB) welcomes the Federal Government’s announcement to support greater Australian defence exports.

The Defence Export Strategy will see the establishment of a Defence Export Office as well as a $3.8 billion Defence Export Facility administered by EFIC, Australia’s export credit agency.

“As an export focused company, Austal is of course delighted with today’s announcement,” Austal CEO, David Singleton said.

“The Australian Government and Austal have a long history of working together on export deals and EFIC has assisted us on a number of our international sales,” Mr Singleton said.

“With this latest announcement, the Government has shown it recognises the Australian defence industry cannot rely on domestic orders alone; to grow we must be competitive in the international market,” Mr Singleton said.

“Virtually every Australian economic success story – be it mining, agriculture or wine – has one thing in common and that is an ability to compete and sell on the world stage,” he said.

“There is no reason our defence sector cannot be one of these world leading industries, but the key lies in both continued policy support and a focus on Australian control of locally developed technology.

“Some examples of this approach leading to exports include SAAB Australia with the 9LV combat system, CEA with their Phase Array Radar and Austal with the Littoral Combat Ship and the Expeditionary Fast Transport Vessels.

“These products were developed in Australia with the know-how and investment being made in our Australian workforces and that is where the export strategy needs to focus for future success.”

“A successful export strategy will also require a ‘Silicon Valley’ approach, where companies strive for new ways of developing and making products to maintain a competitive edge.”

“In Austal’s case, exports have been critical to our success but we recognise we would not be where we are today without a relentless commitment to continued investment in research and development to support the technology of our vessels” Mr. Singleton said.

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ABOUT AUSTAL

Austal is an Australian shipbuilder and global defence prime contractor which designs, constructs and sustains some of the world’s most advanced commercial and defence vessels.

Austal successfully balances commercial and defence projects and celebrates 30 years of success in 2018.  Austal has designed, constructed and delivered more than 300 commercial and defence vessels for more than 100 operators in 54 countries worldwide.

Austal is Australia’s largest defence exporter and the only ASX-listed shipbuilder. Austal has industry leading shipyards in Australia, the United States of America and Philippines and service centres worldwide.

Austal delivers iconic monohull, catamaran and trimaran commercial vessel platforms – including the world’s largest trimaran ferry and multiple defence programs such as the Littoral Combat Ship (LCS) and Expeditionary Fast Transport (EPF) for the United States Navy. Austal has grown to become the world’s largest aluminium shipbuilder.