Austal sign new ship building deal for Trinidad and Tobago

Company News

by Rachael Jones

Global ship building company Austal (ASX:ASB) has entered into an approximately $98 million contract with the National Infrastructure Development Company (NIDCO) which is owned by the Government of the Republic of Trinidad and Tobago.

The contract is for Austal to design and build a 94 metre high speed vehicle and passenger catamaran to be delivered in mid-2020.

The ship will provide high speed passenger and vehicle operations on the key sea bridge between the islands of Trinidad and Tobago.

The 94 metres AutoExpress ship design is being undertaken in Australia and is already well advanced which has allowed initial construction to commence.

The ship will be built in Austal’s new shipyard in Vietnam.

Shares in Austal (ASX:ASB) are trading 1.06 per cent higher to $1.91.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.