Austal Completes Sale of Surplus Asset

Austal Limited (Austal) recently announce the contract to sell the land and infrastructure at its former satellite service base at Henderson has been executed and settled.

Under the sale agreement with AME Offshore Solutions, Austal has received $21 million for the surplus asset, in line with the announcement made to the market on 3 December 2013.

Net proceeds from the sale of approximately $17 million will be used to further pay down infrastructure-related debt.

Austal Chief Executive Officer Andrew Bellamy said in addition to using the proceeds to pay down debt, the sale will enable Austal to continue delivering on a number of ongoing operational and financial benefits.

Our strategy at Henderson has been to increase staff and asset utilisation to improve efficiencies, flexibility, and knowledge sharing to drive greater profitability at the shipyard,” Mr Bellamy said. “Since consolidating the shipbuilding and service facilities in April 2013 we have increasingly seen these benefits flow through. With the sale of the former service base now complete, our sole focus at Henderson is the ongoing delivery of the Cape Class Patrol Boat program and service contracts, while developing our pipeline for variant-style defence vessels to sustain the shipyard.”

Press Release, January 19, 2014

Share this article

Follow World Maritime News

Posted on January 19, 2014

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >