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Austal Limited (ASX:ASB) has launched its first Cape-class patrol boat which forms one of eight being built for the Border Protection Service and Australian Customs, under a contract worth more than $300 million.
Austal’s Managing Director says the new boats are attracting attention from the Middle East and Asia-and says the new Cape-class is larger and offers greater flexibility than the Armidale-class vessels.
The Perth based shipbuilder has made a move into defence manufacturing due to an increase in global demand for maritime security.
Austal has established a major ship-building facility in Alabama, where it is focused on the US Navy’s vessel programs.
In the 2012 financial year, Austal posted a net profit of $11 million.
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