News: US Navy extends Austal high speed vessel charter

.

Austal Limited (ASX:ASB) says the US Navy has extended the charter of its high speed vessel, WestPac Express. 

 

The ship builder advises the new contact will see the initial charter period extended for 10 months with three option periods. 

 

Should all options be exercised Austal believes the contact will be valued at $US29.9 million and extend the charter to mid-2016. 

 

The company’s WestPac Express has been chartered to the US Navy for the rapid development of marines and their equipment in the Western Pacific since 2001. 

 

Austal says WestPac’s success reflects its ability to provide high speed platforms for military operations and the breadth of the company’s global support services. 

 

Austal reported a net profit of $31.9 million in the 2014 financial year.