The US Navy has exercised contract options funding Austal’s acquisition of long lead-time material associated with the construction of two additional 103-metre Joint High Speed Vessels (JHSV). Austal was awarded the initial contract to design and build the first 103 metre JHSV in November 2008. The contract included options for nine additional vessels to be awarded between FY09 and FY13. Each JHSV is valued at approximately AUD $225 million, with the potential 10-vessel program valued at approximately AUD $2.3 billion.
Austal USA President and COO, Joe Rella said, “Due to on-time performance and high quality results during our design reviews with the Navy, and the efficiency of our material procurement to date, we have earned the confidence of the Navy to make this award. This is a testament to the quality products of our Program, Design, Production Control and Procurement teams.”