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Austal Secures $200M for U.S. Steel Shipbuilding Expansion

by Geraldine S.
03/13/2025
in Manufacturing

Austal has successfully raised $200 million through a share placement to support its FA2 infrastructure expansion project, which aims to enhance its capacity for large steel vessel production.

The placement, priced at $3.80 per share, attracted strong interest from existing shareholders and new domestic and international investors, according to Austal’s announcement on the Australian Securities Exchange (ASX).

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As part of the transaction, Austro Pty Ltd, linked to Austal’s former chairman and current non-executive director John Rothwell, sold $50 million worth of shares. Austal’s largest shareholder, Tattarang, fully participated in the placement, maintaining its 19.6% stake in the company.

Austal CEO Patrick Gregg expressed appreciation for investor support, emphasizing that the funding will enable the company to meet the growing demand for steel vessel production.

“The success of this placement ensures that Austal is appropriately funded for the FA2 steel expansion shipbuilding project, which will facilitate the delivery of large steel vessels in the current pipeline,” Gregg stated.

Under ASX Listing Rule 7.1, approximately 52.6 million new shares will be issued, with settlement scheduled for March 14, 2025. These shares will hold equal standing with existing shares, the company noted.

Austal also confirmed its Share Purchase Plan (SPP), allowing eligible shareholders in Australia and New Zealand to acquire up to $30,000 in new shares at the placement price without brokerage or transaction costs. The SPP, capped at $20 million, will open on March 18, 2025, and remain available for approximately two weeks, subject to early closure if fully subscribed.

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#Shipbuilding #InvestmentNews #MaritimeIndustry #SteelManufacturing #SupplyChainNews

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