Civmec Limited has completed the acquisition of all the shares in shipbuilder Luerssen Australia, for A$20 million ($16.74 million).

Civmec says that this acquisition strengthens its role in Australia’s naval shipbuilding sector by bringing Luerssen’s operations, workforce and assets under full local ownership.

The acquisition was funded from Civmec’s existing cash reserves. Luerssen Australia is involved in the works of naval shipbuilding, mature engineering and training systems.

Shares in Civmec closed 1.5 cents higher or 1.685% up at 90.5 cents on July 1.