Shares of Austal Hit All-Time High After Securing $273 Million US Coast Guard Contract

MT Newswires Live

Aug 07, 2025

Shares of Austal (ASX:ASB) hit an all-time high Thursday after the company said in a late Wednesday Australian bourse filing that its US subsidiary secured a $273 million contract option from the US Coast Guard for the construction of a second heritage-class offshore patrol cutter (OPC), Icarus, and the procurement of materials for a third.

The company's shares were down nearly 2% in recent trade.

The construction of Icarus has started at the company's Mobile, Alabama, shipyard as part of a broader contract that includes options for up to 11 OPCs valued at $3.3 billion, the filing said.

The 110-meter OPCs will perform missions like law enforcement, drug interdiction, search and rescue, and Arctic operations, with a 10,200 nautical mile range and 60-day endurance, the filing added.

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