Austal completes sale of 102 m trimaran

AUGUST 20, 2014 — Austal Limited (ASX:ASB) has completed the sale of the 102 m trimaran stock vessel Austal Hull 270 to Channel Islands ferry operator Condor Ferries for A$61.5 million.

Condor Ferries has been operating since 1964 and carries more than one million passengers and 200,000 vehicles between France, the U.K. and the Channel Islands each year. It says it will bring the vessel into service in Spring 2015 and will base it in Poole, Dorset, U.K.

Austal Hull 270 will remain at Austal's commercial shipyard in the Philippines for customer modifications. The modifications will commence immediately and are valued at approximately A$6 million, to be paid by Condor progressively as works are completed.

Austal Chief Executive Officer Andrew Bellamy said the significant capabilities provided at Austal's Philippines shipyard had been crucial in securing the additional customisation contract.

Condor Chief Executive Officer James Fulford said: "It is fantastic to be adding this prestigious ship to our fleet. The 102 will offer increased reliability, capacity and comfort for our guests and we are very much looking forward to her arrival in our islands in the Spring."