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Civmec plans to build A$80m shipbuilding facility
AUSTRALIA-BASED construction firm Civmec Limited is planning to invest A$80 million (S$85 million) to construct a shipbuilding facility near Perth, Australia.
The new facility, positioned to enhance Australia's profile as a naval ship builder, will be situated on about seven hectares of land adjoining the south side of the group's existing facility at the Australian Marine Complex in Henderson, a suburb of Perth, said the mainboard-listed Civmec in a release on Friday morning.
The facility will be able to house ship construction and on-going maintenance under cover close to Fleet Base West - the home of Australia's submarine force and half of its naval surface fleet. It will be the only facility with this capacity in Australia.
The proposed new facility will be funded using internal cash resources and borrowings.