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Civmec clinches role in Australian navy's A$4b patrol vessel project

Singapore-listed Civmec has earned a role in the Australian navy's A$4 billion project to build new offshore patrol vessels (OPVs).

Civmec, a heavy engineering and construction services company, did not disclose its share of the project in an announcement over the Singapore Exchange.

Australia is embarking on plans to upgrade and renew its naval capabilities. As part of those plans, the country has hired prime contractor Lürssen to design and build 12 OPVs.

Lürssen plans to use the capabilities of Civmec and Austal to build 10 OPVs at the Henderson Maritime Precinct in Western Australia, with production only expected to commence in the fourth quarter of 2018, according to Civmec's announcement.

Trading in shares of Civmec, which closed at 55 Singapore cents on Thursday, were halted on Friday morning for the announcement. Trading will resume at 11am on Friday.

sentifi.com

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