Civmec steers into shipbuilding ahead of its dual listing on ASX

Singapore

AUSTRALIAN builder Civmec is steering into shipbuilding with a major A$4 billion (S$4 billion) deal clinched with its joint venture partner, German shipyard Lürssen, to build a fleet of 10 offshore patrol vessels (OPVs) for the Australian Navy.

Back-of-envelope estimates show that about A$400 million to A$500 million will be accrued to Civmec over the next decade. This recurring revenue comes on top of its turnover from existing building projects for the oil and gas, metals and minerals, and infrastructure sectors.