Austal Wins A$12 Million Live-Aboard Order

Austal Limited today announced it has secured a repeat order with Kimberley charter company North Star Cruises to build a 50 metre live-aboard adventure vessel valued at approximately A$12 million.

The new vessel will be constructed by Austal's subsidiary company, Image Marine, to replace North Star Cruises' current vessel, 'True North'. The contract signing comes four years after the delivery of 'True North' and demonstrates the success of Image Marine's live-aboard vessels for charter operations.

Describing the contract as representing the more prestigious end of the live-aboard market in both length and luxury, Austal Limited Managing Director, Mr Bob McKinnon, said the original 'True North' has demonstrated just some of the operational possibilities of live-aboard vessels.

"Image Marine continues to perform strongly for the Austal Group, providing quality workmanship in a range of market sectors which is confirmed by this repeat order for its product," Mr McKinnon said.

Following the success of 'True North' the new 49.9m vessel will provide North Star Cruises with capacity for a further eight passengers and more space throughout, including four additional cabins.

The new 'True North' will cruise the Kimberley coast at 13 knots. A Bell 407 helicopter on the top deck and six tenders on board will provide guests with greater flexibility in selecting a variety of on-shore activities and enjoying the spectacular scenery.

This contract increases to 23 the total number of vessels currently contracted to Austal Limited and lifts revenue for financial years 2004 and 2005 to approximately A$300 million and A$65 million respectively. These amounts exclude revenue from the Royal Australian Navy (RAN) patrol boats for which contract negotiations are underway.

Final contract signing of the RAN's Armidale class patrol boats is expected before the end of the year.

ENDS