Austal Halts Trading Amid Review of U.S. Business

Launch of the USS Omaha in November 2015. Photo: Austal USA
Launch of the USS Omaha in November 2015. Photo: Austal USA

Australian shipbuilder Austal Ltd. has halted trading of its shares pending an announcement concerning a review of its U.S. business.

The trading halt of its ordinary shares was revealed in an announcement to the Australian Stock Exchange Thursday saying the trading halt came at the request of the company pending the release of an announcement.

A letter included in the release said the trading halt is requested to enable Austal to complete a review of its U.S. performance and following completion of that review, make an announcement updating its guidance on the company’s performance for 2015.

Trading will be halted from June 30 until Monday, July 4, at which point the company is expected to make an announcement.

Austal USA is a designer and manufacturer of high-performance aluminum ships and a major contractor for the U.S. Department of the Defense, with a 164 acre facility in Mobile, Alabama and offices in San Diego, California and Washington, D.C. The company is currently prime contractor of two major U.S. Navy shipbuilding programs: the Independence-variant of the Littoral Combat Ship (LCS) and the Expeditionary Fast Transport (EPF).

Austal currently employs more than 4,000 people.