On 23 November the Commonwealth of Australia has signed a Heads of Agreement (“HoA”) with Austal Limited to establish a Strategic Shipbuilding Agreement (“SSA”). This should see Austal selected as the Commonwealth’s strategic shipbuilder at Henderson, Western Australia.
The SSA HoA sets out the key principles and provides a framework for further discussions and other due diligence activities to establish the SSA. The creation of the HoA also reflects the intent of both Austal and the CoA to ultimately establish the SSA on mutually acceptable terms.
