Austal

Austal is a longstanding Export Finance Australia customer and a global shipbuilder specialising in the construction of defence and commercial vessels.

Industry:

Manufacturing

Sector:

Defence

Solution:

Capital Expenditure

Region:

North America

Need

Austal won a A$74.7 million contract to provide four high-speed ferries and needed a finance package to deliver the contract.

Solution

We gave ANZ an export finance guarantee (EFG) for A$61.3 million, which allowed Austal’s bank, ANZ, to grant NIDCO a loan to fund the purchase of the ferries.

Austal Limited is a world-leader in the design and manufacturer of high-performance defence and commercial water vessels.

Austal won a A$74.7 million contract to provide four high-speed ferries to Trinidad and Tobago’s National Infrastructure Development Company Limited (NIDCO).

These ferries will be used as a water taxi service and will reduce travel time between north and south Trinidad by almost two-thirds.

Our support in helping to structure a finance package for NIDCO was key to Austal’s success in this international tender.

Given the size of the order, being able to offer NIDCO a finance package which included Export Finance Australia’s guarantee was a crucial part of our bid.

Bob Browning

Managing Director, Austal

We gave ANZ an export finance guarantee (EFG) for A$61.3 million, which allowed Austal’s bank, ANZ, to grant NIDCO a loan to fund the purchase of the ferries.

Our EFG is a form of buyer finance and is a guarantee from us that encourages banks to lend to overseas buyers of Australian exports.

Australian exporters’ ability to enhance contract bids with buyer finance from us can make them more competitive in global markets.

We’re long-term supporters of Austal and have helped it with other contracts in Trinidad and Tobago, Greece and Turkey.