September 8, 2025 -- Austal Limited (ASX: ASB) is pleased to announce that the United States Coast Guard has exercised options worth US$314 million (A$480 million) with Austal USA for the Offshore Patrol Cutter (OPC) program.
The contract options approve Austal to order long lead time materials (LLTM) for another three OPCs, Austal USA’s 4th, 5th, and 6th cutters. Funds have also been provided for logistic supply items for two OPCs.
The original OPC contract was awarded to Austal USA in June 2022 for detail design and construction of up to 11 OPCs, with a potential value of US$3.3 billion. To date, two of 11 OPCs in the contract have been awarded to Austal USA, as well as LLTM for a third (see ASX announcement 6 August 2025).
“These early awards reflect the strong partnership that has quickly developed between the Coast Guard and Austal USA teams, and provide an important sign of intent for OPCs 3-6,” said Austal CEO Paddy Gregg.
Work on Austal USA’s first OPC, Pickering (WMSMS 919), is well underway with the keel laying planned for December. Construction began on Icarus (WMSMS 920) in early August.
At a glance
- Company
- Austal Limited
- Ticker
- ASX: ASB
- Announcement
- Award
Key figures
- Exercised options
- US$314 million (A$480 million)
- Additional cutters covered by materials options
- three
- Cutters with logistics supply funding
- two
- Original contract scope
- up to 11 OPCs
- Original contract potential value
- US$3.3 billion
People
- Paddy GreggAustal Chief Executive Officer
Products and programs
The 110 metre OPCs will support US national security strategy by maintaining the nation’s economic, social, environmental and military security mission areas. The OPC will typically conduct its primary missions beyond 12 nautical miles from shore and will be employed anywhere US national interests require the Coast Guard’s unique blend of authorities and capabilities. OPC will provide the majority of the Coast Guard’s offshore presence conducting a variety of missions including law enforcement, drug and migrant interdiction, and search and rescue.
With a range of 10,200 nautical miles at 14 knots and a 60-day endurance period, each OPC will be capable of deploying independently or as part of task groups, serving as a mobile command and control platform for surge operations such as hurricane response, mass migration incidents and other events. The cutters will also support Arctic objectives by helping regulate and protect emerging commerce and energy exploration in Alaska.
This ASX announcement has been approved and authorised for release by Paddy Gregg, Austal Limited’s Chief Executive Officer.
- ENDS -
Media Contact:
Cameron Morse, FTI Consulting +61 433 886 871
Further Information
Contact:Austal
Phone:61 8 9410 1111
Fax:61 8 9410 2564
Email:[email protected]
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In brief
Austal Limited says the United States Coast Guard exercised options worth US$314 million (A$480 million) with Austal USA for its Offshore Patrol Cutter program. The options cover long lead time materials for three additional cutters, identified as the fourth, fifth and sixth vessels, and logistics supply items for two cutters. The original 2022 contract covers design and construction of up to 11 cutters and has a potential value of US$3.3 billion. Austal says two cutters have been awarded to date, alongside materials for a third. Work is underway on the first vessel, Pickering, with keel laying planned for December; construction of the second, Icarus, began in early August. The company says the cutters will support Coast Guard missions including law enforcement, search and rescue, and Arctic activities.
Key takeaways
- The Coast Guard exercised US$314 million in options with Austal USA for the Offshore Patrol Cutter program.
- The options cover long lead time materials for three additional cutters and logistics supply items for two.
- The original contract covers up to 11 cutters and has a potential value of US$3.3 billion.
- Austal says construction is underway on Pickering and began on Icarus in early August.
Earlier from Austal Limited
- Austal USA receives contract and commences construction on second Offshore Patrol Cutter for US Coast Guard
- AUSTAL REFINANCES DEBT FACILITIES TO SUPPORT FUTURE GROWTH
- AUSTAL APPOINTS NEW NON-EXECUTIVE DIRECTOR
- AUSTAL ENGAGES FORMER AUSTRALIAN AMBASSADOR PAUL MYLER TO STRENGTHEN GEOPOLITICAL STRATEGY AND ANALYSIS
- AUSTAL DELIVERS STRONG GROWTH IN FIRST HALF EARNINGS
