Austal starts construction of Hawaii high speed cats

Austal has started the construction work at its Austal USA shipyard on the first of two 105 metre vehicle-passenger ferries for which a contract, subject only to finance, has been signed with US company Hawaii Superferry (HSF). The company plans to use the Austal cats to establish Hawaii’s first high speed vehicle ferry service.

HSF’s first phase of equity has been successfully raised and the company is currently applying to the United States Government’s Maritime Administration (MARAD) for Title XI finance. Austal is confident that this MARAD funding should be forthcoming.

The decision to commence the construction of the $75 million ferry follows the announcement last week that the Austal and General Dynamics team has been awarded a final design contract for the US Navy’s planned Littoral Combat Ship (LCS). Austal considers the HSF contract as an outstanding opportunity to further develop resources at Austal USA in preparation for the anticipated commencement of LCS construction in October 2005.