“I said ‘if you don’t get your act together, I’ll go home and do it myself’, which I did. “There were a number of groups around the country becoming interested in super yachts and looking at forming groups, but it was going round and round in circles,” says Ley, who attended early meetings in Sydney. Both were convinced the underwater jewel on their doorstep - the Great Barrier Reef - was the equal of anything anywhere in the world and wanted in on the global super yacht action.
In the lead-up to the 2000 Sydney Olympics, Ley James was manager of Cairns Slipways and Stewart Smith owned Cairns Wholesale Paints.
So, it’s no surprise to learn that the city’s multi-million-dollar super yacht industry began with a couple of mad keen boaties and some big ideas. This ASX announcement has been approved and authorised for release by David Singleton, the Chief Executive Officer of Austal Limited.Super yachting has come of age on the Great Barrier Reef as the industry celebrates 21 years of bringing the world’s biggest and best boats to Cairns.Ĭairns has always done things its own way. This ASX announcement has been approved and authorised for release by David Singleton, the Chief Executive Officer of Austal Limited. The Agreement is subject to a number of customary conditions precedent to completion and is expected to settle at the end of November 2020. The purchase will be funded from Austal’s strong cash reserves, with the Company holding a $272.4 million net cash position as at 30 June 2020. It further enhances our in-service support capabilities, currently provided across multiple facilities in Cairns, for the Austal designed and constructed Cape-class and Guardian-class Patrol Boats.”Īustal expects that the new business will generate an EBITDA of A$5m in FY2021 rising to A$11m by FY2025 as more Austal ships covered by current sustainment contracts are delivered to the Commonwealth of Australia.Īgreement terms Under the acquisition agreement Austal will acquire all of the shares in BSE Maritime Group Ltd, Brisbane Slipway Holdings Pty Ltd, and Brisbane Slipways and Engineering Pty Ltd. “In particular, the acquisition provides Austal with dockyard and ship lift capability in the northeast region of Australia – including the Pacific’s largest mobile boat hoist, capable of moving 1120 tonnes – supporting our existing and future customers and reinforcing our commitment to grow in the region. Revenue from Austal’s support segment has grown at an annual rate of 28 per cent over the past four years to reach $360 million in the 2020 financial year, providing reliable ongoing revenue in addition to Austal’s shipbuilding operations.Īustal Chief Executive Officer David Singleton said: “BSE Maritime Solutions is a quality business and its acquisition aligns with our stated strategy of growing our support division, adding further scale to our operations on the east coast of Australia in addition to our existing support services at Henderson, Cairns, and Darwin. The acquisition aligns with Austal’s stated strategy of continuing to build the Company’s key support business. BSE Maritime Solutions employs approximately 60 permanent staff who will be offered employment with Austal. Current customers include Australian Border Force, BAE Systems, Thales and Svitzer.
The acquisition of the business is at an enterprise value of A$27.5 million.īSE Maritime Solutions is a leading ship repair and support business for defence, commercial, tourism, and luxury vessel customers, operating in Cairns and Brisbane. 23 OCTOBER 2020 AUSTAL TO FURTHER EXPAND AUSTRALIA SUPPORT BUSINESS THROUGH ACQUISITION OF BSE MARITIME SOLUTIONSĪustal Limited (Austal) (ASX:ASB) is pleased to announce it is building on its growing global support business by entering into an agreement to acquire Australian-based BSE Maritime Solutions Group (BSE Maritime Solutions).
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