Security Vessel News Roundup | February 24 – Qatari missile boat, US and Australian landing ships and more

Australian shipbuilder Austal secured a AU$4 billion ($2.82 billion) government contract on Friday, cementing its role as a core partner in the federal government's naval modernisation drive.

The contract is the second major defence award Austal has bagged under Australia's strategic shipbuilding agreement with the company, following the AU$1.03 billion landing craft medium deal in December.

"This contract generates a record order book for Austal, provides a long-term demand signal for our supply chain and provides the incentive to invest in uplifting our capability," said CEO Paddy Gregg.

Shares of the company closed 5.5 per cent higher after rising as much as 7.5 per cent earlier in the day.

"Austal is unique in the listed Australian defence sector and the highest quality in the peer group," said Richard Ivers, portfolio manager at Prime Value Asset Management.