Austal Limited has announced the completion of the sale of its 40% shareholding in Aulong Shipbuilding – the company’s joint venture in Zhuhai, China, for $4.2 million.
Austal sold its share in Aulong to its joint venture partner, Jianglong Shipbuilding, following months of negotiations which began in late April.
Aulong was established in mid-2016 with the aim of pursuing commercial passenger and nonmilitary vessel opportunities in mainland China.
It build Austal-designed commercial aluminium vessels within Jianglong Shipbuilding’s existing facilities in Guangdong province.
Austal said it would continue to provide Jianglong with “ongoing design support on an ad hoc basis as the parties determine is appropriate”.
