Mr Gregg possesses significant project management, manufacturing and business experience acquired within the high technology nuclear defence industry, rail industry and naval shipbuilding industry, including at BAE systems where he was Project Director for the second of class Hunter killer nuclear submarine build.

Mr Singleton will have completed nine years as a Director including five years as CEO when he completes his term with Austal at the end of this calendar year. He will continue to work closely with Mr Gregg for the next six months to ensure an efficient handover. Mr Rothwell said 3.5 years ago Mr Gregg was appointed as COO with a view to him being a natural successor for the CEO role in the future. Since his appointment Austal has set up operations in Vietnam, expanded its operations in the Philippines and won a new Cape class contract with the Australian Government.

“Our shipyards in Australia, the Philippines, Vietnam and China are working incredibly efficiently while producing quality defence and commercial vessels,” Mr Rothwell said. “That is a reflection of Paddy’s drive, commitment and ability to engender similar characteristics from his employees. Those skills and personal qualities made him an ideal choice to take over from David at the end of the year.

“Paddy already possesses a good working relationship with Austal USA President Craig Perciavalle and I have no doubt that will continue. “I would also like to thank David for his contribution to Austal over almost five years as CEO, and before that as a Non-Executive Director, and wish him all the best for the future.”

Mr David Singleton said after five years overseeing considerable business growth, the time was right to step aside and look for new opportunities. “Austal is an incredible company producing excellent defence and commercial vessels and support services, delivering strong returns for shareholders,” he said. “After an extended period with the company the time is now right to hand over to Paddy and explore new challenges.” Mr Gregg said he was looking forward to the opportunity as CEO.

“Working as COO at Austal has provided me with an in-depth understanding of the opportunities and challenges that Austal faces. Working with Craig Perciavalle, CFO Greg Jason and the rest of Austal’s executive team, I will be focussed on ensuring Austal continues to drive value for our shareholders,” Mr Gregg said. A summary of the key items of Mr Gregg’s employment agreement will be provided to shareholders once finalised. Mr Singleton will receive statutory and other entitlements under his contract upon leaving Austal.