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Australia signs $50 billion submarine contract with France after two-year squabble

February 11, 2019

SYDNEY (Reuters) - Australia signed a production contract with French shipbuilder Naval Group on Monday for a fleet of 12 new submarines, worth A$50 billion ($35.5 billion), ending a two-year wrangle that cast doubt over one of the world’s most lucrative defense deals. Australia selected the French builder as its preferred bidder for the fleet of submarines in 2016 ahead of other offers from Japan and Germany.

 

However, final contracts were delayed amid domestic media reports of cost blowouts and production delays.

 

Australia and Naval Group signed a Strategic Partnering Agreement, the overall contract to guide the construction, to end the impasse.

 

FULL REPORT

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