Mobile’s Austal loses $5.5 billion U.S. Navy contract

Mobile-based shipbuilder Austal has missed out on a $5.5 billion U.S. Navy contract to build a new class of frigate.
The U.S. Navy awarded the $795 million-per ship contract to Fincantieri, an Italian shipbuilder out of Wisconsin. The contract initially allows for one of the guided-missile ships in the 2020 U.S. defense budget but could add 9 more ships if the contract is fully exercised, potentially providing work for around 10 years.