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Australia rejects report cost of new French-made submarines to blow-out [Reuters (UK)]

KAWASAKI HEAVY INDS S/ADR (KWHIY) 
NASDAQ:AMEX Investor Relations: global.kawasaki.com/en/corp/ir
Company Research Source: Reuters
Australia rejects report cost of new French-made submarines to blow-out | Reuters 2 Min Read SYDNEY (Reuters) - Australian Minister for Defence Christopher Pyne said on Wednesday a new fleet of submarines, worth A$50 billion (28.8 billion pounds), will be delivered on time and on budget - rejecting a media report that costs could blow-out by as much as 25 percent. Australia selected France’s Naval Group in 2016 as its preferred bidder for a fleet of 12 submarines, then one of the world’s most lucrative defence contracts, ahead of other offers from Japan and Germany. More than two years on, final contracts have yet to be signed, and Australian Broadcasting Corporation reported Canberra was willing to accept costs rising by 25 percent and the first vessel to arrive two years late. The first of the new submariness is scheduled to be delivered in the early 2030s and the final vessel during the 2050s. Pyne rejected the report, insisting the Strategic Partnering Agreement, the overall contr Show less Read more
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