ASC has today tabled its 2016 Annual Report in the Australian Parliament, it can be viewed here.
ASC’s 2016 Annual Report shows ASC continues to improve its performance across its shipbuilding and submarine sustainment businesses. ASC strengthened its position in 2015-16 as Australia’s leading builder of complex warships (the Air Warfare Destroyer project) and maintainer of the Collins Class submarine fleet, while actively pursuing future work in ships and submarines.
Operating profit after tax of $26.6 million (up from $21.9 million profit in 2015);
Materiel Ready Day target for submarine availability again exceeded;
Completion of the first two-year full cycle docking of a Collins Class submarine under the new maintenance regime;
Improved shipbuilding productivity (significant cost improvement on ship 02 and ship 03 for ASC work-scope and improved labour utilisation); and
Improved safety performance.
Please note that since the Annual Report was finalised, the following has occurred, and are therefore not covered in the Report:
Completion of builder’s sea trials for the first Hobart Class air warfare destroyer (see here).
Government announced separation of the company into three Government-owned companies (see here); and
Release of the Coles “Beyond Benchmark” review into submarine sustainment (see here).