Shipbuilder Austal (ASX:ASB) said the US Navy exercised $48 million worth of additional options for the maintenance of Littoral combat ships deployed to the Western Pacific, Indian Ocean, and surrounding countries and ports, according to a Dec. 6 filing with the Australian bourse.

The original contract awarded the company $72.5 million for sustainment works, with the potential to increase to $215.9 million if all options were awarded, while the recent contract award exercises option year two, bringing the current contract value to $166.4 million, the filing said.

The work is scheduled to start in January 2025 and is anticipated to be completed by December of the same year, according to the filing.

Shares fell more than 1% in midday trade Monday.

Price (AUD): $2.94, Change: $-0.04, Percent Change: -1.34%