Austal (ASX:ASB) said it plans to raise up to AU$200 million through an institutional placement of 52.6 million shares at AU$3.80 each, according to a Tuesday filing with the Australian bourse.

The company also plans to raise up to an additional AU$20 million through a share purchase plan for eligible shareholders, the filing said.

The funds raised will contribute to the Final Assembly 2 (FA2) expansion project at Austal's Mobile, Alabama shipyard, aimed at enhancing the production of large vessels for the US Navy and Coast Guard, the filing added.

The total capital investment in the FA2 expansion project is estimated at $300 million, through a mix of net proceeds from the equity raising and new debt facilities, the company said.

Austal has also reconfirmed its earnings before interest and taxes guidance for the fiscal year ending June 30, expecting no less than AU$80 million.