Submarine deal - Australia and French shipbuilding firm Naval Group have signed a deal worth 31 billion euros to build 12 state of the art submarines. The contract signed this morning with Naval Group, a French consortium with state backing, is worth 50 billion Australian dollars or about 31 billion euros. It is both Australia’s largest ever defence procurement project and Naval Group’s largest ever foreign sales deal. The firm said the submarines would be delivered and tested beginning in the early 2030s through to the early 2040s, with the last likely to be decommissioned in the early 2080s.
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