Civmec (ASX:CVL) said it is working with Germany's Naval Vessels Lurssen towards a revised timeline for the transfer of ownership of Luerssen Australia to the company on or before July 1, according to a Monday filing with the Australian bourse.
The revised schedule is designed to allow sufficient time for necessary preparations and operational efficiencies ahead of the transfer, the filing said.
Additionally, the Civmec Construction and Engineering unit and Luerssen Australia entered a service level agreement to begin immediate cost reductions and program efficiencies, the filing added.
The deal allows Civmec to provide shipbuilding services and operational support to Luerssen Australia until ownership transfer or the agreement's term ends, and for both parties to realize the benefits of their collaboration, the company said.
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