Austal (ASX:ASB) share price falls on contract delivery

The Austal Limited (ASX: ASB) share price is falling today despite the company announcing delivery of a new littoral combat ship to the United States Navy. During morning trade, the Austal share price reached $3.00, but has since retreated. At the time of writing, its shares are trading lower at $2.90, down 0.3%.

Let’s take a look at Austal’s market update today.

New ship delivery

Austal advised that it has delivered an independence-class littoral combat ship to the US Navy.

The warship is the 13th of its kind to be built at Austal’s US shipyard. In a symbolic move, the vessel was named USS Mobile after the city of Mobile in Alabama where the shipyard is based.

The new combat ship is a high-speed, shallow-draft surface…