Govt signs submarine contract with France

The country signed a production contract with French shipbuilder Naval Group on Monday for a fleet of 12 new submarines, worth A$50 billion ($35.5 billion), ending a two-year wrangle that cast doubt over one of the world’s most lucrative defense deals. Australia selected the French builder as its preferred bidder for the fleet of submarines in 2016 ahead of other offers from Japan and Germany. However, final contracts were delayed amid domestic media reports of cost blowouts and production delays. The first of the new submarines is scheduled to be delivered in the early 2030s and the final vessel during the 2050s.