“Hanwha Defense USA has made a preliminary, non-binding offer to acquire Austal’s U.S. business,” spokesman James Hewitt said. Austal separately disclosed that the proposal values Austal USA at between $1.05 billion and $1.20 billion on a cash- and debt-free basis. The approach comes as Austal USA faces a major financial setback tied to several U.S. government shipbuilding programs. Austal USA is building the second-stage OPCs under a contract covering up to 11 cutters potentially worth $3.3 billion. Austal said its board will evaluate any subsequent proposal against the “inherent value” of Austal USA and the interests of shareholders.