Hanwha Defense USA offered to acquire Austal's U.S. entities and operations for between $1.05 billion and $1.20 billion, according to the company's disclosure. The company said its sovereign shipbuilding mandate and high-performing Australasian business would continue to generate value for shareholders independent of any transaction involving its American operations. Hanwha already holds a substantial stake in Austal through a combination of direct share ownership and a cash-settled equity swap arrangement. That would leave the broader Austal group with an operating loss of approximately 113 million Australian dollars for the year, compared with earnings of 113.4 million Australian dollars a year earlier. Despite those losses, the company said it retained a robust balance sheet, with cash at bank of 312 million Australian dollars as of June 30 and a net cash position of 185 million Australian dollars.