UPDATE 2.15pm: Austal says it has struck a deal to sell a stock $100 million vessel to a European ferry operator.
Austal built the 102 metre trimaran ferry, the Austal Hull 270, on spec in WA during the global financial crisis and has been unable to find a buyer.
The shipbuilder said the purchase was subject to a number of contractual conditions and the terms of the sale were still confidential.
However the deal was expected to settle in the final quarter of the 2014 financial year.
Austal said it would inform the market of any further developments when it was in a position to do so.
Austal shares closed down two cents, or 2.3 per cent, at 85 cents.