Australia agrees Naval payout, ending France sub dispute

This file photo taken on May 2, 2018 shows French President Emmanuel Macron (second left) and Australian Prime Minister Malcolm Turnbull (third left) standing on the deck of HMAS Waller, a Collins-class submarine operated by the Royal Australian Navy, at Garden Island in Sydney. - Australia on June 11, 2022 announced a massive compensation deal with France's Naval Group for scrapping a landmark contract to build a fleet of diesel submarines. - AFP

SYDNEY, June 11, 2022 (AFP): Australia unveiled a massive compensation deal with French submarine maker Naval Group Saturday, ending a contract dispute that soured relations between Canberra and Paris for almost a year.

Prime Minister Anthony Albanese said the French firm had agreed to a "fair and an equitable settlement" of 555 million euros (US$584 million) for Australia ending a decade-old multi-billion-dollar submarine contract.