The chief executive of Australian fast ferry specialist Austal is set to leave the company, it has been announced.

Andrew Bellamy is stepping down from the role after he “elected to take a career sabbatical”, the shipbuilder said.

Austal chairman John Rothwell said he would be succeeded by David Singleton under what he described as “a considered succession plan”.

Singleton will commence full time as CEO-designate from the start of February and formally assumes the role on 4 April 2016.