Austal’s founder and outgoing chairman John Rothwell says the field of contenders capable of privatising the shipbuilder without running afoul of Canberra’s defence hawks is a small one.

Mr Rothwell told investors on Thursday he would stand down as Austal chairman, handing the reins to former US navy secretary Richard Spencer, also the chairman of high-profile advisory firm Bondi Partners, which was founded by former federal treasurer Joe Hockey.