Update: France has won the $50 billion contract to build 12 submarines, beating bids by Germany and Japan

The government will announce whether France, Germany or Japan is the successful bidder for a $50 billion contract to build the next generation of Australia’s submarines today.

Prime Minister Malcolm Turnbull will confirm the awarding of the contract in an announcement in Adelaide today, according to local media.

The Australian is reporting French company DCNS will be named as the winner.

The contract to build 12 new submarines is Australia’s biggest ever defence deal and it is considered huge even by international standards.

France’s proposal of a diesel-electric version of its 5,000-tonne Barracuda nuclear-powered submarine has reportedly been regarded as the strongest.

The government has promised the build will create jobs in South Australia.

South Australian Premier Jay Weatherill says he’s expecting “very good news” for the state.

“I don’t want to go into details of what I’ve been told except to say I think we’re expecting some very good news for South Australia when the prime minister stands up,” Mr Weatherill told ABC radio.

He commented on rumours that France was tipped to be the winning bidder.

“The French have a long history of being able to develop a first-class submarine but, more importantly for our purposes, they’ve got a great tradition of transferring technology and their engineering skills,” Mr Weatherill said.

– TiVi Tuan-san