"This agreement is important because it permits us to turn a page in our bilateral relations with Australia and look to the future," Sebastien Lecornu told journalists in Singapore.

Speaking on the sidelines of the Shangri-La Dialogue security summit, Lecornu said France valued its "friendship" with Australia.

"Just because a government in the past did not keep its word, it does not mean we have to forget our strategic relationship.

"Australia has a new team in power, we are happy to be able to work with them."

Earlier Saturday, Australian 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.

The deal draws a line under a spat that derailed relations between both countries.

In September 2021, then-Australian prime minister Scott Morrison abruptly ripped up the French contract to build a dozen diesel-powered submarines.

He also stunned Paris by announcing a secret deal to buy US or British nuclear-powered submarines, a major shift for a country with little domestic nuclear capability.

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NAVAL GROUP