Philly Shipyard, which has built nearly half of the U.S.-flagged oceangoing ships since 2000, has been acquired by two companies from South Korea in a deal worth $100 million.
Hanwha Systems and Hanwha Ocean will acquire the shipyard, which had previously operated as a public company controlled by Aker ASA, a Norwegian investment company, according to a news release.
“The opportunity to collaborate with Philly Shipyard, a significant shipbuilder with a storied history, is an exciting strategic opportunity that will allow Hanwha Systems to deploy its state-of-the-art naval systems and associated technologies in the U.S. market,” Sung-Chul Eoh, CEO of Hanwha Systems, said in a statement.
“We look forward to leveraging our shipbuilding and manufacturing know-how in continuing the success of Philly Shipyard as it meets the expanding needs of the U.S. for decades to come,” added Hyek Woong Kwon, CEO of Hanwha Ocean.
Hanwha is a defense contractor that has developed technologies for unmanned maritime systems, naval radars and complex sensors for Manned-Unmanned Teaming, in which aircraft flown by pilots and drones operate in tandem, the release said.
Hanwha Ocean is a shipbuilder that delivers commercial and military vessels with more than 50 years of experience. Its Okpo shipyard is one of the largest in the world.
Philly Shipyard traces its history to 1997 when it launched as a partnership between local, state and federal partners and the Norwegian company Kvaerner, which Aker ASA acquired in 2004. The shipyard rebranded as Philly Shipyard in 2015. Over the years, it has completed numerous high-profile ships, including tankers for Kinder Morgan, Crowley and Sea-River Maritime and multiple containerships for Matson, which operates in the Hawaii trade lane.
The yard is currently building four more National Security Multi-Mission vessels for American maritime training academies under a contract with TOTE Maritime, a subsea rock installation vessel for Great Lakes Dredge & Dock Co., and Aloha-class containerships for Matson in a deal worth $1 billion. As of late 2022, the shipyard’s backlog exceeded $2 billion, the most in its history.