American shipbuilding company Philly Shipyard
South Korean group Hanwha has finalized a deal to acquire Aker-controlled US shipbuilder Philly Shipyard.
The Oslo-listed company said it was selling its business to Hanwha Systems and shipbuilder Hanwha Ocean for $100 million in cash.
Hanwha has also taken steps to purchase Australian builder Austal, which has become one of the leading marine suppliers in Australia and the United States. The initial bid was rejected over concerns about regulatory approvals, but local media suggest the South Korean shipbuilder may try again.
Philly Shipyard Chairman Christian Roque said the deal with Hanwha will enable the shipbuilder to achieve “greater visibility for its employees and customers” and that he “eagerly anticipates seeing the shipyard’s continued growth and success in the future.”
As of the end of March, Philly Shipyard had a backlog of approximately $1.6 billion with a final contractual delivery date in 2027. The order book consists of four multi-mission national security vessels, a Jones Act-compliant subsea rock installation vessel and three container vessels .
