Korean Hanwha acquires leading US shipbuilder

Norwegian Aker Capital AS, a wholly-owned subsidiary of Aker ASA, is the majority shareholder of Philly Shipyard.
A large ship under construction is docked at Philly Shipyard, a state-of-the-art facility located in Philadelphia, PA.

A large ship under construction is docked at Philly Shipyard, a state-of-the-art facility located in Philadelphia, PA.


Korean Hanwha Systems and Hanwha Ocean have announced the acquisition of the US shipbuilder Philly Shipyard for $100 million to expand their global defense and shipbuilding activities.

Philly Shipyard, which supplies around 50% of the largest US commercial vessels, is a public company controlled by the Norwegian industrial investment Aker ASA. It also constructs training vessels for the US Maritime Administration (MARAD).

Regarding this strategy, the CEO of Hanwha Systems Sung-Chul Eoh said: "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 US market."

In addition, the CEO of Hanwha Ocean Hyek Woong Kwon indicated: "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 US for decades to come."

Therefore, Hanwha Systems will produce low-carbon, high-tech vessels ranging from ammonia and LNG carriers to destroyers, submarines, and frigates, leveraging technologies for unmanned maritime systems, naval radars, and sensors for Manned and Unmanned Teaming (MUM-T) operations.

"After two decades of stewardship, it is with great honor that we transition the ownership from Aker to Hanwha. Recognized as a global leader, Hanwha brings a wealth of sophisticated shipbuilding experience that will enable Philly Shipyard to realize a grander vision for its employees and customers," added Kristian Røkke, Chairman of Philly Shipyard ASA.

About Aker ASA

Aker ASA is a Norwegian industrial investment company with ownership interests in oil and gas, renewable energy and green technologies, industrial software, seafood, and marine biotechnology sectors.

The company is listed on the Oslo Stock Exchange. Aker's main shareholder is Kjell Inge Røkke, who owns 68.2% of Aker through his company TRG Holding AS.

About Hanwha Ocean

Hanwha Ocean is a leading global company with extensive expertise and experience in the shipbuilding and offshore industry.

Boasting the world’s most competitive LNG carriers built with eco-friendly and highly efficient technology, the company has continuously pioneered new businesses since 1973, producing a vast range of vessels, including commercial ships, drillships, and specialty ships.

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