Hanwha brings cutting-edge marine technology
and shipbuilding expertise to Philadelphia
PHILADELPHIA, June 20,
2024 /PRNewswire/ -- Hanwha Systems, a global leader
in defense electronics and IT technologies, and Hanwha Ocean, one
of the world's leading shipbuilders, today announced the acquisition of Philly
Shipyard, a leading U.S. shipbuilder that has delivered
approximately half of the large U.S. Jones Act commercial ships in
the United States since 2000.
Hanwha Systems and Hanwha Ocean will together invest $100 million to acquire Philly Shipyard, in
furtherance of their strategies to expand their global defense and
shipbuilding activities.
Philly Shipyard is a public company controlled by Aker ASA, a
Norwegian industrial investment company with ownership interests in
energy, green technologies and marine biotechnology. Philly
Shipyard produces vessels that are compliant with the Jones Act, a
federal requirement that vessels used in domestic trade be built in
U.S. shipyards. Established in 1997, Philly Shipyard supplies
around 50% of the largest commercial vessels, including tankers and
container ships. In addition, Philly Shipyard constructs training
vessels for the U.S. Maritime Administration (MARAD).
"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," said CEO of Hanwha Systems, Charlie SC EOH.
Hyek-woong KWON, CEO of Hanwha Ocean, added "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."
Hanwha Systems is one of the leading defense companies in Korea,
developing technologies for unmanned maritime systems, naval radars
and sensors for MUM-T (Manned and Unmanned Teaming) operation. With
its cutting-edge marine technology, Hanwha Systems is eager to
produce vessels in the commercial market and take advantage of
opportunities in the unmanned underwater vehicles (UUVs), Smart
Ship and unmanned surface vehicles (USV) markets. Hanwha Ocean, a
world-class shipbuilder pioneering the global marine defense
market, has a full suite of low-carbon, high-tech vessels ranging
from ammonia and LNG carriers, to destroyers, submarines and
frigates.
Hanwha Systems and Hanwha Ocean see this acquisition as part of
a long-term investment strategy to bring best practices and leading
technologies to complement existing Philly Shipyard
capabilities.
"After two decades of stewardship, it is with great honour 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. Reflecting on the past 17
years, I am personally grateful for the opportunity to have worked
side by side the people of Philly Shipyard and eagerly anticipate
witnessing the shipyard's continued growth and success in the
future," said Kristian Røkke, Chairman of Philly Shipyard ASA.
About Hanwha Systems
Hanwha Systems is the representative company of the Republic of
Korea ranging with world-class companies in various business areas
based on avionics and space, security and safety, and information
systems service. Hanwha Systems has Defense Division and ICT
Division with customer value being the top priority.
About Hanwha Ocean
Hanwha Ocean is a globally renowned maritime and shipbuilding
company with 50+ years of shipbuilding experience, including a wide
range of naval ships that include submarines, warships other naval
support vessels, as well as commercial vessels, such as LNG
Carriers and Very Large Crude Oil Carriers. Hanwha Ocean's Okpo
shipyard is the second largest and one of the most efficient
shipyards in the world.
Media Contacts
Debra
DeShong, VP/Head of Corporate Communications
us.media@hanwha.com
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SOURCE Hanwha