Hanwha Ocean reaches agreement to acquire Philadelphia Shipyard.
South Korea's Hanwha Marine has agreed to acquire the Norwegian-owned Philadelphia Shipyard in a deal valued at $100 million, pending relevant regulatory approvals, according to a statement released by the Philadelphia shipyard.
The Philadelphia Shipyard is located in the city of the same name and sits on the site of what was once a U.S. Naval facility, according to the information. Founded in 1997, the shipyard is known for building container ships and tankers and is a subsidiary of Norwegian industrial investment group Aker, whose shares are listed in Oslo. Since 2000, Philadelphia Shipyard has delivered approximately 50 per cent of the large ocean-going merchant vessels under the US Jones Act in terms of newbuildings.
Commenting on the transaction, Kristian Røkke, Chairman of Philadelphia Shipyard, said, "After 20 years of stewardship, we are very proud to transfer ownership from Aker to Hanwha. Hanwha is a recognised global leader with advanced and extensive shipbuilding experience that will help Philadelphia Shipyard achieve an even greater vision for its employees and customers".
Earlier this year, Hanwha Group attempted to acquire Australian shipbuilder Austal, including its Mobile, Alabama, shipyard, but the deal was rejected because of regulatory concerns shown.
And going back to the Philadelphia Shipbuilders deal this time around, it doesn't look like there are any concerns in that regard at this time. If approved, the deal could close in the fourth quarter of 2024. The statement reads, "The transaction is subject to certain customary conditions, including approval by the Committee on Foreign Investment in the United States (CFIUS) and other regulatory approvals, as well as the absence of material adverse events relating to Philadelphia Shipyard."
Industry insiders see this as the latest in a series of moves by South Korean shipyards to expand their interests in U.S. shipbuilding.
https://www.cnss.com.cn/html/shipbuilding/20240625/353900.html
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