Philly Shipyard ASA announced it has entered into a share purchase agreement with Hanwha Systems and Hanwha Ocean of South Korea to sell the Philadelphia yard for $100 million.

“After two decades of stewardship, it is with great honor that we transition the ownership from Aker to Hanwha,” said Kristian Røkke, Chairman of Philly Shipyard ASA. “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 with the people of Philly Shipyard and eagerly anticipate witnessing the shipyard’s continued growth and success in the future.”

Norwegian investment firm Aker ASA acquired Philly Shipyard in 2005. Korean industrial conglomerate Hanwha acquired Daewoo Shipbuilding & Marine Engineering in 2023 and renamed the group Hanwha Ocean.

According to a statement from Philly Shipyard, “the Transaction is subject to the satisfaction of certain customary conditions, including approval by CFIUS (Committee of Foreign Investments in the US) and other regulatory approvals being obtained as well as no material adverse event having occurred in relation to PSI. Subject to satisfaction of all closing conditions, the parties expect that the Transaction will close during Q4 2024.”

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