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Hanwha’s Acquisition of Philly Shipyard

Hanwha Systems and Hanwha Ocean, leaders in defense electronics, shipbuilding, and marine technology, have acquired Philly Shipyard, a prominent U.S. shipbuilder known for delivering a significant portion of large commercial vessels in compliance with the Jones Act. The $100 million investment marks a strategic move to expand global defense and shipbuilding activities for Hanwha Systems and Hanwha Ocean.
Philly Shipyard, previously controlled by Aker ASA, constructs vessels that meet the strict requirements of the Jones Act, supplying a significant portion of the largest commercial vessels in the United States since its establishment in 1997. The collaboration between Hanwha Systems and Hanwha Ocean aims to leverage the advanced naval systems and cutting-edge technologies of Hanwha Systems, along with Hanwha Ocean’s extensive shipbuilding expertise, to further enhance Philly Shipyard’s capabilities and success.
With a focus on unmanned maritime systems, naval radars, UUVs, Smart Ships, and USVs, Hanwha Systems is poised to bring innovative solutions to the commercial market. Meanwhile, Hanwha Ocean, with over 50 years of shipbuilding experience and a wide range of vessels in its portfolio, is looking to continue the legacy of Philly Shipyard in meeting the evolving needs of the U.S.
“The acquisition of Philly Shipyard presents a significant opportunity for us to bring our world-class shipbuilding experience to the U.S. market and further strengthen our presence in the global marine defense industry,” stated Hyek-woong KWON, CEO of Hanwha Ocean.
Kristian Røkke, Chairman of Philly Shipyard ASA, expressed gratitude for the transition of ownership to Hanwha, recognizing the wealth of shipbuilding knowledge and experience they bring to the table. This acquisition is positioned as a long-term investment strategy to enhance Philly Shipyard’s capabilities and foster continued growth and success.
For more information about Hanwha Systems and Hanwha Ocean, visit their websites or contact Debra DeShong, VP/Head of Corporate Communications, for media inquiries.
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Source: Hanwha

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