https://splash247.com/hanwha-strikes-100m-deal-for-philly-shipyard/

South Korean conglomerate Hanwha has finalized an agreement to acquire the Aker-controlled US shipbuilder Philly Shipyard for $100 million in cash. The sale, announced by the Oslo-listed shipyard, involves Hanwha Systems and Hanwha Ocean. This transaction, anticipated to close in the fourth quarter of this year, includes a provision that allows for a price reduction if current project costs exceed $100 million.

Hanwha's interest in acquiring Philly Shipyard has been speculated for some time, particularly as competition with HD Hyundai Heavy Industries intensifies. HD Hyundai recently signed a memorandum of understanding with Philly Shipyard for future US government shipbuilding projects, following their previous collaboration on over 20 product tankers between 2005 and 2017.Additionally, Hanwha has shown interest in Australian shipbuilder Austal, a prominent naval supplier in Australia and the US. Although an initial offer was rejected due to regulatory concerns, local reports suggest that Hanwha may attempt another bid.Philly Shipyard's backlog at the end of March was approximately $1.6 billion, with projects scheduled through 2027. This includes four national security multi-mission vessels, a Jones Act-compliant subsea rock installation vessel, and three containerships.