Philly Shipyard + Hanwha Ocean Timeline

The latest development in the Philly Shipyard, Inc. and Hanwha Ocean courtship involves the U.S. Secretary of the Navy as matchmaker.

Secretary Del Toro on his meetings in South Korea with Hanwha Ocean and other shipbuilding executives, via gCaptain: ”I was enormously gratified by the strong interest expressed by the leaders of each of these world-class shipbuilders in establishing U.S. subsidiaries and investing in shipyards in the United States.”

Philly Shipyard ("Philly") / Hanwha Ocean ("Hanwha") timeline:

- October 10, 2023 | (1) Hanwha reportedly sent an inspection team to Philly’s facilities as part of a planned acquisition of the yard. (2) Philly issued a press release stating that their policy was not to comment on rumors or speculation.

- November 10, 2023 | Hanwha issued a press release stating that they are looking at various options related to overseas business, including Philly.

- November 26, 2023 | Hanwha reportedly established a holding company in the US to acquire shipyards in North America.

- February 8, 2024 | Hanwha issues a press release reiterating that they are continuing to look at various options related to overseas business, including Philly.

- February 28, 2024 | The U.S. Secretary of the Navy meets with Hanwha Vice Chairman and CEO and other Korean shipbuilders encouraging them to invest in U.S. shipyards.

If a deal materializes, it would not be the first time these two groups have transacted. In March 2022, Philly's controlling shareholder, Aker, sold their shares in REC Silicon ASA to a Hanwha affiliate.

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Disclosure: I am a shareholder of Philly Shipyard ASA.