Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = Hanwha Group is entering the US shipbuilding industry with the acquisition of a shipyard in the US. The acquisition will provide Hanwha with a bridgehead to enter the U.S. merchant marine and defense markets.

Hanwha Group announced on Nov. 20 that it has signed an agreement to acquire a 100% stake in the Philly Shipyard located in Philadelphia, US.

Hanwha Systems and Hanwha Ocean participated in the acquisition. The acquisition is valued at USD 100 million(approximately KRW 138 billion).

Philly Shipyard, which Hanwha Group is acquiring, is a U.S.-based subsidiary of Norwegian oil, gas, and renewable energy specialist Aker. It specializes in building merchant vessels that operate off the coast of the United States under the Jones Act.

Hanwha Systems' strategy is to rapidly expand its market from merchant ships to specialty ships such as unmanned surface vessels and warships.

Hanwha Ocean plans to diversify its revenue by securing overseas production bases. Hanwha Ocean’s world-class eco-friendly ship technology, smart ship technology, and smart yard technology will be effectively integrated into the Philly shipyard, transforming it into a shipyard with strong technological and cost competitiveness in North America.

By Soon-ki Lee(s8789@nspna.com) and Jeonghwa Choi(choijh@nspna.com)

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