HD Hyundai, Philly Shipyard cooperate to enter US

South Korea’s HD Hyundai Heavy Industries Co. announced on Wednesday that it has recently signed a memorandum of understanding (MOU) for design and material package supply for naval vessels and government ships maintenance (MRO) with Philly Shipyard, Inc. located in Philadelphia, Pennsylvania.

Philly Shipyard, a subsidiary of the Norwegian marine Aker ASA Group. The group specializes in offshore wind and energy. Aker ASA group was established in 1997 at the site of the Philadelphia Naval Shipyard.

Since 2003, it has constructed over 50% of large vessels in the United States subject to the Merchant Marine Act of 1920 (Jones Act), with shipbuilding and maintenance of government-operated vessels, including the military, being its core business area.

Under this agreement, HD Hyundai Heavy Industries will support Philly Shipyard, which is pursuing the expansion of US naval vessel projects, with the design and material package supply for the naval vessels and government ship maintenance.

Write to In-Sik Ha at hais@hankyung.com