Paul Hastings Advises Hanwha in Acquisition of Philly Shipyard

June 24, 2024

Paul Hastings LLP is advising Hanwha Systems and Hanwha Ocean (together, “Hanwha”) in their acquisition of Philly Shipyard, Inc. (“Philly Shipyard”), a leading U.S. shipbuilder that has delivered approximately half of the large U.S. Jones Act commercial ships in the United States since 2000. 

The transaction is expected to close during the fourth quarter of 2024, subject to the satisfaction of certain customary conditions, including approval by CFIUS (Committee on Foreign Investment in the United States). The transaction is the first ever acquisition of a U.S. shipbuilder by a Korean company and is an important step in Hanwha’s strategy to expand its global defense and shipbuilding footprint.

Established in 1997, Philly Shipyard is the sole operating subsidiary of Philly Shipyard ASA, a publicly listed company controlled by Aker ASA, a Norwegian investment company with diverse holdings in energy, green technologies, and marine biotechnology. Philly Shipyard supplies around 50% of the largest U.S. commercial vessels, including tankers and container ships. In addition, Philly Shipyard constructs training vessels for the U.S. Maritime Administration (MARAD). 

Corporate partners Iksoo Kim and Alex Kaufman led the Paul Hastings team, which also included partners Scott Flicker, Jane Song, Lucas Rachuba, Dan Stellenberg, and Navi Dhillon; Of Counsel Ronald KreismannJeffrey Ii, and Carlos Torrejon; and associates David CooganApril White, Mark Cramer, Lucas Grunbaum, Connor MacLeod, Patricia Liverpool, Max Offsay, Ryan Poitras, Aaron Reuben, Lena Son, Kimia Favagehi, and Nat Brown.

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