Philly Shipyard Exploring Collaboration Opportunities with Hyundai Heavy Industries

U.S. shipbuilder Philly Shipyard announced it has signed a memorandum of understanding (MOU) with the world's largest shipbuilding group, South Korea's HD Hyundai Heavy Industries (HHI), to explore a potential business relationship relating to future U.S. government shipbuilding projects as well as maintenance, repair and overhaul (MRO) projects.

The MOU was signed during a visit from HHI to Philly Shipyard on April 12, 2024 and was attended by officials from both companies, including Dr. Won ho Joo, Chief Executive of Naval and Special Ship Business Unit of HHI, and Mr. Steinar Nerbovik, President & CEO, Mr. Dean Grabelle, Senior Vice President & General Counsel, and Mr. Thomas Grunwald, Senior Vice President, of Philly Shipyard.

Steinar Nerbovik, President & CEO of Philly Shipyard, said, “Philly Shipyard and HD Hyundai have a long and gratifying history of working together, and we are honored by the idea of future cooperation with HHI on opportunities for U.S. government shipbuilding projects.”

“We look forward to further growing HHI’s presence in the global defense market through collaboration with US companies in government and military vessels building and MRO business,” said Dr. Won ho Joo, Chief Executive of Naval and Special Ship Business Unit of HHI.

Philly Shipyard previously partnered with HD Hyundai for design and procurement support during construction of 22 commercial product tankers from 2005 to 2017.