Philly Shipyard and HD Hyundai sign MOU on potential business relationship

MOU was signed by Philly Shipyard president and CEO Steinar Nerbovik and HHI’s Dr. Won ho Joo

Philly Shipyard Inc., the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), and South Korea’s HD Hyundai Heavy Industries Co. Ltd. (a subsidiary of HD Hyundai Group, have signed a memorandum of understanding (MOU) to explore a potential business relationship relating to future U.S. government shipbuilding projects as well as maintenance, repair and overhaul (MRO) projects.

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

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 the Naval and Special Ship Business Unit of HHI, and Philly Shipyards president and CEO Steinar Nerbovik, senior vice president and general counsel Dean Grabelle and senior vice president Thomas Grunwald,

“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,” said Nerbovik.

“We look forward to further growing HHI’s presence in the global defense market through collaboration with U.S. companies in government and military vessels building and MRO business,” said Dr. Won ho Joo.