Philly Shipyard ASA refer to the shipbuilding contract for the Subsea Rock Installation Vessel ("SRIV") program between its subsidiary, Philly Shipyard, Inc. ("PSI") and Great Lakes Dredge & Dock Company, LLC ("GLDD"), which was awarded in November 2021.
GLDD has filed a complaint and motion against PSI seeking injunctive relief with respect to certain actions related to the project execution plan for the construction of the SRIV.
PSI continues production activities on the SRIV, NSMVs 3, 4 and 5 and CV 1.
The company continues to expect that the transaction with Hanwha regarding the purchase of PSI will close during Q4 2024.
Philly Shipyard, Inc. (PSI) is a leading U.S. shipbuilder that is presently pursuing a mix of commercial and government work. PSI is the sole operating subsidiary of Philly Shipyard ASA. Philly Shipyard ASA is listed on the Oslo Stock Exchange and is majority-owned by Aker Capital AS, which in turn is wholly-owned by Aker ASA (Aker). Aker is an industrial investment company that exercises active ownership to create value. Aker has ownership interests in oil and gas, renewable energy and green technologies, maritime assets, marine biotechnology and industrial software, and its portfolio includes companies like Aker BP, Aker Horizons, Aker BioMarine, Cognite, and Aker Solutions.