Philly Shipyard Wins USD 1 Billion Contract to Build Three Aloha Class LNG-Fueled Containerships for Matson
Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (XOAX:PHLY), today announced it has been selected by Matson Navigation Company, Inc. (Matson), a leading provider of ocean transportation and logistics services, to construct three Aloha Class LNG-fueled containerships. The award is valued at approximately USD 1 billion. The vessels are contracted for delivery in 2026 and 2027 and will not require external financing by PSI
New orders will increase shipyard's backlog to a record high exceeding USD 2 billion
PHILADELPHIA, PA / ACCESSWIRE / November 2, 2022 /Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (XOAX:PHLY), today announced it has been selected by Matson Navigation Company, Inc. (Matson), a leading provider of ocean transportation and logistics services, to construct three Aloha Class LNG-fueled containerships. The award is valued at approximately USD 1 billion. The vessels are contracted for delivery in 2026 and 2027 and will not require external financing by PSI.
"Winning this order creates historic backlog for Philly Shipyard, as well as great visibility through 2027 for its shareholders and other stakeholders," said Kristian Rokke, chairman of the board of Philly Shipyard ASA. "Long term, it also supports the yard's vision to deliver quality vessels, while pivoting between commercial and government contracts."
The contract award further bolsters Philly Shipyard's current order backlog, consisting of five National Security Multi-Mission Vessels (NSMVs) for Tote Services LLC and one Subsea Rock Installation Vessel (SRIV) for Great Lakes Dredge & Dock Company, LLC. With the three containership contract from Matson, Philly Shipyard's order book is now the largest in its 25 year history at over USD 2 billion.
