The first vessel is expected for delivery in 2026

PHILADELPHIA, PA / ACCESSWIRE / September 30, 2024 / Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo:PHLY), today began construction on the first of three Aloha Class LNG-fueled containerships to be built for Matson Navigation Company, Inc. (Matson). Also referred to as a "steel cutting" ceremony, the event memorializes the beginning of a ship's life as the first cut is made on the first plate on the shipyard's state-of-the-art plasma cutter. Representatives from Philly Shipyard and Matson gathered for short remarks before Regis Burkhardt, Matson Site Team Manager, pushed the button to officially begin production.

"Today we celebrate not only the beginning of production, but also the return of Matson to Philly Shipyard for our third project together," said Steinar Nerbovik, Philly Shipyard's President and CEO. "We are thrilled to build these next vessels which are expected to help Matson achieve its 2030 greenhouse gas emissions goal, an initiative well-aligned with our commitment to people and planet."

The contract for the vessels was originally signed in 2022 with an approximate valuation of USD 1 billon, and with deliveries expected in 2026 and 2027. PSI previously partnered with Matson delivering four containerships between 2003 and 2006 and two more containerships, also known as the Aloha Class, in 2018 and 2019.

Measuring 854 feet (260 meters) long, the three new Aloha Class vessels will match the length of the two existing Aloha Class ships, currently the largest Jones Act containerships ever constructed. The 3,600 TEU vessels are capable of carrying a variety of container sizes and operating at speeds in excess of 23 knots. The vessels will operate on either conventional marine fuels or liquefied natural gas (LNG) and will incorporate other "green ship technology", supporting Matson's goal to reduce greenhouse gas emissions.

"Our existing Aloha Class ships are among the fastest, most efficient vessels in the Matson fleet," said Matt Cox, Matson's Chairman and Chief Executive Officer. "And like their sisterships, these three new vessels will help Matson achieve its 2030 greenhouse gas emissions reduction goal while also providing additional capacity and speed benefitting our Hawaii service as well as the CLX."

The contract award, at time of signing, further bolstered Philly Shipyard's order backlog to nine vessels. This backlog now consists of seven vessels, including three National Security Multi-Mission Vessels (NSMVs) for TOTE Services LLC. The first two NSMVs have been delivered, with NSMV II as recently as last week. Additionally, one Subsea Rock Installation Vessel (SRIV) for Great Lakes Dredge & Dock Company, LLC is under construction.

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About Philly Shipyard

Philly Shipyard, Inc. (PSI) is a leading U.S. shipbuilder that is presently pursuing a mix of commercial and government work. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as a preferred provider of oceangoing merchant vessels with a track record of delivering quality ships, having delivered around 50% of all large ocean-going Jones Act commercial ships since 2000. PSI is the sole operating subsidiary of Philly Shipyard ASA. Philly Shipyard ASA is listed on the Euronext Expand Oslo (Oslo: PHLY) 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.

For more information about Philly Shipyard, please visit www.phillyshipyard.com.

Contact:

Qurana Moody
+1 215 875 8863
Qurana.Moody@phillyshipyard.com

SOURCE: Philly Shipyard ASA