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Philly Shipyard and Avalotis Industrial Services have finalized an agreement for the transfer of operations of PSI's Prime Plate Facility effective February 1, 2023. AIS will now fully operate this steel blasting and priming facility, catering to PSI's plate priming needs for shipbuilding and fabrication. This strategic move allows Philly Shipyard to focus on shipbuilding operations while achieving cost savings. Avalotis plans to not only service PSI but also offer its plate priming services to third-party clients. Both companies highlight the partnership as mutually beneficial for expanding their services.
Philly Shipyard announced a significant contract with Matson Navigation Company worth approximately USD 1 billion for constructing three Aloha Class LNG-fueled containerships. This award increases the shipyard's backlog to a record high exceeding USD 2 billion, ensuring visibility through 2027. The new vessels will support Matson's sustainability goals while enhancing capacity and speed. This marks a continued partnership as Philly Shipyard has previously delivered several ships to Matson between 2003 and 2019.
Philly Shipyard and Avalotis Industrial Services have signed a term sheet to transfer operations of PSI's Prime Plate Facility, enhancing efficiencies in steel surface preparation for shipbuilding. The deal allows PSI to focus on its core operations, including a backlog of six ships, while AIS assumes control of plate priming and seeks additional clients. The agreement is subject to a definitive contract within 90 days and necessary approvals. This collaboration aims to reduce overhead costs for PSI and create new business opportunities for AIS along the Eastern seaboard.
Philly Shipyard, Inc. announced the authorization from the U.S. Department of Transportation for the construction of the fifth National Security Multi-Mission Vessel (NSMV) for TOTE Services, valued at approximately USD 300 million. This order is part of a contract allowing the construction of up to five NSMVs, totaling around USD 1.5 billion. Construction of NSMV 5 is expected to start in 2023, with delivery set for 2026, as part of efforts to enhance U.S. maritime training capabilities.