NEWS

PHILADELPHIA–(BUSINESS WIRE)–Philly Shipyard, Inc., the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), has been awarded a contract for the construction of up to five (5) National Security Multi-Mission Vessels (NSMV) from TOTE Services, LLC (TOTE), an industry leader in ship management, marine operations and vessel services. TOTE was selected by the U.S. Department of Transportation’s Maritime Administration (MARAD) as the vessel construction manager for the NSMV program in May 2019. TOTE placed an initial order with Philly Shipyard for the first two vessels (NSMVs 1 and 2), with deliveries in Spring and Winter 2023, and retains options for the next three vessels (NSMVs 3, 4 and 5).

The initial award is valued at approximately USD 630 million and supports non-recurring engineering and detail design of the NSMV class as well as procurement of equipment and materials and construction of the first two ships. If all five ships are ordered and built in series, then the total contract value of the 5-ship program would be approximately USD 1.5 billion.

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