Kvaerner to develop US yard

PUBLISHED : Wednesday, 22 October, 1997, 12:00am
UPDATED : Wednesday, 22 October, 1997, 12:00am

Kvaerner, an Anglo-Norwegian construction and shipbuilding company, says it is close to making an agreement to develop a former US naval shipyard in Philadelphia.

Under the proposed agreement, the Commonwealth of Philadelphia, the Philadelphia Industrial Development Corp, the Delaware Port Authority and others will spend more than US$400 million on the yard, which will be renamed Kaverner Philadelphia Shipyard.

Kvaerner would invest about $45 million in infrastructure in the next five years and would provide ship designs and software, the company said. It also would buy the first three ships built at the yard for about $80 million, and offer them for sale.