November 24, 2017 9:39 PM ET

Machinery

Company Overview of HHIC-Phil Inc.

Company Overview

HHIC-Phil Inc. operates as a steel shipbuilding company. The company builds large container ships, LNG carriers, tankers, and bulk carriers. It offers develops ships, including icebreakers, diving support vessels, cable ships, RO-RO vessels, reefer vessels, drilling rigs, and dredgers. The company was founded in 2006 and is based in Olongapo, the Philippines. HHIC-Phil Inc. operates as a subsidiary of Hanjin Heavy Industries & Construction Co., Ltd.

Green Beach 1

Redondo Peninsula

Sitio Agusuhin Barangay Cawag

Subic Bay Freeport Zone, Zambales

Olongapo,  2200

Philippines

Founded in 2006

Phone:

63 47 306 5100

Fax:

63 47 252 2710

Key Executives for HHIC-Phil Inc.

President
Managing Director of Shipsales Marketing Team
Managing Director
Managing Director of Shipsales Marketing Team
Managing Director of Contract Administration
Compensation as of Fiscal Year 2017.

HHIC-Phil Inc. Key Developments

Gener8 Maritime Subsidiary Inc. Enters into an Amendment Agreement with HHIC-Phil Inc

On September 26, 2017 Gener8 Maritime Subsidiary Inc. entered into an amendment agreement with HHIC-Phil Inc. related to the shipbuilding contract dated March 25, 2014 between the company and the Builder in relation to the construction by the Builder and the purchase by the company of the 300,000 dwt crude carrier with Builder’s Hull No. NTP0138 to be named “Gener8 Nestor” (the “Vessel”) and an outstanding works agreement (the “Outstanding Works Agreement”) between the company and the Builder. Under the Amendment Agreement and the Outstanding Works Agreement, the Builder is obligated to physically deliver the Vessel to the company on October 9, 2017 and, notwithstanding delivery of the Vessel, complete any outstanding works relating to the Vessel required to meet the specifications and requirements of the Building Contract. The Amendment Agreement further provides for a $19.3 million reduction in the contract price payable under the Building Contract for the Vessel, including $5.4 million in liquidated damages due to the company under the Building Contract relating to the late delivery of the Vessel by the Builder based on the delivery schedule set out in the Building Contract. As a result, the contract price for the Vessel has, in effect, been reduced from $96.4 million to $77.1 million, and the final installment due from the Company upon delivery of the Vessel by the Builder on October 9, 2017 will be reduced from $48.2 million to $29.0 million. The Outstanding Works Agreement provides that the Builder is obligated to pay additional liquidated damages at the rate of $30,000 per day for the period from October 9, 2017 to the date of actual completion of the outstanding works. If the outstanding works are not completed on or before October 23, 2017, the company has the option to complete the works on its own or using its own subcontractors at the Builder’s cost and liquidated damages will continue to be payable by the Builder during that time at the rate of $30,000 per day.

Recent Private Companies Transactions

Type
Date
Target
Private Placement
October 31, 2017
--
Merger/Acquisition
June 21, 2017
--
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