Company: Kvaerner Parent Company: Aker Subsidy Source: state Location: Pennsylvania City: Philadelphia Project Description: shipyard reconstruction Year: 1997 Major Industry of Parent: diversified Specific Industry of Parent: diversified Subsidy Value: $350,000,000 Program Name: multiple Awarding Agency: multiple Type of Subsidy:
Number of Jobs or Training Slots: 1,000 Source of Data: The subsidy amount and the jobs projection came from: Nathan Gorenstein. "Shipyard Payback Pegged at 20 Years," Philadelphia Inquirer, November 27, 1997. An additional $80 million in federal aid, which is not included in the subsidy total, was reported by: Josh Goldstein, "Philadelphia Naval Shipyard to reopen with million in government money providing thousands of jobs," Philadelphia Inquirer, December 5, 1997. Notes: The state provided $182 million for reconstruction costs, with the remainder of the package earmarked mainly for job training. There was also a $30 million low-interest loan. Kvaerner, a Norwegian engineering company, was taken over in 2001 by Norwegian industrialist Kjell Inge Roekke, who renamed the facility Aker Philadelphia Shipyard. In 2011 the facility received another $42 million in state assistance (Linda Loyd, "Pa. OKs $42 million for Aker Shipyard," Philadelphia Inquirer, February 18, 2011). Overlaps with main Subsidy Tracker data: none. Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.