New drydock represents a major company investment of upwards of $79 million

NORFOLK, VA – Oct. 3, 2025 – Colonna’s Shipyard, Inc. (CSI), the oldest continuously operating family-owned shipyard in the United States, is proud to announce the acquisition of its fourth drydock, marking a significant milestone in its long-standing commitment to supporting commercial and government customers, its dedicated workforce, and the City of Norfolk.

According to company officials, the new drydock represents a major company investment of upwards of $79 million. Drydock #4 is expected to have an approximate lifting capacity of 25,000 tons, positioning CSI to further enhance its capabilities in providing critical ship repair and maintenance services to a diverse range of maritime clients.

The project is slated for delivery in the first half of 2028, continuing Colonna’s ongoing efforts to expand and modernize its facilities to meet the growing demand for ship repair and conversion services. Over the past decade, Norfolk-based Colonna’s has invested nearly $150 million in growth and innovation capacity within its US facilities.

“This new drydock acquisition is a testament to our continued dedication to innovation, quality service, and our steadfast investment in the future,” said Randall Crutchfield, Chairman & CEO, at Colonna’s Shipyard, Inc. “The expansion of our drydock capacity will further strengthen our ability to serve both our commercial and government clients, ensuring that we can meet their ever-evolving needs with unmatched expertise and reliability. This investment is also a continued commitment to our employees and the economic vitality of Norfolk’s industrial working waterfront, which has been an integral part of our success for over a century.”

PHOTO CAPTION: A rendering of Colonna’s Shipyard’s latest investment, a new $70 million drydock currently under construction. When delivered in 2028, Drydock #4 will be 147’ ft. wide, and 725 ft. long. CSI officials describe the investment as a “generational recapitalization of an existing asset” that will continue Colonna’s capacity to work on the types and sizes of vessels the shipyard has traditionally serviced.

Comments from local elected leaders on the announcement:

“Colonna’s Shipyard has been a cornerstone of Norfolk’s economy and maritime identity for more than 145 years. This $79 million investment not only strengthens Norfolk’s position as a national leader in ship repair and innovation, but also reflects the company’s enduring commitment to our people, our port, and our future. The expansion of Colonna’s drydock capacity will create opportunity, sustain good-paying jobs, and ensure our city’s working waterfront continues to thrive for generations to come.” – Norfolk Mayor Kenneth C. Alexander, Ph.D.

“Hampton Roads is home to the most talented shipbuilders and repair specialists in the world, and investments like this drydock strengthen both our community and our national security. By expanding capacity and training the next generation of skilled workers, Colonna’s is helping ensure that our shipyards remain the foundation of American sea power for decades to come.” — Rep. Jen Kiggans (VA-02)

Recent Colonna’s Shipyard Investments – A Commitment to Growth and Innovation:

• 2016: $50M invested in real estate acquisition/development, marine infrastructure improvements and installation of a dry dock to support commercial and government ship repair.
• 2019: $17M invested to enhance capabilities in modular fabrication and heavy-duty machining.
• 2023: $13M invested to expand modular fabrication capabilities in Owensboro, KY and Norfolk, VA.
• 2025: $70M invested in marine infrastructure development to increase drydock capacity in support of commercial and government ship repair.

About Colonna’s Shipyard, Inc.

Founded in 1875, Colonna’s Shipyard, Inc. (CSI) is the oldest continuously operating private shipyard in the United States. CSI specializes in ship repair, conversion, and fabrication services for commercial and government clients. With a reputation for innovation and excellence, CSI remains a trusted leader in the maritime industry, committed to the highest standards of safety, quality, and performance. The company’s continued investment in its facilities, workforce, and community ensures its ability to meet the evolving needs of the global maritime sector. www.colonnaship.com