What Fraser Shipyards does

Fraser Shipyards, founded in 1890 in Superior, Wisconsin, operates as a full-service shipyard providing ship repair, vessel conversion, new vessel construction, and industrial steel fabrication for commercial maritime and government customers on the Great Lakes. Its 60-acre facility on Lake Superior features navigable water access, a rail spur, immediate interstate highway access, two dry docks (628' x 78' and 831' x 95'), and over 3,000 feet of dock wall, with 1.4 million pounds of steel installed in repair and maintenance in its most recent fiscal year. Core technical capabilities include ABS-certified Non-Destructive Examination (Ultrasonic, Liquid Penetrant, Magnetic Particle), heavy-duty equipment such as a new Link-Belt RTC-80130 crane, and demonstrated complex work including the 1990 hull-section removal from the Leon Fraser and the construction of the MV Niigaan Enaazhek ice-class ferry with twin Voith Schneider Propellers. Subsidiaries extend the platform: Lake Assault Boats LLC manufactures Force Protection-Medium patrol boats under a U.S. Navy contract for up to 119 vessels at a $56 million ceiling, while Northern Engineering Company LLC provides portable and on-site machining services.

The business operates three primary revenue streams: professional services for ship repair, maintenance, conversion, and winter lay-up; hardware sales through new vessel construction and the Lake Assault Boats defense product line; and project-based industrial steel fabrication for customers in mining, utilities, refining, and bulk handling. Go-to-market is direct enterprise field sales with a 24/7 operations posture, serving recurring commercial customers such as Interlake Steamship and the Great Lakes Dry Bulk Fleet, alongside federal customers including the U.S. Navy, U.S. Coast Guard, U.S. Army Corps of Engineers, and NOAA. Pricing is quote-based and project-specific with no public rates disclosed.

Since June 2021 the company has been owned by Infrastructure Acquisition Partners LLC, a joint venture between Cleaves Invest AS (Oslo) and Foundry Mountain Infrastructure Partners LLC (Chicago), which acquired Fraser Industries LLC from Capstan Corporation. Patrick Kelly serves as CEO. HUBZone certification (2020), ABS Recognized External Specialist status, and OSHA 10/30, eRailsafe, and MSHA credentials underpin federal contract access, while an April 2024 bond financing and 2026 MARAD Small Shipyard Grant support ongoing capital expansion.

Name

Fraser Shipyards

Legal name

Fraser Industries LLC

Website

https://frasershipyards.com

Company type

Private

Founded year

1890

Operating status

Operating

Headcount range

11–50 employees

Short description

Fraser Shipyards is a full-service Great Lakes shipyard in Superior, Wisconsin, providing ship repair, conversion, new vessel construction, and industrial steel fabrication to commercial fleets and federal agencies, with subsidiaries producing patrol boats and portable machining services.

Ownership category

akta.pro rank

Product category

Ship Repair and Marine Construction Services

NAICS

Ship Building and Repairing (336611), Boat Building (336612)

SIC

Ship & Boat Building & Repairing (3730)

akta.pro primary industry

Dry Docking & Dockyard Operations (Graving/Floating Docks, Docking Services) (TLAHAMAA)

akta.pro secondary industries

Hull, Structure & Steelwork Repair (TLAKAKAE), Mechanical Systems Repair (Engines, Propulsion, Pumps) (TLAKAKAF), Barge & Coastal Freighter Shipbuilding (IMAJAAAK), Dry Docks & Floating Docks (Graving, Floating, Syncrolift) (IMAJALAA), Heavy Lifting & Material Handling Infrastructure (Goliath Cranes, Jib Cranes, Hoists) (IMAJALAD)

Keywords

• Ship repair services
• Vessel construction
• Marine dry docking
• Industrial steel fabrication
• Shipbuilding services

Headquarters

HQ city

Superior

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Ship Repair and Maintenance: Vessel maintenance, repairs, and winter lay-up services for commercial ships on the Great Lakes
2. Ship Conversion and Modernization: Converting vessels including flatbacks to self-unloaders, vessel lengthening, boiler replacement, and bow thruster installation
3. New Vessel Construction: Design and construction of new vessels including the Niigaan Enaazhek ice-breaking ferry and patrol boats
4. Industrial Steel Fabrication: Specialty tanks, stacks, steel fabrication for industrial customers
5. Patrol Boat Manufacturing (via Lake Assault Boats): Force Protection-Medium patrol boats for U.S. Navy with contract value up to $56 million for up to 119 vessels

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Fraser Shipyards provides full-service ship repair, maintenance, and new vessel construction from a 60-acre shipyard facility in Superior, Wisconsin, with two large graving dry docks. The company serves Great Lakes and inland waterway commercial fleets, U.S. Navy and Coast Guard vessels, and industrial customers, offering ship conversion/modernization, industrial steel fabrication, winter lay-up services, and emergency repair with mobile crews.

Product overview

Fraser Shipyards operates as a full-service shipyard offering a comprehensive portfolio of maritime services built around ship repair, maintenance, new vessel construction, and industrial fabrication. The core offering centers on two dry docks capable of handling vessels up to 831 feet, supported by shipbuilding and barge construction capabilities, ship conversion and modernization services, and industrial steel fabrication for industrial customers. The company also maintains two sub-brands: Lake Assault Boats (producing patrol, fire, and rescue craft including the FP-M patrol boats for the U.S. Navy) and Northern Engineering (providing portable and on-site machining services). Additional services include Coast Guard certifications, marine surveys, Non-Destructive Examination (NDE), emergency repair, and winter lay-up work. The 60-acre facility on Lake Superior operates 24/7 to serve Great Lakes maritime fleets.

Differentiator

Problem solved

Functional benefit

Brands

• Lake Assault Boats: Manufacturer of patrol, fire, and rescue craft, including Force Protection-Medium patrol boats for the U.S. Navy.
• Northern Engineering

Products and services

• Ship Repair & Maintenance Services Full-service ship repair and maintenance for Great Lakes freighters, barges, tugboats, and other commercial vessels, including dry-docking, hull repair, mechanical work, and routine maintenance.
• New Vessel Construction Custom new-build construction of vessels including self-unloading bulk carriers, barges, and other commercial maritime craft for Great Lakes and inland waterway operators.
• Ship Conversion & Modernization Mid-life conversion and modernization services including repowering, lengthening, propulsion upgrades (e.g., Voith Schneider propeller conversions), and equipment retrofits to extend vessel service life.
• Industrial Steel Fabrication Heavy industrial steel fabrication for the Great Lakes industrial base, producing large fabrications for mining, paper mills, refineries, and other heavy industries.
• Winter Lay-up Services Secure winter storage, maintenance, and inspection services for commercial vessels during the winter navigation shutdown on the Great Lakes.
• Lake Assault Boats - FP-M Patrol Craft Production of FP-M patrol boats for the U.S. Navy, building on prior contracts for the Littoral Combat Ship (LCS) mine-detection mission package program.
• Northern Engineering Portable Machining

Quantifiable outcome

• 150+ skilled workers available 24/7 for marine industry demands
• +1 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core, major and minor.

• Beausoleil First NationcoreStrategic or Co-development Partner · 19 September 2025Owner and operator of the MV Niigaan Enaazhek ice-breaking ferry constructed by Fraser Shipyards. The ferry provides year-round service between Christian Island and mainland Ontario, conducting 12 daily round trips.
• Voith TurbomajorTechnology or Integration · 19 September 2025Provided Voith Schneider Propeller (VSP) systems for the Niigaan Enaazhek ferry. The VSP provides accurate maneuverability and control with rapid thrust adjustments in any direction, critical for ferry operations and Ice Class 1A rating.
• Lake Superior CollegeminorStrategic or Co-development Partner · 31 October 2024Educational partnership providing welding camp students tours of Fraser Shipyards and Lake Assault Boats facilities with hands-on welding opportunities.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Bollinger Shipyards: Large U.S. shipbuilder with multiple Gulf Coast yards producing patrol boats, cutters, and offshore vessels for the Coast Guard and Navy - direct competitor on small craft federal contracts.
• Huntington Ingalls Industries (HII): Largest U.S. military shipbuilder (Ingalls, Newport News) with deep Navy contracting relationships; a potential prime competitor or subcontractor for Fraser's federal portfolio.
• Fincantieri Marine Group: U.S. arm of Italian shipbuilding major Fincantieri, operating multiple yards including Bay Shipbuilding. Larger, better-capitalized competitor for federal and commercial work across both coasts.
• General Dynamics NASSCO: Major U.S. shipbuilder on the West Coast building auxiliary and commercial vessels for the Navy and Jones Act trade - competes with Fraser for federal newbuild dollars via much larger scale and yard capacity.
• VT Halter Marine (Vigor Marine): Multi-yard U.S. shipbuilder producing naval auxiliaries, offshore support vessels, and government ships - competes with Fraser for federal newbuild and conversion work.

Emerging players

• SAFE Boats International: Patrol boat builder serving federal, state, and municipal law enforcement and military customers - competes with Fraser's Lake Assault Boats subsidiary for similar small craft federal programs.

Direct peers

• Bay Shipbuilding (Fincantieri Marine Group): Fincantieri-owned full-service shipyard in Sturgeon Bay, Wisconsin - the largest Great Lakes competitor, providing new vessel construction, major conversions, and repair services for the same commercial and government customer base.
• Erie Shipbuilding (Donjon Shipbuilding & Repair): Great Lakes ship repair and conversion yard on Lake Erie competing directly for dry-docking, hull repair, and conversion work from the same Interlake Steamship, Central Marine, and other regional fleet customers.
• Great Lakes Shipyard: Cleveland-based shipyard operating on Lake Erie with tug and barge newbuild capability plus ship repair services - the closest geographic competitor for Great Lakes commercial repair and newbuild contracts.

Regional players

• Conrad Shipyard: Louisiana-based shipbuilder producing patrol boats, barges, and steel vessels for the U.S. government - a regional competitor on Gulf Coast federal small craft work that does not overlap Fraser's Great Lakes geography directly.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fraser Shipyards