Philly Shipyard Highlights Growth Amid Financial Challenges

Philly Shipyard ASA (AKRRF) has released an update.

Philly Shipyard ASA reported a significant increase in its order backlog, reaching USD 1,408.0 million by September 30, 2024, despite facing challenges from the COVID-19 pandemic and federal mandates affecting workforce ramp-up and project timelines. The company marked key milestones, including the delivery of the second National Security Multi-Mission Vessel and the commencement of construction on Matson’s containership. However, Philly Shipyard continues to experience financial difficulties, with a net loss of USD 47.0 million for Q3 2024, largely due to increased costs and project delays.

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