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Building the Future Philly Shipyard ASA ( OSE : PHLY ) Q1 2021 Results 5 May 2021 ✓ Key Events and Highlights ✓ Received order for two additional NSMVs with total contract value of approximately USD 600 million , bringing the order intake for the NSMV program to greater than USD 1.2 billion Awarded industry design study contract for the U.S. Navy's Cable Ship T - ARC ( X ) replacement program ✓ Selected for repair and maintenance work on the USNS Charlton , a large roll - on / roll - off ship for the U.S. Navy's Military Sealift Command ( MSC ) Order backlog of USD 1,171.1 million on 31 March 2021 with last delivery in 2024 ✓ Total cash and cash equivalents of USD 216.5 million at 31 March 2021 , excluding USD 34.4 million of restricted cash F4 Philly Shipyard ✓ First quarter 2021 operating revenues of USD 20.7 million , compared to USD 7.5 million in the same period in 2020 Operations Shipbuilding First quarter 2021 negative EBITDA of USD 4.8 million , compared to negative EBITDA of USD 5.8 million in the same period in 2020 Philly Shipyard and its team continue to advance the engineering , procurement and planning work on the National Security Multi - Mission Vessel ( NSMV ) program in accordance with plan . Following the steel cutting ceremony for NSMV 1 in December 2020 , Philly Shipyard commenced production of pilot blocks for NSMV 1 in January 2021 and NSMV 2 in March 2021. Philly Shipyard started full production of NSMV 1 in April 2021 and targets to start full production of NSMV 2 in late 2021. Pre - production activities on NSMVs 3 and 4 are underway . Recruiting efforts are ongoing to mobilize and ramp up the workforce in time to support this work . Related to this process , Philly Shipyard has restarted its apprenticeship program and reopened its training facility . Maintenance , Repair , Overhaul and Conversion ( MROC ) Philly Shipyard commenced repair and maintenance work on the USNS Charlton , its third drydocking contract for a U.S. Government ship , at the end of March 2021. It is expected this project will require approximately 150 workers and last for five months . The Charlton contract was awarded by Patriot Contract Services as ship manager for the U.S. Navy's Military Sealift Command ( MSC ) . Philly Shipyard will opportunistically pursue other drydocking contracts to follow the completion of work on the USNS Charlton to utilize any available capacity in its graving docks . Industry Design Studies Philly Shipyard continues to work on industry design studies supporting the U.S. Navy's Common Hull Auxiliary Multi - Mission Platform ( CHAMP ) program , the U.S. Coast Guard's Offshore Patrol Cutter ( OPC ) program , and the U.S. Navy's Auxiliary General Ocean Surveillance ( T - AGOS ( X ) ) program . This quarter , Philly Shipyard began work on industry design studies supporting a fourth government shipbuilding program , the U.S. Navy's Cable Ship T - ARC ( X ) replacement program . Page 1 of 11 Health , Safety , Security and Environment ( HSSE ) Philly Shipyard's 12 - month trailing average for its Lost Time Incident Frequency Rate ( LTIFR ) , based on lost time incidents ( LTI ) per 200,000 hours as defined by the Occupational Safety and Health Administration ( OSHA ) , was zero at the end of both Q1 2021 and Q1 2020. The most recent LTI occurred in Q4 2018 and since then the shipyard has performed more than one million consecutive work hours without a single LTI .