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Building the Future Philly Shipyard ASA ( OSE : PHLY ) Q2 2021 and Half - Year 2021 Results 13 July 2021 ✓ Key Events and Highlights ✓ Continued progress on the NSMV new build program and the USNS Charlton repair and maintenance project F4 Philly Shipyard Reinstated the shipyard's apprenticeship program and reopened its training academy facility Order backlog of USD 1,149.5 million on 30 June 2021 with last delivery in 2024 Total cash and cash equivalents of USD 295.9 million at 30 June 2021 , excluding USD 39.5 million of restricted cash ✓ Second quarter and first half 2021 operating revenues and other income of USD 32.8 million and USD 53.5 million , respectively , compared to USD 25.0 million and USD 32.5 million in the same periods in 2020 Operations Shipbuilding ✓ Second quarter and first half 2021 net loss of USD 4.3 million and USD 9.5 million , respectively , compared to net income of USD 0.8 million and USD 8.2 million in the same periods in 2020 Philly Shipyard continues to advance the engineering , procurement and planning work on the National Security Multi - Mission Vessel ( NSMV ) program . Philly Shipyard completed production of pilot blocks for NSMVs 1 and 2. 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 ongoing . Philly Shipyard continues to mobilize and ramp up its workforce in time to support the NSMV project . Related to this process , Philly Shipyard welcomed its first class of apprentices since the last class graduated in early 2018 . In April 2021 , Philly Shipyard received a USD 720 thousand grant from the U.S. Department of Transportation's Maritime Administration ( MARAD ) to support its apprenticeship program . Maintenance , Repair , Overhaul and Conversion ( MROC ) Philly Shipyard continues to perform repair and maintenance work on the USNS Charlton . This project , including growth work , is approximately fifty percent ( 50 % ) complete with planned delivery in September 2021 . Industry Design Studies Philly Shipyard continues to work on industry design studies supporting the U.S. Coast Guard's Offshore Patrol Cutter ( OPC ) program and the U.S. Navy's Cable Ship T - ARC ( X ) replacement program . The industry design study for the U.S. Navy's Common Hull Auxiliary Multi - Mission Platform ( CHAMP ) program is winding down and the industry design study for the U.S. Navy's Auxiliary General Ocean Surveillance ( T - AGOS ( X ) ) program was recently completed . Health , Safety , Security and Environment ( HSSE ) Philly Shipyard's 12 - month trailing average for its Lost Time Incident Frequency Rate ( LTIFR ) was zero at the end of both Q2 2021 and Q2 2020. LTIFR is based on lost time incidents ( LTI ) per 200,000 hours as defined by the Occupational Safety and Health Administration ( OSHA ) . The most recent LTI occurred in Q4 2018 and since then the shipyard has performed more than 1.2 million consecutive work hours without a single LTI . Page 1 of 13 Philly Shipyard's 12 - month trailing average for its Other Recordable Incident Frequency Rate ( ORIFR ) was 2.08 at the end of Q2 2021 compared to 3.29 at the end of Q2 2020. ORIFR is based on recordable incidents other than LTIs per 200,000 hours as defined by OSHA . Philly Shipyard continues to work proactively to further improve safety and reduce the number of incidents at the shipyard .