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Building the Future Philly Shipyard ASA ( OSE : PHLY ) Q3 2021 and First Nine Months 2021 Results 2 November 2021 F4 Key Events and Highlights ✓ Continued progress on the NSMV new build program ✓ Completed the USNS Charlton repair and maintenance project on time and on budget ✓ Order backlog of USD 1,093.7 million on 30 September 2021 with last delivery in 2024 Total cash and cash equivalents of USD 296.6 million at 30 September 2021 , excluding USD 44.5 million of restricted cash Philly Shipyard ✓ Third quarter and first nine months 2021 operating revenues of USD 70.3 million and USD 123.8 million , respectively , compared to USD 13.9 million and USD 46.5 million in the same periods in 2020 Operations Shipbuilding Third quarter and first nine months 2021 net loss of USD 1.0 million and USD 10.5 million , respectively , compared to net loss of USD 6.0 million and net income of USD 2.3 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 . All major equipment purchases have been made and all steel has been received for NSMV 1. Philly Shipyard targets keel laying of NSMV 1 and full production start of NSMV 2 in late 2021. Pre - production activities on NSMVS 3 and 4 are ongoing . As of 30 September 2021 , Philly Shipyard's workforce consisted of 686 people . As production on the NSMV program ramps up , Philly Shipyard will continue to increase its workforce . Maintenance , Repair , Overhaul and Conversion ( MROC ) In mid - September , Philly Shipyard completed repair and maintenance ( R & M ) work on the USNS Charlton . The delivery of the USNS Charlton was on time and on budget . 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 concluded in August 2021 . 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 Q3 2021 and Q3 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 1.4 million consecutive work hours without a single LTI . Philly Shipyard's 12 - month trailing average for its Other Recordable Incident Frequency Rate ( ORIFR ) was 2.17 at the end of Q3 2021 compared to 2.44 at the end of Q3 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 . Page 1 of 12 COVID - 19 Notwithstanding the COVID - 19 pandemic , operations are continuing and ongoing projects are moving forward . As the COVID - 19 pandemic evolves around the world , Philly Shipyard continues to take measures to mitigate the risk for operational disruptions .