Phly har kontrakt om bygging av en serie med skip fra TOTE. TOTE har en opsjon på å få bygget en NSMV til, dvs skip nr 5 i en serie. Kontrakten er på usd 300 mill og hvis TOTE bruker opsjonen, skal skipet leveres i 2025. Dette skipet er nå godkjent i USA budsjettene og venter kun på signaturen til Presidenten. Men summen som er godkjent i budsjettene er på usd 380.600.000, se teksten hentet fra side 1669-1670 på linken under:

"$380,600,000, to remain available until expended, shall be for the National Security Multi-Mission Vessel Program, including funds for construction, planning, administration, and design of school ships"

https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-117HR2471SA-RCP-117-35.pdf

Phly har en del klausuler med TOTE rundt byggingen av skipene. Er det godkjent usd 80.600.000 ekstra til Phly for betaling på de ekstra kostnadene i følge klausulene i kontraktene på NSMV skipene? Dette vil da være en massiv ekstra betaling til Phly, som reduserer risikoen i byggingen av denne serien betraktelig, som markedet har vært litt bekymret for. Det er jo grunnen til at Phly har disse klausulene, redusere verftet sin egen risiko..

Disse 3 avsnittene er hentet fra Q4 2021 rapporten

"The steel cost escalation risk is reduced by price adjustment clauses, with coverage for steel plates under the NSMV contract and all structural steel under the SRIV contract"

"The Company is exposed to changes in prices of steel and other materials and duties, tariffs and other taxes imposed on goods imported from foreign (non-U.S.) countries. PSI attempts to mitigate its exposure with respect to steel and other material cost escalation and increased taxes on imported goods by attempting to pass these risks on to its end customers. The NSMV and SRIV contracts include price adjustment clauses for steel plates and all structural steel, respectively"

"The Company is subject to exchange rate risk for purchases made in currencies other than the U.S. dollar. In order to mitigate exposure to this risk, Philly Shipyard will look to pass this risk on to its end customers or suppliers or secure foreign exchange forward contracts for its known requirements for foreign currency. Philly Shipyard has fixed-price subcontracts in U.S. dollars for the detailed design and major equipment for the NSMV program. The SRIV contract includes an exchange rate adjustment clause for purchases made in certain foreign currencies"

Phly har også betydelig med penger på kontoene til bygging av skipene og de har kr 0 i gjeld, som er bra når rentene stiger. Fra Q4 2021 rapporten "Totalt cash ink restricted cash usd 299,5 mill. Total cash and cash equivalents of USD 255.0 million at 31 December 2021, excluding USD 44.5 million of restricted cash. Total assets were USD 437.0 million at 31 December 2021"

Order backlog of USD 1,203.2 million on 31 December 2021 with last delivery in 2024

16.11.2021 fikk Phly en ny ordre innen grønt sektoren havvind på usd 197 mill + opsjon på et fartøy til på usd 197 mill. Begge fartøyene er Jones Act-compliant. "Subsea Rock Installation Vessel"

PHLY får sannsynligvis igjen usd 15,6 mill på skatten i Q4 2022. Fra Q4 2021 rapporten "after 31 December 2017, and before 1 January 2021, to the five taxable years preceding the loss year. As the Company had qualifying taxable losses in 2018, 2019 and 2020, these losses were carried back to previous tax years and resulted in an income tax refund of USD 22.1 million at 31 December 2020. The 2018 and 2019 refund claims are currently under examination by the Internal Revenue Service (IRS). The 2018 refund of USD 6.5 million has been received and due to the backlog at the IRS the 2019 and 2020 refunds are both expected in the fourth quarter of 2022"

Outlook "Philly Shipyard has five vessels, consisting of four NSMVs and one SRIV, in its order book with a total contract value in excess of USD 1.4 billion and a final delivery in 2024. TOTE Services retains an option for the fifth NSMV. Great Lakes retains a right of first refusal for a second SRIV. If both NSMV 5 and SRIV 2 are ordered, then the total contract value would approach USD 1.9 billion and the final delivery would extend into 2025"