Former Philly Shipyard owner winds down with loss after asset sale

Norwegian holding company Philly Shipyard has reported a net loss for the first half of 2025 as it proceeds with its liquidation following the sale of its primary operating subsidiary. The company, which has now ceased trading, made significant dividend payments to shareholders during the period as it moves towards a planned delisting from the Euronext Expand exchange.

The company recorded $0 in operating revenue for the six months ending June 30, as its operations have ceased. This resulted in a net loss after tax of $0.6 million, a significant improvement from the $17 million loss reported for the first half of 2024. The prior-year loss was primarily driven by a $16.7 million loss from discontinued operations related to the sale of its US subsidiary to Hanwha Ocean. The current period's loss is mainly attributable to operating expenses of $1.2 million, partially offset by interest income.

The first half of the year was marked by significant distributions to shareholders, with two dividends paid out totalling $84 million. This reduced the company's cash and cash equivalents to $1.9 million from $88 million at the end of 2024.

Looking ahead, the company's shares are scheduled to be delisted from Euronext Expand on September 10, 2025. Following the delisting, Philly Shipyard will be converted into a private limited liability company and will continue to exist until the conclusion of a four-year escrow period related to the sale of its subsidiary. An escrow account holding $10.1 million has been established to cover potential liabilities from the sale agreement.