Philly Shipyard has boosted its net income for the third quarter as it explores new shipbuilding areas.
The Oslo-listed company reported net income of $12m, compared to $5.5m in the corresponding quarter of 2015.
It came on lower revenue of $23.7m versus $85.8m a year earlier.
Philly explained that no revenue was recognized in the quarter on the four Philly Tankers vessels.
With orders from Philly Tankers and Matson, the company will be busy until at least the first quarter of 2019.
Its order backlog as of 30 September stood at $921m.
Philly added it continues to explore new construction projects in other areas of the Jones Act market, such as shuttle tankers, short-sea ships and offshore vessels.
Following its latest performance, the shipyard’s board approved a dividend of $0.25 per share, totalling $3m.
