Philly Shipyard ASA (Philly Shipyard), formerly Aker Philadelphia Shipyard, is a holding company. The Company and its subsidiaries provide commercial shipyard constructing vessels for operation in the Jones Act market. The Company operates through building vessels for the United States Jones Act market segment. Philadelphia, PA is the subsidiary of the Company. The United States coastwise law, referred to as the Jones Act, requires all commercial vessels transporting merchandise between ports in the United States to be built in the United States, owned, operated and manned by the United States citizens and registered under the United States flag. The Jones Act market encompasses all water-borne transportation between the United States ports, including between the mainland United States and non-contiguous areas of Alaska, Hawaii and Puerto Rico, as well as shuttle tankers in the Gulf of Mexico.