Oslo-listed Philly Shipyard has remained idle in the second quarter as it seeks new orders.

The yard handed over the second of two containerships constructed for Matson at the end of March and has executed vast cuts to its workforce until fresh contracts are secured.

The facility employed around 1,200 people at the beginning of last year, but is down to a skeleton staff of about 80 people now.

Cost-saving initiatives have been put in place, and it expects to maintain a cash burn rate of between $1.5m