Financing RiskSubstantial remaining funding needs for vessel purchase, refinancing of existing notes, and working capital could force large equity issuance or expensive debt, increasing dilution and execution risk.
Operational Cost And Cash BurnReported net losses driven by elevated operating expenses and a heavily contracted workforce ahead of production highlight ongoing cash burn and raise concerns about earnings sustainability until steady revenues begin.
Regulatory And Litigation RiskEnvironmental groups continue to challenge regulatory approvals and the corrosion protection waiver, creating the potential for additional injunctions or delays that could stall production plans.