 By 2016, the company employed about 350 people and had annual revenue of between $40 and $50 million.In July 2016, Horizon was one of two shipbuilders awarded a contract to construct new passenger ferries for the NYC Ferry service in New York City.However, during the construction of the vessels, Horizon encountered cash flow challenges and began to fall behind schedule, leading it to employ contract workers that exacerbated its financial difficulties.