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Yes! But specifically, the company is making their best effort to get as many benefits as they can out of the project. Here you can guess that it's money and connections.

Even if project is failing, they're doing whatever they can do to salvage as much as they can.

You may have heard the terms "milk dry", "milk it for all it's worth".

"Milk dry" , "milk every last xyz" means to drain something all the way. It doesn't have to be money, though it usually is about money.
For example, "They had sex all night. She milked him dry." -> he spent all his energy on sex and doesnt have any you know what left.
"The scammer milked him dry." -> the scammer took all his money, every last penny
"The lawyer milked every last drop of pity from the judge." -> the lawyer used the judge's sympathy as much as he could

"Milk for all it's worth" means to take full advantage of something or to take something to the extreme.
"He got an internship at a big company and is milking it for all it's worth." -> He's taking full advantage of his internship, running around learning, networking, putting his all into it
"He's milking that joke as much as he can" -> He's using that joke as much as he can before it gets old


These are all idiomatic phrases that come from the original milking a cow. When farmers milk a cow, they try to get as much as they can.