Philly Shipyard - AGM Information 2018

Philly Shipyard ASA : Annual General Meeting Information and Annual Report

The shareholders in Philly Shipyard ASA are invited to attend the annual general

meeting (AGM) to be held on Thursday April 5, 2018 at 12:00h (CET) at

Advokatfirmaet BAHR AS, Tjuvholmen allé 16, 0252 Oslo, Norway.

Please find attached the following documents:

1. AGM documents, which includes the AGM notice, attendance form, proposed

resolutions, nomination committee recommendations, and guidelines for

remuneration to executive management.

2. The 2017 Annual Report for Philly Shipyard ASA

The company's 2017 Annual Report shows net income for 2017 of USD 67.2 million.

In comparison, the company's Q4 2017 Report showed a preliminary net income for

2017 of USD 68.0 million. The reduction of net income for 2017 is due to

recognition of deferred transaction cost of USD 0.8 million (net of tax effect)

in the company's equity-accounted investment in Philly Tankers.

The attachments, as well as the registration link, will also be made available

on the company's webpage, www.phillyshipyard.com.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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