Philly Shipyard - AGM Information 2020

PHILLY SHIPYARD ASA - Recommendation from the Nomination Committee

Reference is made to the annual general meeting of Philly Shipyard ASA to be

held on Wednesday April 22, 2020 at 12:00 (CEST). Please find attached the

recommendation from the Nomination Committee and updated Board of Directors'

proposed resolutions for the general meeting (updates for agenda items number

7, 8, 10 and 11).

Jim Miller, current chairman of the Board of Directors of Philly Shipyard ASA,

has requested to step down from the Board, effective from the annual general

meeting, to join the management team of Philly Shipyard, Inc. as Senior Advisor

to the CEO. Based on this, the Nomination Committee has nominated Kristian Rokke

to return as Chairman of the Board. The remainder of the Board is proposed to

remain unchanged. Please see the recommendation from the nomination committee

for more details.

All documents to be processed at the annual general meeting, including the

notice of the annual general meeting, the attendance/proxy form, the proposal

from the nomination committee and the updated proposed resolutions are available

at the Company's web page at www.phillyshipyard.com

(http://www.phillyshipyard.com).

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This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

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