Philly Shipyard — Board/Management Information 2016

Jan 11, 2016

Philly Shipyard ASA: Jim Miller Nominated to be Chairman of Philly Shipyard

Philly Shipyard ASA: Jim Miller Nominated to be Chairman of Philly Shipyard

Philly Shipyard ASA (Oslo: PHLY) announces that Jim Miller has been nominated to

be Chairman of the Board of Directors of Philly Shipyard. Mr. Miller previously

held this role from 2011 until 2014. This nomination is expected to be approved

at an extraordinary general meeting on February 1, 2016.

Kristian Rokke, CEO of the Norwegian investment company Akastor, is stepping

aside as Chairman of the Philly Shipyard Board. He remarked "I am very pleased

that Jim has agreed to return as Chairman given his extensive leadership

background and familiarity with Philly Shipyard."

The remainder of the Company's Board of Directors will remain unchanged and

consists of Amy Humphreys, Elin Karfjell, and Audun Stensvold.

Please find attached the notice of the extraordinary general meeting, the

attendance/proxy form, and the proposal from the nomination committee. The

documents will also be available at the Company's web page at

www.phillyshipyard.com.

Biography:

Mr. Miller (b. 1955) is Executive Vice President - Americas at Kvaerner. Prior

to that Mr. Miller served as President and CEO of Philly Shipyard from June

2008 to April 2011. Before coming to the shipyard, Mr. Miller was President of

Aker Solutions Process and Construction (P&C) Americas, where he was responsible

for the operations of seven business units which generated approximately 8-9

billion NOK in revenues per year. During his tenure, Aker Solutions P&C Americas

became a leading provider of global engineering and construction solutions with

7,500 employees, including 4,500 construction trades personnel. Prior to joining

Aker Solutions P&C Americas, Mr. Miller held the position of President of Aker

Construction, Inc., which was one of the largest union construction companies in

the North America and was recognized as one of the largest employers of the

union construction trades. Mr. Miller is a Director and Officer for all

remaining Kvaerner U.S. based legal and operating entities. Mr. Miller currently

serves as Board Director of Matrix Services Inc. based in Tulsa, Oklahoma which

is a public company listed on the Nasdaq Exchange. Mr. Miller previously served

as Chairman of the Board for Philly Shipyard ASA from June 2011 to April 2014.

Mr. Miller graduated from the University of Edinboro in Pennsylvania with a BA.

Mr. Miller is a resident of Pittsburgh, Pennsylvania and is a U.S. citizen.

For more information on Philly Shipyard, please visit www.phillyshipyard.com.

About Philly Shipyard:

Philly Shipyard is a leading U.S. commercial shipyard constructing vessels for

operation in the Jones Act market.  It possesses a state-of-the-art shipbuilding

facility and has earned a reputation as the preferred provider of oceangoing

merchant vessels with a track record of delivering quality ships. Philly

Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Converto

Capital Fund, which in turn is majority-owned by Aker ASA. Aker is a Norwegian

industrial investment company that creates value through active ownership.

Aker's investment portfolio is concentrated on key Norwegian industries that are

international in scope: oil and gas, fisheries and biotechnology, and marine

assets. Aker's industrial holdings comprise ownership interests in Aker

Solutions, Kvaerner, Det norske oljeselskap, Aker BioMarine, Ocean Yield,

Havfisk and Akastor.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1977834]