Philly Shipyard — Board/Management Information 2019

Jul 1, 2019

Philly Shipyard to Appoint New Chief Financial Officer with Deep Government Contracts Experience

Philly Shipyard to Appoint New Chief Financial Officer with Deep Government Contracts Experience

Philadelphia, PA (July 1, 2019) - Philly Shipyard ASA (Oslo: PHLY) announced

today that Brian Leathers will assume the position of Chief Financial Officer

(CFO) immediately following the Q2 2019 meeting of the Board of Directors on

July 15, 2019. Mr. Leathers will replace Jan Ivar Nielsen, who is resigning from

his position as the company's CFO to pursue another executive role within the

Aker group.  Mr. Nielsen will remain available to the company until August

15, 2019 to ensure a smooth transition.

Mr. Leathers has served as the company's Strategy and Compliance Officer for the

past six months, reporting to Mr. Nielsen. Prior to that role, Mr. Leathers was

engaged by the company as a consultant with respect to its strategic efforts to

position the shipyard as one that can perform both government and commercial

work. As the new CFO, Mr. Leathers will report directly to CEO Steinar Nerbovik.

Mr. Leathers previously worked as Senior Vice President and Chief Financial

Officer at Austal USA, a prime government contractor for the design,

construction and support of high-speed aluminum ships for the U.S. Navy. During

his tenure, Austal USA grew from fewer than 1,000 employees to more than 4,000

employees, converted from a commercial shipyard into a government contractor and

was awarded over $6 billion in Navy work.

"I am delighted to welcome Brian to the senior management team as our new CFO,"

said Steinar Nerbovik. "His strong performance here at Philly Shipyard and his

significant experience with Navy and other government shipbuilding programs

shows he is well-suited for the role as we transition our shipyard into a

compliant government contractor."

The company's current CFO, Mr. Nielsen, first served as the company's CFO from

2002 to 2007 and then rejoined the company as CFO in 2015.  He will be appointed

General Manager in Ghana for the newly established investment company Aker Ghana

Industrial Corporation (AGIC). AGIC has been set up by Aker ASA to promote local

industry through both investments and transfer of know-how.

"It has been a true pleasure to work with Jan Ivar over the years.  I am

grateful to Jan Ivar for his many contributions to Philly Shipyard and we wish

him all the best in his new role within the Aker group," said Nerbovik.

Biographies:

Brian Leathers (b. 1960) joined Philly Shipyard, Inc. as Strategy and Compliance

Officer in January 2019. Mr. Leathers has diverse experience that includes

manufacturing, banking and finance, and government contracting and served as the

Chief Financial Officer for shipbuilder Austal USA. Mr. Leathers holds an

Executive Masters in Business Administration from Troy University, a Bachelor of

Arts in Accounting from the University of West Florida and is a graduate of the

Graduate School of Banking held at Louisiana State University. Mr. Leathers

lives in Philadelphia, PA, USA. Mr. Leathers is a U.S. citizen. As of July

1, 2019, Mr. Leathers holds zero shares in the company and has no stock options.

About Philly Shipyard:

Philly Shipyard, Inc. (PSI) 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. PSI

is the sole operating subsidiary of Philly Shipyard ASA.  Philly Shipyard ASA is

listed on the Oslo Stock Exchange (Oslo: PHLY) and is majority-owned by Aker

Capital AS, which in turn is wholly-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, Aker BP, Aker BioMarine, Ocean Yield and Akastor.  For more

information about Philly Shipyard, please visit www.phillyshipyard.com

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

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.