Philly Shipyard — Board/Management Information 2020

Sep 2, 2020

Jeffrey Theisen Returns to Philly Shipyard as CFO

Jeffrey Theisen Returns to Philly Shipyard as CFO

Philly Shipyard, Inc., the sole operating subsidiary of Philly Shipyard ASA

(Oslo: PHLY), is pleased to announce that Jeffrey Theisen will re-join the

company as Chief Financial Officer, effective September 8, 2020. Mr. Theisen

fills the vacancy created by the sudden passing last month of the company's

former CFO, Brian Leathers.

Mr. Theisen previously served as Philly Shipyard's CFO for eight years, from

2007 - 2015. Mr. Theisen was involved in the spin-off of Philly Shipyard from

its parent Aker American Shipping and subsequent listing of the company on Oslo

Axess, and he was instrumental in securing backlog and negotiating various

financings, investments and other significant transactions. During that time,

Philly Shipyard was known as Aker Philadelphia Shipyard.

Steinar Nerbovik, Philly Shipyard President and CEO, remarked "We are delighted

that Jeff is returning to our team as CFO. His familiarity with the shipyard,

its operations and its people will accelerate a smooth transition and keep the

shipyard moving forward as we enter into the new and exciting NSMV project."

Mr. Theisen has over 30 years of experience in financial and strategic planning,

organizational leadership, growth and expansion strategies, debt and equity

financing, investor and banking relations, and budgeting and cost accounting.

Mr. Theisen has held finance roles with Arthur Andersen, The Regulus Group,

Philly Shipyard and most recently, People 2.0. He holds a Bachelor of Science in

Accounting from Villanova University and is a certified public accountant in the

state of Pennsylvania.

About Philly Shipyard:

Philly Shipyard, Inc. (PSI) is a leading U.S. shipbuilder that is presently

pursuing a mix of commercial and government work.  It possesses a state-of-the-

art shipbuilding facility and has earned a reputation as a preferred provider of

oceangoing merchant vessels with a track record of delivering quality ships,

having delivered around 50% of all large ocean-going Jones Act commercial ships

since 2000.  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.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act