Philly Shipyard — Regulatory Filings 2021

Feb 8, 2021

Philly Shipyard Awarded Repair Contract for USNS Charlton

Philly Shipyard Awarded Repair Contract for USNS Charlton

Philly Shipyard, Inc. (http://www.phillyshipyard.com/), the sole operating

subsidiary of Philly Shipyard ASA (OSE: PHLY), today announced it has been

awarded a contract by Patriot Contract Services - the ship manager on behalf of

the U.S. Navy's Military Sealift Command (MSC) - for the repair of the USNS

Charlton (T-AKR-314). The repairs will be completed in the Q3 2021 timeframe.

"This is a great win for our shipyard and demonstrates our ability to acquire

substantial repair jobs going forward," said Steinar Nerbovik, Philly Shipyard's

President and CEO. "We look forward to working with Patriot as we continue on

our journey as a strong partner for government projects."

The USNS Charlton is one of MSC's large, medium-speed, roll-on/roll-off ships.

With a displacement of 69,000 tons and a length of 950 feet, the vessel carries

prepositioned U.S. Army tanks, armored personnel carriers, tractor-trailers, and

other equipment and supplies to potential areas of conflict around the world. It

also provides surge sealift support of remote military actions.

This is another positive step in the company's ambition to establish a mixed

platform of ship maintenance, repair, and conversions, along with ship

construction for the commercial and government new build markets.  It also marks

the third government repair contract that Philly Shipyard has been awarded since

the end of 2019 and their first contract with Patriot as ship manager.

"Patriot is excited to further support U.S. shipyards on behalf of MSC and,

specifically, Philly Shipyard's growth platform and deepening domestic

expertise," said Ryan Libhart Pereyda, Patriot's Principal and CEO.

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 (OSE: PHLY) and is majority-

owned by Aker Capital AS, which in turn is wholly-owned by Aker ASA. Aker is an

industrial investment company that exercises active ownership to create value.

Aker has ownership interests in oil and gas, renewable energy and green

technologies, maritime assets, marine biotechnology and industrial software, and

its portfolio includes companies like Aker BP, Aker Horizons, Aker BioMarine,

Cognite, Aker Solutions and Ocean Yield.

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

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

About Patriot

Patriot Contract Services, LLC is a leading maritime contractor to the U.S.

Government, managing and operating vessels. PCS currently manages seven Ready

Reserve Force (RRF) ships for the United States Maritime Administration (MARAD);

eight Watson class Large Medium Speed RO-RO vessels for the United States Navy,

Military Sealift Command (MSC); and a shallow draft tanker for Schuyler Line

Navigation Company.

For more information about Patriot, please visit www.patriotships.com.

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.