Philly Shipyard — Report Publication Announcement 2015

Mar 22, 2016

Philly Shipyard ASA: 2015 Annual Report

Philly Shipyard ASA: 2015 Annual Report

Please find attached the 2015 Annual Report for Philly Shipyard.

The company's 2015 Annual Report shows net income for 2015 of USD 17.4 million.

In comparison, the company's Q4 2015 Report showed a preliminary net income for

2015 of USD 19.0 million. The reduction of net income for 2015 is due to a

deferred tax expense of USD 1.6 million related to unrealized foreign currency

gains for tax purposes on an intercompany loan at the parent company.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1996759]