Philly Shipyard Awarded Repair Contract for USNS Charlton

Philly Shipyard, Inc., 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.

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.