Philly Shipyard ASA today publishes its Annual Report for 2022, which includes
the annual accounts, the auditor's report for 2022 and the corporate governance
report.

The report is attached and is also available on
www.phillyshipyard.com/investors/financial-reports.

Philly Shipyard has also published its annual financial statements in European
Single Electronic Format (ESEF), available as an attachment to this release.

Contacts:
Matt Cassidy
Communications Supervisor
Tel.: +1 215-875-2600
E-mail: matthew.cassidy@phillyshipyard.com 

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). 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, and Aker Solutions.

For more information about Philly Shipyard, please visit www.phillyshipyard.com.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.