10 October 2023: Philly Shipyard ASA ("PHLY" or the "Company") has noted the
recent press speculations regarding a potential transaction involving the
Company and a Korean shipyard owner, Hanwha Ocean. As a matter of Company
policy, we do not comment on rumours or speculation. The Company is continuously
looking at strategic alternatives to maximise shareholder value and will inform
the market in due course if and when appropriate in accordance with applicable
law and regulations.

Media and investor contact:
Kelly Whitaker, Vice President of Sustainability and Communications
Tel: +1 215-875-2640
Email: Kelly.Whitaker@phillyshipyard.com

Forward-looking Statements

This stock exchange release may contain forward-looking statements that are
based on uncertainty, as they relate to events and depend on circumstances that
will occur in the future and which, by their nature, may have an impact on
results of operations and the financial condition of the Company. Such
forward-looking statements reflect our current expectations and are based on the
information currently available to the Company. The Company cannot give any
assurance as to whether such forward-looking statements will prove to be
correct. There are a number of factors that could cause actual results and
developments to differ materially from those expressed or implied by these
forward-looking statements.