Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard
ASA (XOAX: PHLY), today announced the authorization by the U.S. Department of
Transportation's Maritime Administration (MARAD) and subsequent order from TOTE
Services, LLC (TOTE Services) for the construction of one additional National
Security Multi-Mission Vessel (NSMV) - marking the fifth and final NSMV in the
training ship series. This modern vessel will replace the aging training vessel
at California State University Maritime Academy in Vallejo, California.

Construction of the new vessel (NSMV 5) is expected to commence in 2023. The
contractual delivery date for NSMV 5 is set in 2026.

The order was placed under the April 2020 contract with TOTE Services, which
allows for the construction of up to five NSMVs. The initial award included the
first two vessels in the NSMV program (NSMVs 1 and 2). The next two vessels in
the NSMV program (NSMVs 3 and 4) were ordered in January 2021.

Today's award for NSMV 5 is valued at approximately USD 300 million, bringing
the total order intake under the contract for the five-ship program to be
approximately USD 1.5 billion. 

As announced in November 2021, PSI's order backlog also includes a contract from
Great Lakes Dredge & Dock Company, LLC to construct one Jones Act-compliant
Subsea Rock Installation Vessel (SRIV), with a contract value of approximately
USD 200 million. The SRIV will be constructed in between NSMVs 4 and 5.

"It is truly a great day for Philly Shipyard as we are now responsible for
building the complete series of the NSMV program - a physical symbol of MARAD's
investment in the future of maritime education and training," said Steinar
Nerbovik, President and CEO of Philly Shipyard. "The NSMV program continues to
mark a turning point in our Company's transformation to serve both commercial
and government markets."

Mr. Nerbovik continued, "I would like to thank both TOTE Services and MARAD for
their continued support. This award increases our order backlog to six vessels,
which includes five NSMVs and one SRIV. Together with our union partners,
workforce, and supplier network, our current backlog reinforces that
shipbuilding is here to stay in Philadelphia."

The NSMVs will be owned by MARAD, which developed the initial concept for the
design. Construction of the NSMVs will not require any third-party financing.

Keel laying of NSMV 1 occurred in December 2021 and full production start of
NSMV 2 occurred in November 2021 in accordance with plan. Pre-production
activities on NSMVs 3 and 4 and SRIV 1 are ongoing. 

The contract for the NSMV program has allowed Philly Shipyard to reconstitute
its workforce as production ramps up. The total workforce at Philly Shipyard is
currently around 1,200. It is expected that operations at Philly Shipyard will
reach full capacity in mid-2022.

About the NSMV Program

The NSMV will help to sustain world-class, U.S. maritime training operations at
the state maritime academies by equipping young American mariners with the most
modern and adaptable training platform. The NSMV will feature numerous
instructional spaces and a full training bridge with accommodation for up to 600
cadets to train in a first-rate maritime academic environment at sea. State
maritime academies graduate approximately 70% of all new officers each year -
the merchant mariners who help keep cargoes and the economy moving. Many also
support U.S. national security by crewing military sealift vessels.

Along with serving as an educational and training platform, the NSMV will also
be available to uniquely support federal government efforts in response to
national and international disasters such as hurricanes and earthquakes. In this
role as a National Defense Reserve Fleet vessel, the NSMV will incorporate
medical capabilities, a command and control platform, and berthing for up to
1,000 first responders and recovery workers. The vessel's roll-on/roll-off ramp
and crane to facilitate container storage capabilities will enable it to provide
critical support equipment and supplies to those in need.

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
(XOAX: 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.