PHILADELPHIA - September 16, 2024 - Philly Shipyard, Inc. (PSI), the sole
operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today published its
first Sustainability Report describing its sustainable and ESG governance
practices. The report outlines the achievements, strategies and benchmarks that
are guiding PSI toward being environmental stewards in the maritime industry.

Titled "Building with Passion, Navigating with Purpose," the report is a key
milestone in the Sustainability / ESG program as it showcases the progress PSI
has made with building and collecting baseline data and its efforts to begin
measuring progress. The Sustainability Report highlights and establishes a
first-look at key stakeholders, including customers, employee workforce and
suppliers, as well as environmental stewardship efforts, and the adaptation to
advanced technology for building greener ships. 

"This is both an exciting milestone and a significant waypoint for our company,"
said Steinar Nerbovik, President and CEO, Philly Shipyard, "as we set forth our
commitment to building a more sustainable future. At Philly Shipyard, we
recognize that sustainability is an ongoing journey - and it's one that we are
navigating with a deep sense of passion and purpose." 

The Sustainability Report details Philly Shipyard's progress in partnering with
its clients as they embark on building tomorrow's fleet of sustainable and
efficient vessels. PSI also shares its commitment to people, with workforce and
recruitment strategies centered around its "CORE" values that work to maintain a
safe and welcoming environment for all. 

"Sustainability is not checking boxes to us - it's an ongoing promise to our
people and our planet," said Kelly Whitaker, Vice President, Sustainability and
Communications, Philly Shipyard. "As long as we keep challenging ourselves to
evolve and be a little bit better every day, we're on the right track for a more
sustainable tomorrow."

The report includes disclosures on ESG issues most important to its
stakeholders, including waste recycling, greenhouse gas emissions (Scope 1 and
2), energy use, health and safety performance, diversity, equity and inclusion,
supplier responsibility and code of conduct. Learn more and read the full
Sustainability Report enclosed.


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.