New orders will increase shipyard's backlog to a record high exceeding USD 2
billion 

PHILADELPHIA - November 2, 2022 - Philly Shipyard, Inc. (PSI), the sole
operating subsidiary of Philly Shipyard ASA (XOAX: PHLY), today announced it has
been selected by Matson Navigation Company, Inc. (Matson), a leading provider of
ocean transportation and logistics services, to construct three Aloha Class
LNG-fueled containerships. The award is valued at approximately USD 1 billion.
The vessels are contracted for delivery in 2026 and 2027 and will not require
external financing by PSI.

"Winning this order creates historic backlog for Philly Shipyard, as well as
great visibility through 2027 for its shareholders and other stakeholders," said
Kristian Rokke, chairman of the board of Philly Shipyard ASA.  "Long term, it
also supports the yard's vision to deliver quality vessels, while pivoting
between commercial and government contracts."

The contract award further bolsters Philly Shipyard's current order backlog,
consisting of five National Security Multi-Mission Vessels (NSMVs) for Tote
Services LLC and one Subsea Rock Installation Vessel (SRIV) for Great Lakes
Dredge & Dock Company, LLC. With the three containership contract from Matson,
Philly Shipyard's order book is now the largest in its 25 year history at over
USD 2 billion.

"We are both honored and filled with immense pride that Matson has once again
chosen Philly Shipyard to build its vessels. We have a proven track record of
building high quality containerships and are greatly looking forward to this
renewed partnership," said Steinar Nerbovik, Philly Shipyard's president and
chief executive officer. "With a revitalized workforce nearing 1,400, our
shipyard is ready for this important work."

PSI previously delivered four containerships to Matson between 2003 and 2006 and
two more containerships to Matson, also known as the Aloha Class, in 2018 and
2019.

"Our existing Aloha Class ships are among the fastest, most efficient vessels in
the Matson fleet," said Matt Cox, Matson's chairman and chief executive officer.
 "These new Jones Act compliant vessels will be built specifically for our
China-Long Beach Express service, and like their sisterships, are expected to
help Matson achieve its 2030 greenhouse gas emissions reduction goal while also
providing additional capacity and speed benefitting our Hawaii service as well
as the CLX."

Measuring 854 feet long, the three new Aloha Class vessels will match the length
of the two existing Aloha Class ships, currently the largest Jones Act
containerships ever constructed. The 3,600 TEU vessels are capable of carrying a
variety of container sizes and operating at speeds in excess of 23 knots. The
vessels will operate on either conventional marine fuels or liquefied natural
gas (LNG) and will incorporate other "green ship technology", supporting
Matson's goal to reduce greenhouse gas emissions. 

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, Aker Solutions and Ocean Yield.

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.

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