22 November 2024: Philly Shipyard ASA (the "Company") refer to the shipbuilding
contract for the Subsea Rock Installation Vessel ("SRIV") program between its
subsidiary, Philly Shipyard, Inc. ("PSI") and Great Lakes Dredge & Dock Company,
LLC ("GLDD"), which was awarded in November 2021. 

GLDD has filed a complaint and motion against PSI seeking injunctive relief with
respect to certain actions related to the project execution plan for the
construction of the SRIV. PSI continues production activities on the SRIV, NSMVs
3, 4 and 5 and CV 1.

The Company continues to expect that the transaction with Hanwha regarding the
purchase of PSI will close during Q4 2024. 

Media and investor contact:

Kelly Whitaker, Vice President of Sustainability and Communications

Tel: +1 215-875-2640

Email: Kelly.Whitaker@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.

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.