Philly Shipyard and HD Hyundai Heavy Industries Sign Memorandum of Understanding

April 24, 2024

PHILADELPHIA –April 24, 2024 – Philly Shipyard, Inc. (“Philly Shipyard”), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), and HD Hyundai Heavy Industries Co., Ltd. (“HHI”), a subsidiary of HD Hyundai Group, signed a memorandum of understanding (MOU) to explore a potential business relationship relating to future U.S. government shipbuilding projects as well as maintenance, repair and overhaul (MRO) projects.

The MOU was signed during a visit from HHI to Philly Shipyard on April 12, 2024 and was attended by officials from both companies, including Dr. Won ho Joo, Chief Executive of Naval and Special Ship Business Unit of HHI, and Mr. Steinar Nerbovik, President & CEO, Mr. Dean Grabelle, Senior Vice President & General Counsel, and Mr. Thomas Grunwald, Senior Vice President, of Philly Shipyard.

Steinar Nerbovik, President & CEO of Philly Shipyard, remarked “Philly Shipyard and HD Hyundai have a long and gratifying history of working together, and we are honored by the idea of future cooperation with HHI on opportunities for U.S. government shipbuilding projects.”

“We look forward to further growing HHI’s presence in the global defense market through collaboration with US companies in government and military vessels building and MRO business,” said Dr. Won ho Joo, Chief Executive of Naval and Special Ship Business Unit of HHI.

Philly Shipyard previously partnered with HD Hyundai for design and procurement support during construction of 22 commercial product tankers from the years 2005 – 2017. HHI is the world’s largest shipbuilding company and a world leader in the heavy industries sector.

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 Euronext Expand Oslo (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, visit www.phillyshipyard.com.