Philly Shipyard Announces Ratification of Four-Year Collective Bargaining Agreement

PHILADELPHIA – February 8, 2023 – Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (XOAX: PHLY), today announced that a new four-year collective bargaining agreement has been ratified by the Philadelphia Metal Trades Council (PMTC). The PMTC is the exclusive bargaining representative for Production and Maintenance employees at PSI and consists of nine unions.

“We are pleased to have successfully ratified this agreement extending our strong partnership with the PMTC,” said Mike Giantomaso, Vice President of Human Resources at Philly Shipyard. “With our record order backlog of nine ships and the currently strong labor market, we believe that this contract will allow our company to offer the competitive compensation needed to attract and retain the talent necessary for carrying out our major shipbuilding projects.”

With the impacts of the COVID-19 pandemic and the national labor shortage, PSI and many other companies have felt the challenges of a highly-competitive hiring market. PSI is hopeful that this collective bargaining agreement will help to further position PSI as an employer of choice and will be the final piece of the puzzle for attracting and retaining talented workers who can feel confident in planting roots and building out the current order backlog and those that follow it.

This agreement also exemplifies PSI’s commitment to its Apprenticeship Program which recruits and trains new shipbuilders who enter the union on day one. Through this program, the company and the union continue to grow stronger while building ships and careers.

President of the Philadelphia Metal Trades Union, Lou Agre, commented, “The members of the Philadelphia Metal Trades Council are glad that we have been able to negotiate an agreement that benefits our members as well as ensures the future viability of the Shipyard. We are proud of our members, the skilled work that they perform, and pipeline of great work for years to follow.”

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.