Press Speculations

October 10, 2023

PHILADELPHIA – October 10, 2023 –Philly Shipyard ASA (“PHLY” or the “Company”) has noted the recent press speculations regarding a potential transaction involving the Company and a Korean shipyard owner, Hanwha Ocean. As a matter of Company policy, we do not comment on rumours or speculation. The Company is continuously looking at strategic alternatives to maximize shareholder value and will inform the market in due course if and when appropriate in accordance with applicable law and regulations.

Media and investor contact:
Kelly Whitaker, Vice President of Sustainability and Communications
Tel: +1 215-875-2640
Email: Kelly.Whitaker@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.