Recommendation from the Nomination Committee

April 15, 2020

Reference is made to the annual general meeting of Philly Shipyard ASA to be held on Wednesday April 22, 2020 at 12:00 (CEST). Please find attached the recommendation from the Nomination Committee and updated Board of Directors’ proposed resolutions for the general meeting (updates for agenda items number 7, 8, 10 and 11).

Jim Miller, current chairman of the Board of Directors of Philly Shipyard ASA, has requested to step down from the Board, effective from the annual general meeting, to join the management team of Philly Shipyard, Inc. as Senior Advisor to the CEO. Based on this, the Nomination Committee has nominated Kristian Rokke to return as Chairman of the Board. The remainder of the Board is proposed to remain unchanged. Please see the recommendation from the nomination committee for more details.

All documents to be processed at the annual general meeting, including the notice of the annual general meeting, the attendance/proxy form, the proposal from the nomination committee and the updated proposed resolutions are available at the Company’s web page at www.phillyshipyard.com.

Attachments

Philly Shipyard ASA_Proposal from the Nomination Committee_AGM 2020

Philly Shipyard ASA_Updated The Board of Directors reasoning and proposed resolutions_AGM 2020

This  information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.