Philly Shipyard Awarded Pollux Dry Docking Contract

Philly Shipyard, Inc., the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), has been awarded a dry docking contract for the Ready Reserve Force vessel, FSS Pollux. The vessel is owned by the U.S. Department of Transportation’s Maritime Administration (MARAD) and managed by TOTE Services, LLC (TOTE), an industry leader in ship management, marine operations and vessel services. The vessel undergoes routine repair and maintenance during its scheduled dry docking every few years. TOTE, as ship manager for MARAD, awarded the contract to Philly Shipyard.

The FSS Pollux is an Algol class vehicle cargo ship, and is the sister-ship to the FSS Antares, which is currently docked at Philly Shipyard for routine maintenance and repair. Work on the FSS Pollux is planned to commence after completion of work on the FSS Antares, and is expected to last approximately three months. Philly Shipyard’s objective remains to secure a mix of government and commercial newbuild contracts, while also winning repair and maintenance contracts that allow the yard to continuously utilize its drydocks.

Ready Reserve Force (RRF) vessels are designed to support rapid worldwide deployment of equipment and supplies to U.S. armed forces. MARAD’s 46 RRF vessels, which are anchored throughout the U.S., play a wide variety of vital roles - from serving as training platforms for government agencies to providing rapid humanitarian response in times of emergencies.

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 is a Norwegian industrial investment company that creates value through active ownership. Aker's investment portfolio is concentrated on key Norwegian industries that are international in scope: oil and gas, fisheries and biotechnology, and marine assets. Aker's industrial holdings comprise ownership interests in Aker Solutions, Kvaerner, Aker BP, Aker BioMarine, Ocean Yield and Akastor. For more information about Philly Shipyard, please visit www.phillyshipyard.com.

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