Philly Shipyard ASA (under liquidation): Update on delisting process and corporate changes

Reference is made to the extraordinary general meeting of Philly Shipyard ASA(under liquidation) (the "Company") held on 25 June 2025 (the "EGM"), whereshareholders resolved that the Company would apply to delist its shares fromEuronext Expand. Subject to approval of the delisting application, the EGMfurther resolved to convert the Company into a private limited liabilitycompany(Nw. aksjeselskap) ("AS") and to elect a new board of directors.

As announced on 10 July 2025, Euronext Oslo Børs has approved the Company'sdelisting application and determined that the delisting shall take effect from10 September 2025, with the last trading day for the Company's shares being on9September 2025.

Following the delisting, the Company will be converted into an AS and theboardchanges resolved in the EGM will take effect. At the same time, the Company'sCEO and CFO will resign from their positions in the Company and the Companywillbe managed solely by the new board. The Company will thereafter continue as anon-operational AS until the earlier of (i) the end of the four-year escrowperiod for the escrow account holding 10 million (plus accrued interest) oftheproceeds from the sale of PSI to Hanwha as security for certain contingentliabilities of the Company under the share purchase agreement with Hanwha or(ii) if and when, pursuant to the terms of the share purchase agreement, allofthe escrow funds are disbursed to Hanwha. The Company will promptly thereafterfinalize its ongoing liquidation process. Any remaining funds in the escrowaccount upon expiry of the escrow period will be distributed to the Company'sshareholders on record at the relevant time, before the Company is finallyliquidated.

The Company's shares will remain registered with the Norwegian CentralSecurities Depository (Verdipapirsentralen, VPS) following conversion of theCompany into an AS and until the Company is finally liquidated. Anyliquidationdividend prior to final liquidation of the Company will hence be paid to therelevant shareholders through the VPS system.

Contact: contact@phillyshipyardasa.com

This information is published in accordance with the requirements of theNorwegian Securities Trading Act section 5-12.

https://newsweb.oslobors.no/message/654440