Philly Shipyard Announces Ratification of Four-Year Collective Bargaining Agreement

09 Feb 2023 00:22 CET

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.

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