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

01 Sep 2025 15:54 CEST

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

As announced on 10 July 2025, Euronext Oslo Børs has approved the Company's
delisting application and determined that the delisting shall take effect from
10 September 2025, with the last trading day for the Company's shares being on 9
September 2025.

Following the delisting, the Company will be converted into an AS and the board
changes resolved in the EGM will take effect. At the same time, the Company’s
CEO and CFO will resign from their positions in the Company and the Company will
be managed solely by the new board. The Company will thereafter continue as a
non-operational AS until the earlier of (i) the end of the four-year escrow
period for the escrow account holding 10 million (plus accrued interest) of the
proceeds from the sale of PSI to Hanwha as security for certain contingent
liabilities of the Company under the share purchase agreement with Hanwha or
(ii) if and when, pursuant to the terms of the share purchase agreement, all of
the escrow funds are disbursed to Hanwha. The Company will promptly thereafter
finalize its ongoing liquidation process. Any remaining funds in the escrow
account upon expiry of the escrow period will be distributed to the Company’s
shareholders on record at the relevant time, before the Company is finally
liquidated.

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

Contact:
contact@phillyshipyardasa.com

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

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