Philly Shipyard ASA : Jim Miller Nominated to be Chairman of Philly Shipyard (11.01.2016)

Philly Shipyard ASA (Oslo: PHLY) announces that Jim Miller has been nominated to be Chairman of the Board of Directors of Philly Shipyard. Mr. Miller previously held this role from 2011 until 2014. This nomination is expected to be approved at an extraordinary general meeting on February 1, 2016.

Kristian Rokke, CEO of the Norwegian investment company Akastor, is stepping aside as Chairman of the Philly Shipyard Board. He remarked 'I am very pleased that Jim has agreed to return as Chairman given his extensive leadership background and familiarity with Philly Shipyard.'

The remainder of the Company's Board of Directors will remain unchanged and consists of Amy Humphreys, Elin Karfjell, and Audun Stensvold.

Please find attached the notice of the extraordinary general meeting, the attendance/proxy form, and the proposal from the nomination committee. The documents will also be available at the Company's web page at www.phillyshipyard.com.

Biography:

Mr. Miller (b. 1955) is Executive Vice President - Americas at Kvaerner. Prior to that Mr. Miller served as President and CEO of Philly Shipyard from June 2008 to April 2011. Before coming to the shipyard, Mr. Miller was President of Aker Solutions Process and Construction (P&C) Americas, where he was responsible for the operations of seven business units which generated approximately 8-9 billion NOK in revenues per year. During his tenure, Aker Solutions P&C Americas became a leading provider of global engineering and construction solutions with 7,500 employees, including 4,500 construction trades personnel. Prior to joining Aker Solutions P&C Americas, Mr. Miller held the position of President of Aker Construction, Inc., which was one of the largest union construction companies in the North America and was recognized as one of the largest employers of the union construction trades. Mr. Miller is a Director and Officer for all remaining Kvaerner U.S. based legal and operating entities. Mr. Miller currently serves as Board Director of Matrix Services Inc. based in Tulsa, Oklahoma which is a public company listed on the Nasdaq Exchange. Mr. Miller previously served as Chairman of the Board for Philly Shipyard ASA from June 2011 to April 2014. Mr. Miller graduated from the University of Edinboro in Pennsylvania with a BA. Mr. Miller is a resident of Pittsburgh, Pennsylvania and is a U.S. citizen.

For more information on Philly Shipyard, please visit www.phillyshipyard.com.

About Philly Shipyard:

Philly Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Philly Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Converto Capital Fund, which in turn is majority-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, Det norske oljeselskap, Aker BioMarine, Ocean Yield, Havfisk and Akastor.

Please find attached below the notice of extraordinary general meeting, attendance/proxy form, and the nomination committee recommendations.

EGM notice - English
EGM notice - Norwegian

EGM attendance and proxy - English
EGM attendance and proxy - Norwegian

Nomination committee recommendations - English
Nomination committee recommendations - Norwegian

Investors - please register here to attend Philly Shipyard ASA's extraordinary general meeting on 1 February 2016.