Philly Shipyard ASA: Major shareholder disclosure

Aker Capital II AS has today completed a parent-subsidiary merger with its parent company Aker Capital AS (owning 100% of the shares in Aker Capital II AS prior to the merger), with Aker Capital AS as the surviving entity. As part of the parent-subsidiary merger, Aker Capital AS has assumed Aker Capital II AS' holding of shares in Philly Shipyard ASA. Following completion of the parent-subsidiary merger, Aker Capital AS accordingly owns 7,237,631 of the issued shares and votes in Philly Shipyard ASA, or 57.56 per cent of the share capital. Oslo Stock Exchange has on 3 November 2016, pursuant to section 6-2 (3) of the Norwegian Securities Trading Act, granted an exemption from the mandatory offer obligation with respect to Aker Capital AS' acquisition of shares in Philly Shipyard ASA. END

This information is subject to the disclosure requirements pursuant to section 4-3 of the Norwegian Securities Trading Act.