Philly Shipyard ASA : Minutes from the Extraordinary General Meeting

Philly Shipyard ASA has today on 29 June 2018 held an Extraordinary General
Meeting (EGM) to vote on the proposal to elect Kristian Røkke as Deputy Chairman
of the Board. This proposal to the EGM was approved.

The Board of Directors now consists of:

Jim Miller (Chairman)

Kristian Røkke (Deputy Chairman)

Elin Karfjell

Amy E. Humphreys

The minutes of the meeting are attached in Norwegian and English.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.