Philly Shipyard ASA: Distribution of extraordinary dividend; Notice of extraordinary general meeting

  • August 19, 2016

Reference is made to the second quarter report of Philly Shipyard ASA (the “Company”), where the Company announced its intention to pay additional extraordinary dividend following the deliveries of Hulls 024 and 025. Following the delivery of Hull 024 to Crowley and the buy-out of the Company’s joint venture interest in that vessel by Marathon, the Company has a solid cash position to pay an extraordinary distribution of dividend to the Company’s shareholders.

The Board of Directors has therefore resolved to propose that the general meeting of the Company approves an extraordinary dividend of USD 3.00 per share. The extraordinary general meeting will be held on September 12, 2016 at 14:30h (CET) at Advokatfirmaet BA-HR DA, Tjuvholmen allé 16, 0252 Oslo, Norway.

Please find below the notice materials for the extraordinary general meeting.

Notice of EGM

Notice of attendance and proxy form

Interim balance sheet

Philly Shipyard shareholders may register here for the Extraordinary General Meeting.

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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 Aker Capital II AS, which in turn is 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.

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