Philly Shipyard to Pay Extraordinary Dividend

In its second quarter report Philly Shipyard ASA announced that additional extraordinary dividend would be paid following the deliveries of Hulls 024 and 025. Subsequent to 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.