Philly Shipyard Delivers Largest US-Built Container Vessel to Matson

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the first of two 3,600 TEU Aloha Class containerships that PSI is building for Matson Navigation Company, Inc. (Matson).

The vessel, named ‘Daniel K. Inouye,’ is the 29^th vessel built at Philly Shipyard in the company’s 20 year history and is the largest containership ever built in the United States. Measuring 850 feet long, it is built with dual fuel engines that can be adapted to use liquefied natural gas (LNG) and is designed to operate at speeds in excess of 23 knots.

"It is an honor to deliver this vessel today to our returning customer Matson, and leave our mark on the industry with the largest containership built in the U.S.” remarked Steinar Nerbovik, Philly Shipyard’s President and CEO. "We are grateful for Matson’s confidence in our talented men and women who brought the vessel to life, and are proud to satisfy the needs of our customer with another quality vessel.”

Currently, the shipyard is in the process of constructing the second 3,600 TEU Aloha Class containership for Matson with a planned delivery in Q1 2019. For more information on Philly Shipyard transactions and projects, 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 Aker Capital AS, which in turn is wholly-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, Aker BP, Aker BioMarine, Ocean Yield and Akastor.

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