Philly Shipyard: Annual General Meeting Information and Annual Report

World News: . []

March 15, 2019

The shareholders in Philly Shipyard ASA are invited to attend the annual general meeting (AGM) to be held on Friday, April 5, 2019 at 12:00h (CET) at Advokatfirmaet BAHR AS, Tjuvholmen alle16, 0252 Oslo, Norway.

Please find attached the following documents:

    1. AGM documents, which includes the AGM notice, attendance form, proposed resolutions, nomination committee recommendations, and guidelines for remuneration to executive management

    2. The 2018 Annual Report for Philly Shipyard ASA

The company's 2018 Annual Report shows income tax expense for 2018 of USD 2.3 million. In comparison, the company's Q4 2018 report showed a preliminary income tax expense for 2018 of USD 3.6 million.

The decrease in income tax expense for 2018 from the quarterly report is due to the reversal of a deferred tax asset valuation allowance of USD 1.3 million to offset a deferred tax liability.

The attachments, as well as the registration link, will also be made available on the company's webpage

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

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Globe Newswire: 06:50 GMT Friday 15th March 2019

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