Philly Shipyard AS is under liquidation following the sale of its operating subsidiary, Philly Shipyard, Inc. (PSI), to Hanwha in December 2024. The company no longer conducts any operational activities and will remain in existence solely to manage obligations related to the sale of PSI until its final liquidation.

Founded in 1998, Philly Shipyard built a strong legacy in U.S. shipbuilding, delivering a wide range of commercial vessels, including containerships, product tankers, Aframax tankers, and training vessels.

On June 20, 2024, Philly Shipyard ASA announced the signing of a Share Purchase Agreement with Hanwha to sell PSI. This transaction closed in December 2024. For more information about Hanwha Philly Shipyard, please visit www.hanwhaphillyshipyard.com.

Following shareholder approval at the Extraordinary General Meeting on June 25, 2025, the company applied for delisting from Euronext Expand and conversion into a private limited liability company (AS). The delisting took effect on September 10, 2025, with the last trading day on September 9, 2025.

Philly Shipyard AS will continue as a non-operational entity until the earlier of (i) the end of the four-year escrow period for funds held as security under the share purchase agreement with Hanwha or (ii) the release of all escrow funds. Any remaining funds after this period will be distributed to shareholders before the company is finally liquidated.

For more details, please refer to the latest stock exchange release here.