Vehicles managed by subsidiaries of Apollo Management Holdings, L.P. ("Apollo")
have today sold a total of 28,331 shares in Philly Shipyard ASA (the "Company")
through several transactions, resulting in Apollo and vehicles managed by
subsidiaries of Apollo holding a consolidated total of 622,881.00 shares, equal
to approx. 4.95% of the shares and votes in the Company, and thereby crossing
below 5% of the shares and votes in the Company.
Apollo is the parent company of each of the managers identified below and makes
this disclosure on behalf of each of the entities listed below. The current
holding of shares following today's transactions is identified for each vehicle:
Apollo Credit NS Holdings (Lux) S.a.r.l. (Manager: Apollo SVF Management, L.P.):
476,431.00 shares, equal to approx. 3.79% of the shares and votes in the
Company.
Apollo Credit Strategies Master Fund Ltd. (Manager: Apollo ST Fund Management,
LLC): 130,198.00 shares, equal to approx. 1.04% of the shares and votes in the
Company.
Apollo PPF Credit Strategies, LLC (Manager: Apollo PPF Credit Strategies
Management, LLC): 16,252.00 shares, equal to approx. 0.13% of the shares and
votes in the Company.
Neither Apollo nor any other entities in the Apollo Group has or manages other
rights to shares issued by the Company.
This announcement is made in accordance with Section 4-2 of the Norwegian
Securities Trading Act.