AMSC ASA — Earnings Release 2022

Dec 23, 2022

AMSC ASA - Update regarding Normand Maximus

AMSC ASA - Update regarding Normand Maximus

23 December 2022

AMSC ASA is pleased to announce an update regarding the Normand Maximus.

Solstad Offshore ASA ("Solstad") today announced Letters of Award from various

subsea contractors for hire of the Normand Maximus for execution of projects in

2023. The projects have a combined duration of minimum 200 days plus additional

option periods, with a minimum value of approximately NOK 500 million.

The Normand Maximus is on a long-term bareboat charter between a subsidiary of

AMSC ASA and a single purpose subsidiary of Solstad. The announced Letters of

Award are strong contributions to the financial performance under the bareboat

charter.

The Normand Maximus is a premier offshore construction vessel and one of the

most modern heavy duty subsea construction vessels globally. Solstad is a

leading offshore services company with a large fleet of offshore vessels

operating globally and is operating the Normand Maximus under the current

bareboat contract with AMSC.

Company contacts:

Pål Magnussen, Chief Executive Officer +47 90 54 59 59

Morten Bakke, Chief Financial Officer +47 900 955 94

Leigh Jaros, Financial Controller +1 484 880 3741

About AMSC ASA:

Established in 2005 and listed on the Euronext Oslo Stock Exchange, AMSC is a

ship owning company with nine modern handy size product tankers, one modern

handy size shuttle tanker and one subsea construction vessel on bareboat

charters with various counterparties. AMSC has a significant contract backlog,

as well as profit sharing agreements which offers visibility with respect to

future earnings, debt service ability and potential dividend capacity. The

Company has an ambition to pay attractive dividends to its shareholders. Further

information is available at www.amscasa.com.