AMSC ASA — Earnings Release 2022

Nov 22, 2022

AMSC ASA - Third quarter 2022 results

AMSC ASA - Third quarter 2022 results

Lysaker, 22 November 2022, AMSC ASA ("AMSC" or the "Company") announces results

for the third quarter ending 30 September 2022.

HIGHLIGHTS

· Stable financial performance with bareboat revenue of USD 22.3 million,

normalized EBITDA of USD 22.6 million and adjusted net profit of USD 5.0 million

· On 15 September 2022, AMSC conducted an equity private placement of NOK

404.9 million, which was partially used to fund the purchase of the offshore

construction vessel, Normand Maximus. The vessel was acquired on 18 October 2022

and commenced a long-term bareboat charter with a single purpose subsidiary of

Solstad Offshore ASA (the "Charterer")

· On 21 October 2022, AMSC announced it had fixed its third and last vessel

being redelivered in December on a three-year bareboat charter contract to

Keystone Shipping Co. ("Keystone") commencing in December and backed by a time

charter of the same duration

· Contracted backlog of U.S. Jones Act bareboat revenue of USD 185.3 million

with average weighted tenor of 2.0 years

· Declared Q3 dividend of USD 0.12 per share, supported by the Company's free

cash flow

AMSC CEO, Pål Lothe Magnussen comments, "We are pleased to have completed

another quarter with steady financial performance. Subsequent to quarter-end we

have completed the acquisition of Normand Maximus, successfully raised equity

capital and fixed the final Jones Act tanker being returned to us on a three

-year bareboat charter. With these milestones completed, we look forward to an

active 2023 which we expect will bring growth in EBITDA and a continued focus on

developing our fleet."

The full report is attached, along with the third quarter presentation.

Company contacts:

Pål Magnussen, Chief Executive Officer

+47 24 13 00 04

Morten Bakke, Chief Financial Officer

+47 24 13 00 87

Leigh Jaros, Controller

+1484880 3741

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.