AMSC ASA — Earnings Release 2022

Aug 23, 2022

American Shipping Company ASA - Second quarter 2022 results

American Shipping Company ASA - Second quarter 2022 results

Lysaker, 23 August 2022, American Shipping Company ASA ("AMSC" or the "Company")

announces results for the second quarter ending 30 June 2022.

HIGHLIGHTS

· Stable financial performance with bareboat revenue of USD 22.0 million,

normalized EBITDA of USD 20.9 million and adjusted net profit of USD 3.8 million

· On 12[th] May, AMSC reported an agreement to acquire the offshore

construction vessel Normand Maximus and to enter into a long- term bareboat

charter commencing in Q4 2022 to a subsidiary of Solstad Offshore ASA

· On 10[th] June, AMSC announced two new multi-year Jones Act bareboat

charters with Keystone Shipping Co., commencing upon redelivery of the current

charters in December 2022

· Backlog of Jones Act secured bareboat revenue of USD 175.7 million with

average weighted tenor of 1.9 years

· Declared Q2 dividend of USD 0.12 per share, supported by the Company's free

cash flow

AMSC CEO, Pål Lothe Magnussen comments, "As our existing fleet remains fully

contracted in a Jones Act tanker market that has recovered beyond pre-covid

levels, we report stable financial results for the quarter. Two of the three

tankers returning to us in December have successfully been rechartered at

improved rates and we are actively working with alternatives for the third

vessel. In addition, we are excited about the announced acquisition of Normand

Maximus, which we believe will be an accretive and valuable addition to our

fleet. The current momentum in the offshore services market is strong and the

outlook promising which makes us confident in the long-term potential for

Normand Maximus."

The full report is attached, along with the second 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

+1 484 880 3741

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

-12 of the Norwegian Securities Trading Act.