AMSC ASA — Earnings Release 2023

Nov 21, 2023

AMSC ASA - Third quarter 2023 results

AMSC ASA - Third quarter 2023 results

Lysaker, 21 November 2023, AMSC ASA ("AMSC" or the "Company") announces results

for the third quarter and nine months ending 30 September 2023.

HIGHLIGHTS

· On 22[nd] August, AMSC announced the sale of 100% of the shares in American

Tanker Holding Company ("ATHC"), which comprises all of AMSC's Jones Act

business including the 10 tankers and corresponding bareboat charters, debt and

corporate structure. Subsequent to the quarter, the transaction closed on 18[th]

October

· In conjunction with the closing of the sale of ATHC, AMSC distributed USD

170 million in an additional dividend to shareholders on 1[st] November

· Subsequent to the quarter, on 23[rd] October, AMSC announced an agreement

with Solstad Shipholding AS ("Solstad Shipholding") to participate in an overall

refinancing solution ("Refinancing") by contributing 100% of its shares in

Offshore Leasing I AS ("OSL1") which owns the CSV Normand Maximus on bareboat

charter to a subsidiary of Solstad Offshore, in return for new common shares in

the parent company of the new corporate structure ("Solstad NewCo")

· On 20[th] November, an Extraordinary General Meeting ("EGM") in AMSC

approved Q3 and Q4 2023 dividends of USD 0.05 per share for each quarter.

Dividends are set to paid on or about 7[th] December and 15[th] March 2024.

Dividends will be classified as return of paid in capital

AMSC CEO, Pål Lothe Magnussen comments, "The last few months have been

transformational for AMSC with the sale of our Jones Act business and conversion

of ownership in the Normand Maximus towards common shares in Solstad Newco. We

have paid a significant additional dividend to shareholders and have kept ample

liquidity for future investments. We believe there to be dividend capacity and

upside value potential in Solstad Newco as we expect the offshore market cycle

to remain strong and continue to improve. We are also proactively looking for

new investments in the maritime space to add to our dividend capacity going

forward. We are excited about the developments over the past few months and are

looking forward to continue creating shareholder value."

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

+1 484 880 3741

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

-12 of the Norwegian Securities Trading Act.