AMSC ASA — Earnings Release 2022

Feb 28, 2023

AMSC ASA - Fourth quarter 2022 results

AMSC ASA - Fourth quarter 2022 results

Lysaker, 28 February 2023, AMSC ASA ("AMSC" or the "Company") announces results

for the fourth quarter ending 31 December 2022.

HIGHLIGHTS

· On 10 October 2022, AMSC received Tranche 2 of the equity private placement,

USD 17.2 million; USD 37.6 million total net proceeds received

· On 18 October 2022, AMSC closed on the acquisition of the Normand Maximus

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

Solstad Offshore ASA

· On 9 December 2022, OSG declared options to extend bareboat charter

agreements for six vessels by three years, moving the new bareboat expiries to

December 2026

· During December 2022, AMSC took redelivery of three vessels from OSG and

began new three-year bareboat charters with a subsidiary of Keystone Shipping

Co. ("Keystone")

· Increased bareboat revenue for Q4 2022 to USD 27.6 million, including a

partial quarter of bareboat revenue from the Normand Maximus and adjusted net

profit of USD 3.8 million

· Contracted backlog of U.S. Jones Act bareboat revenue of USD 326.7 million

with average weighted tenor of 3.5 years

· Contracted backlog of Offshore bareboat revenue of USD 145.4 million with

4.8 years tenor

· Declared Q4 2022 dividend of USD 0.12 per share, supported by the Company's

free cash flow

AMSC CEO, Pål Lothe Magnussen comments, "AMSC is pleased to have concluded an

active Q4 including financial close for the acquisition of the Normand Maximus

and redeployment of three of our Jones Act tankers on new bareboat charters.

OSG's decision to declare extension options for six tankers is a further

reflection of the present strength in the Jones Act tanker market. We have

accordingly increased our contract backlog across our fleet to an average 3.8

years totaling USD 472.1 million, which provides for continued improving and

predictable financial performance from AMSC."

The full report is attached, along with the fourth 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.