AMSC ASA — Earnings Release 2024

Oct 29, 2024

AMSC ASA Third Quarter 2024 Report

Third quarter 2024 Report

Lysaker, 29 October 2024, AMSC ASA ("AMSC" or the "Company") announces results for the third quarter ending 30 September 2024.

HIGHLIGHTS

• Acquired an additional 980 000 shares in Solstad Maritime Holding AS ("Solstad Maritime").
• Recognized share of profit of NOK 156.4 million relating to the investment in Solstad Maritime.
• Expect to receive NOK 45.7 million in dividends from Solstad Maritime during Q4.
• AMSC increases quarterly dividends to NOK 0.60 per share.

AMSC CEO, Pål Lothe Magnussen comments, "We are pleased to increase our quarterly dividends to NOK 0.60 per share on the back of Solstad Maritime initiating its quarterly dividends. The outlook for offshore energy activities continues to look positive with strong global E&P spending in combination with increased activity within offshore wind."

MAIN EVENTS DURING AND SUBSEQUENT TO THE THIRD QUARTER

• Acquired additional Solstad Maritime shares: Acquired 980 000 sharesin Solstad Maritime at NOK 21.00 per share increasing AMSC's ownership to 19.7% of the shares in Solstad Maritime.
• Operating result from continuing operations: Operating loss from continuing operations was NOK 6.3 million in Q3 2024 compared to loss of NOK 13.4 million in Q3 2023.
• Recognized Net Result from investment in Solstad Maritime: During Q3 2024, AMSC recognized its share of profit of NOK 156.4 million relating to its investment in Solstad Maritime.
• Solstad Maritime dividends: AMSC expects to receive NOK 45.7 million in dividends from Solstad Maritime during Q4 2024.
• Dividends: On 15 July 2024, the board authorized a dividend payment of NOK 0.55 per share to the shareholders on record as of 23 July 2024. The shares in AMSC were traded ex. dividend from and including 22 July 2024, and the dividend was paid on 30 July 2024. The dividend was classified as a return of paid in capital.

On 28 October 2024, the board authorized a dividend payment of NOK 0.60 per share to the shareholders on record as of 5 November 2024. The shares in AMSC will be traded ex. dividend from and including 4 November 2024, and the dividend will be paid on or about 12 November 2024. The dividend will be classified as a return of paid in capital.

The Company's policy with respect to dividends is driven by the Board's commitment to return value to its shareholders while also prudently managing its balance sheet and maintaining financial flexibility to pursue growth and diversification opportunities. Dividend payments depend on, among other things,

performance of existing investments and will be considered in conjunction with the Company's financial position, debt covenants, capital requirements, and market conditions going forward.

THIRD QUARTER FINANCIAL REVIEW

Condensed Income Statement

	unaudited
	03	03	Year to date
Amounts in NOK million (except share and per share information)	2024	2023 *	2024	2023 *
Operating profit/(loss) before depreciation - EBITDA	(6,3)	(13,4)	(27,8)	(30,1)
Operating profit/(loss) - EBIT	(6,3)	(13,4)	(27,8)	(30,1)
Share of profit of equity accounted companies	156,4		430,5
Net financial income	5,8	0,7	20,1	2,1
Net foreign exchange gain/(loss)	(2,4)	(0,9)	17,9	(9,2)
Profit/(loss) before income tax	153,6	(13,5)	440,7	(37,2)
Income tax (expense) / benefit	0,6	-	(3,4)
Non-cash income tax (expense) / benefit	-	(7,2)	(0,3)	(22,6)
Profit/(loss) for the period from continuing operations	154,2	(20,7)	437,0	(59,8)
Profit for the period from discontinued operations		51,9	381,6	166,8
Net Profit/(loss) for the period	154,2	31,2	818,6	106,9
Average number of common shares	71 863 838	71 863 838	71 863 838	71 863 838
Basic and diluted earnings per share from continuing operations	2,15	(0,29)	6,08	(0,83)
Basic and diluted earnings per share from discontinued operations		0,72	5,31	2,32
Basic and diluted earnings per share from total operations	2,15	0,43	11,39	1,49

Third quarter results

As of 1 January 2024, the functional currency of the parent was changed prospectively from USD to NOK. The presentation currency for 2024 is NOK, with 2023 comparable figures re-presented to NOK as a presentation currency. See note 6 in the published Q1 condensed financial statement for more information.

Offshore Leasing I AS ("OSL1") is classified as discontinued operations and was disposed of in January 2024. The comparative figures for the income statement are re-presented. The continuing operations consist solely of AMSC ASA. See note 8 for more information.

AMSC's leasing revenues from continuing operations for Q3 2024 were zero (zero in Q3 2023) due to leasing activities being classified as discontinued operations. EBITDA was negative NOK 6.3 million in Q3 2024 and negative NOK 13.4 million in Q3 2023. Operating loss was NOK 6.3 million in Q3 2024 and NOK 13.4 million in Q3 2023.

AMSC's share of the profit of Solstad Maritime was NOK 156.4 million during Q3 2024. Net financial income for Q3 2024 was NOK 5.8 million and NOK 0.7 million in Q3 2023. The increase is due to higher interest income on cash holdings and interest from bonds. Financial income consists of bank and bond interest of NOK 4.9 million and change in fair value of bonds of NOK 0.9 million. Net foreign exchange loss for Q3 2024 was NOK 2.4 million (loss of NOK 0.9 million in Q3 2023), relating to translation of foreign currency balances into functional currency.

AMSC had a net profit before tax from continuing operations for Q3 2024 of NOK 153.6 million compared to a net loss before tax from continuing operations of NOK 13.5 million in Q3 2023. Income tax benefit in Q3 2024 was NOK 0.6 million and zero in Q3 2023. Non-cash income tax expense was zero in Q3 2024 compared to noncash income tax expense of NOK 7.2 million in Q3 2023. Net profit from continuing operations for Q3 2024 was NOK 154.2 million compared to profit of NOK 31.2 million in Q3 2023. Profit from discontinued operations for Q3 2024 was zero compared to NOK 51.9 million for Q3 2023.

Year to date results

AMSC's operating revenues for the first nine months of 2024 and 2023 were zero, due to leasing revenue being classified as discontinued operations. EBITDA was negative NOK 27.8 million year-to-date in 2024 and negative NOK 30.1 million year-to-date in 2023. EBIT was negative NOK 27.8 million in the nine months ending 30 September 2024 (NOK 30.1 million in the same period of 2023).

Net financial income for the first nine months of 2024 was NOK 20.1 million (NOK 2.1 million in the first nine months of 2023). The increase in financial income is mainly due to interest income on higher cash balances and interest from deposit and investment grade bank bond investments. AMSC also recognized a net foreign exchange gain of NOK 17.9 million during the first nine months of 2024 (loss of NOK 9.2 million in the same period of 2023).

AMSC had a net profit before tax for the nine months ending 30 September 2024 of NOK 440.7 million (loss of NOK 37.2 million for the nine months ending 30 September 2023). Current income tax expense for year-to-date 2024 was NOK 3.4 million and zero in the same period of 2023. Non-cash income tax expense was NOK 0.3 million in 2024 (NOK 22.6 million in 2023). Profit from continuing operations for the first nine months of 2024 was NOK 437 million compared to loss of NOK 59.8 million in the first nine months of 2023. Profit from discontinued operations for the first nine months of 2024 and 2023 was NOK 381.6 million and NOK 166.8 million. Net profit year-to-date 2024 was NOK 818.6 million compared to NOK 106.9 million for the same period of 2023.

Condensed Statement of Financial Position

	unaudited
	30-Sep	30-Sep	1-Jan
Amounts in NOK million	2024	2023 *	2024 *
Vessels		1 585,7
Deferred tax assets			0,3
Investments accounted for using the equity method	1 574,2
Other long term assets		0,0
Financial short term assets	226,8
Trade and other receivables	0,6	4,9	6,8
Cash and cash equivalents	118,2	235,0	429,5
Assets classified as held for sale		6 646,3	1 515,0
Total assets	1 919,8	8 471,9	1 951,6
Total equity	1 913,1	1 692,6	1 164,8
Deferred tax liabilities		6,4
Interest-bearing long term debt		927,1
Interest-bearing short term debt		329,3
Dividend payable			36,6
Trade and other payables	2,4	11,2	9,6
Tax payable	4,3
Liabilities directly associated with assets classified as held for sale		5 505,8	740,6
Total equity and liabilities	1 919,8	8 471,9	1 951,6

The change in assets held for sale from 1 January 2024 reflects the sale of OSL1 on 16 January 2024 with related vessels, other assets and liabilities for the three months ending 30 September 2024.

Investments accounted for using the equity method reflect AMSC's investment in Solstad Maritime valued at NOK 1,000 million, which was an in kind contribution of 100% of the shares in OSL1. AMSC's share of profit in Q3 2024 related to its investment in Solstad Maritime is NOK 156.4 million. After AMSC's share of profit for the first nine months of 2024, the completed share offering in Q2 2024 and the purchase of 980 000 shares in Q3 2024, the book value of the investment is NOK 1 574.2 million. See note 7 for more information.

Outlook

AMSC continues to believe in a strong offshore energy market and has acquired an additional 980 000 shares in Solstad Maritime and accordingly cemented its ownership position in Solstad Maritime at 19.7%.

The oil services and renewable energy markets continues to show strong market fundamentals in regions and for asset classes which Solstad Maritime is exposed to. Increased exploration and production (E&P) capex from oil companies, combined with government backed offshore wind developments, provides visibility of demand going forward, even though scheduling risk remains, and some projects may be delayed or postponed. The project backlog reported by the large offshore EPC contractors testify to the strong sector momentum.

Through its investment in Solstad Maritime, AMSC is exposed to a fleet of CSVs (Construction Service Vessels) and AHTS (Anchor Handling Tug Support Vessels) which cater to both the oil & gas industry as well as the renewable energy markets.

Risks

The risks currently facing AMSC principally relate to the operational and financial performance in Solstad Maritime as well as the market value of the shares in Solstad Maritime.

AMSC's activities in general also expose the Company to a variety of other financial risks, including but not limited to currency and liquidity risk, refinancing risk and interest rate risk, and risk of not identifying new accretive investments.

For further details of AMSC's risks, refer to the 2023 Annual Report.

Lysaker, 28 October 2024 The Board of Directors and President / CEO AMSC ASA

Annette Malm Justad Peter D. Knudsen Chairperson Director

Frank O. Reite Pål Magnussen Director President / CEO

AMSC ASA GROUP CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2024

		unaudited
		03	ОЗ	Year to date
Amounts in NOK million (except share and per share information)	Note	2024	2023	2024	2023
Operating expenses		(6,3)	(13,4)	(27,8)	(30,1
Operating profit/(loss) before depreciation - EBITDA		(6,3)	(13,4)	(27,8)	(30,1
Operating profit/(loss) - EBIT		(6,3)	(13,4)	(27,8)	(30,1)
Share of profit of equity accounted companies		156,4		430,5
Net financial income		5,8	0.7	20,1	2,1
Net foreign exchange gain/(loss)		(2,4)	(0,9	17,9	(9,2
Profit before income tax		153,6	(13,5)	440,7	(37,2)
Income tax (expense) / benefit	9	0,6		(3,4)
Non-cash income tax (expense) / benefit	9		(7,2)	(0,3)	(22,6)
Profit/(loss) for the period from continuing operations		154,2	(20,7)	437,0	(ടെ. 8)
Profit for the period from discontinued operations	80		51,9	381,6	166,8
Profit/(loss) for the period		154,2	31,2	818,6	106,9
Average number of common shares	10	71 863 838	71 863 838	71 863 838	71 863 838
Basic and diluted earnings per share from continuing operations		2,15	(0,29)	6,08	(0,83
Basic and diluted earnings per share from discontinued operations			0,72	5,31	2,32
Basic and diluted earnings per share from total operations		2,15	0,43	11,39	1,49

	unaudited
	Q3	ОЗ	Year to date
Amounts in NOK million	2024	2023 *	2024	2023 *
Net income/(loss) for the period	154.2	31.2	818,6	106.9
Other comprehensive income
Items that will not be reclassified to income statement
Currency translation differences - parent		(26,2)		158.8
Items that will be reclassified to income statement
Currency translation differences - subsidiaries		3,4	5,3	(20,2)
Other comprehensive income		(22,8)	ਦੇ,3	138,5
Total comprehensive income/(loss) for the period	154.2	8,4	823.9	245,5

		unaudited
		30-Sep	30-Sep	1-Jan
Amounts in NOK million	Note	2024	2023 *	2024 *
Assets
Non-current assets
Vessels			1 585,7
Deferred tax assets				0,3
Interest-bearing long-term receivables (DPO)	13
Investment accounted for using the equity method	7	1 574,2
Derivative financial assets
Total non-current assets		1 574,2	1 585,7	0,3
Current assets
Financial short-term assets	14	226,8
Trade and other receivables		0,6	ਥੇ, ਰੇ	6,8
Cash held for specified uses
Cash and cash equivalents		118,2	235,0	429,5
		345,6	239,9	436,3
Assets classified as held for sale	8		6 646,3	1 515,0
Total current assets		345,6	6 886,2	1 951,3
Total assets		1 919,8	8 471,9	1 951,6
Equity and liabilities
Total equity		1 913,1	1 692,6	1 164,8
Non-current liabilities
Bond payable	11
Other interest-bearing loans	11		710,9
Derivative financial liabilities
Capitalized fees	11		(8,3)
Deferred tax liability	9		6,8
Total non-current liabilities			709,4
Current liabilities
Construction loans
Interest-bearing short-term debt	11		557,7
Dividend payable				ਤਵ, e
Trade and other payables		2,4	6,4	ale
Tax Payable	9	4,3
		6,7	564,1	46,2
Liabilities directly associated with assets classified as held for sale	8		5 505,8	740,6
Total current liabilities		6,7	e oeala	786,8
Total liabilities		6,7	6 779,3	786,8
Total equity and liabilities		1 919,8	8 471,9	1 951,6

		unaudited
		Year to date
Amounts in NOK million	Note	2024	2023 *
Equity as of beginning of period		1 164,8	1 725,2
Total comprehensive income for the period		823,9	245,5
Proceeds from sale of treasury shares		3.4
Dividends paid, classified as return of capital	10	(79,1)	(277,3)
Total equity as of end of period		1 913,1	1 692,6

	unaudited
	Year to date
Amounts in NOK million	2024	2023 *
Net cash flow from operating activities	6,0	(42,3)
Net cash flow used in investing activities	(368,9
Net cash flow used in financing activities	(114,2)	(278,0)
Net cash flow from discontinued operations	163,0	325,9
Currency translation effects		41,1
Effect of exchange rate changes on cash and cash equivalents	1,7
Net change in cash and cash equivalents	(312,5)	46,7
Cash and cash equivalents at the beginning of period	430,7	497,7
Of which cash and cash equivalents in assets held for sale at the beginning of the period	1,2
Cash and cash equivalents at the end of period	118,2	544.4
Of which cash and cash equivalents in assets held for sale at the end of period		518,4
Cash and cash equivalents in continuing operations at end of period	118,2	26,0

	unaudited
	Year to date
Amounts in NOK million	2024	2023 *
Net cash flow from operating activities	14,2	644.2
Net cash flow used in investing activities	(27,6)	(231,3)
Net cash flow used in financing activities	184 ਰ	(87,0)
Currency translation effects	(8.6)

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2024

1. Introduction – AMSC ASA

AMSC ASA ("AMSC") is a company domiciled in Norway. The condensed interim financial statements for the three,six and nine months ended 30 September 2024 and 2023 comprise AMSC and its wholly owned subsidiary. These interim financial statements have not been audited or reviewed by the Company's auditors.

The consolidated 2023 annual financial statements of AMSC are available at www.amscasa.com.

2. Basis of Preparation

These consolidated interim financial statements reflect all adjustments, in the opinion of AMSC's management, that are necessary for a fair presentation of the results of operations for the periods presented. Operating results for the three-month periods are not necessarily indicative of the results that may be expected for any subsequent interim period or year.

3. Statement of compliance

These consolidated interim financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (EU) ("IFRS") applicable for interim reporting, IAS 34 Interim Financial Reporting. They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as of and for the year ended 31 December 2023.

4. Significant accounting principles

The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended 31 December 2023, except change in presentation currency from USD to NOK. See note 6 for more information.

Investment in associated company

AMSC classifies investments based on assessments on the degree of control, ownership, voting rights and other relative rights. Companies in which AMSC has significant influence, are classified as associated companies and are accounted for using the equity method. AMSC recognizes its share of net income as "Share of profit of equity accounted companies" in the income statement.

Financial short-term assets

AMSC classifies the investment grade bank bonds as financial short-term assets with the intention to be liquidated within one year. The bonds are measured to fair value through profit and loss.

There have not been any other new IFRS standards or interpretations issued or effective after the completion of the annual consolidated financial statements for the year 2023 that have a significant impact on AMSC's financial reporting for the three -month periods ended 30 September 2024.

5. Use of estimates

The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts in the financial statements. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from these estimates.

The most significant judgments made by management in preparing these condensed consolidated interim financial statements in applying the Group's accounting policies, and the sources of estimation uncertainty, relate to the valuation and impairment assessment for its investment in associates. See note 7 for more information. For estimated uncertainties relating to the comparative figures, please refer to the consolidated financial statements as of and for the year ended 31 December 2023.

As a result of rounding differences, numbers or percentages may not add up to the total.

6. Currency

AMSC ASA is a multinational Company that historically operated in Norway and the United States. AMSC ASA was incorporated in 2005 and has been using USD as its functional and presentation currency since then. From inception until 2022, AMSC's only business was in the U.S. Jones Act market, with its revenues in USD and bank financing in USD. During 2023, the Company sold its U.S. business and now holds an equity stake in a Norwegian Company, Solstad Maritime Holding AS. AMSC is listed on Euronext Oslo Stock Exchange.

Due to sale of business in 2023, AMSC ASA has changed its functional and presentation currency from US dollars (USD) to Norwegian kroners (NOK). The change is effective from 1 January 2024.

See note 6 in the published Q1 condensed financial statement for more information and re-presented comparative figures.

7. Investment in associated company

AMSC has interest in the following associated company. The declared ownership interest corresponds to the voting share.

		Ownership Business office
Solstad Maritime Holding AS	19.7 %	Karmøv

	Year to date
	30-Sep-24
Net consideration 16 January	1 000,0
Share of capital increase	143,7
Share of profit	430,5
Closing balance	1 574,2

In connection with the refinancing of Solstad Shipholding AS on 16 January 2024, AMSC acquired shareholding in Solstad Maritime by contributing in kind 100 % of the shares in OSL1. Following the capital increase in Solstad Maritime, registered on 19 June 2024, AMSC's ownership was reduced from 21.1% to 19.4%. On 15 August AMSC purchased 980 000 shares in Solstad Maritime, which increased AMSC's holding to 91 442 601 shares representing an ownership of 19.7%.

Share of profit includes AMSC's share of Solstad Maritime's profit, net depreciation of excess value and result impact due to the dilution after the capital increase on 19 June 2024.

Based on a purchase price allocation analysis performed on Solstad Maritime, it was identified excess value on the vessels and the customer contracts of in total negative NOK 1.0 billion and goodwill of NOK 24.4 million. The negative excess value on vessels and customer contracts is recognized over estimated useful life of the assets.

The valuation technique for determining the fair value of vessels is based on broker estimates of the vessels' market value. To measure the fair value of contracts related to portfolios of secured vessel contracts, the incremental income approach is used. Fair values are initially measured on a provisional basis. These figures will be revised if new information is obtained within one year of the acquisition date regarding facts, circumstances, or additional provisions that existed at the time of acquisition.

Acquisition-related costs have been recognized as operating expenses.

Total
4 151
12 891
102
(2 799)
(7 259)
7 087
4 414
8 4
(2 170)
2 327
(418)
(691)
1 218
(36) 1 182
19,7 % 430,5

Cash flow 01.01.24-30.09.24:

Net cash from operations	2 251
Net cash flow from investments	(216)
Net cash flow from financing	(1 191)
Net change in cash and cash equivalents	845

*) AMSC's share of profit from 16 January 2024 wich is adjusted for the negative excess value on vessels, customer contracts and other dilutive effects.

8. Discontinued operations and assets held for sale

On 23 October 2023, AMSC signed an agreement to contribute 100% of the shares in OSL1, which owned the CSV Normand Maximus with corresponding bareboat contract and secured bank debt, in kind, in return for new common shares in Solstad Maritime. The transaction closed on 16 January 2024.

AMSC recognized a gain on the sale in Q1 2024 of NOK 370.4 million. OSL1 is classified as discontinued operations in the Group's interim financial statements for Q1 2024.

The profit / (loss) for OSL1 presented as discontinued operations are as follows:

	Q3	Q3	Year to date
Amounts in NOK million	2024	2023*	2024	2023 *
Leasing revenues	-	327,1	13,9	967,1
Operating profit before depreciation - EBITDA	-	322,3	13,9	951,9
Operating profit - EBIT		192,5	13,9	584,9
Net financial expenses	-	(136,3)	0,5	(406,6)
Gain on sale - OSL1	-		370,4
Profit/(loss) before tax	-	56,2	14,4	178,3
Deferred income tax	-	(2,7)		(8,5)
Income taxes		(1,6)	(3,2)	(3,0)
Profit for the period from discontinued operations		51,9	381,6	166,8
Exchange differences on translation of discontinued operations		3,4	5,3	(20,2)
Other comprehensive income from discontinued operations		3,4	5,3	(20,2)
Total comprehensive income/(loss) for the period from discontinued operation		55,3	387,0	146,5

The contribution to Solstad Maritime was valued at NOK 1,000 million and net cash from disposal at the time of sale was NOK 28.8 million which was the cash in OSL1. This transaction was a transfer of shares.

Details of the sale of OSL1:

	16-Jan
Amounts in NOK million	2024
Net consideration	1 000.0
Carrying amount of net assets sold	638.9
Gain on sale before income tax and reclassification of foreign currency translation reserve	361.1
Reclassification of foreign currency translation reserve	9.3
Income tax on gain	-
Gain on sale after income tax	370.4
See note 8 in the published Q1 condensed financial statement for more information. 9. Tax Income tax expense is recognized in each interim period based on the best estimate of the expected annual income tax rates.
As of 30 September 2024, AMSC did not have net losses carryforward. As of 30 September 4.3 million in tax payable.	2024, AMSC has NOK

9. Tax

Income tax expense is recognized in each interim period based on the best estimate of the expected annual income tax rates.

As of 30 September 2024, AMSC did not have net losses carryforward. As of 30 September 2024, AMSC has NOK

Third Quarter 2024 report

10. Share capital and equity

As of 30 January 2024, AMSC had 71,863,838 ordinary shares at a par value of NOK 1 per share.

	2024			2023
Dividends				15-Mar-24 30-May-24 30-Jul-24 15-Mar-23	8-Jun-23	7-Sep-23
INOK per share	0,5362	0,5500	0,5500	1,2504	1,3200	1,2870
Aggregate NOK (millions)	38,5	39,5	39,5	89,9	94,9	92,5 I

Treasury shares at the beginning of the year was 150,000.

The Company sold the treasury shares on 19 January 2024 to the CEO and CFO and holds 0 treasury shares following this transaction.

11. Interest-bearing debt

The following table shows material changes in interest-bearing debt:

	9 months to
Amounts in NOK million	30-Sep-23 30-Sep-24
Balance at beginning of period		6 241,9
Repayment of debt / loan fees		(28,5)
Issuance of debt		106,2
Amortization of loan fees		6,4
Change in accrued financial costs		(1,1)
Debt reclassified as held for sale		(5 549,2)
Currency translation		484.5
Balance at end of period		1 260.3

All interest-bearing debt was related to ATHC and OSL1, and AMSC holds no debt as of 30 September 2024.

12. Related party transactions

AMSC's largest shareholder is a subsidiary of Aker ASA which holds 19.1 percent of the Company's shares. Although Aker ASA does not meet the definition of a related party under IAS 24, AMSC discloses certain information on transactions with common ownership.

AMSC believes that related party transactions are made on terms equivalent to those that prevail in arm's length transactions. Aker ASA, through a subsidiary, owns 32.9 percent of Solstad Offshore ASA, as well as an interest of 42.0 percent in Solstad Maritime.

Reference note 18 in the 2023 consolidated financial statements for the Group for further details.

13. Deferred Principal Obligation (DPO)

The deferred principal obligation was related to ATHC and OSL1 in 2023. The DPO was sold with its respective companies.

	9 months to
Amounts in NOK million	30-Sep-24	30-Sep-23
Balance at beginning of period		171,6
DPO revenue		214,6
Repayments of principal		(292,1)
Interest accreted		11,7
Reclassified as held for sale		(119,0
Currency translation		13,2
Balance at end of period

14. Financial short-term assets

At the end of Q2 2024 and at the beginning of Q3, AMSC bought investment grade bank bonds. The bonds are valued at fair value as of 30 September 2024:

Amounts in NOK million	30-Sep-24
USD bonds NOK bonds	205,9 20,9
Balance at end of period	226,8

15. Subsequent events

On 28 October 2024, the board authorized a dividend payment of NOK 0.60 per share to the shareholders on record as of 5 November 2024. The shares in AMSC will be traded ex. dividend from and including 4 November 2024, and the dividend will be paid on or about 12 November 2024. The dividend will be classified as a return of paid in capital.

AMSC ASA Oksenøyveien 10 PO Box 230 1326 Lysaker NORWAY

Pål Magnussen	Morten Bakke
President / CEO	CFO
Tel: +47 24 13 00 04	Tel: +47 24 13 00 87
Cell: +47 90 54 59 59	Cell: +47 90 09 55 94
pal.magnussen@amscasa.com	morten.bakke@amscasa.com

Disclaimer

This release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for AMSC ASA and its subsidiaries and affiliates (the "AMSC Group") lines of business. These expectations, estimates, and projections are generally identifiable by statements containing words such as "expects," "believes," "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the AMSC Group's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although AMSC ASA believes that its expectations and the information in this release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this release. Neither AMSC ASA nor any other company within the AMSC Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the release, and neither AMSC ASA, any other company within the AMSC Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the release.

AMSC ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the release, other than what is required by law.

The AMSC Group presently consists of one legal independent entity. AMSC is used as the common brand or trademark. In this release we may sometimes use "AMSC"," "Group, "we," or "us," when we refer to AMSC Group in general or where no useful purpose is served by identifying any particular company of AMSC.