AMSC ASA — Earnings Release 2024

May 15, 2024

AMSC ASA - First quarter 2024 results

AMSC ASA - First quarter 2024 results

Lysaker, 15 May 2024, AMSC ASA ("AMSC" or the "Company") announces results for

the first quarter ending 31 March 2024.

HIGHLIGHTS

· On 16 January 2024 AMSC completed its NOK 1.0 bn contribution in kind of

100% of the shares in Offshore Leasing I AS ("OSL1") against a 21.1%

shareholding in Solstad Maritime Holding AS ("Solstad Maritime"). The book gain

on the sale of OSL1 during Q1 2024 was NOK 370.4 million.

· During Q1 2024, AMSC recognized its share of profit of NOK 25.1 million

relating to its investment in Solstad Maritime.

· Declared Q1 2024 dividend of NOK 0.55 per share.

· AMSC has elected to change its presentation and functional currency from USD

to NOK as it better represents the current business exposure.

AMSC CEO, Pål Lothe Magnussen comments, "We are pleased to bring the sale of

Offshore Leasing 1 AS to a financial close and are excited about the prospects

of our investment in Solstad Maritime Holding. The outlook for offshore energy

activities continues to strengthen with increasing global E&P spending in

combination with increased activity within offshore wind. We continue to

evaluate investment opportunities and effective capital allocation alternatives,

with the aim to continue to make attractive quarterly distributions".

The full report is attached.

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.