AMSC ASA — Earnings Release 2023

Feb 27, 2024

AMSC ASA - Fourth quarter 2023 results

AMSC ASA - Fourth quarter 2023 results

Lysaker, 27 February 2024, AMSC ASA ("AMSC" or the "Company") announces results

for the fourth quarter and full year ending 31 December 2023.

HIGHLIGHTS

· On 18[th] October the sale of American Tanker Holding Company ("ATHC") was

successfully closed. The transaction comprised all of AMSC's Jones Act business

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

structure.

· 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.

· On 23[rd] October, AMSC announced an agreement with Solstad Shipholding AS

to participate in an overall refinancing by contributing the CSV Normand Maximus

in return for shares in the new company Solstad Maritime Holding AS ("SMH").

Subsequent to year-end, the refinancing was completed on 16[th] January 2024,

and AMSC currently owns 21.1% of SMH.

· 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. The Q3

dividend was paid on 7[th] December and the Q4 dividend is expected to be paid

on or about 15[th] March 2024. Dividends will be classified as return of paid in

capital.

AMSC CEO, Pål Lothe Magnussen comments, "During Q4 we were pleased to conclude

the sale of our Jones Act business and pay a substantial additional dividend to

our shareholders. Over the past 10 years we have distributed USD 414 million in

dividends equivalent to NOK 60.2 per share. We have made 40 consecutive

quarterly dividend payments and the additional dividend during Q4 set a final

mark for a long lasting and successful investment in the Jones Act tanker

market. Looking forward, we are excited about our ownership stake in Solstad

Maritime and exposure to the offshore industry. AMSC endeavors to continue to

make attractive quarterly distributions and continue to look for attractive

investment opportunities in the maritime space."

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

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

-12 of the Norwegian Securities Trading Act.