AMSC ASA — M&A Activity 2023

Oct 18, 2023

AMSC ASA - COMPLETION OF THE SALE OF THE U.S. JONES ACT BUSINESS TO FUNDS MANAGED BY MARITIME PARTNERS, LLC

AMSC ASA - COMPLETION OF THE SALE OF THE U.S. JONES ACT BUSINESS TO FUNDS MANAGED BY MARITIME PARTNERS, LLC

Lysaker, October 19, 2023 - Reference is made to the announcements made on

August 22, 2023 regarding the signing by AMSC ASA ("AMSC") and Project Merchant

Acquisition LLC (the "Buyer"), a newly-formed company owned and controlled by a

fund managed by Maritime Partners, LLC, of a share purchase agreement for the

Buyer's purchase of American Tanker Holding Company, Inc., a wholly-owned

subsidiary of AMSC (the "Transaction").

AMSC is pleased to announce that the Transaction was successfully completed

today. The Transaction comprised all of AMSC's Jones Act business including the

10 MR tankers, respective bareboat contracts, secured bank debt, unsecured bond

and US corporate structure.

As previously indicated, the board of directors of AMSC intends to resolve that

USD 170 million of the cash proceeds from the Transaction are distributed to

shareholders as an additional dividend as soon as practically possible.

Company Contacts

Pål Lothe Magnussen, +47 90 54 59 59, pm@amscasa.com

About AMSC

Established in 2005 and listed on the Euronext Oslo Stock Exchange (ticker

AMSC), AMSC owns the subsea construction vessel Normand Maximus, which is

bareboat chartered to a single purpose subsidiary of Solstad Offshore ASA.

Further information is available at www.amscasa.com.

*****

This information is considered to include inside information pursuant to the EU

Market Abuse Regulation article 7 and is subject to the disclosure requirements

pursuant to section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Leigh Jaros, Controller, AMSC

ASA, on October 19, 2023 at 00:45 CET.