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AMSC ASA - First quarter 2023 results

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Lysaker, 24 May 2023, AMSC ASA (“AMSC” or the “Company”) announces results for the first quarter ending 31 March 2023.

HIGHLIGHTS

  • Bareboat revenue for Q1 2023 of USD 30.3 million and adjusted net profit of USD 5.8 million
  • Contracted backlog of U.S. Jones Act bareboat revenue of USD 304.8 million with average weighted tenor of 3.3 years
  • Contracted backlog of Offshore bareboat revenue of USD 137.9 million with 4.6 years tenor
  • Declared Q1 2023 dividend of USD 0.12 per share

AMSC CEO, Pål Lothe Magnussen comments, “Q1 represented our first full quarter with three of our Jones Act tankers on new bareboat contracts and Normand Maximus on bareboat contract to a subsidiary of Solstad Offshore, resulting in EBITDA growth of 38% compared to last year. The Jones Act tanker market remains strong and Solstad recently announced a Letter of Intent for a new term contract for Normand Maximus. Long term prospects for our fleet continue to look promising.”

The full report is attached, along with the first 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.

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