AMSC ASA - Second quarter 2023 results

Lysaker, 23 August 2023, AMSC ASA (“AMSC” or the “Company”) announces results for the second quarter and half year ending 30 June 2023.

HIGHLIGHTS

• Agreed to a sale of 100% of the shares in ATHC, which comprises all of AMSC’s Jones Act business including the 10 tankers and corresponding bareboat charters, debt and corporate structure
• Bareboat revenue for Q2 2023 of USD 30.9 million and adjusted net profit of USD 4.8 million
• Contracted backlog of U.S. Jones Act bareboat revenue of USD 282.6 million with average weighted tenor of 3.0 years
• Contracted backlog of Offshore bareboat revenue of USD 130.4 million with 4.3 years tenor
• Declared Q2 2023 dividend of USD 0.12 per share

AMSC CEO, Pål Lothe Magnussen comments, “As announced yesterday, we are pleased that Maritime Partners, a leading Jones Act leasing company, is acquiring our Jones Act business. AMSC’s ownership tenure has surpassed 18 years since the ships were ordered, during which significant financial profits have been created and provided to AMSC and its shareholders. We believe this transaction was a good opportunity and point in time for us to reconsider capital allocation for AMSC and strategy going forward. We will continue to own the Normand Maximus, which is a great business to grow from as we look forward towards new investments in the shipping and offshore markets.”

The full report is attached, along with the second 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.