AMSC ASA – UPDATE REGARDING CHARTER EXTENSIONS

Lysaker, Norway – 9 December 2022 – AMSC ASA (AMSC) announced that Overseas Shipholding Group (OSG) has yesterday declared its options to extend the bareboat charter agreements for six vessels currently under charter from AMSC to OSG by three years, moving the new bareboat expiry dates to December 2026. This increases AMSC’s bareboat charter backlog with a total of 18 vessel years and more than USD 163 million.

An overview of AMSC’s bareboat contract coverage is attached.

AMSC CEO Pål Lothe Magnussen commented, “The extension of six Jones Act product tankers by OSG increases AMSC’s charter backlog considerably and provides clear visibility to our cash flows for the next several years. The extensions are also a reflection of the strong Jones Act tanker market in which presently all tankers are on time charter contracts. The lack of newbuild orders due to cost inflation and yard capacity constraints makes it highly unlikely for any new tankers to enter the market anytime soon which bodes well for a continued healthy Jones Act tanker market.”

About AMSC ASA:

Established in 2005 and listed on the Euronext Oslo Stock Exchange, AMSC is a ship owning company with nine modern handy size product tankers, one modern handy size shuttle tanker and one subsea construction vessel on bareboat charters with various counterparties. AMSC has a significant contract backlog, as well as profit sharing agreements, which offers visibility with respect to future earnings and potential dividend capacity. The Company has an ambition to pay attractive dividends to its shareholders. Further information is available at www.amscasa.com.

Company Contacts:

Pål Magnussen, Chief Executive Officer +47 24 13 00 04

Morten Bakke, Chief Financial Officer +47 24 13 00 87

Leigh Jaros, Financial Controller +1 484 880 3741

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.