Lysaker, 21 November 2023, AMSC ASA ("AMSC" or the "Company") announces results
for the third quarter and nine months ending 30 September 2023.
HIGHLIGHTS
· On 22[nd] August, AMSC announced the sale of 100% of the shares in American
Tanker Holding Company ("ATHC"), which comprises all of AMSC's Jones Act
business including the 10 tankers and corresponding bareboat charters, debt and
corporate structure. Subsequent to the quarter, the transaction closed on 18[th]
October
· 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
· Subsequent to the quarter, on 23[rd] October, AMSC announced an agreement
with Solstad Shipholding AS ("Solstad Shipholding") to participate in an overall
refinancing solution ("Refinancing") by contributing 100% of its shares in
Offshore Leasing I AS ("OSL1") which owns the CSV Normand Maximus on bareboat
charter to a subsidiary of Solstad Offshore, in return for new common shares in
the parent company of the new corporate structure ("Solstad NewCo")
· 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.
Dividends are set to paid on or about 7[th] December and 15[th] March 2024.
Dividends will be classified as return of paid in capital
AMSC CEO, Pål Lothe Magnussen comments, "The last few months have been
transformational for AMSC with the sale of our Jones Act business and conversion
of ownership in the Normand Maximus towards common shares in Solstad Newco. We
have paid a significant additional dividend to shareholders and have kept ample
liquidity for future investments. We believe there to be dividend capacity and
upside value potential in Solstad Newco as we expect the offshore market cycle
to remain strong and continue to improve. We are also proactively looking for
new investments in the maritime space to add to our dividend capacity going
forward. We are excited about the developments over the past few months and are
looking forward to continue creating shareholder value."
The full report is attached, along with the third 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.