Lysaker, 27 February 2024, AMSC ASA ("AMSC" or the "Company") announces results
for the fourth quarter and full year ending 31 December 2023.
HIGHLIGHTS
· On 18[th] October the sale of American Tanker Holding Company ("ATHC") was
successfully closed. The transaction comprised all of AMSC's Jones Act business
including the 10 tankers and corresponding bareboat charters, debt and corporate
structure.
· 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.
· On 23[rd] October, AMSC announced an agreement with Solstad Shipholding AS
to participate in an overall refinancing by contributing the CSV Normand Maximus
in return for shares in the new company Solstad Maritime Holding AS ("SMH").
Subsequent to year-end, the refinancing was completed on 16[th] January 2024,
and AMSC currently owns 21.1% of SMH.
· 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. The Q3
dividend was paid on 7[th] December and the Q4 dividend is expected to be paid
on or about 15[th] March 2024. Dividends will be classified as return of paid in
capital.
AMSC CEO, Pål Lothe Magnussen comments, "During Q4 we were pleased to conclude
the sale of our Jones Act business and pay a substantial additional dividend to
our shareholders. Over the past 10 years we have distributed USD 414 million in
dividends equivalent to NOK 60.2 per share. We have made 40 consecutive
quarterly dividend payments and the additional dividend during Q4 set a final
mark for a long lasting and successful investment in the Jones Act tanker
market. Looking forward, we are excited about our ownership stake in Solstad
Maritime and exposure to the offshore industry. AMSC endeavors to continue to
make attractive quarterly distributions and continue to look for attractive
investment opportunities in the maritime space."
The full report is attached, along with the fourth quarter presentation.
Company contacts:
Pål Magnussen, Chief Executive Officer
+47 24 13 00 04
Morten Bakke, Chief Financial Officer
+47 24 13 00 87
This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.