AMSC ASA / American Tanker, Inc. - Third quarter 2022 results

22 Nov 2022 07:00 CET

Lysaker, 22 November 2022, AMSC ASA (“AMSC” or the “Company”) announces results
for the third quarter ending 30 September 2022.

HIGHLIGHTS

• Stable financial performance with bareboat revenue of USD 22.3 million,
normalized EBITDA of USD 22.6 million and adjusted net profit of USD 5.0 million

• On 15 September 2022, AMSC conducted an equity private placement of NOK 404.9
million, which was partially used to fund the purchase of the offshore
construction vessel, Normand Maximus. The vessel was acquired on 18 October 2022
and commenced a long-term bareboat charter with a single purpose subsidiary of
Solstad Offshore ASA (the “Charterer”)
• On 21 October 2022, AMSC announced it had fixed its third and last vessel
being redelivered in December on a three-year bareboat charter contract to
Keystone Shipping Co. (“Keystone”) commencing in December and backed by a time
charter of the same duration
• Contracted backlog of U.S. Jones Act bareboat revenue of USD 185.3 million
with average weighted tenor of 2.0 years
• Declared Q3 dividend of USD 0.12 per share, supported by the Company’s free
cash flow

AMSC CEO, Pål Lothe Magnussen comments, “We are pleased to have completed
another quarter with steady financial performance. Subsequent to quarter-end we
have completed the acquisition of Normand Maximus, successfully raised equity
capital and fixed the final Jones Act tanker being returned to us on a
three-year bareboat charter. With these milestones completed, we look forward to
an active 2023 which we expect will bring growth in EBITDA and a continued focus
on developing our fleet.”

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.

More information:
Access the news on Oslo Bors NewsWeb site

576331_Q3 2022 AMSC presentation 22.11.2022 final.pdf
576331_Q3 2022 AMSC press release 2022-11-22 final.pdf