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American Shipping Company ASA – First quarter 2022 results

19/05/2022

Lysaker, 19 May 2022, American Shipping Company ASA (“AMSC” or the “Company”) announces results for the first quarter ending 31 March 2022.

HIGHLIGHTS

· Stable Q1 financial performance with bareboat revenue of USD 21.7 million, normalized EBITDA of USD 21.7 million and adjusted net profit of USD 4.9 million
· Backlog of secured bareboat revenue of USD 137.8 million with average weighted tenor of 1.6 years, excluding any additional bareboat hire from the Normand Maximus   
· Declared Q1 dividend of USD 0.12 per share, supported by the Company’s free cash flow
· On 12[th] May, AMSC reported an agreement to acquire the offshore construction vessel Normand Maximus together with a long- term bareboat charter commencing in Q4 2022 to a subsidiary of Solstad Offshore ASA

AMSC CEO, Pål Lothe Magnussen comments, “As usual we report stable financial performance for the quarter backed by contracted cash flows. The current activity level in the Jones Act tanker market is strong with continued positive market outlook. We are confident on securing new contracts for the three vessels redelivered to us towards the end of the year. We are also very excited about the acquisition of the offshore construction vessel, Normand Maximus, together with a new long-term bareboat contract with a subsidiary of Solstad Offshore ASA. The transaction is accretive on all financial metrics and will lead to a significant increase in cash flow as well as diversification of risk and a first step towards growing our fleet.”

The full report is attached, along with the first 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.

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