AMSC ASA announces results for the third quarter and nine months ending 30 September 2023.
HIGHLIGHTS
- On 22nd 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 18th October
- In conjunction with the closing of the sale of ATHC, AMSC distributed USD 170 million in an additional dividend to shareholders on 1st November
- Subsequent to the quarter, on 23rd 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 20th 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 7th December and 15th 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.”
Source: Hellenic Shipping News
