Lysaker, Norway - 20 October 2022
AMSC ASA (Oslo Stock Exchange: AMSC / OTCQX: ASCJF) is pleased to announce that
it has entered into a bareboat charter for one of its vessels with Keystone
Shipping Co. (Keystone). The contract is commencing in December 2022 and has a
duration of three years with no extension options. The bareboat charter is
supported by a back-to-back time charter of the same duration between Keystone
and a leading U.S. fuel distributor. The new bareboat charter adds approximately
USD 31.3 million to AMSC's existing charter backlog, excluding any proceeds from
a profit share component of the charter.
AMSC CEO Pål Lothe Magnussen commented, "We are pleased to have secured
employment for the final vessel well ahead of the expiration of its current
charter. By successfully bareboat chartering the three ships, we have increased
our charter backlog by over USD 91 million. Jones Act tanker capacity is likely
to remain constrained for the foreseeable future, and these charters are
indicative of strong demand for our vessels. Chartering these ships to a
premium U.S. tanker operator like Keystone gives us a great deal of confidence
that our vessels will be operated and maintained to the highest standards."
Keystone President Donald Kurz comments, "We are pleased to add the final AMSC
vessel to our fleet on a back-to-back charter with a leading U.S. fuels
distributor. We are very happy to have concluded this bareboat transaction which
allows us to continue to service customers in the U.S. Gulf petroleum trade."
AMSC Company contacts:
Pål Magnussen, Chief Executive Officer +47 90 54 59 59
Morten Bakke, Chief Financial Officer +47 900 955 94
Leigh Jaros, Controller +1 484 880 3741
About AMSC ASA:
Established in 2005 and listed on the Euronext Oslo Stock Exchange, AMSC is a
ship owning company with nine modern handy size product tankers, one modern
handy size shuttle tanker and one subsea construction vessel on bareboat
charters with various counterparties. AMSC has a significant contract backlog,
as well as profit sharing agreements, which offers visibility with respect to
future earnings and potential dividend capacity. The Company has an ambition to
pay attractive dividends to its shareholders. Further information is available
at www.amscasa.com.
About Keystone:
Keystone is a U.S. shipowner and operator founded in Philadelphia in 1909. It
has for over 100 years safely transported petroleum products to ports across the
United States and presently manage more than 20 vessels in the domestic and
international shipping sectors.