American Shipping Company raises $40 million to support offshore vessel contract


American Shipping Company (AMSC), the Oslo-listed owner of Jones Act-compliant tankers, which expanded its portfolio earlier this year with the purchase of one of the most advanced offshore subsea construction vessels, raised around $40 million through a private placement of new shares.

The net proceeds will partly finance the acquisition of the building constructed in 2016
Maxime Normand and for general corporate purposes.

The placement is divided into two tranches, the second tranche of some 5.2 million shares out of a total of nearly 11.3 million shares depending on the approval of the extraordinary general meeting, scheduled for October 6.

Aker Capital, owned by Kjell Inge Røkke controlled by Aker, will be awarded just over 2.1 million shares in the second tranche of the placement. The company currently owns just over 19% of AMSC’s shares and has additional financial exposure to 30.77% of the shares through agreements with DNB Bank and Skandinaviska Enskilda Banken (SEB), in total just under 50 %. DNB and SEB also received 479,179 and 1.7 million shares respectively.

In addition, a company partly owned by AMSC board member Peter Knudsen has been awarded 15,000 shares, while CEO Pål Lothe Magnussen will receive 30,000 shares. Chairman Annette Malm Justad was awarded 8,000 shares.

AMSC reached an agreement in May this year to take over OSCV from Solstad Maxime Normand from its secured lenders, for approximately $157 million. The vessel will deliver in the fourth quarter after the conclusion of its current contract. Solstad will continue to operate the vessel under a new bareboat contract with AMSC, with options to extend and purchase after five and 10 years.

Clarksons Securities, DNB Markets and Pareto Securities acted as managers of the private placement.


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