AMSC moves to liquidate as Solstad Maritime heads for Oslo Stock Exchange

AMSC has revealed plans to liquidate the company as Norwegian offshore vessel owner Solstad Maritime moves for listing on the Oslo Stock Exchange.

The Kjell Inge Røkke-dominated outfit, once known as American Shipping Company, holds a 19.6% stake in Solstad Maritime equal to about 91.4m shares which it intends to distribute to its shareholders, and excess cash as a special dividend.

AMSC became a shareholder in Solstad Maritime in Solstad Offshore restructuring, to which it contributed the vessel Normand Maximus in exchange for shares. The two other large shareholders in the company are Aker Capital, with a 42% stake, and Solstad Offshore, holding 27.3%.

AMSC entered the offshore sector in May 2022 when it took ownership of the 2016-built offshore subsea construction vessel Normand Maximus. In August 2023, the company sold its Jones Act-compliant tankers business, American Tanker Holding Company (ATHC), for gross cash proceeds of $249.3m, divided between consideration for the shares in ATHC and repayment of a shareholder loan, reflecting an enterprise value of ATHC of nearly $747m.

“Following transformational transactions over the past two years, distributing SMH shares and liquidating the company will be the next milestones for AMSC in achieving its long-term goal of maximizing shareholder value. During the last 11 years, AMSC will have distributed more than NOK65 per share in cash in addition to the SMH shares. We are truly grateful for the sustained support from our shareholders over many years and believe a direct exposure through the SMH share will be an excellent opportunity to create value going forward,” said Pål Lothe Magnussen, CEO of AMSC.