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end expectednd no new ord

AIN EVEN

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2017 report

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TS

Q3 bareboa with averag

alized EBITDed net profit red Q3 dividected cash floved to trade

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NTS DURIN

ating income2016.

share: Therllion in Q3 2full calenda

rs with negaannual basis

alized EBITDue of USD 220.6 million. sting of base0.9 million, le17. See Note

ted net proed for non-redeferred tax r details.

ends: On 15the equivale

aid on 31 Au

November 2holders on re ex. dividen

mber 2017. T

t

er 201717, Americanptember 201

at revenue oe weighted t

DA for Q3 of Ufor Q3 of US

end of USD 0ow on the OTCQ

en commentencouraging

. The orderbeen placed fo

NG AND S

e: Operating

re was no pro2016. The prar year. Accotive profit sh

s. See note 1

DA: Norma2.1 million, pThe compar

e bareboat reess SG&A of e 14 for more

fit: Adjustedecurring itemexpenses. T

5 August 20ent of NOK 0gust 2017. T

2017, the Boecord as of 2nd from andThe dividend

7 Repon Shipping Co7.

of USD 22.1tenor of 2.8 yUSD 22.4 miSD 3.9 million0.08 per sha

QX Best Mar

ts, “We are pg signs in thbook is also or Jones Act

SUBSEQUE

income was

ofit share forrofit share is ordingly, therhare. Noneth11 for further

alized EBITDplus Deferredrative figure evenue of US

USD 0.8 mie detailed inf

d net profit oms, currency The compara

017, the Boa0.631 per shThe dividend

oard authoriz23 Novembed including 2is classified

ort ompany ASA

million and years illion n re, in line wit

rket in the Un

pleased to dee market plaexpected to t tankers in o

ENT TO T

s stable at US

r Q3 2017 atreported qu

re may be ineless, AMSCr details.

DA of USD 2d Principal O

for Q3 201SD 22.1 milliollion). The prformation.

of USD 3.9 fluctuations,ative figure f

ard authorizeare, to the s

d was classif

zed a quarteer 2017, in lin22 Novembeas a return o

A (“AMSC or

backlog of s

th previous g

nited States

eliver consistace with oldebe complete

over three ye

HE THIRD

SD 12.9 mill

ttributed to Auarterly, but ndividual quaC's portion o

22.4 million fObligation (“D16 for normon, plus profrofit share is

million for Q mark-to-mafor Q3 2016

ed a quarterhareholders ied as a retu

erly dividend ne with prior er, and the of paid in cap

r the “Compa

secured bare

guidance and

subsequent

tent financialer tonnage exely delivered ars”.

D QUARTE

ion in Q3 20

AMSC, compcalculated o

arters with pof the profit s

for Q3 2017 DPO”) of USalized EBIT

fit share of Us not included

Q3 2017 conarket of deriv

was USD 3

rly dividend on record a

urn of paid in

payment of guidance. Tdividend w

pital.

any”) announ

eboat reven

d backed by

to the end o

l results for Qxiting the maby the end o

ER

017 versus U

pared to profon an aggregositive profit hare can nev

consists of D 0.9 million

TDA was USSD 1.4 milliod in Normaliz

sists of net vatives and c.0 million. S

payment of s of 23 Augucapital.

USD 0.08 pThe shares inwill be paid

nces results f

ue of USD 2

the Compan

f the quarter

Q3 2017, in larket which iof Q1 next ye

SD 12.7 mill

it share of Ugated fleet leshare offsetver be negat

base barebn, less SG&ASD 23.6 millon, plus DPOzed EBITDA

profit after tchanges to nSee Note 14

USD 0.08ust 2017, wh

per share to n AMSC willon or abou

2

for

248

ny’s

r

line is a ear,

lion

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boat A of lion

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tax, on-for

per hich

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Dividelevel. Tto its spursueperformwith thforward

OTCQOTCQdesignfollow been s"establOTCQmaintaUnited

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ember 2017,nited States.stor-focused governance,

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not plan to mo dividends ianaging its bunities. Dividg outlook fort covenants,

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current dividet to return vacial flexibilityg other thind in conjunctconditions go

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3

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Th

TH

hird Quarter

HIRD QUA Conden

Third q AMSC’s21.5 mi12.7 mil Net intemillion in In Q3 2interest AMSC hcash derecognizto its sh The noncreated losses, t As of 30U.S. suand in nare fully Net prof Year to AMSC’s65.9 mil(USD 6330 Sept Net inte2017 wa

2017 report

ARTER FIN

nsed Income

uarter resul

s operating rellion in Q3 2llion in Q3 20

erest expensen Q3 2016).

2017, AMSCrate swap co

had a net preferred incomzed an incomare of the inc

n-cash deferdifferences the net of wh

0 Septembebsidiaries. A

no event untiy utilized. See

fit for Q3 201

date results

s operating rllion, respect3.6 million fotember 2017

erest expensas USD 35.1

Amounts in U

Operating reve

Operating prof

Normalized E

Operating prof

Gain on invest

Net interest exUnrealized gaNet foreign ex

Profit/(loss) be

Income tax exp

Non-cash inco

Net profit/(lossAdjusted net Average numbEarnings/(loss

* Applicable to

t

NANCIAL R

e Statement

lts

evenues for 2017 (USD 2016).

e (interest ex

C had an unrontracts rela

rofit before tame tax expenme tax expencome from it

rred income between acchich is recog

er 2017, AMSAMSC’s U.S.

l the vesselse Note 6 for

17 was USD

s

evenues for tively. EBITDor the same

and USD 38

e (interest e1 million (US

USD million (exce

enues

fit before depreciat

EBITDA

fit - EBIT

tments

xpensein/(loss) on interes

xchange gain/(loss)

efore income tax

pense

ome tax expense

s) for the period *profit

ber of common shas) per share (USD)

common stockholde

REVIEW

t

each of Q3 221.3 million i

xpense less

realized gainted to its ves

ax for Q3 20nse was USDnse of USD ts investmen

tax expensecumulated denized as a d

SC has USDsubsidiaries

s are fully demore detaile

3.5 million c

the first nineDA was USDperiod in 208.0 million fo

expense lessSD 28.1 millio

pt share and per s

tion - EBITDA

st swaps)

ares)

ers of the parent com

2017 and Q3n Q3 2016).

interest inco

n of USD 0.ssel financing

017 of USD D 0.5 million i1.0 million int in Philly Ta

e was the reepreciation feferred tax l

D 552.1 millis are not exppreciated for

ed informatio

compared to

e months of D 63.7 million16). EBIT wr the same p

s interest incon for the sa

share information

mpany

3 2016 were . EBIT was

me) for Q3 2

1 million ong (USD 1.1 m

5.0 million (in Q3 2017 (

n Q3 2017 (nankers.

esult of accefor book and iability on the

on of net oppected to par tax purposen.

USD 2.2 mil

2017 and 20n for the ninewas USD 38.period in 201

ome) for theame period i

Q3 n) 2017

22.1

21.5

22.4

12.9

2.3

(10.4) 0.1 0.1

5.0

(1.0)

(0.5)

3.5 3.9

60,616,505 0.06

USD 22.1 mUSD 12.9 m

2017 was US

the mark-tomillion in Q3

(USD 4.2 mi(USD 2.0 milnone recogni

elerated tax tax purpose

e balance sh

perating lossy federal inces and availa

lion in Q3 20

016 were USe months end.1 million for 7.

e nine monthin 2016). Th

Q3 2016

22.1

21.3

23.6

12.7

-

(9.7) 1.1 0.1

4.2

-

(2.0)

2.2 3.0

60,616,505 60,6 0.04

unaudited

million. EBITDmillion in Q3

SD 10.4 millio

o-market val2016).

llion in Q3 2lion in Q3 20zed in Q3 20

depreciationes and corresheet.

ses in carryfocome tax for able tax oper

016.

SD 65.7 millioding 30 Septthe nine mo

hs ending 30he increased

2017 2

65.7 6

63.7 6

66.5 7

38.1 3

4.6

(35.1) (2 (0.1) ( 0.1

7.6

(1.6)

(2.6) (

3.4 ( 10.8 1

616,505 60,616,5 0.06 (0

Year to date

d

DA was USD3 2017 (USD

on (USD 9.7

uation of its

2016). Non-016). AMSC016) relating

n, which hassponding tax

orward in itsmany years

rating losses

on and USDtember 2017onths ending

0 Septemberd expense in

2016

65.9

63.6

74.9

38.0

0.4

28.1)(5.6)0.2

4.9

-

(5.3)

(0.4)10.3505

0.01)

4

D D

7

s

-C g

s x

s s s

D 7 g

r n

Third Q

2017 asUSD 4.8 Net foremillion fbalance In the nmark-tothe sam In the ninvestmsale of t AMSC hmillion athe ninerecogniz(none rePhilly Tato net lo Conden

The decthe nine During trepaymeto the co Other nofour proddistributeproduct initiate sAMSC w During 2The rest

Quarter 2017

s compared t8 million.

eign exchangfor the same

es into USD.

ine months e-market valu

me period in 2

nine monthsent in Philly two vessels b

had a net proand USD 4.2e months enzed an incomecognized inankers. Net

oss of USD 0

nsed Statem

crease in Ves months end

the nine moents on the Dondensed co

on-current asduct tankerse excess catankers has

steps to liquidwill receive its

2016, AMSCtated figures

Amounts in USVesselsInterest-bearingOther non curreTrade and otheCash held for sCash and cashTotal assets

Total equityDeferred tax liaInterest-bearingDerivative finanInterest-bearingDerivative finanDeferred revenTotal equity an

7 report

to 2016 was

ge gain was Ue period in

ending 30 Suation of its 2016).

ending 30 Tankers (U

by Philly Tan

ofit before ta2 million, respnding 30 Seme tax expen the same p

profit for the0.4 million in

ment of Fina

ssels from 3ding 30 Septe

nths ending DPO of USD onsolidated fi

ssets includes to Kinder Mash to its shs been delivdate the coms pro-rata sh

identified ans are shown

SD million

g long term receivent assetser receivablesspecified usesh equivalents

abilitiesg long term debtncial liabilities - log short term debt ncial liabilities - shues and other paynd liabilities

due to non-r

USD 0.1 mill2016), resu

eptember 20interest rate

September SD 0.4 millio

nkers to Kind

ax for the ninpectively. Noeptember 20ense of USDperiod in 201e nine monththe same pe

ncial Positio

31 Decemberember 2017.

30 Septemb2.8 million, onancial state

e AMSC’s 19Morgan anno

areholders fvered, whichmpany and thhare of the di

n error in thein the table

vables (DPO)

ong term portion

hort term portionyables

recurring item

ion for the nlting from th

017, AMSC hswap contra

2017, AMSon for the sa

der Morgan.

ne months eon-cash defe17 (USD 5.

D 1.6 million 16), relating s ending 30

eriod of 2016

on

r 2016 reflec

ber 2017, Oof which USDements for ad

9.6% investmunced in Aufollowing delh is expectedhen distributevidends and

e calculation e above and

ms relating to

ine months ehe translation

had an unreaacts related

C recognizeame period o

nding 30 Seerred income3 million in in the nine to its share September .

cts depreciat

Overseas ShiD 1.5 million dditional info

ment in Phillygust 2015, Pivery of eacd to be in De its remainin liquidation p

of 2014 andinclude a U

302

75 2

4 85

18 2

60

2

85

o the bond re

ending 30 Sen of Norweg

alized loss oto its vesse

ed a gain ofof 2016), rel

eptember 201e tax expensthe same pmonths endof the incom2017 was US

tion of the Co

pholding Gris principal r

ormation on t

y Tankers. APhilly Tankerch vessel. WDecember 2ng available proceeds.

d 2015 deferrUSD 7.8 mill

resta-Sep 30

201753.9 78 29.2 3 17.7 2 0.6 2.4

46.3 4 50.1 88

81.8 19 20.0 06.6 64 0.1

28.3 2 -

13.3 50.1 88

unaudite

efinancing in

eptember 20gian kroner

of USD 0.1 mel financing (

f USD 4.6 mated to the

17 and 2016e was USD 2

period of 20ing 30 Sept

me from its inSD 3.4 millio

ompany’s 10

oup, Inc. (“Orepayment. the DPO.

As a result ors expects to

When the last017, Philly cash to its sh

red income tion correctio

ated-Sep 31201688.2 7 31.6 25.4 2

0.3 2.2

40.6 4 88.3 8

95.5 1 12.8 42.4 6

1.2 25.0 2

5.1 6.3

88.3 8

ed

5

n Q1 2017 of

17 (USD 0.2(NOK) cash

million on theUSD 5.6 for

million on itsdelivery and

6 of USD 5.02.6 million in16). AMSCember 2017nvestment inon compared

0 vessels for

OSG”) madeSee note 12

of the sale ofo continue tot of the fourTankers willhareholders.

tax liabilities.on to the Q3

-Dec201679.530.627.60.3 2.3

49.189.4

95.617.436.10.1

28.3-

11.989.4

f

2 h

e r

s d

0 n C 7 n d

r

e 2

f o r l

. 3

Third Q

2016 baSee AM Interest capitalizfinancingsubordincovenan Outloo The U.Sincreasein carryichemicaof the Jintra gulGulf to tNonetheproductidriving in On the prospecover thefact thatapproximso far inwill increthe fleetthey arecombinefleet, smenvironm2018 asorderboo The Comwater” btanker oa profit s Followinshifted itthe ComAny expas provid Risks The riskcharterin AMSC’sto, curre For furth

uarter 2017

alance sheetSC’s 2016 a

bearing debzed fees verg of the Comnated loan fnts as of 30 S

ok

S. Jones Aced scrappinging clean pral trades remones Act tanf movementshe U.S. East

eless the spron, which mncreased de

supply sidects of the Jone last severat there are amately 20% on 2017. This ease scrutinyt going forwe unable to oed with upcomall levels oment. AMSCs many vesseok is fading.

mpany remaibareboat conon a “hell or hshare arrang

ng a successts focus to fu

mpany is in apansion woulde accretion

ks facing AMng risk as we

s activities alency, interest

her details of

report

t, as an increannual financ

bt as of 30 rsus USD 66mpany’s 10 vrom Aker ASeptember 2

ct tanker ma and lay up

roducts, chemain stable an

nker fleet des of crude ot Coast has read betweeay lead to eamand for Jon

e, there are nes Act prodl years, this

approximatelof the fleet. includes on

y of other oldard. The coobtain long-tming expens

of supply exC believes thels come off

ins insulatedntracts until high water” bgement with O

sful refinancinurther develoa unique posd aim to dive for shareho

MSC principell as overall

so expose tht rate, refinan

f AMSC’s risk

ease in the cial statemen

September64.4 million vessels of USA of USD

2017.

arket remainactivity whicmicals and nd representeployed in thil are back anot yet return

en the WTI aast coast refnes Act trans

promising duct tanker mwill change y 20 tankersTwo tankerse ATB that sder assets ammercial viaterm employsive dry dockpansion or

hat supply wif time charte

d from currenDecember 2

bareboat conOSG, provid

ng earlier thiop growth opsition to capiersify the fleelders.

pally relate tmarket risk.

he Companyncing, and liq

ks, including

deferred taxnts for more i

r 2017 was as of 31 DSD 416.9 m6.7 million.

ned soft in h is a net pocrude oil fort the backbonhese segmenat peak levelsned to levelsand Brent prfiners increassportation se

signs that smarket. Whilgoing forwa

s and ATBs s exited the fsuffered an end likely incrability of keeyment followikings. Givencontraction ll continue tors and face

nt market con2019 and onntract until Juing upside po

is year and npportunities gitalize on seet compositio

to the opera

y to a varietyquidity risk.

our guarant

x liabilities annformation.

USD 634.9December 20million, the ne

AMSC wa

Q3 2017, bositive for ther a range ofne of the tannts. In additis, although ts sufficient torices has widsing its purchervices.

support the le the size ord given the that are 35

fleet in 2016explosion durease the paeping older aing the compn the relativecan have a o decrease fexpensive d

nditions with ne tanker thune 2025. In otential in a

no debt matugoing forwarlect opportunon, market e

ational and

y of other fin

ees, refer to

nd a decrea

million, net016. This dew bond of Uas in complia

but there aree market. Thf charterers. nker market wion, there artransportatioo improve thedened with ihasing of U.S

Company’s of the Jones

rapidly shrinyears of ag

6 and four ATuring the thirace at which assets operapletion of the

ely small sizedisproportio

for the remairy dockings

nine produchat has been

addition, therecovering m

urities due urd. As a Jonenities within

exposure, an

financial pe

ancial risks,

the 2016 An

ase in retaine

t of USD 8debt relates USD 220.0 mance with al

e encouragie tanker fleeThe clean

with more thare reports indn of crude fre Jones Act tincreased US. shale oil f

long-term vAct fleet ha

nking orderbge or older, rTBs have exrd quarter. Tolder assets

ational is dimeir current ti

e of the Joneonate effect nder of 2017at the same

ct tankers on n converted e Company bmarket.

ntil Q4 2020es Act tonnathe Jones Ad customer b

erformance o

including bu

nnual Report

6

ed earnings.

.7 million into the bank

million and al of its debt

ing signs ofet is involvedproduct andan two thirdsdicating thatrom the U.S.tanker rates..S. crude oilfrom the gulf

view for theas increasedbook and therepresentingited the fleetThis incidents are leavingminishing asime charters

es Act tankeron the rate

7 and duringe time as the

“hell or highto a shuttle

benefits from

0, AMSC hasage provider,Act segment.base as well

of OSG, re-

ut not limited

t.

.

n k a t

f d d s t . l f

e d e g t t

g s s r e g e

h e m

s l

-

d

Third Q

Definit Jones Abetweenthe U.Sallowingunder ce

uarter 2017

tions

Act - The U.Sn U.S. ports t. flag. In 1 increased nertain conditi

Annette MalChairperson

Audun StenDirector

report

S. cabotage to be built, o

1996 certain non-U.S. paions, known

T

lm Justad n

svold

law, referredowned, opera

amendmenrticipation inas the financ

Lysak

he Board of

American

d to as Joneated and mants were ena the ownersce lease exe

ker, 15 Novem

Directors an

n Shipping C

s Act, requirnned by U.Sacted to theship of vesseemption.

mber 2017

d President /

Company ASA

Pet Dire

Pål Pre

res all commS. citizens ane U.S. vesseels operating

/ CEO

A

ter D. Knudseector

Magnussenesident / CEO

mercial vessend to be regisel documentg in the Jone

en

O

7

els operatingstered undertations laws,es Act trade

g r ,

e

Third Q

AMERFINANOF 20CONDENS

Amounts

Operating Operating OperatingDepreciatiOperatingGain on inNet interesUnrealizedNet foreigProfit/(losIncome taNon-cash Net profitAverage nEarnings/

CONDENS

Amounts

Net incomOther comTotal com

* Applicab

CONDENS

Amounts AssetsNon-curreVesselsInterest-beOther longTotal non Current aTrade andCash heldCash and Total cur

Total ass

Equity anTotal equ

Non-curreBond payaOther inteDerivative CapitalizedDeferred tTotal non Current liInterest-beDerivative Deferred rTotal cur

Total liab

Total equ

Quarter 2017

RICAN SHINCIAL STA17 SED INCOME ST

in USD million (

revenuesexpenses

g profit before deiong profit - EBITnvestmentsst expensed gain/(loss) on intn exchange gain/(ss) before incom

ax expenseincome tax expen

t/(loss) for the penumber of common/(loss) per share

SED STATEMEN

in USD million

me/(loss) for the pemprehensive incommprehensive inco

le to common stoc

SED STATEMEN

in USD million

ent assets

earing long term reg term assetsn-current assets

assetsd other receivablesd for specified uses

cash equivalentsrent assets

sets

nd liabilitiesuity

ent liabilitiesableerest-bearing loans

financial liabilitiesd feestax liabilityn-current liabiliti

iabilitiesearing short-term financial liabilities

revenues and otherent liabilities

bilities

uity and liabilities

7 report

PPING COATEMENT

ATEMENT

except share an

epreciation - EBI

terest swaps(loss)

me tax

nseeriod *n shares

e (USD)

T OF CHANGES

eriodme for the period, nome/(loss) for th

ckholders of the p

T OF FINANCIAL

eceivables (DPO)

ss

ss - long term portio

es

debt s - short term porter payables

s

OMPANY AS FOR TH

d per share infor

ITDA

IN COMPREHENS

net of taxe period *

parent company.

L POSITION

on

ion

ASA GROHE THIRD

rmation)

SIVE INCOME

UP CONDQUARTER

Q201

22.1 (0.6 21.5 (8.6 12.9

2.3 (10.4

0.1 0.1 5.0

(1.0 (0.5 3.5

60,616,505 0.06

Q2017

3.5 - 3.5

30-Se201

753.9 29.2 17.7

800.8

0.6 2.4

46.3 49.3

850.1

181.8

220.0 395.3

0.1 (8.7 20.0

626.7

28.3 -

13.3 41.6

668.3

850.1

DENSED CR AND FIR

Q3 Q3 7 2016

1 22.1 6) (0.8) 5 21.3 6) (8.6) 9 12.7 3 - 4) (9.7) 1 1.1 1 0.1 0 4.2 0) - 5) (2.0) 5 2.2 5 60,616,505 6 0.04

Q3 Q3 7 2016

5 2.2 -

5 2.2

restatedep 30-Sep

7 2016

9 788.2 2 31.6 7 25.4 8 845.2

6 0.3 4 2.2 3 40.6 3 43.1

1 888.3

8 195.5

0 212.2 3 437.0 1 1.2 7) (6.8) 0 12.8 7 656.4

3 25.0 5.1

3 6.3 6 36.4

3 692.8

1 888.3

unaudited

unau

unau

CONSOLIDRST NINE

2017

65.7 (2.0) 63.7

(25.6) 38.1

4.6 (35.1)

(0.1) 0.1 7.6

(1.6) (2.6) 3.4

60,616,505 0.06

2017

3.4 - 3.4

31-Dec2016

779.5 30.6 27.6

837.7

0.3 2.3

49.1 51.7

889.4

195.6

212.8 430.0

0.1 (6.7) 17.4

653.6

28.3 -

11.9 40.2

693.8

889.4

udited

udited

Year to

Year to

8

DATED MONTHS

2016

65.9 (2.3) 63.6

(25.6) 38.0

0.4 (28.1)

(5.6) 0.2 4.9 -

(5.3) (0.4)

60,616,505 (0.01)

2016

(0.4) -

(0.4)

o date

o date

Third Q

NOTESSTATE2017 1. IntrodAmericafinanciawholly oCompan The cwww.am 2. BasisThese managepresenteresults t 3. StateThese cFinanciaInterim statemeas of an 4. SigniThe acstatemefor the y There hof the aAMSC’s 5. Use o

CONDENS

Amounts

Reported Non-cashRestated Total comRepurchaProceeds DividendsTotal equ

CONDENS

Amounts

Net cash fNet cash fNet cash fNet chanCash and Cash and

Quarter 2017

S TO THEEMENTS F

duction - Aman Shipping Cl statementsowned subsny’s auditors

consolidatedmericanshipp

s of Preparaconsolidated

ement, that ed. Operatithat may be e

ement of comconsolidatedal ReportingFinancial Re

ents, and shond for the yea

ificant accoccounting poents are the syear ended 3

have not beeannual conss financial re

of estimates

SED STATEMEN

in USD million

equity as of begin deferred tax corr equity as of beg

mprehensive incomase of treasury sha

from sale of treass/return of capitaluity as of end of

SED CASH FLOW

in USD million

flow from operatinflow from investinflow used in finange in cash and c cash equivalents

d cash equivalen

7 report

E UNAUDITFOR THE T

merican ShiCompany AS

s for the thresidiaries. Ths. American

d 2016 pingco.com.

ation d interim finare necessang results foexpected for

mpliance interim fina Standards

eporting. Thould be readar ended 31

unting princolicies appliesame as thos31 December

en any new Isolidated finaporting for th

s

NT OF CHANGES

nning of periodectionginning of period

me for the periodaressury shares

period

W STATEMENT

ng activitiesng activitiesncing activitiescash equivalentss, including cash hnts, including ca

TED CONDTHREE AN

pping CompSA (“AMSC”ee and ninehese financiShipping Co

annual fin

nancial stateary for a faior the three ar any subseq

ancial statemas adopted

hey do not ind in conjunct December

ciples ed by the Gse applied byr 2016.

FRS standaancial statemhe nine mont

S IN TOTAL EQUI

d

sheld for specified ash held for spec

DENSED CND NINE M

pany ) is a compamonths endial statemen

ompany has o

nancial sta

ements refler presentatioand nine mo

quent interim

ments have bby the EU

nclude all of tion with the2016.

Group in thy the Group

rds or interpments for thths ended 30

ITY

uses at the begincified uses at en

CONSOLIDMONTHS E

any domicileded 30 Septe

nts have notone operatin

atements

ct all adjuson of the re

onth periodsperiod or ye

been prepar(IFRS) applthe informat

e consolidate

hese condenin its consol

retations isse year 2016

0 September

ning of periodd of period

DATED INENDED 30

d in Norway.ember 2017t been auditg segment.

of AMSC

stments, in tesults of opeare not nec

ear.

red in accordlicable for intion required

ed financial s

nsed consoidated financ

ued or effec6 that have 2017.

TERIM FIN0 SEPTEM

The condecomprise AMted or revie

are av

the opinion erations for essarily indic

dance with nterim reportd for full annstatements o

lidated intercial statemen

ctive after thea significan

2017

195.6 -

195.6 3.4

(0.1 0.1

(17.2 181.8

2017

33.9 14.6

(51.2 (2.7 51.4 48.7

Year

Yearuna

una

9

NANCIAL MBER

nsed interimMSC and itsewed by the

vailable at

of AMSC’sthe periods

cative of the

Internationalting, IAS 34

nual financialof the Group

rim financialnts as of and

e completionnt impact on

7 2016

6 224.2 (7.8)

6 216.4 4 (0.4)

) - -

2) (20.5) 8 195.5

7 2016

9 36.6 6 - 2) (27.1) 7) 9.5 4 33.3 7 42.8

r to date

r to date audited

audited

m s e

t

s s e

l 4 l

p

l d

n n

Third Q

The preassumpbased odiffer froThe mointerim estimatiand for t Certain 6. Tax Income annual i Without would hacceleraand tax The Coma tax paafter veDeferred During trelated 2016) ain 2016million ( Since threcognizassets. derivativvesselsis record The Comof 30 SeInternal more deNorway 7. SharAs of 30

NOK perUSD per AggregatAggregat

Dividendrepaymeshare pr

Quarter 2017

eparation of ptions that afon managemom these estost significanfinancial staon uncertainthe year end

prior period

tax expenseincome tax ra

the benefit have U.S. taxated tax deppurposes an

mpany expeayable positiossels are fud tax expens

the first nine to income tand a deferre). During th

(0 in 2016), r

he entities ize a state d Deferred ta

ve financial . AMSC's efded.

mpany has Ueptember 20Revenue Se

etails). Theas of 31 De

re capital an0 September

r shareshare

te NOK (millionte USD (million

ds paid (classent of previouremium)

7 report

financial stffect the repoment’s best ktimates. nt judgmentatements in

nty, are the sded 31 Decem

reclassificati

e is recognizates.

of acceleratxable income

preciation, whnd corresponcts that the don for U.S. Flly depreciatse is a non-c

months of 2axes in the Ced tax expenshe first nine relating to its

in the Groupdeferred tax ax assets incliabilities andffective tax r

USD 552.1 m017, of whichervice Code e Company acember 2016

nd equity r 2017, AMSC

ns)ns)

sified as sly paid in

tatements inorted amounknowledge o

s made by applying t

same as thosmber 2016.

ions were ma

zed in each

ed depreciate. Accordinghich has creanding tax losdeferred tax Federal incomed for tax pu

cash item.

2017, the ComCommonwease of USD 1month of 20share of the

p cannot beliability for t

clude the Cod capitalizedrate is signific

million of neth approximaSection 382also has US6.

C had 60,61

22-Feb-1

1.03 0.12

63 7

n conformity nts in the finaof current ev

managemehe Group’s se that applie

ade to confo

interim peri

tion on vessgly, substantated differenses, the net liability will c

me tax purpourposes and

mpany recogalth of Penn.4 million rel

017, AMSC e income from

e consolidatehose entities

ompany’s netd loan fees. cantly impac

t operating loately USD 38

(see note 5 SD 112.2 m

6,505 ordina

7 8-Jun-17

39 0.67 24 0.08 .0 40. .5 4.

2017

with IFRS ancial statemvents and ac

nt in preparaccounting

ed to the con

orm to curren

od based on

sels for U.S.tially all of thnces between

of which is rcontinue to goses, which id available ta

gnized a defesylvania (USlated to U.S.recognized

m its investm

ed for states in which gt operating lo Deferred ta

cted by losse

osses in carr81 million areof the 2016illion of net

ary shares at

7 31-Aug-17

3 0.631 0 0.080 8 38.3 8 4.8

requires thements. Althouctions, actua

ring these cpolicies, a

nsolidated fi

t year prese

n the best e

income tax he deferred tn accumulaterecognized agrow until theis not expectax operating

erred tax expSD 0.1 millio federal incoan income t

ment in Philly

tax purposgross tax liabosses in carax liabilities es in Norway

ryforward in e subject to consolidatedoperating lo

a par value

7 3-Mar-16

1 0.923 0 0.107 3 56.0 8 6.5

e use of esugh these esal results ma

condensed cnd the key nancial state

ntation.

estimate of th

purposes, thtax expense ed depreciat

as a deferrede U.S. subsidted for manylosses are f

pense of USon in the samome tax (USDtax expense Tankers.

ses, the Combilities exceerryforward, thinclude the

y for which no

the U.S. subcertain limita

d financial staosses in car

of NOK 10 p

8-Jun-16

3 0.89122 7 0.107 0 54.0 5 6.50

2016

10

timates andstimates areay ultimately

consolidatedsources of

ements as of

he expected

he Companyresults from

tion for bookd tax liability.diaries are iny more yearsfully utilized.

D 1.2 millionme period ofD 5.2 millionof USD 1.6

mpany musted gross taxhe losses onvalue of theo tax benefit

bsidiaries asations underatements forrryforward in

per share.

31-Aug-16

1.01871 0.124

61.8 7.50

d e y

d f f

d

y m k .

n s

n f n 6

t x n e t

s r r n

Third Q

8. InterThe follo

On 9 FesuccessFebruarThe netFebruar The Com 9. RelaAMSC arm’s le 10. Inte

The increfinanc 11. ProfAs disclvesselsstarts wquarterlyindividuAMSC's

Amo

IntereIntere

Net i

Quarter 2017

rest-bearingowing table s

ebruary 201sful placemery 2017, witht proceeds fry 2018.

mpany was i

ated party trabelieves tha

ength transac

erest

creased expcing in Q1 20

fit sharing alosed, AMSC. The calcu

with total vey, but calculaal quarters w

s portion of th

Am

Ba

ReIssInteAm

Ba

ounts in USD

est expenseest income

nterest expe

7 report

g debt shows mater

7, Americanent of a five h final maturfrom the bo

n complianc

ansactions at related pactions.

pense in 20017 of USD 4

agreement wC and OSG hulation of prossel revenuated on an awith positivehe profit can

mounts in USD

lance at begi

epayment of desuance of debterest added to

mortization of lo

lance at end

million

ense

41.6

Net TC revenue for

Q3-17

rial changes

Tanker, Incyear USD 2

rity date on 2ond were us

e with all of i

arty transacti

17 over 204.8 million

with OSG have an agreofit to share e, subtracte

aggregated fle profit share

never be ne

Profit Shari

D million

nning of perio

ebt / loan fees

oustanding deoan fees and d

of period

30-

BBC

22.1

in interest-be

c. (“ATI”), a 220 million s22 February sed to repay

its debt cove

ons are ma

16 was due

eement sharis made on

ed by defineeet level ove

e offset by qegative on an

ing Calculat

od

ebtdiscount

-Sep-17

(10.9) 0.5

(10.4)

3 month

Other (opex, agreed OSG profit layer,

misc)

24.5

earing debt:

fully owned senior unsec2022. The

y the unsecu

enants as of 3

de on terms

e to non-re

ring profits fran aggrega

ed cost elemer a full calenquarters with n annual bas

tion for Q3 2

30-Sep-

6

(2 2

6

9

30-Sep-16

(9.7 -

(9.7

hs to

Drydock provisions

1.6

subsidiary ocured bond. bond has a

ured bond w

30 Septembe

s equivalent

curring item

rom OSG’s oated fleet levments. The ndar year. Ac

negative pris.

2017

-17 30-Se

64.4

54.0) 20.0 - 4.5

34.9

9 months to

30-Sep-

7) (

7) (

9

Profit to share Q3-17

(6.6)

of AMSC, co Settlement

fixed coupowhich had a

er 2017.

to those th

ms relating t

operations ofvel. The calcprofit share ccordingly onrofit share. N

ep-16

670.8

(6.6) - - 3.2

667.4

-17 30-S

(36.7) 1.6

(35.1)

9 months to

11

ompleted thet was on 22on of 9.25%.a maturity in

at prevail in

to the bond

f AMSC’s 10culation thus

is reportedne may haveNonetheless,

Sep-16

(29.1) 1.0

(28.1)

e 2

n

n

d

0 s d e

Third Q

AMSC’swith OSobligatiozero, AMwas as full year

12. DefPursuanbareboaOSG paa maximperiod wyears, tterminatfive vesits full co

13. FinThe onlinterest financiahierarchthe quar The fairamounts

The fair their sho * Descri 14. AlteThe neperformare finaguidelinCompanstateme

Quarter 2017

s 50% share SG, the “OSGon to remit pMSC will recof 31 Decem

r 2017. There

ferred Princnt to the curat charter hiraid a reducedmum liabilitywas discountthe DPO is ted earlier atsels delivereontractual am

ancial Instry financial inrate swaps, l statements

hy levels as orter ended 30

r values of s shown in th

value of casort-term natu

ibed in the 20

ernative Perew guidelineance measuncial measue, AMSC puny, definitionent.

Amount

InterestInterestUnsecuSecuredSubord

7 report

of the full yeG credit” is tprofit sharingceive its 50%mber 2016 Uefore, the OS

cipal Obligatrrent charterre for the firsd bareboat c

y from OSG ted using therepaid to A

t which time ed under themount.

uments nstruments twhich are c

s. The Compof the date o0 Septembe

financial inshe balance s

sh, accounts ure.

016 consolid

rformance Mes of the Eures becameures other thaublishes the ns of the pe

Amounts in

Balance at

Repayments

Balance at

ts in USD millio

t-bearing receivt swap used forured bond issued loans (gross)inated loans (g

ear profit is he amount og payments

% share of thUSD 4.9 millioSG credit bal

tion (DPO) r agreementst five vessels

charter rate aof USD 7.0

e estimated mAMSC over

the DPO be arrangemen

hat the Comlassified in thpany’s policyof the event or 2017, there

struments, tsheet are as

receivable a

dated financia

Measures European Se effective foran the finanexplanation erformance

n USD million

beginning of

s of principal

end of period

ons

vables (DPO)r economic hede (gross)

ross)

used to reduof AMSC’s pto AMSC.

he subsequeon. There islance of USD

s, OSG hads during the and assumed0 million per market disco18 years in

ecomes due nt, and those

mpany accouhe Level 2 cy is to recogor change ine were no tra

he related ffollows:

and accounts

al statement

ecurities anr the financiacial measureof the use omeasures u

n

f period

d

3

ging

uce the OSGprofit sharing After the OS

ent profit shas a risk that tD 4.9 million

d the right toinitial seven

d the DPO. Tvessel. The

unt rate at lecluding interimmediately

e vessels' ca

nts for at faiategory as isnize transfer

n circumstancansfers betwe

fair value hi

s payable ap

s

nd Markets al year 2016es defined u

of alternative used and re

30-Sep-17

30.6

(1.4

29.2

9 mo

Carryingamount

30-Sep-17

29.2 (0.1)

(220.0) (416.9)

(6.7)

G credit. In ththat OSG re

SG credit haare in cash. Tthere will be has not bee

o defer paym year fixed bThe DPO acce DPO durinease inceptiorest unless

y. OSG has ash bareboat

r value on as described irs into and trces that causeen categori

erarchy, tog

pproximate th

Authority (“. Alternative

under IFRS. performanceconciliation

30-Sep-16

6 32

4) (1

2 31

nths to

Fairvalue

30-Sep-17

23.7 (0.1)

(217.3) (418.8)

(8.4)

he agreemenetains prior tas been fullyThe OSG crzero profit s

n reduced.

ment of a pobareboat chacrued on a d

ng the initial on. After the the bareboamade repayt charter hire

an ongoing bin the 2016 cransfers out sed the transes.

gether with t

he carrying v

“ESMA”) fore performanc In accordane measures with the IFR

6

2.6

.0)

.6

Fairvalue

hierarchy *

3 2 2 2 2

12

nt negotiatedto having any reduced toredit balanceshare for the

ortion of thearter periods.daily basis to

seven yearinitial seven

at charter isments on all

e resumed to

basis are theconsolidatedof fair valuesfer. During

the carrying

values due to

r alternativece measuresnce with thisused by the

RS financial

d n o e e

e .

o r n s l

o

e d e g

g

o

e s s e l

Third Q

AMSC supplemenhance Normaliexpensefor non-The tabreported

* There quarterlyindividuAMSC's For prud 15. AmIn accorfor Ame

Alternativ

Normaliz Base bar Less opeReported Plus prof Plus DPONormaliz

AdjustedNet profitAdd back Unrealize Net forei Non-casBond clos Non-cas Bond calAdjusted

Quarter 2017

discloses Nmental informe an underst

zed EBITDAes plus profit-recurring itebles below illd EBITDA an

is a risk thay, but calculaal quarters w

s portion of th

dence, profit

merican Tankrdance with t

erican Tanke

ve Performance

zed EBITDA (amreboat revenueerating expensed EBITDAfit share *Ozed EBITDA

d net profit (amt/loss after taxk:ed (gain)/loss ogn exchange (gh income tax exsing:h write-off of unll price

d net profit

CONDENSE

Amounts in

Operating rOperating eOperating DepreciatioOperating Net interestUnrealized Other finanProfit/(lossNon-cash inNet profit/(Average nuEarnings/(

* Applicable

7 report

Normalized mation to mtanding of the

A is calculat sharing plums, currencyustrate the cnd Adjusted n

at there will ated on an awith positivehe profit can

share is not

ker, Inc. conthe bond loar, Inc. and its

e Measures (AP

mounts in USD

es

mounts in USD

on interest swapgain)/lossxpense

namortized bon

ED INCOME STA

n USD million (e

evenuesexpensesprofit before denprofit - EBITt expensegain/(loss) on intcial expensess) before incomncome tax expen(loss) for the pember of commonloss) per share

e to common stoc

EBITDA ananagement e Company’s

ated as opeus DPO. Adjy fluctuationscomparative net profit and

be zero profaggregated fle profit share

never be ne

t included in

nsolidated fian agreemens subsidiaries

PM) Reporting:

D millions)

millions)

ps

d discount

ATEMENT

except share an

epreciation - EB

terest swaps

me taxse

eriod *n shares(USD thousand

ckholders of the p

nd Adjustedand investo

s operating e

erating revejusted Net Ps, mark-to-minformation

d a reconcilia

fit share for eet level ove

e offset by qegative on an

Normalized

inancial statnt, below ares for the six

nd per share inf

BITDA

ds)

parent company.

d Net Profitors as the Cearnings.

nues (base Profit include

market of derifor normaliz

ation to net p

the full yearer a full calenquarters with n annual bas

EBITDA for 2

tements the consolidmonths ende

2022 (0 21 - 0

22

203

(0 (0 0

- - 3

formation)

t in order Company be

bareboat rs net profit/(vatives and ed EBITDA

profit/(loss) af

r 2017. Thendar year. Ac

negative pris.

2017.

dated unauded 30 Septem

Q3 Q017 2012.1 22. 0.6) (0. 1.5 21.

1. 0.9 0. 2.4 23.

Q3 Q017 2013.5 2.

0.1) (1. 0.1) (0. 0.5 2.

- -

3.9 3.

un

un

to provide elieves thes

revenue) les(loss) after tachanges to dand reconcilfter tax.

e profit shareccordingly onrofit share. N

ited financiambber 2017.

Q3 16 20171 65.7 8) (2.0 3 63.7 4 - 9 2.8 6 66.5

Q3 16 20172 3.4

1) 0.1 1) (0.1 0 2.6

2.6 2.2

0 10.8

Year

Yearaudited

audited

YT201

65.7 (0.8 64.9

(25.6 39.3

(33.4 (0. (2.2 3.6

(2.5 1.

1,000 1.12

unaudited

13

meaningfule measures

ss operatingax, adjustingdeferred tax.liation to the

e is reportedne may haveNonetheless,

l statements

7 20167 65.9 0) (2.3) 7 63.6

8.4 8 2.9 5 74.9

7 20164 (0.4)

5.6 ) (0.2)

6 5.3

6 - 2 - 8 10.3

r to date

r to date

TD 17

78)96)34)1)2)65)102

l s

g g .

e

d e

s

Third Q

Quarter 2017

CONDENS

Amounts iAssetsNon-curreVesselsInterest-beaTotal non- Current asCash held fCash and cTotal curre

Total asse

Equity andTotal equit

Non-curreBond payabOther intereDerivative fCapitalized Deferred taTotal non- Current liaInterest-beaDerivative fDeferred reTotal curre

Total liabi

Total equit

CONDENS

Amounts i

Net cash floNet cash floNet changeCash and cCash and c

7 report

SED STATEMEN

n USD million

nt assets

aring long term re-current assets

ssetsfor specified usescash equivalentsent assets

ets

d liabilitiesty

nt liabilitiesbleest-bearing loansfinancial liabilitiesfees

ax liability-current liabilitie

abilitiesaring short-term financial liabilitiesevenues and otheent liabilities

lities

ty and liabilities

ED CASH FLOW

n USD million

ow from operatinow used in finance in cash and ca

cash equivalents,cash equivalent

T OF FINANCIA

eceivables (DPO

s

ss - long term port

es

debt s - short term porer payables

s

W STATEMENT

g activitiescing activitiesash equivalents including cash hts, including ca

L POSITION

)

ion

rtion

sheld for specified sh held for spe

uses at the begicified uses at e

nning of periodend of period

30-Se201

752.8 29.2

782.0

2.4 41.0 43.4

825.4

82.7

220.0 474.7

0.1 (8.7 21.2

707.3

28.3 - 7.1

35.4

742.7

825.4

unaudited

201

36.1 (41.9

(5.8 49.2 43.4

unaudited YT

14

ep7

820

404

4

7

0717)23

3

14

7

4

17

19)8)24

D

Third Q

America

Oksenø

PO Box

1326 Ly

NORWA

Pål Mag

Preside

Tel: +4

Cell: +4

pal.magn

DisclaThis releauncertaintexpectatiothat are mGroup") lisuch as materiallythat are oproducts afactors asinformatiothat thoseCompanyexpressedShipping employee

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an Shipping C

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aimer ase includes aties that could ons, estimates amajor markets fones of business"expects,” "bel

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7 report

Company AS

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Morten B

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nter alia, on foresults to differs about global eipping Compan

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