American Shipping Co (AMSC) — the Norwegian owner of a fleet of US-flag tankers — is expanding its horizons.

The Oslo-listed company announced on Thursday that it had bought a troubled offshore construction vessel, the 26,832-gt Normand Maximus (built 2016), from a Solstad Offshore subsidiary for $157m, then leased it back to another Solstad company.

“[The deal] diversifies AMSC’s leasing portfolio and adds additional stable and predictable returns to our shareholders,” chief executive Pal Lothe Magnussen said.