Primary insider notification

Reference is made to previous stock exchange announcement issued by Aker ASA

("Aker") on 14 December 2009, relating to inter alia that Aker American Shipping

Holding AS ("AASH") was working towards transferring its position in a total

return swap ("TRS") agreement, with financial exposure to 9,182,520 underlying

shares in American Shipping Company ASA ("AMSC"), to Converto Capital Fund AS

(previously known as Aker Capital Fund AS) ("CCF"), a subsidiary of Aker.

AASH´s position in the TRS agreement has today been unwound, and CCF has entered

into a TRS agreement with financial exposure to the 9,182,520 underlying AMSC

shares, equal to 33.27 per cent of the share capital of AMSC. The swap price of

the TRS agreement is NOK 4.7541 per share, with expiry date June 29, 2010.

CCF holds 5,493,430 shares in AMSC, equaling 19.90 per cent of the shares and

votes of AMSC, whereas AASH does not own any shares in AMSC.

Dag Fasmer Wittusen, employee of Aker ASA, is a board member of AMSC.

The information contained herein is subject to the disclosure requirements of

sections 4-1 of the Norwegian Securities Trading Act.

[HUG#1398744]

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