AMSC ASA — Director's Dealing 2010

Jun 29, 2010

Primary Insider Notification

Reference is made to previous stock exchange announcement of 29 March 2010

issued by Converto Capital Fund AS ("CCF"), a subsidiary of Aker ASA, relating

to the entry into of a TRS agreement with financial exposure to the 9,182,520

underlying shares in American Shipping Company ASA ("AMSC"), equal to 33.27 per

cent of the share capital of AMSC. CCF has today extended the term of the TRS

agreement. The final expiry date of the TRS has been set to 29. June 2011. The

swap may be issued as three months rolling contracts. The swap price for the

three months contract with expiry 29 September 2010 is NOK [5.271] per share.

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

votes of 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#1428342]