AMSC - Primary insider notification

Reference is made to previous stock exchange announcements of 29 March 2010 and

29 June 2010 issued by Converto Capital Fund AS ("CCF"), a subsidiary of Aker

ASA, relating to 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 with final expiry date on June 29, 2011. The

swap may be issued as three months rolling contracts and CCF has on 29 September

entered into a new three months contract with expiry 29 December 2010, with a

swap price of NOK 5.3182 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.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1447828]

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