AMSC ASA - Director's Dealing 2014

American Shipping Company ASA : PRIMARY INSIDER DISCLOSURE

Reference is made to the previous stock exchange announcement on 19 December

2013, issued by Converto Capital Fund AS ("CCF"), a subsidiary of Aker ASA,

relating to the entry into of a TRS agreement with financial exposure 4,005,100

shares in American Shipping Company ASA ("AMSC"), equal to 6.61 per cent of the

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

expiry date of the TRS agreement has been set to December 19, 2014. The swap

price for the contract is NOK 47.3016 per share.

CCF holds 5,493,430 shares in AMSC, equaling 19.07 per cent of the shares and

votes of AMSC. In addition to the financial exposure provided by said swap

agreement, CCF has, as previously announced, financial exposure to 9,182,520

shares in AMSC under a total return swap agreement, equal to 15.15 % of the

share capital of AMSC.

Lars Solbakken, CEO of Ocean Yield AS, a subsidiary of Aker ASA, is a board

member of AMSC.

The information contained herein is subject to the disclosure requirements of

section 4-2 of the Norwegian Securities Trading Act.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1793313]

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