AMSC ASA - Director's Dealing 2016

American Shipping Company ASA: Primary Insider Notification

Reference is made to previous stock exchange announcements of 11 January 2016

and 5 November 2015 relating to Aker ASA's ("Aker") indirect TRS agreements with

financial exposure to 18,687,620 underlying shares in American Shipping Company

ASA ("AMSC"), equal to 30.83 per cent of the share capital in AMSC.

Aker, through its wholly-owned subsidiary Aker Capital II AS, has today

terminated said agreements. Concurrently with the termination Aker Capital AS, a

wholly-owned subsidiary of Aker and the direct owner of Aker Capital II AS, has

entered into two new TRS agreements with Skandinaviska Enskilda Banken AB

("SEB") and DNB Bank ASA ("DNB") with financial exposure to 9,182,520 and

9,505,100 underlying shares in AMSC respectively. The expiry date of the new TRS

agreements has been set to 1 December 2017. The swap prices for the contracts

with SEB and DNB are NOK 24.5841 and NOK 24.6133 per share respectively.

In addition to the financial exposure provided by the abovementioned two swap

agreements, through Aker Capital II AS, Aker also holds 11,557,022 shares in

AMSC, equaling 19.07 per cent of the shares and votes 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 to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

AI assistant