AMSC ASA - Director's Dealing 2022

American Shipping Company ASA: Mandatory notification of trade

Reference is made to the stock exchange notice by American Shipping Company ASA

(the "Company") on 15 September 2022 regarding the private placement of

11,247,333 new shares in the Company (the "Private Placement") at a subscription

price of NOK 36 per share (the "Subscription Price"), and the mandatory

notification announcement from Aker Capital AS as of the same date.

In accordance with the above mandatory notification announcement, Aker Capital

AS, a wholly-owned subsidiary of Aker ASA, has today entered into a total return

swap ("TRS") agreement with DNB Bank ASA ("DNB"), with financial exposure to

479,179 underlying shares in the Company. The expiry date of the TRS agreement

is 6 December 2022. The swap price for the TRS agreement is NOK 36.3001 per

share. Please see attached primary insider notification form pursuant to the

requirements of the Market Abuse Regulation.

In addition, and as set out in the mandatory notification announcement referred

to above, Aker Capital AS has pre-committed to subscribe for, and been

allocated, 2,144,394 shares in the Private Placement, at the Subscription Price.

Aker Capital has accepted to take delivery of the shares in Tranche 2 of the

Private Placement, and the allocation is accordingly subject to approval of the

share capital increase for Tranche 2 by an extraordinary general meeting ("EGM")

to be held by the Company on 6 October 2022. Reference is made to the stock

exchange notice referred to above for further information.

Furthermore, Aker Capital AS will, subject to the approval by the EGM as

described above, enter into two additional TRS agreements with DNB and

Skandinaviska Enskilda Banken AB ("SEB") in connection with the settlement of

Tranche 2 of the Private Placement, with financial exposure to 1,284,482 and

1,703,807 underlying shares in the Company, respectively.

In addition to the above, Aker Capital AS currently holds 11,557,022 existing

shares in the Company and is party to two TRS agreements with DNB and SEB with

financial exposure to 9,505,100 and 9,182,520 underlying shares in the Company,

respectively. The expiry date of these TRS agreements is 6 December 2022. The

swap prices for these TRS agreements are NOK 33.5773 and NOK 33.6059 per share,

respectively.

Following completion of all the transactions above, Aker Capital AS will have

the same ownership and financial exposure in the Company as prior to the Private

Placement.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

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