AMSC ASA — M&A Activity 2014

Nov 20, 2014

American Shipping Company ASA : Engages Barclays as Financial Advisor

American Shipping Company ASA : Engages Barclays as Financial Advisor

- American Shipping Company ASA (OSE:AMSC), having initiated a process to

evaluate its strategic alternatives, announced today that it has appointed

Barclays Capital  to advise and assist in this process.

Dag Wittusen, CEO of AMSC, noted: "We are pleased to be working with Barclays,

one of the leaders in M&A and capital markets transactions, to help AMSC

navigate the opportunities ahead."

AMSC cautions shareholders that there is no assurance that the strategic review

process will result in a transaction.  No specific timetable has been set for

completion of the process.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

About American Shipping Company ASA:

AMSC is a shipowning company with ten modern handy size product tankers on long

term bareboat charter with Overseas Shipholding Group (OSG).  OSG charters the

vessels out on time charters to major oil companies in the U.S. coastwise Jones

Act trade.  AMSC has a significant contract backlog as well as a profit sharing

agreement with OSG which offers visibility with respect to future earnings and

potential dividend capacity.  The Company has an ambition to pay attractive and

growing dividends to its shareholders.

Contacts at American Shipping Company ASA:

Dag Fasmer Wittusen, CEO

Oslo, Norway

Tel: +47 916 300 02

Pål Magnussen, CFO

Oslo, Norway

Tel: +47905 45 959

Leigh Jaros, Business Controller/Finance Manager

Pennsylvania, USA

Tel: +1(484)880- 3741

[HUG#1873097]