AMSC ASA - Major Shareholding Notification 2015

American Shipping Company ASA : Internal restructuring of Aker ASA equity holdings

Aker ASA ("Aker") has on 30 September 2015 transferred its equity holdings in

Converto Capital Fund AS to Aker Capital AS, a wholly-owned subsidiary of Aker.

As per 30 September 2015, Converto Capital Fund AS directly held 11,557,022 of

the issued shares and votes in American Shipping Company ASA ("AMSC"), or 19.07

per cent of the share capital. Converto Capital Fund AS also had financial

exposure to 9,182,520 underlying shares in AMSC, equal to 15.15 per cent of the

share capital in AMSC, through a TRS agreement; and financial exposure to

4,005,100 underlying shares in AMSC, equal to 6.61 per cent of the share capital

of AMSC, through a second TRS agreement.

For further information, please refer to Aker's stock exchange notice published

today.

END

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1955941]

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