AMSC ASA - Major Shareholding Notification 2016

Results of offer to acquire shares by DNB Bank ASA

Reference is made to the stock exchange release dated

8 January 2016, regarding the offer from DNB Markets,

part of DNB Bank ASA ("DNB") to acquire, subject to

amendments, between 2 million shares and 5 million

shares (equal to 3.3% to 8.25% of the outstanding

shares) in American Shipping Company ASA ("AMSC") at a

price of NOK 26 per share (the "Offer"). The Offer was

made by DNB to hedge its exposure under a total return

swap between DNB and Aker Capital II AS (formerly

Converto Capital Fund AS), a wholly-owned subsidiary

of Aker ASA.

Based on the shares tendered in the Offer, DNB has

accepted to acquire 5,500,000 shares (equal to 9.07%

of the outstanding shares) in AMSC at a price of NOK

26 per share. Trade date will be 11 January 2016 and

settlement will take place on 13 January 2016.

Following the transaction, DNB holds a total of

9,505,100 shares in AMSC, constituting 15.68% of

AMSC's shares and votes.

Please contact:

Alexander Opstad

DNB Markets

+47 91844232

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