Mandatory notification of trade

Reference is made to previous stock exchange announcement made by American Shipping Company ASA (“AMSC”) on 20 November 2020 relating to Aker ASA's ("Aker") indirect total return swap ("TRS") agreements with financial exposure to 18,687,620 underlying shares in AMSC, equal to 30.83 per cent of the share capital in AMSC. Aker, through its wholly owned subsidiary Aker Capital AS, has today terminated said agreements. Concurrently with the termination Aker Capital AS has entered into two new TRS agreements with DNB Bank ASA ("DNB") and Skandinaviska Enskilda Banken AB ("SEB") with financial exposure to 9,505,100 and 9,182,520 underlying shares in AMSC respectively. The expiry date of the new TRS agreements has been set to 6 December 2022. The swap prices for the contracts with DNB and SEB are NOK 33.5773 and NOK 33.6059 per share respectively.

In addition to the financial exposure provided by the abovementioned two swap agreements, Aker Capital AS also holds 11,557,022 shares in AMSC, equaling 19.07 per cent of the shares and votes of AMSC.

Please see attachment for more information regarding the transactions in accordance with Regulation EU 596/2014 article 19.

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.