American Shipping Company ASA - Primary insider notification

Reference is made to previous stock exchange announcement of 20 November 2019 relating to Aker ASA's ("Aker") indirect total return swap ("TRS") agreements with financial exposure to 18,687,620 underlying shares in American Shipping Company ASA ("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 Skandinaviska Enskilda Banken AB ("SEB") and DNB Bank ASA ("DNB") with financial exposure to 9,182,520 and 9,505,100 underlying shares in AMSC respectively. The expiry date of the new TRS agreements has been set to 6 December 2021. The swap prices for the contracts with SEB and DNB are NOK 31.3717 and NOK 31.3375 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.

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.