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2015-09-04

Avance Gas Holding Ltd: Hull 1077 to drydock upon delivery

Bermuda, 4 September 2015:
Hull 1077 (Chinook
), due for delivery from Jiangnan Shipyard 21 September 2015, will be
drydocked in Singapore upon delivery and consequently be 10-20 days delayed
in entering commercial service.

After reviewing available documentation related to the stern tube bearings for
the ship, Avance Gas (OSE: AVANCE) is of the opinion that sufficient
precautions have not been taken to assure that the ship is in acceptable
condition. The seller and the builder have not agreed to Avance Gas' request
to carry out visual inspection of stern tube bearings prior to delivery, as
the ship has been approved by class in accordance with the shipbuilding
contract.

As a precautionary measure, and to rule out the possibility of defects to the
stern tube bearings, Avance Gas has decided to drydock the ship in Singapore
at a cost of approx. $400,000.

Avance Gas has received sufficient documentation that hull 1078 (Pampero
) is in acceptable condition and she is expected to be delivered in late
October 2015, as previously reported.

For further queries, please contact:

Christian Andersen, President

Tel: +47 22 00 48 05 / Email: c.andersen@avancegas.com

Peder C. G. Simonsen, CFO

Tel: +47 22 00 48 15 / Email: p.simonsen@avancegas.com

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Avance Gas Holding Ltd via Globenewswire

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