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2015-03-28

Avance Gas Holding Ltd: Monsoon to dry dock due to technical defects

Bermuda, 28 March:
Avance Gas (OSE: AVANCE) reports that VLGCMonsoon
, the second hull delivered from Jiangnan Shipyard in January 2015, will be
dry docked at Zhoushan Changhong International Shipyard close to Ningbo
around 1 April 2015, upon completion of current discharge operations due to
technical irregularities occurred during the voyage from Balboa (Panama) to
China. Third party experts will perform investigations of the cause of the
defects once the ship is docked. The scope of the rectification work and the
off-hire period will be assessed as soon as the report from the experts is
received, expected around mid April. The ship is under warranties from the
Jiangnan Shipyard and no major costs is expected in relation to the
dry-docking, apart from possible lost revenue. Based on the report from the
experts, it will also be assessed what stress test will applied to the sister
ships to ensure that no similar technical defects will occur.

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

ABOUT AVANCE GAS
Avance Gas operates in the global market for transportation of liquefied
petroleum gas (LPG). The Company is one of the world's leading owners and
operators of very large gas carrier (VLGC), and operates a fleet of eight
modern ships and has a newbuilding program of six VLGCs. For more information
about Avance Gas, please visit:www.avancegas.com.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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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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