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2015-04-15

Avance Gas Holding Ltd : Monsoon update

Bermuda, 15 April 2015:
Avance Gas (OSE: AVANCE) reports on the status of the inspection of
VLGCMonsoon
and the expected implications of the preliminary conclusion following the
announcement made on 28 March 2015 regarding the decision to carry out
discharge operations, dry dock the ship and carry out an inspection due to
technical irregularities which occurred during her maiden voyage from Balboa
(Panama) to China.

Monsoon entered dry dock at Zhoushan Changhong International Shipyard on 8
April 2015. Lloyd's Technical Investigation Department is in the process of
conducting an investigation and root cause analysis. The preliminary
conclusion is that the aft stern tube bearing will need modifications in
order to achieve normal bearing clearances, which are in the fraction of
millimeters. On this basis it is expected thatMonsoon
will be refitted by late April 2015 and back in service first half May
2015.Monsoon
is under guarantee from Jiangnan Shipyard Co. Ltd. Claims will be made under
applicable guarantee provisions and insurances. Avance Gas' fleet is not
covered by any loss-of-hire insurance. P&L provisions will be taken Q1/2015
for possible costs, including costs related to discharge operations.

Actions are being taken to rule out that the defect may affect the sister
ships to be delivered during Q2 and Q3/2015.Breeze
, delivered to Avance Gas on 9 April 2015, will be drydocked in Singapore on
22 April 2015 for inspection. The drydock will delayBreeze
entering service, but the exact timing is subject to the outcome of the
inspection.

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 nine
modern ships and has a newbuilding program of five 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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