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2016-02-09

Avance Gas Holding Ltd : Reports Unaudited Results for the Fourth Quarter and Full Year 2015

BERMUDA, 9 February 2016
- Avance Gas Holding Ltd (OSE: AVANCE) today reported unaudited results for the fourth quarter and full year of 2015.
Freight rates continue at healthy levels in Q4 - Avance Gas fleet fully
delivered. Board declares dividend of $0.65 per share:

* The net profit for Q4 2015 was $45.1 million compared to $72.8 million in
Q3 2015. The net profit for 2015 was $183.2 million, up from $78.9 million
in the 12 months ended 31 December 2014.
* The average time charter equivalent (TCE) rate for the fleet in Q4 2015 was
$61,144/day, compared with $96,825/day in Q3 2015. The average TCE rate for
full-year 2015 was $77,038/day.
* TCE earnings in Q4 2015 were $71.1 million, compared with $94.4 million Q3
2015.
* Average daily operating expenses for Q4 2015 were $7,620/day, compared with
$7,643/day in Q3 2015. Average OPEX for full-year 2015 was $7,844/day.
* Avance Gas' Board declared a dividend of $0.65 per share. The shares will
trade ex-dividend on and after 11 February 2016.

Significant recent events:

* Pampero, the last of eight newbuildings from Jiangnan Shipyard, was
delivered on 19 October and entered service on 18 November, after
successful gas trials. All eight of the newbuildings have been delivered
into the fleet and are operating in the spot market.
* Chinook entered service on 3 November, after replacement of stern tube
bearings and gas trials completion.
* On 16 November, Avance Gas announced a voluntary exchange offer to acquire
all outstanding shares in Aurora LPG Holding ASA. The offer was withdrawn
on 16 December.

Results for the fourth quarter were in line with the company's expectations,
as the seasonal decline in LPG trading volumes was mitigated by increased LPG
export volumes from the US Gulf, as well as sustained strength in Asian LPG
demand. The Avance Gas Spot VLGC Index (30 days prior to period) averaged
$63,857/day (Sep-Nov), compared with $99,836/day in Q3 2015 (Jun-Aug). During
Q4 2015, average monthly exports for the three terminals in the US Gulf
-Enterprise
,Targa
andNederland
- was 1.4 million tonnes.

The full report and interim financial statements is attached to this press
release.

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 GASAvance Gas Holding Ltd 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 carriers (VLGCs), operating a fleet of
14 modern ships.

For more information about Avance Gas, please visit:www.avancegas.com.

FORWARD LOOKING STATEMENTSMatters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although Avance Gas believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its
control. Such risks, uncertainties, contingencies and other important factors
could cause actual events to differ materially from the expectations
expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice.

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

Avance Gas Q4 Unaudited Interim Financial Statements
http://hugin.info/161089/R/1984555/727594.pdf
Avance Gas Q4 Earnings Release
http://hugin.info/161089/R/1984555/727569.pdf

---------------------------------------

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

HUG#1984555

Författare WKR

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