Avance Gas announces appointment of new CEO

Bermuda 12 April, 2019. Avance Gas Holding Ltd (OSE: Avance, or the Company) today announces the appointment of Ulrik Andersen as Chief Executive Officer of Avance Gas AS, the management company of the Avance Gas group. Ulrik Andersen is appointed as Chief Executive Officer effective August 2019.

Ulrik has extensive experience from VLGC ship owning, most recently as Commercial Head of Shipping for Petredec. Prior to working with Petredec, Ulrik served as Managing Director for Neu Gas Shipping, before that, as Head of the VLGC Pool at Maersk Tankers.

On being appointed, Ulrik stated: "I am thrilled to have been offered the opportunity to lead Avance Gas. I am very much looking forward to cementing Avance Gas' position as one of the world's leading providers of VLGC tonnage. The outlook for the VLGC shipping market is positive, and I believe Avance Gas with its strong organisation and flexible fleet is well-positioned to fully capitalise on this going forward."

For further queries, please contact interim CEO:

Peder C. G. Simonsen, Tel: +47 22 00 48 15, E-mail: p.simonsen@avancegas.com

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