American Shipping Company ASA contemplating to refinance current outstanding bonds

Bærum, 7th February 2017

Reference is made to the press release issued by American Shipping Company ASA ("AMSC") today where AMSC, through its fully owned subsidiary American Tanker Inc., is contemplating the issuance of a new five-year senior unsecured bond in the Nordic bond market in the amount of up to USD 220 million. Subject to completion and settlement of the contemplated new bond issue, AMSC will exercise the call option in the existing Bond which will be redeemed in full at 101% of par value plus accrued interest. Ocean Yield ASA ("Ocean Yield") owns 93.05% of the current bond ISIN NO 001 0699879 issued by AMSC, where Ocean Yield has a nominal outstanding principal amount of USD 200.6 million.

Ocean Yield has pre-subscribed for a participation of up to 50% of the contemplated new bond issue.

Company contacts: Lars Solbakken, CEO of Ocean Yield ASA Phone: +47 24 13 01 90

Eirik Eide, CFO of Ocean Yield ASA Phone: +47 24 13 01 91

Investor Relations contact: Marius Magelie, SVP Finance & IR of Ocean Yield ASA Phone: +47 24 13 01 82

This notice is issued pursuant to Section 5-12 of the Norwegian Securities Trading Act