Successful placement of new unsecured bond issue by American Shipping Company ASA

9th 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., has successfully completed a new senior unsecured bond issue of USD 220 million with maturity in February 2022. Ocean Yield ASA ("Ocean Yield") has been allocated USD 50 million in the new bond issue.

Subject to documentation and settlement, 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 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's Chief Executive Officer Lars Solbakken said in a comment: "We are pleased that American Shipping Company ASA has successfully refinanced the current outstanding bond. Ocean Yield will in return for redemption of the outstanding bonds be allocated USD 50 million in the new bond issue and receive net cash proceeds of about USD 156 million that we intend to primarily invest in new vessels with long term charters."

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