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American Shipping Company ASA : Primary Insider Disclosure

Reference is made to the stock exchange notice of American Shipping Company ASA ("AMSC") dated January 5, 2014, regarding the subsequent offering (the "Subsequent Offering") of up to 3,675,000 shares in AMSC at a subscription price of NOK 30 per offer share, to shareholders of AMSC as of December 5, 2013, who did not participate in the preceding private placement ("Eligible Shareholders").

Beddingen Finans AS, being an Eligible Shareholder and a company controlled by Dag Fasmer Wittusen, CEO of AMSC, has today subscribed for 3,216 shares in the Subsequent Offering in accordance with the subscription rights granted, at the subscription price of NOK 30 per share. Following the completion of the Subsequent Offering, Beddingen Finans AS will hold a total of 13,216 shares in AMSC, constituting approximately 0.02% of the shares and votes in AMSC, assuming the Subsequent Offering is fully subscribed.

In addition, Mr. Wittusen has today entered into an agreement with AMSC to acquire 100,000 shares in AMSC through Beddingen Finans AS. The purchase price shall be the stock price at the date AMSC delivers the shares after the annual general meeting scheduled for April 23, 2014, less a price reduction of 20% to compensate for the lock-up restrictions on the shares for a period of three years.

The CEO will pursuant to the agreement be entitled to a cash bonus to compensate for the difference, if any, between the subscription price of NOK 30 in the Subsequent Offering less 20%, being NOK 24 per share, and the stock price as of the date of the delivery of the shares from AMSC.

The delivery of shares and any cash bonus under the agreement are subject to the approval by the annual general meeting of AMSC in 2014.

Provided the annual general meeting in 2014 grants approval for the delivery of shares, Beddingen Finans AS will hold a total of 113,216 shares in AMSC.
Source: American Shipping Company ASA