Avance Gas Holding Ltd

Monsoon and Breeze update

Avance Gas (OSE: AVANCE) reports on the status for VLGC Breeze and VLGC Monsoon.

The initial conclusion from Lloyd's Technical Investigation Department inspection of Breeze, delivered to Avance Gas on 9 April 2015 and dry-docked in Singapore on 24 April 2015, is that her aft and forward stern tube bearings will have to be replaced. It is expected that Breeze will be refitted by mid-May and enter into service in the second half of May 2015.

The modifications on Monsoon are proceeding according to plan. It is expected that also Monsoon will be refitted by mid-May and back in service in the second half of May 2015.

Both Monsoon and Breeze are under guarantee from Jiangnan Shipyard Co. Ltd. Claims will be made under applicable guarantee provisions and insurances. Avance Gas' fleet is not covered by any loss-of-hire insurance.

Avance Gas is in dialogue with Frontline 2012, Lloyd's Register and Jiangnan Shipyard Co. Ltd regarding the procedures for deliveries of hull 1074-1078.

For further queries, please contact:

Christian Andersen, President
Tel: [phone] / Email: [e-mail]

Peder C. G. Simonsen, CFO
Tel: [phone] / Email: [e-mail]

ABOUT AVANCE GAS
Avance Gas 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 carrier (VLGC), and operates a fleet of nine modern ships and has a newbuilding program of five VLGCs. For more information about Avance Gas, please visit: www.avancegas.com

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

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Source: Avance Gas Holding Ltd via Globenewswire

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