Reference is made to previous stock exchange announcement of 29 June 2010 issued by Converto Capital Fund AS ("CCF"), a subsidiary of Aker ASA, relating to the entry into of a TRS agreement with financial exposure to 9,182,520 underlying shares in American Shipping Company ASA ("AMSC"), equal to 33.27 per cent of the share capital of AMSC. CCF has today extended the term of the TRS agreement. The final expiry date of the TRS agreement has been set to June 29, 2012. The swap may be issued as three months rolling contracts. The swap price for the three months contract with expiry September 29, 2011 is NOK 4.9576 per share.
CCF holds 5,493,430 shares in AMSC, equaling 19.90 per cent of the shares and votes of AMSC.
Dag Fasmer Wittusen, employee of Aker ASA, is a board member of AMSC.
The information contained herein is subject to the disclosure requirements of sections 4-1 of the Norwegian Securities Trading Act.