Avance Gas Holding Ltd: Agreement to sell a 2009-built VLGC and a new Time Charter

10 Nov 2022 15:59 CET

Bermuda, November, 10 2022 - Avance Gas Holding Ltd ("AGAS" or the "Company")
announces that we have signed an agreement to sell the 2009-built VLGC Promise
with a Time-Charter (TC) attached. Further, we have entered into a 12-month TC
for the non-scrubber ship Pampero (2015-built) replacing the remaining duration
of the TC attached to Promise and thus maintaining the contract coverage for the
fleet. The sale of Promise is expected to be handed over to the new owner during
the fourth quarter 2022 and is estimated to generate approximately USD 20.0
million in net cash proceeds and a book profit of approximately USD 7.5 million
at delivery.

This vessel is the third 2008-9-built VLGC that the Company has sold during
2022 at attractive sale prices. These three transactions have a total estimated
net cash proceeds of approximately USD 66.8 million. This combined with the
financing transactions executed in 2022 and a strong current freight market, the
company is in a strong position to handle any short and medium-term market
volatility while returning value to shareholders. The transactions have also
reduced the average age of the fleet thus improving the fuel efficiency and
emissions of the overall fleet.

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 carriers (VLGCs)
and operates a fleet of thirteen modern ships including two dual fuel LPG
newbuidlings and an additional four Dual Fuel LPG newbuildings due for delivery
in 2023 and Q1 2024. For more information about Avance Gas, please visit
www.avancegas.com (http://www.avancegas.com).

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

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