BERMUDA, 27 August 2015 - Avance Gas Holding Ltd (AVANCE.OL) today reported unaudited results for the second quarter of 2015.

Freight rates continued to strengthen in the second quarter; the Board declares dividend of $1.20 per share:

• The average time charter equivalent (TCE) rate for the fleet in Q2 2015 was $86,938/day, up from $64,832/day in Q1 2015.

• TCE earnings in Q2 2015 were $59.1 million, compared with $40.0 million in Q1 2015 reflecting the stronger market and an increase in operating days following the return to service of Monsoon and Breeze.

• Average daily operating expenses for Q2 2015 were $7,447/day, down from $9,053/day in Q1 2015. The average OPEX for the first half of 2015 was $8,177/day.

• The Avance Gas Board declares dividend of $1.20 per share. The shares will trade ex-dividend on and after 31 August 2015.

Significant recent events:

• Monsoon and Breeze both completed warranty repairs to their stern tube bearings and re-entered service in mid-June and are now employed on their second voyages since the repairs.

• On 1 June 2015, Avance Gas was added to the Oslo Børs Benchmark Index, which comprises the most liquid stocks on the Oslo Stock Exchange.

• On 29 June 2015, Avance Gas took delivery of Passat, the fourth of the company`s eight newbuildings. In early August, she loaded her first cargo in the Middle East for discharge in India.

• Sirocco, the fifth newbuilding from Jiangnan Shipyard, was delivered on 17 July 2015 and was fixed on her first voyage, loading in the Middle East at the end of August for discharge in India.

• The sixth ship in the series, Levant, was delivered on 18 August 2015 and is expected to complete gassing up operations in Indonesia in mid-September.

The Sunoco/Lone Star terminal in Nederland, Texas, commenced LPG exports in February 2015, becoming the third VLGC export terminal in US Gulf, in addition to Enterprise and Targa. The increased LPG exports improved global VLGC utilization, causing the LPG freight market to strengthen. The Avance Gas Spot VLGC Index averaged $84,531/day in Q2 2015, up from $71,231/day in Q1 2015.

The full report and interim financial statements is attached to this press release.

For further queries, please contact:

Christian Andersen, President
Tel: +47 22 00 48 05 / Email:c.andersen@avancegas.com

Peder C. G. Simonsen, CFO
Tel: +47 22 00 48 15 / Email:p.simonsen@avancegas.com

ABOUT AVANCE GAS

Avance Gas Holding Ltd 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), operating a fleet of 12 modern ships, with two VLGC newbuildings currently under construction.