Avance Gas Holding Ltd Reports Unaudited Results For the First Quarter 2015

Freight market rebounds in March, after seasonal softness in January and February:

• The average time charter equivalent (TCE) rate for the fleet in Q1 2015 was $64,832/day, compared with $64,629/day for the three months ended 31 December 2014 ($70,324/day in Q4 2014).
• TCE earnings in Q1 2015 were $40.0 million, compared with $34.8 million for the three months ended 31 December 2014 ($50.6 million in Q4 2014).
• Average daily operating expenses for Q1 2015 were $9,053/day, compared with $9,090/day on average in 2014.
• Avance Gas' Board declared a dividend of $0.70 per share. The shares will trade ex-dividend on and after 27 May 2015.

Significant recent events:

• On 13 January 2015, Avance Gas took delivery of Mistral and Monsoon, the first two of the eight 83,000 cbm VLGC newbuildings being built by Jiangnan Shipyard in China.
• On 6 March 2015, Avance Gas announced the completion of its share buy-back program, under which 939,039 shares were acquired for a total consideration of $12.6 million.
• On 28 March 2015, the Company announced that Monsoon had experienced technical difficulties during her maiden laden voyage. The ship drydocked on 8 April 2015 for evaluation by Lloyds Technical Investigation Department ("Lloyds TID") and repairs. The ship is expected to re-enter service in the second half of May 2015.
• On 9 April 2015, Breeze was delivered and immediately taken into drydock in Singapore. Lloyds TID examined Breeze and discovered problems similar to those on Monsoon. Repairs were carried out in early May and Breeze is expected to enter into service in the second half of May 2015.

The freight market strengthened in March, supported by high LPG exports from the Middle East and increased LPG exports from the US Gulf, as the new terminal in Nederland, Texas started exports in February. The softness at the start of the year reflected the temporary overhang of ships resulting from the unscheduled refinery maintenance in Saudi Arabia in late 2014. The Avance Gas Spot Index reached an average of about $79,000/day in March, up from about $53,000/day in January and February.

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 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 (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.

FORWARD LOOKING STATEMENTS

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Avance Gas believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.

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