Avance Gas Holding Ltd Reports Unaudited Results For the Four Months and 13 Months Ended 31 December 2014

Avance Gas capitalizes on spot market exposure:

• The average daily time charter equivalent (TCE) rate for the fleet in Q4 2014 was $70,324/day, compared with $83,893/day for Q3 2014.
• TCE earnings were $50.6 million in Q4 2014, compared with $45.4 million in Q3 2014, and $40.0 million for the three months ended 30 November 2014.
• For the three months ended 31 December 2014, Avance Gas recorded a TCE rate of $64,629/day and TCE earnings of $34.8 million.
• Average daily operating expenses for Q4 2014 were $8,755/day, compared with $9,140/day in Q3 2014 and $9,090/day for the 13 months ended 31 December 2014.
• Avance Gas' Board declared a dividend of $1.00 per share.

Significant recent events:

• On 19 December 2014, Avance Gas completed financing arrangements for the final four newbuildings under construction at Jiangnan Shipyard, China. The Company's capital-expenditure commitments are now fully financed.
• As announced on 31 December 2014, Avance Gas commenced a $15 million share repurchase program, and later extended the program to 6 March 2015.
• On 13 January 2015, Avance Gas took delivery of Mistral and Monsoon from Frontline 2012 Ltd, the first two of the eight 83,000 cbm VLGC newbuildings under construction at Jiangnan Shipyard in China. Both ships are employed on short-term charters.

The freight market softened during Q4 due to a combination of seasonally lower export volumes from the Middle East and unscheduled refinery maintenance in Saudi Arabia in October. This resulted in a temporary excess of ships. The volatility in Q4 caused the Avance Gas Spot Index to soften from an average of about $80,000/day in September, to about $52,000/day in December. Conditions remained volatile until the overhang of ships was absorbed early January. As new US export capacity came on-stream in January, fleet utilization started to increase. The market rebounded during January and February, with the Baltic Index currently quoted at about $104/ton, equaling a TCE rate of about $86,000/day.

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 80 75 72 / 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 eight modern ships and has a newbuilding program of six 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.