BERMUDA, 5 November 2015 - Avance Gas Holding Ltd (OSE: AVANCE) today reported unaudited results for the third quarter of 2015.

Strong third-quarter results following record high average freight rates - Board declares dividend of $2.11 per share:

• The average time charter equivalent (TCE) rate for the fleet in Q3 2015 was $96,865 per day, compared with $86,938/day in Q2 2015.
• TCE earnings in Q3 2015 were $94.4 million, compared with $59.1 million in Q2 2015.
• Average daily operating expenses (OPEX) for Q3 2015 were $7,643/day, compared with $7,447/day in Q2 2015. The average OPEX for the first nine months of 2015 was $7,958/day.
• Avance Gas' Board declared a dividend of $2.11 per share. The shares will trade ex-dividend on and after 9 November 2015.

Significant recent events:

• Three newbuildings were delivered in the third quarter: Sirocco on 17 July, Levant on 18 August and Chinook on 22 September 2015.
• Pampero, the last of eight newbuildings from Jiangnan Shipyard, was delivered on 19 October.
• Upon delivery, Chinook was taken directly to drydock to replace stern tube bearings and was consequently delayed about 18 days before entering service in early November.

During Q3, the three terminals in the US Gulf - Enterprise, Targa and Nederland - operated close to full capacity, with average monthly exports reaching 1.5 million tonnes. The increased LPG exports, supported by strong Asian LPG demand, improved global VLGC utilization. VLGC freight rates climbed to all-time high levels in the quarter, with the Avance Gas Spot VLGC Index (adjusted 30 days) averaging $99,836/day in Q3 2015 (Jun-Aug), up from $79,757/day in Q2 2015 (Feb-May).

The full report and interim financial statements are 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 14 modern ships.

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.