Avance Gas initiates a buy-back programme for its common shares

Bermuda, 31 December, 2014: Avance Gas Holding Ltd (OSE: "AVANCE" or the "Company") announced today that its Board of Directors has resolved to initiate a USD 15 million buy-back programme of its common shares. The shares will be purchased in the open market and potentially through private offerings.

The buy-back programme will comprise up to 1,500,000 common shares, representing up to approximately 4.25% of the Company's issued share capital. The highest price to be paid per share is NOK 133, but shall in no event exceed the price of the last independent trade or the highest current independent bid at the Oslo Stock Exchange on the relevant trading day. The number of shares acquired through open market transactions per day shall not exceed 25% of the average daily trading volume in November 2014.

The buy-back programme will commence today and will continue until and including 15 January, 2015. The repurchased shares will be held as Treasury Shares.

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 carrier (VLGC), and operates a fleet of six modern ships and has a newbuilding program of eight VLGCs. For more information about Avance Gas, please visit: www.avancegas.com.

This information is subject to the disclosure requirements set forth in section 5-12 of the Norwegian Securities Trading Act.