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Avance Gas Holding Ltd: Monsoon to dry dock due to technical defects

GlobeNewswire

Bermuda, 28 March: Avance Gas (AVANCE.OL) reports that VLGC Monsoon, the second hull delivered from Jiangnan Shipyard in January 2015, will be dry docked at Zhoushan Changhong International Shipyard close to Ningbo around 1 April 2015, upon completion of current discharge operations due to technical irregularities occurred during the voyage from Balboa (Panama) to China. Third party experts will perform investigations of the cause of the defects once the ship is docked. The scope of the rectification work and the off-hire period will be assessed as soon as the report from the experts is received, expected around mid April. The ship is under warranties from the Jiangnan Shipyard and no major costs is expected in relation to the dry-docking, apart from possible lost revenue. Based on the report from the experts, it will also be assessed what stress test will applied to the sister ships to ensure that no similar technical defects will occur.

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

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

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



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Avance Gas Holding Ltd via GlobeNewswire
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