Avance Gas Holding Ltd – Resignation of the CEO and change of

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Hamilton, Bermuda,
March 14, 2022

Avance Gas Holding Ltd (“Avance Gas” or the “Company”) announces that Kristian Sørensen has today elected to step down as CEO to pursue opportunities outside of the Company. Chairman of the Board, Erik O. Jacobsen, also chose to step down.

The board of directors has decided to appoint Jens Martin Jensen as director of the company and Øystein Kalleklev will take over as executive chairman of the board of directors with immediate effect.

Jens Martin Arveschoug Jensen joined Seatankers Management on March 1, 2022 and is currently also a director of Frontline Ltd. and Golden Ocean Group Limited. Prior to that, he was CEO of Athenian Holdings. He previously held the position of Head of Shipping at New Fortress Energy (USA) and previously he was a Partner at Pillarstone Europe. From May 2008 to September 2014 he was CEO of Frontline Management AS. Mr Jensen has served as a director of various companies including 2020 Bulkers Ltd, Frontline Ltd and Flex LNG Limited. Mr. Jensen also has experience as a partner/director with Island Shipbrokers between 1996 and 2004 and held various positions with AP Moller/Maersk Group between 1985 and 1996 in Copenhagen, Mexico City, Tokyo and Singapore. Mr. Jensen is a Danish citizen and resides in the United Kingdom.

Øystein Kalleklev, commented:
“We would like to thank Kristian and Erik for their contribution to Avance Gas. Under Kristian’s capable leadership, Avance Gas has seen positive development and he leaves the company well positioned to reap the benefits of a growing LPG shipping market. We wish Kristian good luck in his future endeavours.

Kristian Sørensen, commented:
“I want to thank everyone at Avance Gas for this exciting journey and wish the company and its employees the best for the future.”

For any other questions, please contact:
Øystein Kalleklev, Telephone: +47 23 11 40 00

About Advance Gas:
Avance Gas operates in the global liquefied petroleum gas (LPG) transport market. The company is one of the world’s leading owners and operators of Very Large Gas Carriers (VLGCs) and operates a fleet of fourteen vessels and four dual-fuel LPG newbuilds scheduled for delivery in Q4 2022 and Q1 2023.
For more information on Avance Gas, please visit www.vancegas.com.

This information is subject to the disclosure requirements in accordance with section 5-12 of the Norwegian Securities Act.

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