Avance Gas – Changes to Management and Board

Avance Gas Holding Ltd (“Avance Gas” or the “Company”) announces the following changes to management and board;

• Mr Peder Carl Gram Simonsen will step down as interim CEO and CFO. Mr Simonsen will be retained as an advisor to Avance for a period to secure continuity.
  
   
• Mr Ben Martin is appointed as the Chief Commercial Officer (CCO) of Avance Gas. Mr. Martin has extensive experience from both LNG and LPG, currently as Chief Commercial Officer in Flex LNG, a role he will continue to hold. Prior to joining Flex, Ben served as Head of Chartering for LNG and LPG at Trafigura.
  
   
• Further, Mrs Randi Navdal Bekkelund is appointed as Chief Financial Officer (CFO). Mrs Bekkelund has served as Finance Manager in Avance Gas AS since 2018 and prior to that 8 years in EY as an auditor for Shipping & Offshore clients and as a consultant.
  
   
• Lastly, it is announced that Mr Christian Fallesen has resigned as board member in the Company.  Mr Fallesen will take up a new role in the LPG market, creating a conflict of interest with his directorship in the Company. The Board would like to thank Mr Fallesen for his contribution during his period with the company.

Following the above changes, the management team will consist of a CCO and CFO, and the company will no longer have a CEO. The changes to management positions will take place as soon as practically possible, and the resignation of Mr Fallesen is with immediate effect.

Marius Hermansen, Chairman of Avance Gas Holding Ltd, says in a comment:

“I would like to thank Peder for his significant contribution during his 7 years in the company and that he will be retained as an advisor to the company in the near term.

We are very excited that Ben has agreed to step into the role of CCO. With his extensive commercial experience from LPG trading and shipping, he will make significant contribution to the company.

We are also pleased that Randi will step up as CFO, with her in-depth understanding of the Avance operations and her financial experience.

Following the resignation of Mr Fallesen, the board has commenced to source his replacement on the board.”

For further queries, please contact Chairman:

Marius Hermansen

Tel:

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