American Shipping Company ASA : Appointment of new CFO
February 02 2016 - 12:15PM
American Shipping Company ASA
(OSE:AMSC), today announced the appointment of Morten Bakke as new
Chief Financial Officer (CFO) of the Company, with effect from 1
May 2016.
Morten Bakke has 13 years of
corporate finance, shipping and offshore experience of which 10
years with DVB Corporate Finance. He was previously at Chartered
Accountants Moore Stephens and Credit Suisse, both in London.
Morten has advised multiple offshore, shipping and private equity
firms on a variety of M&A deals and holds a MSC in Shipping,
Trade and Finance from Cass Business School and BA in Business
Studies from University of Greenwich.
In announcing the appointment, Pål
Lothe Magnussen, Chief Executive Officer of AMSC, commented, "We
are pleased to have Morten Bakke join our team. His solid
background and deal experience from shipping finance will make him
a valuable addition to our team".
***
The information contained herein
is subject to the disclosure requirements of section 4-2 of the
Norwegian Securities Trading Act.
About American Shipping Company
ASA:
AMSC is a ship owning company with
nine modern handy size product tankers and one modern handy size
shuttle tanker all on long term bareboat charter with Overseas
Shipholding Group (OSG). OSG charters the vessels out on time
charters to major oil companies in the U.S. coastwise Jones Act
trade. AMSC has a significant contract backlog as well as a profit
sharing agreement with OSG which offers visibility with respect to
future earnings and potential dividend capacity. The Company has an
ambition to pay attractive and growing dividends to its
shareholders.
Contacts at American Shipping
Company ASA:
Pål Magnussen, CEO
Lysaker, Norway
Tel: +47 90 54 59 59
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: American Shipping Company ASA via
Globenewswire
HUG#1983191
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