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Avance Gas Holding Ltd – Resignation of CEO and changes to the Board composition

Written by Customer Service on . Posted in Public Companies.

Hamilton, Bermuda,
March 14, 2022

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

The Board has resolved to appoint Jens Martin Jensen as a Director of the Company and Øystein Kalleklev will take over as Executive Chairman of the Board with immediate effect.  

Jens Martin Arveschoug Jensen joined Seatankers Management on March 1, 2022, and currently also serves as a Director of Frontline Ltd. and Golden Ocean Group Limited. Prior to that he was the CEO of Athenian Holdings. He previously served as Head of Shipping at New Fortress Energy (USA) and prior to that he was a Partner at Pillarstone Europe. From May 2008 to September 2014, he was the 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 Partner/Director at Island Shipbrokers between the periods of 1996 – 2004 and held various positions at A.P. Moller/Maersk Group during 1985-1996 in Copenhagen, Mexico City, Tokyo and Singapore. Mr. Jensen is a Danish citizen and resides in the UK.

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

Kristian Sørensen, commented:
“I would like to thank everyone in Avance Gas for an exciting journey and I wish the Company and its employees the very best for the future.”

For further queries, please contact:
Øystein Kalleklev, Telephone: +47 23 11 40 00

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 fourteen ships and four Dual Fuel LPG newbuildings due for delivery in Q4 2022 and Q1-Q4 2023.
For more information about Avance Gas, please visit www.avancegas.com.

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

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