AMSC Appoints New CFO

American Shipping Company ASA (AMSC) has appointed Pål Lothe Magnussen as Chief Financial Officer (CFO) of the company, effective 1 June 2014.

A Norwegian national, Mr. Magnussen (42) comes from the position as Director of the Investment Banking Division in DNB Markets where he has worked since 2007. Prior to that he worked for five years as Vice President of Corporate Banking in DNB Bank in New York, Singapore and Oslo.

He also has experience as project manager in the Norwegian Trade Council and Fornybar Energi ASA. Mr. Magnussen holds an MBA in Corporate Finance from Columbia University, New York, and a Master of Science in International Business from the Norwegian School of Management, Oslo.

Mr. Magnussen replaces Leigh Jaros, who will revert to the position of Business Controller and Finance Manager of the company from 1 June 2014, after also having served as CFO since July 2011.

 “We are very happy to have a capacity like Pål onboard to help drive the refinancing of the company’s debt structure and consideration of growth vehicles, such as an MLP and possible US listing,” said Dag Fasmer Wittusen, President and CEO of AMSC.  “These are areas of importance to creating shareholder value.

May 12, 2014

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