Announcement of Board changes, Braemar Shipping Services plc

David Moorhouse Braemar Board of Directors

Braemar Shipping Services PLC (“Braemar”), an international provider of shipping, marine and energy services, which successfully merged with ACM Shipping Group Plc in 2014, announces the following changes to its board of directors (“Board”) to take effect after the conclusion of the Annual General Meeting of Braemar to be held on Wednesday 24th June 2015 (“AGM”).

Sir Graham Hearne CBE will retire as Group Chairman, having served in that capacity for the past 12 years. He will be succeeded by David Moorhouse CBE who has been a Non-executive Director of Braemar since 2005.

Denis Petropoulos, Johnny Plumbe and Tim Jaques will not seek re-election as directors of the Board at the AGM.

Denis Petropoulos will remain with the Braemar Group, as President – Braemar Asia, retaining his responsibility for developing all of Braemar’s growing businesses in the region as well as remaining a member of the Braemar Group’s Executive Committee.

Johnny Plumbe will retire from the Group to pursue his independent consultancy interests.

Tim Jaques will retire from the Board, having served as a Non-executive Director of ACM since 2010 and as a Non-executive director of Braemar following the merger with ACM Shipping Group plc in July 2014.

In addition, Martin Beer, Braemar’s Group Finance Director, has informed the Board that he wishes to step down as a Director of Braemar in the Summer of 2015 in order to spend more time travelling with his family and pursue his personal interests. Martin will be succeeded by Louise Evans who was formerly Group Finance Director of Williams Grand Prix Holdings plc – the Frankfurt-listed parent company of the Williams Formula 1 Team and Williams Advanced Engineering business.

Martin Beer will complete the year end reporting cycle and will step down from the Board at the AGM when Louise Evans will assume the responsibility of Group Finance Director.

Following these changes the Group board will comprise:

Non-executive Chairman: David Moorhouse CBE

Chief Executive: James Kidwell

Finance Director: Louise Evans

Non-executive Directors:

Jurgen Breuer, Alastair Farley and Mark Tracey

Commenting on the Board changes, Sir Graham Hearne said: “I am pleased to announce these changes which will reduce and streamline the Board to accord with the size of the Company and its role in the oversight of Group strategy. The integration of the Braemar and ACM Shipbroking businesses is now largely completed and it is now appropriate to ensure the Group Board is “fit for purpose” going forward.

The operational responsibilities of the Shipbroking and Shipping and Energy Service businesses will continue to be managed by the divisional boards, as previously.

I am also pleased that David Moorhouse has agreed to succeed me as Chairman. His long experience serving on the boards of public and private companies in the shipping and energy fields, most recently as Chairman of Lloyds Register, equips him well for this role in the future. It is an added bonus that we have been able to secure the services of Louise Evans as Group Finance Director to replace Martin Beer.

I would like to express the Board’s appreciation for the great contribution of Johnny Plumbe to the success of ACM and its successful integration with Braemar and for Tim Jaques’ wise counsel over the years. The Board would also wish me to convey a particular thanks to Martin Beer for his exceptional contribution as Group Finance Director over the past two and a half years and we wish him well for the future.”