Foreign ownership and control provisions in the US Jones Act, the law which governs US domestic shipping operations, place restrictions on the number of Aker ASA affiliated persons who can serve on the Board of Directors of American Shipping Company. As a consequence, Lars Solbakken, newly appointed CEO of Ocean Yield AS, as well as Frank O. Reite, CEO of Aker, have both resigned as Board members of AMSC on March 1, 2012.