Hamilton, Bermuda. November 20, 2024 Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) refer to the announcement on August 15, 2024, to sell its VLGC fleet to BW LPG Ltd ("Buyer") for $1,050 million.
On November 1, 2024, the Company announced the first VLGC delivery, and today Avance Gas announce the second VLGC delivery, the 2022-built dual-fuel ship Avance Capella. Avance Capella was under a sale leaseback agreement, which has been successfully novated to the Buyer. As a part of the transaction, outstanding lease obligation of $64.4 million have been novated to BW LPG. In connection with the delivery, 2.1 million shares in BW LPG were issued by the Buyer to Avance Gas. Additionally, the Company also received net cash proceeds of $15 million. Following the delivery, Avance Gas owns 3.45 million shares in BW LPG corresponding to a 2.4% ownership share. These consideration shares have a lock-up period of 40 days from the issuance date as previously announced.
The ten remaining vessels are scheduled for delivery to BW LPG prior year-end. As of today, three deliveries are expected to be delivered in November while the remaining seven are expected to be delivered in December.
Avance Gas will issue regular press releases in connection with the remaining deliveries and the Company will revert with more information in its third quarter results presentation scheduled on November 27, 2024.
For further queries, please contact:
Media contact: Øystein Kalleklev, CEO Tel: +47 23 11 40 00
Investor and Analyst contact: Randi Navdal Bekkelund, CFO Tel: +47 23 11 40 00
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
