Hamilton, Bermuda. November 22, 2024
Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) refers to the announcement on August 15, 2024, regarding the sale of its VLGC fleet to BW LPG Ltd ("BW LPG" or "Buyer") for $1,050 million.
Today Avance Gas announces the fourth VLGC delivery, the 2015-built scrubber-fitted vessel, Passat. In connection with the delivery, 1.35 million shares in BW LPG were issued by the Buyer to Avance Gas. The ship mortgage has been repaid and Avance Gas expects to receive net cash proceeds of $21 million. Following the delivery, Avance Gas owns 6.15 million shares in BW LPG corresponding to a 4.2% ownership share. These consideration shares have a lock-up period of 40 days from the issuance date as previously announced.
The eight remaining vessels are scheduled for delivery to BW LPG prior year-end. As of today, one vessel is 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.
