Bermuda, 21 March 2022 - Avance Gas Holding Ltd ("AGAS" or the "Company") have entered a contract to sell the 2008-built VLGC Providence with expected delivery in May. The sale is expected to generate approximately USD 24.3 million in net cash proceeds and a book profit of approximately USD 4.8 million to be recognised in the second quarter 2022.
Since January 2022, the Company has sold two older VLGCs in a strong second-hand market generating approximately USD 46.8 million in total net cash proceeds. The sales follow the company's fleet renewal strategy, reducing average age and emissions while further strengthening our balance sheet.
For further queries, please contact:
Randi Navdal Bekkelund, CFO
Tel: +47 22 00 48 29
About Avance Gas:
Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carrier (VLGC) and operates a fleet of thirteen ships following the sale of Providence and four Dual Fuel LPG newbuildings due for delivery in Q4 2022 and Q1-Q4 2023. For more information about Avance Gas, please visit www.avancegas.com.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
