Hamilton, Bermuda. December 7, 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 seventh VLGC delivery, the 2015-built vessel Pampero. In connection with the delivery, 1.350 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 approximately $7 million. Following the delivery, Avance Gas owns 10.991 million shares in BW LPG corresponding to a 7.28% ownership share. These consideration shares have a lock-up period of 40 days from the issuance date as previously announced. Pampero is currently on a variable Time Charter expiring in August 2025 and this Time Charter has been successfully novated to BW LPG.
The five remaining vessels are scheduled for delivery to BW LPG later in December 2024. Avance Gas will issue regular press releases in connection with the remaining deliveries.
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.
