Bermuda, 4 August 2020 - Avance Gas Holding Ltd (OSE: AVANCE) announces that agreement has been reached for the sale of the 2003-built VLGC Avance, to an unrelated third party for a price of $35 million.
A 10% deposit payment has been received, while delivery and balance payment is expected in primo September 2020.
After debt repayment, the sale will generate approx. $17 million in net cash proceeds, with an expected book profit of approx. $6 million to be recorded in the third quarter.
The sale follows the company's fleet renewal strategy, reducing average age and fuel efficiency of the fleet, initiated with the contracting of two 91,000 cbm LPG dual fuel newbuilding's to be delivered in 2021/2022.
For further queries, please contact:
Peder C. G. Simonsen, Interim CEO and CFO
Tel: +47 22 00 48 15 / Email: p.simonsen@avancegas.com
ABOUT AVANCE GAS
Avance Gas operates in the global market for transportation of liquefied petroleum gas.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act