Hamilton, Bermuda. December 18, 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, consisting of twelve vessels, to BW LPG Ltd ("BW LPG" or "Buyer").
Avance Gas announces today the eleventh VLGC delivery, the 2015-built scrubber- fitted vessel, Monsoon. In connection with the delivery, 1.35 million shares in BW LPG were issued by the Buyer to Avance Gas. Additionally, the Company also received net cash proceeds of approximately $22 million after repayment of outstanding debt. Following the delivery, Avance Gas owns 17.141 million shares in BW LPG corresponding to a 10.91% ownership share.
The last remaining VLGC, Avance Avior, to be delivered to BW LPG is currently scheduled for delivery on or about December 30th or 31st, and we will issue a press release once this has been carried out and the entire transaction has been successfully completed.
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
