Avance Gas Holding Ltd: Successfully completed the eighth VLGC delivery to BW LPG
Hamilton, Bermuda. December 9, 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 eighth VLGC delivery, the 2022-built dual-fuel vessel, Avance Polaris. Avance Polaris was under a sale-leaseback agreement and a Time Charter agreement, both of which have been successfully novated to the Buyer. In connection with the delivery, 2.1 million shares in BW LPG were issued by the Buyer to Avance Gas. Additionally, outstanding lease obligation of $64.4 million have been novated to BW LPG and Avance Gas received net cash proceeds of approximately $13.5 million. Following the delivery, Avance Gas owns 13.091 million shares in BW LPG corresponding to a 8.55% ownership share. These consideration shares have a lock-up period of 40 days from the issuance date as previously announced.
The four remaining vessels are scheduled for delivery to BW LPG later in December 2024. Avance Gas will issue 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
\Hugin