Avance Gas Holding Ltd Celebrates a Significant Delivery
Avance Gas Holding Ltd. is making waves in the shipping industry with its recent announcement regarding the successful delivery of the ninth Very Large Gas Carrier (VLGC) to BW LPG Ltd. This achievement marks a significant milestone in the Company’s ongoing commitment to expanding its operational capabilities and enhancing shareholder value.
Details of the Transaction
In a notable transaction, Avance Gas disclosed that the latest delivery is for the Mistral, a vessel constructed in 2015 and equipped with a scrubber. This decision stems from the previous announcement regarding the sale of its entire VLGC fleet to BW LPG for an impressive total of $1,050 million. As part of this transaction, 1.35 million shares have been issued by BW LPG to Avance Gas, alongside net cash proceeds of approximately $20.5 million.
Ownership and Future Prospects
With this delivery, Avance Gas now holds 14.441 million shares in BW LPG, representing a strategic 9.35% stake in the company. It’s important to note that these new shares will be subject to a lock-up period of 40 days, as previously communicated.
Looking Ahead: Upcoming Deliveries
As the Company continues to enhance its relationship with BW LPG, there are three additional vessels slated for delivery later. These pending transactions are expected to take place in December, underlining Avance Gas's dedication to a smooth succession of these important handovers. The Company will keep stakeholders informed by issuing press releases regarding these upcoming deliveries.
The Team Behind the Success
For any inquiries, Avance Gas encourages stakeholders to reach out directly to their management team. Media queries can be directed to Øystein Kalleklev, CEO, while investor relations are handled by Randi Navdal Bekkelund, CFO. Both can be reached at +47 23 11 40 00, demonstrating a commitment to transparency and accessibility.
Conclusion: A Bright Future for Avance Gas
Avance Gas Holding Ltd is making impressive strides within the liquefied petroleum gas (LPG) sector, marking its position as a formidable player in the market. The successful delivery of the Mistral is just one of many strategic steps that illustrate the Company's forward-focused vision. The ongoing partnership with BW LPG and the awaiting additional vessel deliveries promise to further enhance the Company's presence and operational success in this competitive market. As the industry evolves, Avance Gas remains committed to fostering growth and maximizing shareholder value.
Frequently Asked Questions
What is the significance of Avance Gas's VLGC delivery?
The ninth VLGC delivery highlights Avance Gas's commitment to expanding its fleet and shareholder value, marking an important milestone for the Company.
What is the ownership stake Avance Gas holds in BW LPG?
After this transaction, Avance Gas holds 14.441 million shares in BW LPG, which corresponds to a 9.35% ownership share.
When are the other vessel deliveries scheduled?
The three remaining vessels are scheduled for delivery later in December, allowing Avance Gas to continue its strategic collaboration with BW LPG.
Who can I contact for more information?
For media queries, Øystein Kalleklev, CEO is available, and Randi Navdal Bekkelund, CFO, handles investor relations. Both can be reached at +47 23 11 40 00.
What does the lock-up period for the shares mean?
The lock-up period of 40 days means that the newly issued shares cannot be sold or transferred until this period has elapsed, ensuring stability post-transaction.
