Avance Gas Achieves Major Milestone with VLGC Delivery
Avance Gas Holding Ltd. is making waves in the liquefied gas sector, particularly with its recent accomplishments around the delivery of Liquefied Gas Carriers (VLGCs). The company has successfully completed the significant milestone of its fifth VLGC delivery to BW LPG. This event comes on the heels of a remarkable agreement for the sale of its entire VLGC fleet for approximately $1,050 million.
Details of the Fifth VLGC Delivery
In a noteworthy transaction, Avance Gas has delivered the 2015-built scrubber-fitted vessel named Avance Levant to BW LPG. This strategic move marks a significant achievement for Avance Gas, showcasing its capabilities and commitment to efficient operations in the maritime transport of liquefied gas.
Financial Implications of the Delivery
As part of this delivery, BW LPG issued 1.35 million shares to Avance Gas. The financial landscape for Avance Gas is positively impacted, as the ship's mortgage has been repaid, and the company anticipates receiving net cash proceeds of approximately $21 million. This influx of cash and shares highlights Avance Gas's growing portfolio and its position within the industry.
Ownership in BW LPG
After this transaction, Avance Gas will own a total of 7.5 million shares in BW LPG, equating to a substantial 5.1% ownership share in the company. This ownership not only reflects Avance Gas's confidence in BW LPG but also presents further growth opportunities for the company moving forward.
Looking Ahead: Upcoming Deliveries
The momentum does not stop at this fifth delivery. There are seven remaining VLGC vessels that Avance Gas is scheduled to deliver to BW LPG over the course of December. This continued activity is indicative of Avance Gas's strategic planning and execution within the logistics of liquefied gas transportation.
Company Communication and Future Releases
In keeping with its commitment to transparency and regular updates, Avance Gas will continue to issue press releases regarding the schedules of these remaining deliveries. Such communications ensure that investors and stakeholders stay informed about the company’s progress and strategic decisions in real-time.
Contact Information for Inquiries
For further inquiries related to this notable achievement and future plans, Avance Gas provides direct contact channels. Media representatives can connect with Øystein Kalleklev, CEO, at +47 23 11 40 00, while investor relations can reach out to Randi Navdal Bekkelund, CFO, at the same number. Open communication lines are integral for fostering relationships and ensuring clarity regarding the company's trajectory.
Frequently Asked Questions
What is the recent achievement of Avance Gas Holding Ltd?
Avance Gas has successfully completed the delivery of its fifth VLGC to BW LPG.
How many VLGCs has Avance Gas sold to BW LPG?
Avance Gas has sold its entire VLGC fleet to BW LPG for approximately $1,050 million.
What are the financial benefits for Avance Gas from this delivery?
From the delivery, Avance Gas anticipates net cash proceeds of $21 million and has received shares in BW LPG.
When will Avance Gas deliver the remaining VLGCs?
The remaining seven VLGCs are scheduled for delivery in December.
Who can be contacted for more information about Avance Gas?
Media inquiries can be directed to Øystein Kalleklev, CEO, and investor relations can be directed to Randi Navdal Bekkelund, CFO, at +47 23 11 40 00.
