Oslo-listed very large gas carriers (VLGCs) specialist Avance Gas has completed the seventh VLGC delivery, the 2015-built vessel Pampero. In connection with the delivery, 1.350 million shares in BW LPG were issued by the buyer to Avance Gas.
To remind, Avance Gas sealed a deal earlier this year with BW LPG Ltd to sell the company’s remaining 12 very large gas carriers (VLGCs) for a consideration of $1,050m.
The ship mortgage has been repaid and Avance Gas said that it expects to receive net cash proceeds of approximately $7m.
Following the delivery, Avance Gas owns 10.991 million shares in BW LPG corresponding to a 7.28% ownership share.
“These consideration shares have a lock-up period of 40 days from the issuance date as previously announced,” Avance Gas added.
Pampero is currently on a variable time charter expiring in August 2025, and this time charter has been novated to BW LPG.
The five remaining vessels are scheduled for delivery to BW LPG later in December 2024.
