(Singapore, 10 April 2015)
BW LPG Limited ("BW LPG", the "Company", OSE ticker
code: "BWLPG") is pleased to announce that it has
today entered into ship building contracts for four
Very Large Gas Carrier (VLGC) newbuildings with
Daewoo Shipbuilding and Marine Engineering (DSME).
Previously reserved [by DSME's existing client],
these vessels are to be delivered in the third and
fourth quarters of 2016.
Speaking about these contracts, Nicholas Gleeson,
CEO of BW LPG, said, "Whilst the exceptionally high
rates of today are not likely to last forever,
there are many years of anticipated growth in
export volumes in this market, which elicits our
desire to enhance our fleet and its capability.
These contracts now provide us an opportunity to
grow or renew our VLGC fleet in the coming years,
without adding further to the new building fleet on
order."
The delivered cost of these vessels, including
interest and other costs, is likely to be
approximately USD 290 million. The initial payments
under the contracts are to be met from free cash
and the revolving credit facility.
Andrew Hoare, CCO of BW LPG, further
commented, "BW's relationship with DSME has
afforded this opportunity to us when it became
available. We continuously strive to deliver the
best LPG transportation solutions to our customers
and our growing fleet continues to allow us to
achieve this objective."
For further information, please contact:
Vijay Kamath
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
Email: vijay.kamath@bwlpg.com
ABOUT BW LPG
BW LPG is the world's largest very large gas
carrier (VLGC) owner and operator based on number
of VLGCs and by LPG carrying capacity. BW LPG owns
and operates 37 gas carriers with a total carrying
capacity of close to 3 million cbm and a further
756,000 cbm of capacity on order in Korea. With 35
years of operating experience in LPG shipping and
experienced seafarers and staff, BW LPG offers a
flexible and reliable service to customers. BW LPG
is associated with BW Group, one of the world's
leading shipping groups. BW Group is involved in
oil and gas transportation, floating gas
infrastructure, environmental technologies and deep-
water production.
This information is subject to disclosure
requirements pursuant to Section 5-12 of the
Norwegian Securities Trading Act.