28 April 2015
BW LPG exercises purchase option on Berge Summit
(Singapore, 28 April 2015)
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG) exercises purchase option over Very Large Gas Carrier ('VLGC') Berge Summit.
The VLGC Berge Summit has been on a bareboat charter with BW LPG since 2004. The Berge Summit was built in 1990 at Mitsubishi Heavy Industries, Nagasaki Shipyard, and has a capacity of approximately 78,489 cubic metres.
BW LPG has exercised a purchase option which became available under the charter. The transaction will be settled from free cash. Aggregate consideration for the transaction is USD 8 million. Including unamortised lease rentals and dry-docking expenses on this vessel, the book value of the vessel when delivered into the fleet in May 2015, is expected to be approximately USD 23 million. The vessel will continue to be available for employment within our contract portfolio.
For further information, please contact:
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
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 38 gas carriers with a total carrying capacity of close to 3 million cbm and a further 672,000 cbm of capacity on order in Korea. With more than 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.