(Singapore, 1 August 2022)
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) today announces that it has entered into an agreement to acquire the LPG trading operations from Vilma Oil, to expand BW LPG’s Product Services division.
The Product Services division was established in February 2019 to offer customers a low-risk and fully integrated product delivery service, and support BW LPG’s core shipping business. This acquisition will allow BW LPG to scale its product services offering to provide even better service to customers while boosting fleet utilisation. The expanded Product Services division will continue to operate within disciplined capital requirements and defined risk thresholds.
Says Anders Onarheim, BW LPG CEO: “The acquisition brings a highly experienced team with a strong track record to BW LPG, and is in line with our strategy to support our core shipping business – we want to remain the world’s leading LPG shipping company, delivering cleaner-burning energy safely and sustainably to our customers. We look forward to bringing onboard new colleagues, and returning even greater value to shareholders.”
The acquisition is subject to approval from the Spanish regulatory authorities, and the transaction is expected to close by the end of Q4 2022.
For further information, please contact:
Chief Executive Officer
Chief Financial Officer
About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.
BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies.
Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.