(Singapore, 8 December 2021)
BW LPG Limited (“BW LPG”, the “Company”, OSE Ticker Code “BWLPG.OL”) today announces that its subsidiary BW LPG India has purchased four Very Large Gas Carriers (VLGCs) from the parent company BW LPG Limited. This brings the total fleet of BW LPG India to eight VLGCs. The last vessel is expected to be delivered in Q2 2022. Headquartered in Chennai, BW LPG India is the largest owner and operator of India-flagged VLGCs.
The Company is also in advanced discussions with an investor for the acquisition of a minority stake in BW LPG India for a cash consideration of approximately USD 50 million based on second-hand broker valuations of the fleet. Following this transaction, the Company will continue to be the majority shareholder of BW LPG India.
No assurance can be given on whether the discussions will result in a transaction. BW LPG will provide an update on the potential transaction as and when appropriate.
For further information, please contact:
Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
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. BW Group controls a fleet of over 420 ships transporting crude oil, oil products, and dry commodities, and comprises one of the largest gas fleets in the world with over 190 LNG and LPG vessels.
This information is considered to include inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Elaine Ong, Chief Financial Officer at BW LPG, at the date and time as set out above.