August 15th 2024

WEB BW LPG Acquires 12 Very Large Gas Carriers from Avance Gas

August 15th, 2024

BW LPG Limited (BW LPG), represented by the OSE ticker code BWLPGOL and the NYSE ticker code BWLP, has announced the acquisition of 12 Very Large Gas Carriers (VLGCs) from Avance Gas. This acquisition will significantly expand BW LPG's fleet capacity and enhance its position in the global LPG market.

Key Details of the Acquisition:-

• BW LPG has agreed to acquire 12 VLGCs from Avance Gas Holdings Ltd.
• The transaction is expected to close in the fourth quarter of 2024.
• The acquisition will expand BW LPG's fleet capacity by approximately 20%.

The acquired VLGCs are modern vessels with an average age of five years. They will be integrated into BW LPG's existing fleet, which currently consists of over 450 vessels. The expanded fleet will enable BW LPG to meet the growing demand for LPG transportation worldwide.

"This acquisition is a significant milestone for BW LPG," said Anders Onarheim, CEO of BW LPG. "It will strengthen our position as a leading global LPG transporter and enhance our ability to provide efficient and reliable services to our customers."

The acquisition is part of BW LPG's long-term growth strategy. The company has been actively expanding its fleet and investing in new technologies to meet the evolving needs of the LPG industry.

BW LPG is a leading global provider of sea transportation of liquefied petroleum gas (LPG). The company was founded in 1955 and is headquartered in Hamilton, Bermuda. BW LPG controls a fleet of over 450 vessels transporting oil, gas, and dry bulk cargoes.

Avance Gas is a global provider of LPG transportation services. The company was founded in 2007 and is headquartered in Oslo, Norway. Avance Gas operates a fleet of over 40 VLGCs.