(Singapore, 2 July 2021)
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code “BWLPG.OL”) announces today the sale of Very Large Gas Carrier (VLGC) BW Confidence.
BW Confidence was built in 2006 and has a carrying capacity of 83,270 CBM. It was acquired by BW LPG in 2012. The sale and delivery of the vessel to its new owner in Vietnam for further trading was completed on 1 July 2021. The sale generated approximately US$ 40 million in net cash; and as the revolving credit facility was reduced, the sale also generated US$20 million in liquidity, and is expected to give a net book gain of approximately US$ 6 million in BW LPG’s Q3 2021 financial report.
Says Anders Onarheim, CEO of BW LPG, “BW Confidence was sold at an approximately 15% premium to our book values which stood at US$9.40 per share or approximately NOK 81 per share as of end of Q1. The sale is aligned with our strategy of being a returns-focused company seeking to maximize returns for our shareholders, and positioning BW LPG to take advantage of opportunities for growth from a global energy transition towards a zero-carbon future”.
With this sale, BW LPG owns and operates a fleet of 44 modern VLGCs, including the world’s only VLGCs to be retrofitted with pioneering LPG dual-fuel propulsion technology. With seven LPG-powered VLGCs on water serving customers with the segment’s lowest emissions profile, and a further eight VLGCs committed for retrofitting with this technology, they represent an overall investment of 15 vessels and over US$ 130 million towards the decarbonization of the company’s operations. These vessels offer significant environmental and economic benefits over the existing global fleet, including newbuilds scheduled for delivery in 2023.
For further information, please contact:
Elaine Ong, CPA, CFA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com
Iver Baatvik
Head of Investor Relations and Corporate Development
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com
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 subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
