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BW LPG Limited - BW LPG Takes Delivery of Vessels BW Mistral and BW Polaris From Avance Gas

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BW LPG has taken delivery of two Very Large Gas Carriers (VLGCs), BW Mistral and BW Polaris, from Avance Gas Holdings on December 10, 2024. This delivery is part of a larger acquisition of 12 modern VLGCs announced in August 2024, with nine vessels now delivered. As part of the transaction, BW LPG has issued 3,450,000 new shares to Avance Gas, bringing the total issued shares to 154,441,000, representing a total share capital of USD 536,359,798. Following this issuance, Avance Gas now holds a 9.35% stake in BW LPG with 14,441,000 shares.

BW LPG ha ricevuto la consegna di due Very Large Gas Carriers (VLGC), BW Mistral e BW Polaris, da Avance Gas Holdings il 10 dicembre 2024. Questa consegna fa parte di un'acquisizione pi霉 ampia di 12 VLGC moderne annunciata nell'agosto 2024, con nove navi gi脿 consegnate. Nell'ambito della transazione, BW LPG ha emesso 3.450.000 nuove azioni a favore di Avance Gas, portando il totale delle azioni emesse a 154.441.000, con un capitale totale di 536.359.798 USD. A seguito di questa emissione, Avance Gas detiene ora una partecipazione del 9,35% in BW LPG con 14.441.000 azioni.

BW LPG ha recibido la entrega de dos Very Large Gas Carriers (VLGC), BW Mistral y BW Polaris, de Avance Gas Holdings el 10 de diciembre de 2024. Esta entrega es parte de una adquisici贸n m谩s amplia de 12 VLGC modernas anunciada en agosto de 2024, con nueve buques ya entregados. Como parte de la transacci贸n, BW LPG ha emitido 3,450,000 nuevas acciones a Avance Gas, llevando el total de acciones emitidas a 154,441,000, lo que representa un capital social total de 536,359,798 USD. Tras esta emisi贸n, Avance Gas ahora posee una participaci贸n del 9.35% en BW LPG con 14,441,000 acciones.

BW LPG電� 2024雲� 12鞗� 10鞚� Avance Gas Holdings搿滊秬韯� 霊� 臧滌潣 Very Large Gas Carrier(VLGC)鞚� BW Mistral瓿� BW Polaris鞚� 鞚鸽弰毳� 氚涭晿鞀惦媹雼�. 鞚� 鞚鸽弰電� 2024雲� 8鞗旍棎 氚滍憸霅� 12觳欖潣 順勲寑鞝侅澑 VLGC毳� 韽暔頃橂姅 雽�攴滊 鞚胳垬鞚� 鞚柬櫂鞚措┌, 順勳灛旯岇 鞎勴檳 觳欖澊 鞚鸽弰霅橃棃鞀惦媹雼�. 瓯半灅鞚� 鞚柬櫂鞙茧 BW LPG電� Avance Gas鞐� 3,450,000欤检潣 鞁犾＜毳� 氚滍枆頃橃榾鞙茧┌, 鞚措ゼ 韱淀暣 齑� 氚滍枆 欤检嫕 靾橂姅 154,441,000欤缄皜 霅橃棃瓿�, 齑� 鞛愲掣旮堨潃 536,359,798 USD鞐� 鞚措雼堧嫟. 鞚措矆 欤检嫕 氚滍枆 鞚错泟 Avance Gas電� BW LPG鞐愳劀 14,441,000欤茧ゼ 氤挫湢頃橃棳 9.35%鞚� 歆�攵勳潉 臧�歆�瓴� 霅橃棃鞀惦媹雼�.

BW LPG a r茅ceptionn茅 deux Very Large Gas Carriers (VLGC), BW Mistral et BW Polaris, de la part d'Avance Gas Holdings le 10 d茅cembre 2024. Cette livraison fait partie d'une acquisition plus importante de 12 VLGC modernes annonc茅e en ao没t 2024, avec neuf navires d茅j脿 livr茅s. Dans le cadre de la transaction, BW LPG a 茅mis 3 450 000 nouvelles actions 脿 Avance Gas, portant le total des actions 茅mises 脿 154 441 000, repr茅sentant un capital total de 536 359 798 USD. Suite 脿 cette 茅mission, Avance Gas d茅tient d茅sormais une participation de 9,35 % dans BW LPG avec 14 441 000 actions.

BW LPG hat am 10. Dezember 2024 zwei Very Large Gas Carriers (VLGCs), BW Mistral und BW Polaris, von Avance Gas Holdings in Empfang genommen. Diese Lieferung ist Teil einer gr枚脽eren Akquisition von 12 modernen VLGCs, die im August 2024 angek眉ndigt wurde, wobei neun Schiffe bereits ausgeliefert sind. Im Rahmen der Transaktion hat BW LPG 3.450.000 neue Aktien an Avance Gas ausgegeben, was die Gesamtzahl der ausgegebenen Aktien auf 154.441.000 erh枚ht, mit einem Gesamtkapital von 536.359.798 USD. Nach dieser Ausgabe h盲lt Avance Gas nun eine Beteiligung von 9,35 % an BW LPG mit 14.441.000 Aktien.

Positive
  • Successful delivery of 9 out of 12 planned VLGC vessels, expanding fleet capacity
  • Strategic acquisition strengthening BW LPG's position as world's leading VLGC operator
  • Expansion of total carrying capacity beyond 3 million CBM
Negative
  • Share dilution due to issuance of 3,450,000 new shares

Insights

The delivery of BW Mistral and BW Polaris marks significant progress in BW LPG's strategic fleet expansion, with 9 out of 12 VLGCs now delivered from the Avance Gas acquisition. The transaction structure, involving share issuance of 3,450,000 new shares as partial payment, demonstrates efficient capital allocation while preserving cash. This brings Avance Gas's ownership to 9.35% of BW LPG, creating a notable strategic alignment between the two companies. The fleet expansion strengthens BW LPG's position as the world's leading VLGC operator, with their total carrying capacity now exceeding 3 million CBM. This consolidation in the VLGC market should enhance operational efficiency and market presence, potentially leading to improved economies of scale and stronger negotiating power in charter rates.

The VLGC market dynamics are particularly favorable for this fleet expansion. The strategic timing of these deliveries positions BW LPG to capitalize on the growing global LPG trade, especially given the increasing US LPG exports and Asian demand. The integrated business model, combining vessel ownership, LPG trading and terminal infrastructure, creates multiple revenue streams and operational synergies. The backing of BW Group, with its extensive maritime expertise and diversified fleet of over 450 vessels, provides robust operational support and market intelligence. This transaction reinforces BW LPG's market leadership and should enhance their competitive advantage in the global LPG transportation sector.

SINGAPORE--(BUSINESS WIRE)-- With reference to the stock exchange announcement on 15 August 2024 for the acquisition of 12 modern Very Large Gas Carriers (VLGCs) from Avance Gas Holdings Ltd (鈥淎vance Gas鈥�, OSE ticker code: 鈥淎GAS鈥�), BW LPG Limited (鈥淏W LPG鈥� or the 鈥淐ompany鈥�, OSE ticker code: 鈥淏WLPG.OL鈥�, NYSE ticker code 鈥淏WLP鈥�) has taken delivery of vessels BW Mistral and BW Polaris on 10 December 2024. Nine of the 12 VLGCs are now delivered.

BW LPG has today issued 3,450,000 new BW LPG shares to Avance Gas as part-consideration for the above vessels. Following the issuance of the new shares, the total number of issued shares of BW LPG is 154,441,000, representing a total share capital in the amount of USD 536,359,798. The new shares have been legally and validly issued and are fully paid.

Following the above issuance, Avance Gas holds 14,441,000 shares in BW LPG, representing approximately 9.35% shareholding.

About BW LPG

BW LPG is the world鈥檚 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, an in-house LPG trading division and a growing presence in LPG terminal infrastructure and distribution, BW LPG offers an integrated, flexible, and reliable service to customers along the LPG value chain. More information about BW LPG can be found at .

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 450 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.

Kristian S酶rensen, CEO, BW LPG

Samantha Xu, CFO, BW LPG

E-mail: investor.relations@bwlpg.com

Source: BW LPG Limited

FAQ

How many VLGCs has BW LPG (BWLP) received from Avance Gas as of December 10, 2024?

BW LPG has received 9 out of the 12 planned VLGCs from Avance Gas, with BW Mistral and BW Polaris being the latest deliveries.

What is Avance Gas's ownership percentage in BW LPG (BWLP) after the December 2024 share issuance?

Following the issuance of new shares, Avance Gas holds 14,441,000 shares in BW LPG, representing approximately 9.35% shareholding.

How many new shares did BW LPG (BWLP) issue to Avance Gas in December 2024?

BW LPG issued 3,450,000 new shares to Avance Gas as part-consideration for the vessels BW Mistral and BW Polaris.

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BW LPG Limited

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