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Avance Gas Holding Ltd (AGAS): Successfully completed the sale of our fifth VLGC newbuilding

Written by Customer Service on . Posted in Public Companies.

Hamilton, Bermuda
March 19, 2024

Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) announce today the successful sale of newbuilding hull 2367 with intended name Avance Castor for a cash consideration of $120 million less broker commission as previously announced in a press release dated December 8, 2023.

The Company expect to record a book gain on sale and cash release following repayment of bank financing of $36 million and $61 million respectively.

The sale of the sister ship, newbuilding hull 2368 with intended name Avance Pollux, is scheduled to take place in the first half of May 2024. This sale is also expected to result in a book gain and cash release of $36 million and $60 million respectively.

For further queries, please contact:
Media contact: Øystein Kalleklev, CEO Tel: +47 23 11 40 00

Investor and Analyst contact:
Randi Navdal Bekkelund, CFO Tel: +47 23 11 40 00

ABOUT AVANCE GAS
Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world’s leading owners and operators of very large gas carriers (VLGCs) and owns sixteen LPG VLGC ships consisting of twelve modern VLGCs including four dual fuel LPG VLGCs and four dual fuel MGCs for delivery in 2025 and 2026.

For more information about Avance Gas, please visit www.avancegas.com.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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