Bermuda, 21 March 2022 – Avance Gas Holding Ltd (“AGAS” or the “Company”) has entered into a contract to sell the 2008-built VLGC Providence with delivery expected in May. The sale is expected to generate approximately $24.3 million in net cash proceeds and an accounting profit of approximately $4.8 million to be recognized in the second quarter of 2022.
Since January 2022, the Company has sold two older VLGCs in a strong used market, generating approximately $46.8 million in net cash proceeds. Sales are following the company’s fleet renewal strategy, reducing average age and emissions while further strengthening our balance sheet.
For any other questions, please contact:
Randi Navdal Bekkelund, Chief Financial Officer
Tel: +47 22 00 48 29
About Advance Gas:
Avance Gas operates in the global liquefied petroleum gas (LPG) transport market. The Company is one of the world’s leading owners and operators of Very Large Gas Carriers (VLGCs) and operates a fleet of thirteen vessels following the sale of Providence and four dual-fuel LPG newbuilds scheduled for delivery in Q4 2022 and as of Q1-Q4 2023. For more information on Avance Gas, please visit www.avancegas.com.
This information is subject to the disclosure requirements in accordance with section 5-12 of the Norwegian Securities Act.