Avance Gas Holding Ltd – Finalization of the sale of the VLGC
Bermuda, 3 March 2022 – Avance Gas Holding Ltd (OSE: AGAS or the “Company”) today announces the successful completion of the 2008-built VLGC Thetis Glory previously announced in a press release dated 13 January 2022. Following the repayment of debt, the sale will generate approximately $22.5 million of net cash proceeds and an accounting profit of approximately $6 million to be recognized in the first quarter of 2022.
The sale follows the company’s fleet renewal strategy, reducing average age and emissions while improving fuel efficiency across the entire fleet.
For any other questions, please contact:
Randi Navdal Bekkelund, Chief Financial Officer
Tel: +47 22 00 48 29
Email: [email protected]
About Advance Gas:
Avance Gas operates in the global liquefied petroleum gas (LPG) transportation market. The company is one of the world’s leading owners and operators of Very Large Gas Carriers (VLGCs) and operates a fleet of fourteen vessels and 4 new dual-fuel LPG vessels scheduled for delivery in Q4 2022 and Q1 2023 For more information about 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.