Successfully completed the fourth VLGC delivery to BW LPG

Hamilton, Bermuda. November 22, 2024

Avance Gas Holding Ltd. (“Avance Gas” or “Company”) (OSE: AGAS) refers to the announcement made on August 15, 2024 regarding the sale of its VLGC fleet to BW LPG Ltd (“BW LPG” or “Buyer”) for $1,050 million.

Today, Avance Gas announces the fourth VLGC delivery, the 2015-built scrubber-fitted vessel Passat. In connection with the delivery, the Buyer issued 1.35 million BW LPG shares to Avance Gas. The ship mortgage has been repaid and Avance Gas expects to receive net cash proceeds of $21 million. After delivery, Avance Gas will own 6.15 million shares in BW LPG, which corresponds to an ownership share of 4.2%. These consideration shares have a lock-up period of 40 days from the date of issuance, as previously announced.

The eight remaining ships are expected to be delivered to BW LPG before the end of the year. As of today, one ship is expected to be delivered in November, while the remaining seven are expected to be delivered in December.

Avance Gas will issue regular press releases in connection with the remaining deliveries and the company will provide more information in its third quarter results presentation scheduled for November 27, 2024.

For further questions please contact:
Media contact: Øystein Kalleklev, CEO Tel: +47 23 11 40 00
Contact for investors and analysts: Randi Navdal Bekkelund, CFO Tel: +47 23 11 40 00

This information is subject to disclosure requirements in accordance with Article 5-12 of the Norwegian Securities Act.