Dorian LPG Takes Over Scorpio VLGC Contracts

Dorian LPG Ltd. has entered into an agreement with Scorpio Tankers Inc. whereby Scorpio will contribute its entire Very Large Gas Carrier (VLGC) newbuilding contracts, together with a cash contribution of $1.9 million, in exchange for newly issued shares representing 30% of the company’s pro-forma outstanding shares immediately following the transaction.

As of the date of the transaction, Scorpio Tankers will have paid $83.1 million in installment payments for the 11 VLGC contracts.

As part of the transaction, the company will grant Scorpio Tankers certain protection rights customary for significant shareholders, which will terminate upon Dorian LPG’s listing on the NYSE or NASDAQ, which is expected to take place within 2014.

The above-mentioned transaction, which is subject to the execution of definitive agreements and satisfaction of customary closing conditions, is expected to close within the fourth quarter of 2013, at which time the Company anticipates to commence a capital raise.

 

Press Release, October 29, 2013

 

Share this article

Follow World Maritime News

Posted on October 29, 2013

In Depth>

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Eastern Mediterranean Offshore Conference and Exhibition (EMC) 2020

EMC 2020 conference will arm delegates with technical and commercial knowledge to capitalise…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >