BW LPG Ups Aurora Stake

Image Courtesy: BW LPG

Singapore’s owner and operator of very large gas carriers BW LPG Limited has acquired 3 million shares in Oslo-listed Aurora LPG Holding ASA, representing 10.34% of the outstanding shares in the company.

As a result of the transaction, BW LPG now holds a total of 3.59 million shares in Aurora LPG, representing 12.13% of the outstanding shares in the company, becoming its biggest shareholder.

The move comes following the rejection of Aurora LPG’s takeover from Avance Gas.

As part of the transaction, BW LPG has sold 2.5 million of its own existing shares held in treasury. As a result, BW LPG now holds 834,682 treasury shares, equivalent to 0.61% of the 136.2 million outstanding shares in BW LPG.

The announcement comes a day after Oslo-listed Aurora LPG Holding entered into a joint venture agreement with Wilhelmsen Ship Management (WSM) for the technical management of Aurora’s VLGC fleet.

The joint venture will be named “Aurora Wilhelmsen Managment Ltd” and will be incorporated in Hongkong.

Aurora LPG owns three 82,000 cbm VLGCs and six 84,000 cbm newbuilds scheduled for delivery from Korean shipbuilder Hyundai Heavy Industries in 2016.

BW LPG posted a net profit after tax of USD 106.2 million in Q3 2015 compared with USD 87.5 million in Q3 2014, mainly due to stronger TCE earnings and a larger fleet.

The fleet size of the goup comprises 35 VLGCs and five LGCs owned/operated, plus six VLGC newbuilds.

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 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 30 31

Maritime Reconnaissance and Surveillance Technology

Over the past few years, maritime intelligence gathering and ISR capabilities have returned to the forefront of the defence industry…

read more >

BWMTech

Clarify regulations. Plan BWMS integration. Prevent operational failure…

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >