John Fredriksen is selling his VLGC fleet to Andreas Sohmen-Pao in a blockbuster cash-and-stock deal worth more than $1bn.
Sohmen-Pao’s BW LPG will splash $1.05bn to acquire 12 VLGCs from Fredriksen’s LPG outfit Avance Gas, including the two on sale-and-leaseback deals.
The sale will leave Avance with four medium-size gas carriers with ammonia capabilities and the second-largest holding in BW LPG, plus “substantial” cash holdings chief executive Oystein Kalleklev has promised to pass on as dividends.
