Avance Gas shares fell sharply after Thursday’s $1bn fleet deal with BW LPG, as analysts focused on how the cash pile will be distributed and questioned if the remaining ships could be heading for a new home in the Fredriksen sphere.
Analysts also wondered how long John Fredriksen would remain invested in Andreas Sohman-Pao’s BW LPG following the transaction.
Avance Gas stock quickly rose after the announcement at noon in Oslo but dropped almost 20% during the day and closed down 11%.
