BW LPG Limited Announces Sale of BW Birch
BW LPG Limited (“BW LPG” or the “Company”, OSE ticker code: “BWLPG.OL”, NYSE ticker code: “BWLP”) is pleased to announce that its 52%-owned subsidiary, BW LPG India, has entered into an agreement to sell the 2007-built BW Birch for continued trading.
On a 100% basis, the sale of BW Birch is expected to generate a net book gain of approximately US$37 million and net cash proceeds of around US$64 million. The vessel is currently trading under a time charter agreement and is scheduled for delivery to the buyer by mid-November at the latest.
Kristian Sørensen, CEO of BW LPG, says “This transaction, at a value equivalent to a newbuilding price of approximately US$248 million and in line with the recently announced sale of BW Elm, reflects our continued execution of our fleet renewal programme and our ability to capitalize on strong second-hand market values.”
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