Singapore, 17 September 2021 – Reference is made to the stock exchange announcement published by BW Epic Kosan Ltd. (ticker “BWEK”, “BW Epic Kosan” or the “Company”) on 16 August 2021 regarding the transaction agreement entered into with Odfjell Gas Shipowning AS to acquire two 9,000 cbm ethylene capable carriers.
The Company is pleased to announce that the transaction was partly finalised and closed today, 17 September 2021, by delivery of Bow Gallant. The other vessel, Bow Guardian, is subject to a deferred vessel closing. The consideration to Odfjell Gas Shipowning AS for Bow Gallant will be settled partly in cash (for which the Company has agreed equivalent debt financing) and partly by issuance of 3,444,806 new shares in the Company. The remaining cash consideration will be payable, and another 3,444,805 new shares in the
Company will be issued, upon delivery of the Bow Guardian which is subject to a deferred vessel closing.
The Bow Gallant enters straight into a charter and is expected to generate a positive contribution to our P&L.
About BW Epic Kosan
BW Epic Kosan Ltd. owns and operates the world’s largest fleet of gas carriers providing seaborne services for the transportation of liquefied petroleum gas and other speciality gases. The Company controls a fleet of 76 vessels which serve the international supply chains of leading oil majors and commodity traders throughout Asia, Europe, Africa, and the Americas. The Company has significant commercial and technical capability across pressurised, semi-refrigerated, refrigerated gas and petrochemical transportation, and aims to deliver customers the best solution for their transportation needs, along with leading service and operational standards. The Company is headquartered in Singapore, with Copenhagen as a regional office alongside offices in London, Manila, and Tokyo. The Company’s shares are listed and tradable on Euronext Growth Oslo under the symbol “BWEK”.
For more information please contact:
BW Epic Kosan Ltd.
Charles Maltby
Chief Executive Officer
Uta Urbaniak-Sage
Chief Financial Officer
T: +65 6230 7801
ir@bwek.com
Please click here to download a copy of this press release.
