Odfjell SE completes exit from gas carrier segment, says an article published on their website.
Odfjell Gas Shipowning AS, a 100 percent owned subsidiary of Odfjell SE, signed a transaction agreement with BW Epic Kosan Ltd. (BWEK) to sell two LPG/Ethylene carriers, the Bow Guardian and Bow Gallant, both built-in Korea in 2008.
About Transactions:
- The transaction is estimated to close by 31 October 2021. Pursuant can receive additional consideration of up to 362,611 shares in BWEK under the terms of the transaction agreement if within 18 months certain conditions are met, following the delivery of the vessels.
- The business closes with the exit of Odfjell SE from the gas sector, and BWEK stock, as a non-strategic financial investment.
- The deal may contribute to Odphjell’s P&L score and have a beneficial influence on the company’s balance sheet.
The purchase amount will pay off the mortgaged loans on the vessels and partly the issuance of 6,889,611 freely transferable BWEK shares. Odfjell will own 4.3 percent of BWEK’s shares after the transaction.
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Source: Odfjell
