Maas Capital Enters Into Agreement to Acquire Minority Stake In BW LPG India

Singapore - 22 December, 2021

With reference to a press release dated 8 December 2021, BW LPG Limited (“BW LPG”, The “Company”, OSE Ticker Code “BWLPG.OL”) today announces that Maas Capital Shipping B.V. (Maas Capital) has entered into an agreement to acquire a minority stake in BW LPG India, a subsidiary of the Company. Following this transaction, BW LPG will own approximately 67% in BW LPG India.

BW LPG India is the largest owner and operator of India-flagged Very Large Gas Carriers (VLGCs). The fleet comprises eight modern VLGCs which are maintained to world-class standards. The fleet is technically managed by Synergy Group, and commercially and operationally managed by Synergy Group and BW LPG. This arrangement allows BW LPG India to tap on the international expertise of the Company, while remaining committed to investing locally in India.

Anders Onarheim, CEO of BW LPG says, “On behalf of the team, we warmly welcome Maas Capital onboard BW LPG India. We see tremendous potential in the country, and we look forward to seizing opportunities with Maas Capital alongside. This partnership will also allow us to look beyond traditional LPG shipping, and into LPG infrastructure opportunities where we see significant upsides as a first mover”.

Mark Ras, Head of Maas Capital says, “We are pleased to partner BW LPG in the fast-growing Indian market for the LPG segment. We are ready to support BW LPG India’s ambitious growth strategy, and we see this as a continuation of our aim to invest in quality companies for our maritime portfolio”.

Maas Capital is one of the world’s leading institutional shipping equity investors. Its portfolio includes controlling and non-controlling stakes in shipping, intermodal and offshore services related assets.

DNB Markets and Pareto Securities are acting as financial advisors to BW LPG and Watson Farley & Williams is acting as legal advisor to Maas Capital on this transaction.

About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. BW Group controls a fleet of over 420 ships transporting crude oil, oil products, and dry commodities, and comprises one of the largest gas fleets in the world with over 190 LNG and LPG vessels.

BW LPG press release