In 2016, BW LPG made a strategic move to acquire Aurora LPG, a Norway based provider of marine transportation of LPG in the VLGC segment. The acquisition and ensuing expansion has bolstered the Company’s position as a market leader in the LPG transportation segment.
The consolidation is consistent with our overarching strategy of maintaining our market leadership by investing counter cyclically and growing through market downturns.
Both companies’ fleets are highly complementary and the balance sheet of the combined entity is strong. This provides investors with an attractive opportunity, offering long-term value.
The consolidation will give BW LPG’s shareholders an attractive opportunity to be part of any future upside in the VLGC market. Integrating existing shareholders with a stronger platform that is financially robust and flexible, will allow the combined entity to become a strong player in the LPG industry.
The combined entity will own and operate a total of 55 LPG carriers, the world’s largest. We will see the average age of our owned VLGCs decrease from 7.3 years to 6.2 years.
An enlarged, younger fleet will allow BW LPG to improve reliability and flexibility of our services, which will enable us to deliver a wide range of maritime LPG solutions to customers.
“We acquired Aurora
LPG and with the
world’s largest VLGC
fleet, we can offer
the most flexible and
reliable services to our
clients. As we always
say, for BW LPG, the
customer is the king.”
CEO, BW LPG
The acquisition of Aurora LPG illustrates our strategy of investing counter cyclically and growing through market downturns. We executed the acquisition at the lowest point in the cycle since 2009.
Acquires a 15% stake
Acquires an additional 10.12%
Acquires an additional 2.96% and launches voluntary offer
Launches voluntary unconditional offer
Voluntary unconditional offer period expires
Implementation of compulsory acquisition of all shares
Aurora LPG delisted
|1BW Njord||84,000||2016||Hyundai HI (Ulsan)||Marshall Is.|
|2 BW Var||84,000||2016||Hyundai HI (Ulsan)||Marshall Is.|
|3 BW Balder||84,000||2016||Hyundai HI (Ulsan)||Marshall Is.|
|4 BW Brage||84,000||2016||Hyundai HI (Ulsan)||Marshall Is.|
|5 BW Freyja||84,000||2016||Hyundai HI (Gunsan)||Marshall Is.|
|6 BW Frigg||84,000||2016||Hyundai HI (Gunsan)||Marshall Is.|
|7 BW Odin||82,000||2009||Hyundai HI (Ulsan)||Marshall Is.|
|8 BW Tyr||82,000||2009||Hyundai HI (Ulsan)||Marshall Is.|
|9 BW Thor||82,000||2008||Hyundai HI (Ulsan)||Marshall Is.|