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BW LPG Announces Divestment of Berge Summit

Source: www.gulfoilandgas.com 7/15/2020, Location: Europe

BW LPG Limited has concluded the sale and delivery of Berge Summit to its new owner for continued trading. Berge Summit was built in 1990 with a carrying capacity of 78,489 cbm and has been used as a LPG floating storage for a gas-to-power project for the last 5 years. The sale is expected to generate approximately US$9 million in liquidity and an expected net book gain of US$4 million.

Says Anders Onarheim, CEO of BW LPG, “The successful completion of this transaction is in line with our asset management strategy. BW LPG now owns and operates a fleet of 46 modern VLGCs, with an average age of 8.7 years. 12 of these vessels are scheduled for LPG dual-fuel engine retrofitting in 2020 and 2021, making them the most environmentally friendly VLGCs in the world.”

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