Avance Gas Holding Ltd, the Bermudian-based company engaged in the transportation of liquefied petroleum gas, has delivered the first ship to BW LPG Ltd as part of the former company’s sale of its 12-strong very large gas carrier fleet for $1.05 billion.

The sale was first announced in August.

BW LPG Ltd, a liquefied petroleum gas shipper, was formerly based in Bermuda but is now domiciled in Singapore.

Avance announced the successful sale and delivery of the 2015-built non-scrubber ship Chinook to BW LPG.

As part of the transaction, 1.35 million shares in BW LPG have been issued to Avance Gas corresponding to an approximately 1 per cent ownership share.

Once the transaction is finalised and all shares have been received, Avance Gas will be the second-largest shareholder in BW LPG with an approximately 12.8 per cent ownership share.

In connection with the sale, Avance Gas said, the ship mortgage has been repaid and the company expects to receive net cash proceeds of $18.5 million, in addition to the 1.35 million consideration shares in BW LPG.

The vessel is on a variable time charter with an energy major expiring in mid-2025 and this charter has been successfully novated to BW LPG.

The 11 remaining vessels are scheduled for delivery to BW LPG before year-end.

Sale of jack-up rigs

Bermudian-headquartered Vantage Drilling International Ltd, the offshore drilling contractor, has completed the sale of two contracted premium jack-up rigs to ADES Holding Company, which Vantage said further strengthens its position as a global leader in managed services while delivering enhanced value to shareholders.

The sale includes the Topaz Driller jack-up rig, operating in the Malaysia-Thailand Joint Development Area, and the Soehanah jack-up rig, owned by Rig Finance Ltd, which operates in Indonesia.

Ihab Toma, chief executive of Vantage Drilling, said: “This transaction is a significant step in Vantage’s ongoing strategy to enhance shareholder value.

“By strategically selling these contracted rigs, we have shifted to a net cash position, allowing us to focus on expanding our managed services portfolio, which remains an area of focus for the company.”

He added: “We are pleased to continue our strong partnership with ADES through this transaction. South-East Asia is a key market, and the transfer of these rigs will enable ADES to further its expansion in the region, while Vantage remains well positioned to grow its asset-light services business and deliver sustainable value to our shareholders.”

Borr delisting from Oslo

Borr Drilling Ltd, the Bermudian-based oilfield services company, has announced that Euronext Oslo Stock Exchange has approved the company’s application for delisting, following an affirmative shareholder vote at its special general meeting this month.

The company’s shares will be delisted from OSE as of December 31. The last day of trading will be December 30, and the company will subsequently maintain a single listing on the New York Stock Exchange.