LONDON (Bloomberg) — Bermuda-based BW Gas Ltd., the world's largest operator of liquefied natural gas tankers, agreed to buy four LNG vessels and will raise as much as $228 million in a share sale to existing investors.

The shipping line will pay $720 million for Bergesen LNG Ltd., which controls the ships, Hamilton, BW Gas said yesterday in a statement.

Bergesen LNG is controlled by World Nordic SE, which is also BW Gas's largest shareholder. World Nordic is transferring Bergesen to BW Gas and gets 273.6 million new shares in return.

Other shareholders will get the opportunity to maintain their overall holding in BW Gas by buying new shares at 18.5 kroner each, raising a total of as much as $228 million. The stock closed at 21.7 kroner on January 23.