Latest news with #KristianSorensen
Business Wire
5 days ago
- Business
- Business Wire
BW LPG Successfully Closes Two Key Financing Facilities
SINGAPORE--(BUSINESS WIRE)--BW LPG Limited ('BW LPG', OSE ticker code: ' NYSE ticker code 'BWLP') has successfully closed two key financing facilities - a USD380 million Term Loan and Revolving Credit Facility, and a USD215 million Term Loan Facility. These facilities enable BW LPG to finance the finalised acquisition of Avance Gas fleet last year, refinance existing debt and support the fleet renewal of our Indian subsidiary as well as improve BW LPG's overall funding cost and liquidity profile. The USD380 million Term Loan and Revolving Credit Facility, secured at a highly competitive margin, was supported by seven of our banking partners, with its proceeds used to finance vessels acquired from Avance Gas which was completed at the end of 2024. With the closing of this facility, BW LPG terminated its shareholder loan of USD250 million in June 2025 ahead of its expiry. In parallel, BW LPG India has secured a USD215 million Term Loan Facility to refinance its existing debt and to support the acquisition of two modern VLGCs, BW Chinook and BW Pampero, from BW LPG as previously announced. This facility supports BW LPG India's continuous fleet renewal plan amid the sustained growth of India's LPG demand. BW LPG India, a subsidiary participated by Maas Capital Shipping and Global United Shipping, currently owns and operates India's largest fleet of VLGCs. Following the acquisition of these two VLGCs, BW LPG India will own nine VLGCs. The USD215 million Term Loan was finalised with a significantly improved margin compared to the previous facility. It received strong backing from our five banking partners lending through their branches in Gujarat International Finance Tec-City (GIFT), India, enabling an overall financing costs reduction including benefit from withholding tax exemptions on interest payments. 'We are pleased to have successfully closed these key financing arrangements with enhanced terms and strong participation from both new and existing bank partners,' says Kristian Sorensen, CEO of BW LPG. 'This reaffirms the robust and ongoing support of our global banking network, and enhances our liquidity through dynamic markets ahead of us. We extend sincere gratitude to our partner banks across both facilities for their unwavering support to BW LPG.' The facilities drew support across ten banks including Citibank N.A., DBS Bank Ltd., Development Bank of Japan Inc., DNB Bank ASA, ING, Mizuho Bank, Ltd., MUFG Bank, Ltd., OCBC, Skandinaviska Enskilda Banken AB (publ) and Standard Chartered. About BW LPG BW LPG is the world's leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and investment in LPG downstream distribution, BW LPG offers an integrated, flexible and reliable service to customers along the LPG value chain. Delivering energy for a better world – more information about BW LPG can be found at 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. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, and water treatment.
Yahoo
27-02-2025
- Business
- Yahoo
BW LPG Limited - Management Share Option Plan "LTIP 2022" – Award of Share Options
SINGAPORE, February 27, 2025--(BUSINESS WIRE)--The Board of Directors of BW LPG Limited ("BW LPG" or the "Company", OSE ticker code: " NYSE ticker code "BWLP) has approved the award of share options to senior management and certain employees of the Company. This is the fourth annual award of share options under the five-year long-term management share option plan ("LTIP 2022") which was launched on 1 Mar 2022. LTIP 2022 is aimed at aligning the interests of senior management and key employees of the Company with those of the shareholders. Details of the plan can be found in the following link: The total number of options that will be awarded in 2025 is 657,935. The options are awarded in connection with the publication of the quarterly report for Q4 2024. The following primary insiders of the Company have been awarded options under LTIP 2022, as further described below and in the attached forms. Kristian Sorensen, Chief Executive OfficerOptions granted in prior years: 441,294Options granted in 2025: 220,647Total options held: 661,941Shares held: 7,000 Samantha Xu, Chief Financial OfficerOptions granted in prior years: 85,000Options granted in 2025: 85,000Total options held: 170,000Shares held: 2,000 Prodyut Banerjee, Vice President and Head of OperationsOptions granted in prior years: 101,624Options granted in 2025: 50,812Total options held: 152,436Shares held: 0 Knut-Helge Knutsen, Vice President and Head of TechnicalOptions granted in prior years: 101,624Options granted in 2025: 50,812Total options held: 152,436Shares held: 0 Iver Baatvik, Vice President and Head of Corporate DevelopmentOptions granted in prior years: 75,652Options granted in 2025: 50,812Total options held: 124,464Shares held: 24,840 Leona Leo, Vice President and Head of Human ResourcesOptions granted in prior years: 0Options granted in 2025: 50,812Total options held: 50,812Shares held: 0 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 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and a growing presence in LPG terminal infrastructure and distribution, BW LPG offers an integrated, flexible, and reliable service to customers along the LPG value chain. More information about BW LPG can be found at 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. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment. This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act and article 19 of the EU Market Abuse Regulation. View source version on Contacts For further information, please contact:Samantha XuChief Financial OfficerE-mail: Sign in to access your portfolio
