Marine Log

March 21, 2006

BW Gas to take stake in Angelicoussis VLGC newbuilds

Bergesen Worldwide Gas ASA (BW Gas) plans to take a 50% ownership share in four VLGC newbuildings ordered by Maran Gas, a company controlled by the Angelicoussis group.

The VLGCs, each of 84,000 cbm, are under construction at Daewoo Shipbuilding (DSME) for delivery between May 2008 and May 2009.

"The contract prices of the vessels are favorable to the prevailing market prices and same as ordered by Maran Gas," says a BW Gas announcement.

The vessels will be marketed and commercially operated by BW Gas and technically operated by Maran Gas.

Commenting on the deal, Jan Hakon Pettersen, Managing Director and CEO, says: "We are dedicated to renew and expand our VLGC fleet primarily through consolidation. The joint venture with Maran Gas is an important step to achieve our strategy of fleet expansion at prices that will yield attractive returns".

John Angelicoussis commented: "On our entry into the LPG sector we are delighted to have the opportunity to work with Bergesen Worldwide Gas ASA, the market leader, and look forward to developing further this relationship in the future".