Dorian LPG Ltd. Announces Completion of Acquisition of Scorpio Tankers Inc. VLGC Fleet and $250 Million Private Placement and Declaration of 2 Options
STAMFORD, Connecticut, Nov. 27, 2013 /PRNewswire/ -- Dorian LPG Ltd. (NOTC: Dorian LPG) ("Dorian LPG" or the "Company") is pleased to announce that it has successfully concluded its previously announced agreement with Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers") to acquire its Very Large Gas Carrier ("VLGC") newbuilding contracts, associated deposits of $83.1 million, and a cash contribution of $1.9 million in exchange for 39.9 million newly issued, Dorian LPG shares representing 30% of the Company's pro-forma outstanding shares.
Concurrent with the completion of the transaction between Dorian LPG and Scorpio Tankers, Dorian LPG has also closed its subscription for its private placement of 80,405,405 shares to Norwegian and international institutional investors at a price of NOK 18.50 which represents approximately $250 million in gross proceeds. The Company now has 213,579,150 shares issued and outstanding.
Dorian LPG also declared the 2 options that were acquired from Scorpio Tankers thereby increasing its fleet to 16 ECO VLGC with deliveries in 2014 and 2015 from Hyundai Heavy Industries Group ("HHI") and Daewoo Shipping and Marine Engineering Ltd.
About Dorian LPG
Dorian LPG is a pure-play LPG shipping company and a leading owner and operator of modern VLGCs. Dorian LPG currently has three modern VLGCs and one pressurized LPG vessel on the water. Dorian LPG has 16 ECO VLGC newbuldings due for delivery in late 2014 and in 2015 from HHI and Daewoo Shipping and Marine Engineering Ltd., including the 13 that it has acquired from Scorpio Tankers. Dorian LPG holds 3 option ECO VLGCs. Dorian LPG has offices in Connecticut, USA; London, United Kingdom and Piraeus, Greece. Additional information about the Company can be found on the Company's website: www.dorianlpg.com.
About Scorpio Tankers
Scorpio Tankers is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers currently owns 19 tankers (one LR2 tanker, four LR1 tankers, one Handymax tanker, 12 MR tankers, and one post-Panamax tanker) with an average age of 3.9 years, time charters-in 29 product tankers (eight LR2, four LR1, eight MR and nine Handymax tankers), and has contracted for 54 newbuilding vessels (28 MR, 12 LR2, and 14 Handymax ice class-1A product tankers), 44 are expected to be delivered in 2014 and 10 within 2015. Scorpio Tankers owns 30% of Dorian LPG Ltd. Additional information about the Company is available at the Company's website www.scorpiotankers.com, which is not a part of this press release.
For additional information, contact:
Marina Hadjipateras; Investor Relations: Tel.: +1-203-978-1234 / Mob.: +1-203-722-5087
Or
Ted Young, CFO: Tel: +1-203-978-1234
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