Petredec offloads entire stake in Avance Gas for $67m

VLGC player Petredec has sold its entire holding in Avance Gas for around $67.4m. The second largest owner of Avance Gas, with a 17.3% stake, has offloaded close to 13.4m shares in the John Fredriksen-controlled firm at NOK43 ($5.03) per share.

Fredriksen’s Hemen Holding launched a mandatory offer last month to acquire all shares in Avance Gas. Hemen on Monday added close to 15.1m Avance shares taking the tycoon’s stake to 60.3% including Frontline’s share in which he controls approximately 40%.

The Oslo-listed Norwegian shipowner currently has a fleet of 13 very large gas carriers (VLGCs) on the water and six dual-fuel VLGC newbuildings on order. Fredriksen’s offer expires on October 14 this year. After Petredec, the third largest shareholder in Avance is Goldman Sachs with 2.16%, followed by Nordet Bank and Citibank with 2.11% and 1.66% respectively.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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