Avance Gas Holding Ltd : Monsoon update
(Thomson Reuters ONE) -
Bermuda, 15 April 2015: Avance Gas (OSE: AVANCE) reports on the status of the
inspection of VLGC Monsoon and the expected implications of the preliminary
conclusion following the announcement made on 28 March 2015 regarding the
decision to carry out discharge operations, dry dock the ship and carry out an
inspection due to technical irregularities which occurred during her maiden
voyage from Balboa (Panama) to China.
Monsoon entered dry dock at Zhoushan Changhong International Shipyard on 8 April
2015. Lloyd's Technical Investigation Department is in the process of conducting
an investigation and root cause analysis. The preliminary conclusion is that the
aft stern tube bearing will need modifications in order to achieve normal
bearing clearances, which are in the fraction of millimeters. On this basis it
is expected that Monsoon will be refitted by late April 2015 and back in service
first half May 2015. Monsoon is under guarantee from Jiangnan Shipyard Co. Ltd.
Claims will be made under applicable guarantee provisions and insurances. Avance
Gas' fleet is not covered by any loss-of-hire insurance. P&L provisions will be
taken Q1/2015 for possible costs, including costs related to discharge
operations.
Actions are being taken to rule out that the defect may affect the sister ships
to be delivered during Q2 and Q3/2015. Breeze, delivered to Avance Gas on 9
April 2015, will be drydocked in Singapore on 22 April 2015 for inspection. The
drydock will delay Breeze entering service, but the exact timing is subject to
the outcome of the inspection.
For further queries, please contact:
Christian Andersen, President
Tel: +47 22 00 48 05 / Email: c.andersen(at)avancegas.com
Peder C. G. Simonsen, CFO
Tel: +47 22 00 48 15 / Email: p.simonsen(at)avancegas.com
ABOUT AVANCE GAS
Avance Gas operates in the global market for transportation of liquefied
petroleum gas (LPG). The Company is one of the world's leading owners and
operators of very large gas carrier (VLGC), and operates a fleet of nine modern
ships and has a newbuilding program of five VLGCs. For more information about
Avance Gas, please visit: www.avancegas.com.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Avance Gas Holding Ltd via GlobeNewswire
[HUG#1911459]
Unternehmensinformation / Kurzprofil:
Datum: 15.04.2015 - 16:10 Uhr
Sprache: Deutsch
News-ID 386062
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