BW Epic Kosan Ltd.

09/17/2021 | Press release | Distributed by Public on 09/17/2021 04:33

CLOSING OF THE TRANSACTION WITH ODFJELL GAS SHIPOWNING AS

Singapore, 17 September 2021 - Reference is made to the stock exchange announcement published by BW Epic Kosan Ltd. (ticker 'BWEK', 'BW Epic Kosan' or the 'Company') on 16 August 2021 regarding the transaction agreement entered into with Odfjell Gas Shipowning AS to acquire two 9,000 cbm ethylene capable carriers. The Company is pleased to announce that the transaction was partly finalised and closed today, 17 September 2021, by delivery of Bow Gallant. The other vessel, Bow Guardian, is subject to a deferred vessel closing. The consideration to Odfjell Gas Shipowning AS for Bow Gallant will be settled partly in cash (for which the Company has agreed equivalent debt financing) and partly by issuance of 3,444,806 new shares in the Company. The remaining cash consideration will be payable, and another 3,444,805 new shares in the Company will be issued, upon delivery of the Bow Guardian which is subject to a deferred vessel closing. The Bow Gallant enters straight into a charter and is expected to generate a positive contribution to our P&L. Please refer to the attached announcement for further details. BW Epic Kosan Ltd. www.bwek.com [email protected]