Dorian Completes Acquisition Of Scorpio Tankers VLGC Fleet

(RTTNews) - Shipping company Dorian LPG Ltd. said it has successfully concluded its previously announced agreement with Scorpio Tankers Inc. (STNG) to acquire its Very Large Gas Carrier or VLGC newbuilding contracts, associated deposits of $83.1 million, and a cash contribution of $1.9 million.

These were in exchange for 39.9 million newly issued Dorian LPG shares representing 30 percent 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 80.41 million shares to Norwegian and international institutional investors at a price of 18.50 Norwegian kroner which represents around $250 million in gross proceeds. The company now has 213.6 million shares issued and outstanding.

Dorian LPG also declared the two 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 Groupand Daewoo Shipping and Marine Engineering Ltd.