Clipper Goes After Remaining Solvang’s Shares

Norwegian company AS Clipper has launched a mandatory offer to acquire all outstanding shares in its compatriot Solvang ASA, owner and operator of ethylene and LPG carrier fleet.

The offer price is NOK 25.50 per share with settlement in cash and the offer period commences on April 6, 2017 and expires at 16:30 (CET) on May 4, 2017, Clipper said in an announcement.

Clipper is already a majority shareholder in the company with a 22.6% owned stake.

Solvang’s fleet has an average age of 7 years, and includes six semi-refrigerated, ethylene capable ships from 12,000 to 17,000 cbm; nine fully refrigerated LPG ships of 60,000 cbm, one fully refrigerated mid-size LPG carrier of 38,000 cbm and five VLGCs.

In addition the company is building two more Panamax VLGCs that will be delivered in 2017 and go straight onto long term time charters, as stated on the company’s website.

World Maritime News Staff