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Conyers advised BW LPG Limited (“BW LPG”) on the Bermuda law aspects of its initial public offering (“IPO”) and listing on the Oslo Stock Exchange in November 2013. BW LPG offered new shares in the IPO and BW Group Limited as selling shareholder sold a portion of its shares in BW LPG.
Marcello Ausenda, David Astwood, Guy Cooper and Victor Richards from Conyers’ Bermuda office acted for BW LPG and BW Group Limited as selling shareholder, advising on all Bermuda law aspects of the IPO which included shipping advice as BW LPG has vessels registered on the Bermuda Ship Registry.
BW LPG is the world’s largest owner and operator of Very Large Gas Carriers (VLGCs), by number of VLGCs and by LPG carrying capacity. BW LPG owns and operates 36 gas carriers with a total carrying capacity of about 3 million cbm and a further 504,000 cbm of capacity on order in Korea, with six VLGC new buildings expected to be delivered between 2014 and 2016.
BW LPG was also advised by Advokatfirmaet Thommessen as Norwegian counsel and by Cleary Gottlieb Steen and Hamilton LLP as US and English counsel. The joint global coordinators were Bank of America Merrill Lynch and Skandinaviska Enskilda Banken AB (publ.), who acted together with Deutsche Bank AG, London Branch as joint lead bookrunners and were advised by Advokatfirmaet BA-HR DA as Norwegian counsel and by Latham & Watkins LLP as US and English counsel. Nordea and ABG Sundal Collier acted as co-managers.
The transaction required specialist Bermuda law advice as it involved a primary listing of legal interests (as opposed to beneficial interests) of a Bermuda exempted company on the Oslo Bors.
Marcello Ausenda commented, “We were pleased to advise our long-standing client BW LPG on this successful transaction. We worked very closely with Norwegian counsel (Thommessen) to develop a bespoke corporate law solution to facilitate the listing and trading of the legal interests of BW LPG’s shares. We have seen increased activity in the Norwegian shipping capital markets space and we are encouraged by the use of Bermuda companies in a series of recent, large high-profile transactions.”
Conyers has specialist expertise advising on the IPOs of shipping companies and prior to the BW LPG IPO, advised the following issuers: Arlington Tankers Ltd. (NYSE), TBS International Ltd. (NYSE), GasLog Ltd. (NYSE), BW Offshore Ltd. (Oslo), BW Gas Ltd. (Oslo) and Odfjell Drilling Ltd (Oslo).