Joint Press Release with WOMAR
BW Group has today entered into an agreement with the shareholders of WOMAR to buy out the stake currently held by Heidmar Inc., for an undisclosed price. Hans van Der Zijde will continue as the CEO of WOMAR and Captain Uday Yellapurkar will remain the Chairman of the Board of WOMAR.
The transaction is expected to close by the end of March 2014.
WOMAR will continue to operate as an independent and neutral service provider.
PAG (formerly known as Pacific Alliance Group) is one of the region’s largest Asia-focused investment managers with funds under management across Private Equity, Real Estate and Absolute Return strategies.
For further information, please contact
About BW Group
BW Group is a leading global maritime group involved in shipping, floating gas infrastructure and deepwater oil & gas production, and has been delivering energy and other vital commodities for more than 80 years, with a current fleet of over 180 ships. The group was founded by Sir YK Pao in Hong Kong in 1955 as World-Wide Shipping. In 2003, the group acquired Bergesen, Norway’s largest shipping company founded in 1935, and in 2005, the business was re-branded as BW. Today, BW Group operates the world’s largest gas shipping fleet (LNG and LPG combined), with a total of over 70 large gas vessels including FSRUs (floating storage and regasification units). BW Offshore operates the world’s second largest floating oil and gas production fleet (FPSOs), with 16 units in US, Brazil, Mexico, West Africa, North Sea, and Australasia. BW’s fleet also includes crude oil supertankers, refined oil tankers, chemical tankers and dry bulk carriers.
WOMAR is a tanker pool operating company, specializing in oil and chemical tanker tonnage up to 30,000 DWT. WOMAR currently manages the Ganges, Yamuna, Marida and Han Gang Tanker pools for Product, Chemical, Vegetable oil and fuel oil trades. WOMAR currently controls a fleet of over 40 modern double hull tankers belonging to more than 10 different owners. WOMAR offers round-the-clock service to customers on a worldwide basis and operates out of Singapore, London and Mumbai offices. WOMAR’s main focus is to provide a 24/7 service based on reliable, efficient and high-quality operations in a fully transparent manner.