Press Release – 4 Jan 2013
EPIC SHIPPING HOLDINGS LIMITED AND PANTHEON INC. MERGE TO FORM E-P GAS, LEADING LPG SHIPPING COMPANY
E-P Gas Operates 22 Modern Gas Carriers
SINGAPORE (4 January 2013) – Epic Shipping Holdings Limited and Pantheon Inc. jointly announced the completion of their merger to form Epic Pantheon International Gas Shipping Ltd. E-P Gas operates a fleet of 22 modern, 3,200 cbm to 7,200 cbm, fully-pressurized gas carriers with complete in-house technical and commercial management capabilities.
Concurrent with the merger, E-P Gas received significant new equity capital from leading maritime investors: Jefferies Capital Partners, a New York-based private equity firm that was also the lead shareholder in Epic’s former parent Pacific Basin Shipping Limited; Shipping & Intermodal Investment Management, the shipping fund of DVB Bank; the principals of Diamantis Pateras Maritime Ltd.; and certain members of the board of directors, including Chris Buttery, retired Chairman and CEO of Pacific Basin Shipping Limited.
“The combination of Epic and Pantheon creates an industry leader with a comprehensive service offering,” stated John Davis, Chief Executive Officer. “Our equity partners are committed to the long term success of the business and have the additional capital necessary to support the Company’s future growth plans.”
“This merger creates a strengthened foundation from which E-P Gas will execute its plans for growth within the LPG and petrochemical sector in line with our long standing commitment to improving the quality and scope of services provided to our customers,” stated Stefanos D. Michalis, Managing Director and Head of Business Development.
Jeremy Lee, Managing Director and Head of Commercial Operations commented, “E-P Gas has the scale, fleet and operational capabilities to serve our customers on a truly global basis. We will continue to leverage our inhouse commercial and technical expertise to provide the safest, most dependable solutions for our customers.” Dagfinn Lunde, Member of the Board of Managing Directors of DVB Bank, added, “We, as an institution, have known and respected the executives and principals behind newly formed E-P Gas for many years and look forward to supporting the Company’s endeavors within this important segment of the maritime industry.”DVB Corporate Finance served as financial advisor to the Company in connection with the transaction.
About Epic Gas Ltd.
Epic, headquartered in Singapore, owns and operates a fleet of fully pressurized gas carriers providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals. The Company’s vessels serve as a crucial link in the international gas and petrochemical supply chains of leading oil majors and commodity trading houses throughout Southeast Asia, Europe, West Africa and the Americas.
Epic Gas Ltd.
Uta Urbaniak, +65 6230 7818
Chief Financial Officer