Petredec says the building of a stake in an Oslo-listed VLGC rival helped give it the confidence to consider its own tilt at a potential public listing.

At one stage in late 2021 the privately-owned Singapore-headquartered LPG specialist had built up a 17% stake in the John Fredriksen-backed Avance Gas.

It eventually sold the shareholding after Fredriksen launched a mandatory NOK 43 per share bid for the company’s shares, netting Petredec $67m for its stake.