Ulrik Andersen has taken the reins at Avance Gas — along with the option to buy 750,000 shares.
The John Fredriksen-backed, Oslo-traded gas carrier owner disclosed Monday that Andersen had been issued the options, which vest annually over the next three years and come with a five-year term.
Andersen, the former head of commercial shipping at Petredec, was named chief executive in April effective August.
He will have the ability to buy 200,000 shares for $2.41 (NOK 21.50) after 12 months, another 200,000 at $3.26 after 24 months and 350,000 for $4.82 after 36 months.
The company said the price will be adjusted for any dividends, equity issues or capital adjustments.
Avance shares closed at $2.60 Monday and have ranged between $3.33 and $1.36 over the last year.
Andersen was tapped to replace Christian Andersen after the board forced changes at the top due to weak results with analysts telling TradeWinds Avance ships earned $3,000 less per day than BW LPG over the last three years.
Christian Andersen held the title of president, rather than chief executive.
In addition to Petredec, Ulrik Andersen was head of Maersk Tankers' VLGS pool and managing director at Neu Gas.
