Cool Company Ltd. – Final ship completion

Cool Company Ltd. (“CoolCo” or the “Company”) is pleased to announce that the two latest acquisitions of eight modern LNG carriers from Golar LNG Limited (“Golar”) pursuant to the terms of the share purchase agreement between Golar and The Business from February 26 of this year concluded today.

These completions concerned all of the interests in the following single-purpose companies, owners of the following LNG carriers:

  • Golar Hull M2048 Corp. (the owner of “GOLAR ICE”).
  • Golar LNG NB11 Corporation (the owner of “GOLAR KELVIN”).

By acquiring the two single-purpose companies, CoolCo agreed that their existing lease financing arrangement would continue, supplemented by a new parent guarantee from CoolCo.

CoolCo paid for the subsidiary shares in cash and through the issuance of 3,125,000 new common shares with a par value of $1.00 of CoolCo to Golar. These new shares have been fully paid up and are validly issued under Bermuda law today.

Following the issuance, CoolCo has a paid-up share capital of USD 40,010,000 represented by 40,010,000 ordinary shares each representing one vote at the general meeting of the Company.

Golar now owns 12,510,000 shares of the Company, representing 31.2% of all shares outstanding.

CoolCo and Golar have also completed today the transfer of all shares of Cool Pool Limited from Golar to CoolCo. The Cool Pool Limited is the company responsible for marketing the LNG carriers acquired by CoolCo.

CoolCo and Golar will complete the global transaction announced in January this year by transferring the Golar organization responsible for the technical and commercial operation of the LNG carriers acquired by CoolCo from Golar to CoolCo. This should be concluded by the second quarter of 2022.

Acting CEO Karl Fredrik Staubo said: “The completion of these last two vessel transfers coincides with an improving charter environment. Market strengthening is driven by increased focus on energy security, low gas storage levels, new environmental regulations in effect from 2023 that disadvantage less fuel-efficient tonnage, and rising prices to the yard for new orders with lead times through 2026. CoolCo recently chartered a vessel for 12 months at a rate of approximately $120,000 per day, 20% more than the last 12 month charter agreed for a CoolCo vessel in October 2021 and twice the actual rate the vessel earned on her previous 12 month charter. We are also seeing increased interest in multi-year charters, which generate higher profits and potential for dividends. »

Contact people:

Karl Fredrik Staubo, interim CEO

E-mail: [email protected]

Telephone: +47 23 11 41 20

John Boots, Chief Financial Officer

E-mail: [email protected]

Telephone: +44 207 659 1111

This information is subject to the disclosure requirements in accordance with section 5-12 of the Norwegian Securities Act.