Bermuda, February 20, 2023: Cool Company Ltd.
(“CoolCo” or the “Company”) has entered into a agreement to sell
the Golar Seal (IMO: 9624914) (the “Vessel”) for $184.3 million.
The transaction is expected to close on redelivery of the Vessel
from its current charter in late March, meaning the buyer shall
assume all costs associated with the Vessel’s forthcoming dry-dock,
increasing the effective economic value to CoolCo to approximately
$190 million.
Richard Tyrrell, CEO, commented:
“Through the sale of the Golar Seal, the
earliest vessel in our fleet to be built, we are demonstrating our
disciplined approach to locking in shareholder value. The valuation
highlights the re-pricing of the LNG carrier market and strategic
value of such LNG infrastructure assets. A 2.5x cash-on-cash return
in little more than 12 months since CoolCo’s formation shows the
considerable upside in our fleet.
The transaction releases approximately $94
million in cash that will be available in the event the Company
decides to exercise its option agreement on two highly sought-after
Hyundai Samho vessels, now scheduled for delivery ahead of contract
in the second half of 2024.”
About CoolCo
CoolCo is a growth-oriented owner, operator and
manager of fuel-efficient liquefied natural gas (“LNG”) carriers.
Using its integrated, in-house vessel management platform, CoolCo
provides charterers and third-party LNG vessel owners with modern
and flexible management and transportation solutions, delivering a
lesser-emitting form of energy that supports decarbonization
efforts, economic growth, energy security, and improvements in
quality of life. CoolCo intends to leverage its industry
relationships to make further accretive acquisitions of in-service
LNGCs, and to selectively pursue newbuild opportunities.
Additional information about CoolCo can be found
at www.coolcoltd.com.
For further information, please contact:
ir@coolcoltd.com
Forward-looking Statements
This press release may be deemed to include
statements that are forward-looking within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995, including
statements with respect to our agreement to sell the Vessel,
expected closing of the sale, valuation, upside potential in our
fleet, cash release, and option to acquire two newbuild vessels and
expected delivery of those vessels and other non-historical
statements. Forward-looking statements are typically
identified by words or phrases, such as “about”, “believe,”
“expect,” “plan,” “goal,” “target,” “strategy,” and similar
expressions or future or conditional verbs such as “may,” “will,”
“should,” “would,” and “could.” These statements are based on our
current estimates or expectations of future events or future
results and are subject to risks and uncertainties and actual
results could differ materially from those indicated by these
statements and involve risks and uncertainties, including risks
indicated in the risk factors included in our registration
statement on Form 20-F filed with the Securities and Exchange
Commission. The forward-looking statements included in this press
release are made and based on information available at the time of
the release, and the Company assumes no obligation to update any
forward-looking statement.
This information is subject to the disclosure requirements in
Regulation EU 596/2014 (MAR) article 19 number 3 and section 5-12
of the Norwegian Securities Trading Act.
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