CoolCo wraps up 4th of 8 LNGC acquisitions from Golar LNG

The newly formed company CoolCo has wrapped four of eight LNG carrier acquisitions from Bermuda-based shipper Golar LNG.

At the end of last year, Golar LNG said it will separate eight of its TFDE LNG carriers into the new company called Cool Company. In addition to Golar LNG, Eastern Pacific Shipping also took on an active role in the further development of CoolCo.

The parties agreed on the final terms for the first acquisition on 26 January 2022.

The first completion of the acquisition took place earlier this week. It covered all of the shares in Golar’s subsidiary, Golar Hull M2022, which is the owner of the LNG tanker Golar Crystal.

After that, CoolCo bought the following LNG tankers: Golar Frost, Golar Seal, and Golar Bear.

The second completion took place on 7 March. It covered all of the shares in Golar’s subsidiary, Golar LNG NB12, which is the owner of the LNGC Golar Frost.

On 9 March, the company bought all of the shares in Golar’s subsidiary, Golar Hull M2021, which is the owner of the LNG tanker Golar Seal.

The following day, the fourth completion covered all of the shares in Golar’s subsidiary, Golar Hull M2027. This is the owner of the LNGC Golar Bear.

The purchase price was financed by a drawing under CoolCo’s senior secured bank facility, a cash payment to Golar and the subscription by Golar of 1,562,500 new common shares of $1 par value in CoolCo at a subscription price of $10.

Therefore, there are now 33,760,000 shares in issue in CoolCo.

The transfers of title to the shares in the remaining four ship subsidiaries of Golar which CoolCo has agreed to buy will also wrap up in the short term.