CoolCo wraps up $275 million private placement

New LNG shipping firm CoolCo, formed by Tor Olav Troim-led Golar LNG and Idan Ofer’s Eastern Pacific Shipping, has completed an upsized private placement of $275 million in new shares.

To remind, Golar said on Thursday that CoolCo had launched a $250 million private placement.

Following the equity raise, CoolCo will have an initial equity value of $400 million, according to a statement on Friday.

EPS will be the largest shareholder with a 38 percent shareholding. Golar will own 31 percent and the public will have 31 percent of CoolCo.

The shares would be listed on the N-OTC immediately following completion of the private placement, the statement said.

CoolCo will then apply to list the shares of the company on Euronext Growth Oslo during February 2022.

Also, CoolCo will target an additional listing on an internationally recognized stock exchange during 2022.

Starting with eight LNG carriers

Upon closing of a sale and purchase agreement in February, CoolCo would have Golar’s eight TFDE LNG carriers. The vessels, built between 2013 and 2015, have each a capacity of about 160,000 cbm.

Furthermore, CoolCo targets to become a “growth vehicle and consolidator of modern LNG carriers providing investors with direct market exposure to an expected continued strength in the LNG freight market,” the statement said.

“We are very pleased with the reception of CoolCo,” Karl Fredrik Staubo, CEO of Golar and CoolCo, said.

“The company will target to become a leading player for an expected continued strengthening of LNG shipping fundamentals, driven by new liquefaction capacity coming on stream, increasing distances and effective supply reductions from new environmental regulations effective from January 1, 2023,” he said.

Awilco LNG move

Following the completion of the private placement, Norway-based shipping firm Awilco LNG, the owner of two TFDE 156,000-cbm carriers, said in a separate statement it has invested in CoolCo.

The firm bought 700,000 shares for $7 million.

“Awilco LNG support consolidation of the LNG market and look forward to continuing working with CoolCo,” it added.

- Advertisements -

Most Popular

Golar says progress made on new FLNG deal

Floating LNG player Golar LNG is working to sign definitive agreements for an up to 20-year FLNG deployment. In February,...

CoolCo reveals more details on GAIL LNG carrier charter deal

LNG carrier operator CoolCo has revealed more details regarding its recent 14-year charter deal with India’s largest gas utility...

Brunei LNG says working to restart compressors

LNG terminal operator Brunei LNG said on Tuesday it is working to restart its onshore compressor plants following an...

More News Like This

Golar LNG’s Macaw to deploy first small liquefaction unit in Texas

Golar LNG's unit Macaw Energies will deploy its first small-scale liquefaction unit next month at a flare gas site...

Golar says progress made on new FLNG deal

Floating LNG player Golar LNG is working to sign definitive agreements for an up to 20-year FLNG deployment. In February,...

CoolCo reveals more details on GAIL LNG carrier charter deal

LNG carrier operator CoolCo has revealed more details regarding its recent 14-year charter deal with India’s largest gas utility...

Awilco LNG’s Q1 net profit down

Awilco LNG's net profit dropped to $7.2 million in the first quarter of this year following a record profit...