Golar LNG sells CoolCo shares

Golar LNG now has only one share in CoolCo after it sold shares worth about $56 million in the LNG carrier operator to EPS.

CoolCo said on Tuesday that Golar LNG, a close associate of Hong Yoon, member of its board, has sold 4,463,845 shares in the company at a price of 130 Norwegian krone per share.

This equals to about 580.2 million Norwegian krone ($56 million).

Following the transaction, Golar LNG holds one share and vote in CoolCo, the latter said.

Singapore’s EPS, led by Idan Ofer, and Tor Olav Trøim’s Golar LNG, completed the formation of CoolCo last year.

Prior to this transaction, Golar LNG had about 8.3 percent of CoolCo shares, EPS had about 49.9 percent of shares, while public investors hold the rest of the shares in the firm.

Golar LNG said in its 2022 results report on Tuesday that it has exited CoolCo investment.

The firm said it has sold 8 million shares in the fourth quarter raising net proceeds of $98 million, and a further 4.5 million shares on February 28, 2023 that are expected to raise net proceeds of around $56 million.

EPS bought the shares

CoolCo said in a separate announcement later on Tuesday that EPS Ventures, a close associate of Cyril Ducau, chair of its board, purchased these shares.

Following the transaction, EPS Ventures holds a total of 31,254,390 shares in CoolCo, equivalent to 58.21 percent of the company’s shares.

CoolCo previously bought nine LNG carriers from Golar LNG, four from EPS, and is working to exercise the previously announced option for two newbuild LNG carriers which are currently under construction at South Korea’s Hyundai Samho.

(Article updated to add more information regarding the sale.)

Most Popular

Technip Energies wins contract for Eni’s Coral Norte FLNG

France-based LNG engineering giant Technip Energies has won a contract for preliminary work on Eni's second FLNG project in Mozambique, Coral Norte (Coral North).

Victrol: LNG London hits bunkering milestone

The Shell-chartered inland bunkering vessel LNG London, owned by a joint venture of Belgium's Victrol and France's Sogestran, has reached a new operational milestone.

Himalaya’s LNG-fueled bulkers earned $34,500 per day in June

LNG-powered bulker owner Himalaya Shipping achieved average time charter equivalent earnings of about $34,500 per day in June.

More News Like This

Golar LNG wraps up $575 million senior notes offering

Last week, Golar revealed that it intends to offer, subject to market and other conditions, $500 million aggregate principal...

Golar LNG in $500 million senior notes offering

Floating LNG player Golar LNG aims to raise about $500 million via an offering of convertible senior notes due 2030.

Golar progresses FLNG growth plans

Golar LNG said it had signed a final engineering study to confirm EPC price and delivery for a 5 mtpa MKIII FLNG.

Golar chairman says FLNG industry set for ‘massive’ growth

Golar LNG will continue to expand its fleet of floating LNG production units in an industry set for "massive" growth, according to Golar LNG's chairman, Tor Olav Trøim.