CoolCo formation completed

Tor Olav Troim’s Golar LNG and Idan Ofer’s Eastern Pacific Shipping have completed the formation of CoolCo, a new LNG shipping firm that owns eight TFDE carriers and manages 20 other LNG vessels.

In April, CoolCo completed the purchase of all eight vessels from Golar as part of a deal revealed in December.

In addition, CoolCo said in a statement it has now acquired from Golar Management the management organization responsible for the technical and commercial management of its LNG carriers and the provision of such services to third parties.

CoolCo paid the previously agreed purchase price of $5 million in cash for the shares plus $1.5 million in working capital.

As part of the transaction, about 600 maritime and office-based personnel become employees of CoolCo.

Following completion of the formation of CoolCo, Richard Tyrrell assumed his position as CEO of CoolCo, replacing interim CEO Karl Fredrik Staubo.

Tyrrell welcomed the members of the Golar LNG team that provide technical and commercial management services to CoolCo’s owned fleet of eight LNG carriers, in addition to providing such services to 20 third party vessels.

“The acquisition of the management organization is the last in a series of transactions to establish CoolCo – a growth oriented LNG carrier company aiming to become the foremost publicly listed energy shipper,” he said.

A company controlled by Idan Ofer has continued to purchase more shares in CoolCo and now owns 39.99 percent of the company’s shares. Golar owns about 31 percent and the rest belongs to public investors.

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