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

Excelerate buys GasLog LNG carrier

US FSRU player Excelerate Energy has purchased a 2007-built steam liquefied natural gas (LNG) carrier from GasLog Partners, a part of Greek LNG shipping firm GasLog, according to brokers.

NextDecade, Bechtel agree $9 billion EPC deals for two Rio Grande LNG trains

US LNG firm NextDecade and compatriot Bechtel have finalized EPC contracts worth $9.09 billion for the construction of the fourth and fifth trains and related infrastructure at the Rio Grande LNG facility in Texas.

Venture Global gets FERC OK to boost Calcasieu Pass LNG capacity

US LNG exporter Venture Global LNG has received approval from the US FERC to increase the peak liquefaction capacity of its Calcasieu Pass LNG terminal in Louisiana.

More News Like This

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.

Golar plans new FLNG order in 2025

Floating LNG player Golar LNG is working with shipyards to order one or more floating LNG production units in 2025.

EPS boosts stake in CoolCo

CoolCo's largest shareholder, Eastern Pacific Shipping, has further increased its shareholding in the LNG carrier operator.

CoolCo secures new LNG carrier charter deals

LNG carrier operator Cool Company (CoolCo) has secured new charter deals for two of its vessels during the first quarter. CoolCo also said it found employment in the spot market for its newbuild vessel Kool Tiger, while it still looks to employ the vessel on a long-term charter.