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

LNG carrier arrives to load first LNG Canada cargo

The 174,000-cbm GasLog Glasgow has arrived at the LNG Canada jetty in Kitimat to load the first LNG cargo produced at the Shell-led terminal, an LNG Canada spokesperson told LNG Prime on Saturday.

Knutsen, Shell name ninth LNG newbuild

Norwegian shipowner Knutsen and UK-based energy giant Shell have named the ninth and final LNG carrier in a series of 174,000-cbm vessels.

BP seals LNG SPA with Italy’s A2A

UK-based energy giant BP has signed a long-term liquefied natural gas (LNG) supply deal with Italian electricity and gas distributor A2A.

More News Like This

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.

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.