Jan 20 (LNGJ) - Golar LNG said progress had been made in the formation of Cool Company Ltd along with Eastern Pacific Shipping. The Singapore-based shipping line and Golar LNG have agreed to join forces to run a Golar spin-off initially comprising eight tri-fuel, diesel-electric LNG carriers in a firm called CoolCo.
Eastern Pacific currently operates a fleet of 19 million deadweight-tonnes across three core segments and will now invest an initial US$150 million in CoolCo. The spin-off would have an initial market capitalization of $375M and Golar would retain a shareholding of a minimum of $125M. The new company to be listed on the Oslo stock exchange after an initial public offering and share placement.
