Growing LNG fleet owner CoolCo reports firm results and sees tight 2023 market and plans NYSE listing
Cool Company Ltd, the LNG shipping joint venture formed between Eastern Pacific Shipping and Golar LNG has issued a business and financial update as it builds a modern fleet and prepares for a listing on the New York Stock Exchange after last year’s initial public offering.
CoolCo LNG progress
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.
