Changes to the Cool Pool

Date : 06/06/2019 @ 1:00PM
Source : GlobeNewswire
Stock : Golar LNG Limited (GLNG)
Quote : 12.87  0.55 (4.46%) @ 1:00AM
After Hours
Last Trade
Last $ 12.98 ▲ 0.11 (0.85%)

Changes to the Cool Pool

Golar LNG Limited ("Golar") announces today that due to the potential spin-off of its TFDE fleet into a new pure-play LNG shipping entity, GasLog has decided to withdraw its six vessels from the Cool Pool.  Golar, or, subject to interim market conditions, the spin-off entity, will assume ownership of the Cool Pool following GasLog's departure in June.  There will be a ramp down period to allow for conclusion of existing GasLog vessel charter contracts. 

Golar are in talks with other owners of similar tonnage to join the new shipping entity.  It is expected that Golar's spot traded TFDE carriers, the Golar Tundra together with Golar Power's available TFDE carriers and any further tonnage within the new shipping entity will continue to trade within the Cool Pool after a formal launch of the spin-off. Transfer of the Cool Pool to this new shipping entity is expected to create the leading independent provider of available on-the-water TFDE LNG carriers. Formal launch of the spin-off and the transfer of the shares in Cool Pool thereto remains subject to satisfactory market and other closing conditions.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements concerning future events and Golar's operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "project", "will be", "will continue", "will likely result", "plan", "intend" or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond Golar's control. Actual results may differ materially from those expressed or implied by such forward-looking statements.  Important factors that could cause actual results to differ materially include, but are not limited to, those factors listed from time to time in the reports and other documents Golar files with the United States Securities and Exchange Commission.  

New factors emerge from time to time, and it is not possible for Golar to predict all of these factors. Further, Golar cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Golar does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Golar's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

Hamilton, Bermuda
June 6, 2019
Enquiries:
Golar Management Limited: + 44 207 063 7900
Stuart Buchanan





This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Golar LNG via Globenewswire

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