Cool Company Ltd. Announces Multi-Year Forward Time Charter
May 17 2023 - 7:00AM
Bermuda, May 17, 2023: Cool Company Ltd. (NYSE:
CLCO / CLCO.OL, “CoolCo” or the “Company”) announced today that it
has entered into a new time charter agreement for one of its TFDE
vessels starting early next year. The multiyear charter is with an
energy major and starts upon redelivery from the Vessel’s current
charter. It will add back log through to 2027.
"We are delighted to have secured this
attractive time charter, locking in cover at a rate that reflects
the continued strength of the LNG carrier market " said Richard
Tyrrell, CEO of CoolCo. "The forward nature of this contract
demonstrates the desire of LNG producers, offtakers, and portfolio
players to secure modern tonnage to transport the dramatically
increasing volumes of LNG coming online through the middle and
latter parts of the decade. With vessel availability coinciding
with seasonal peaks for chartering, CoolCo stands to benefit from
the ongoing LNG carrier re-pricing cycle. Happy Norwegian
Constitution Day to our investors”
About CoolCo
CoolCo is a growth-oriented owner, operator and
manager of fuel-efficient liquefied natural gas (“LNG”) carriers.
Using its integrated, in-house vessel management platform, CoolCo
provides charterers and third-party LNG vessel owners with modern
and flexible management and transportation solutions, delivering a
lesser-emitting form of energy that supports decarbonization
efforts, economic growth, energy security, and improvements in
quality of life. CoolCo intends to leverage its industry
relationships to make further accretive acquisitions of in-service
LNGCs, and to selectively pursue newbuild opportunities.
Additional information about CoolCo can be found
at www.coolcoltd.com.
For further information, please contact:
ir@coolcoltd.com
Forward-looking Statements
This press release contains forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995, including statements with respect to
CoolCo’s agreement for a time charter of a vessel, including
the terms of the charter and addition to backlog, statements with
respect to the increasing volume of LNG coming online and industry
players securing tonnage, expected benefits to CoolCo and other
non-historical statements. Forward-looking statements are
typically identified by words or phrases, such as “about”,
“believe,” “expect,” “plan,” “goal,” “target,” “strategy,” and
similar expressions or future or conditional verbs such as “may,”
“will,” “should,” “would,” and “could.” These statements are based
on current expectations, estimates, assumptions and projections and
you should not place undue reliance on them. Forward-looking
statements do not guarantee future performance and involve risks
and uncertainties. These risks and uncertainties include risks
relating to this contract, future industry conditions and other
risks indicated in the risk factors included in CoolCo’s Annual
Report on Form 20-F for the year ended December 31, 2022 and other
filings with the U.S. Securities and Exchange Commission. These
forward-looking statements are made only as of the date of this
document. We do not undertake to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
This information is subject to the disclosure requirements in
Regulation EU 596/2014 (MAR) article 19 number 3 and section 5-12
of the Norwegian Securities Trading Act.
Cool Company Ltd.Hamilton, Bermuda
Questions should be directed to:c/o Cool Company
Management Ltd - +44 207 659 1111
Richard Tyrrell - Chief Executive OfficerJohn
Boots - Chief Financial Officer
Cool (NYSE:CLCO)
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