Golar LNG sells $100m of CoolCo shares

Tor Olav Trøim’s Golar LNG has sold around 8m shares in spin-off Cool Company (CoolCo) raising net proceeds of approximately $100m. Following the sale Golar will own around 4.5m shares, representing 8.3% of CoolCo.

Commenting on the sale, Golar CEO Karl Fredrik Staubo said: “The sale of CoolCo shares is driven by progress on FLNG growth opportunities, where we expect to deploy the sale proceeds. We are delighted to see CoolCo realising the potential of the carrier business and delivering on its commitment to industry consolidation and dividend distributions to shareholders.”

Yesterday, Splash reported on CoolCo’s plans to buy four vessels from Quantum Crude Tankers, an affiliate of Idan Ofer’s Eastern Pacific Shipping.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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