Tor Olav Trøim’s Golar LNG has sold just under 4.5m shares in spin-off Cool Company (CoolCo) for around $56m and now has only one share left in the LNG shipowner.
Golar LNG started its exit from CoolCo last year by selling 8m shares in November, raising net proceeds of $98m.
In a filing to the Oslo Stock Exchange, it has emerged that Idan Ofer’s vehicle EPS Ventures, associated with CoolCo’s chairman and CEO of Eastern Pacific Shipping, Cyril Ducau, was behind the latest transaction, equal to approximately 8.3% of the shares and votes in CoolCo.
EPS Ventures now holds 31.2m shares, representing 58.21% of the company, which reported a fourth-quarter net income of $33.1m.
CoolCo currently owns 12 LNG carriers. The oldest ship was recently sold to Norway’s Höegh LNG, with delivery expected to take place in late March or April this year. The company also has an option until June 30 to buy two newbuilds for $234m each to deliver in the second half of 2024.
“Only four to six uncontracted newbuilds deliver ahead of these two vessels and CoolCo is receiving significant interest from potential charterers seeking long-term contracts. The company expects to agree accretive contracts and secure attractive financing prior to exercising the option,” CoolCo noted in its Q4 earnings report.
