Idan Ofer-backed Golar LNG spinoff Cool Company (CoolCo) has appointed a new management team. Höegh LNG’s chief development officer, Richard Tyrrell, will become the company’s chief executive officer. Johannes P. Boots, most recently chief financial officer of Pacific Drilling, will serve in the same capacity at Coolco, while Eastern Pacific Shipping’s Sarah Choudhry will join as general counsel.
The new management team will join CoolCo during Q2 2022, allowing a smooth management transition and will operate from the company’s London offices.
CoolCo’s incoming CEO, Tyrrell, was also at the helm of Höegh LNG Partners. Prior to joining Höegh LNG, he worked as an investment banker for Perella Weinberg Partners and Morgan Stanley.
“CoolCo is an exciting opportunity to build a market leader in LNG shipping. It has assets that will provide a competitive platform for growth and backing from strong industrial shareholders. The combination of the newly announced team with first-class professionals joining from Golar further positions the company to benefit from strengthened LNG freight fundamentals,” Tyrell said.
In December last year, Israeli billionaire Idan Ofer joined forces with Norwegian tycoon Tor Olav Trøim to form CoolCo. Under the deal, Idan Ofer-controlled Eastern Pacific Shipping (EPS) became the largest shareholder with a $150m investment in the new company, which acquired Tor Olav Trøim-led Golar LNG’s eight LNG carriers.
Cyril Ducau, chairman of CoolCo and CEO of Eastern Pacific Shipping, added: “After a thorough search, we concluded that these experienced professionals would form the ideal team to lead CoolCo. With a strong shareholder base, a favourable LNG market, and an experienced management team, CoolCo is poised to deliver exceptional shareholder value in the short and long term.”
