CoolCo Announces Exercise of Purchase Option for two 2-stroke LNG Carrier Newbuilds
29 6월 2023 - 5:08AM
Vessels are amongst the few scheduled to deliver in 2024 still
available for time charter employment
Acquisition price approximately 10% below current yard pricing,
with 3-year earlier delivery
Cool Company Limited (NYSE: CLCO /
CLCO.OL “CoolCo” or the “Company”) announces today that it
has exercised its option to acquire two newbuild 2-stroke LNG
carriers from affiliates of EPS Ventures Ltd (“EPS”). The
state-of-the-art MEGA LNG carriers (the “Newbuilds”) are scheduled
to deliver from Hyundai Samho Heavy Industries (“HHI”) in Korea in
September and December of 2024. The Newbuilds have a cargo capacity
of 174,000 cbm, a GTT Mark III Flex Membrane cargo tank system,
reliquification, air-lubrication and shaft generators. Each of the
two Newbuilds is being acquired under the pre-existing purchase
option price of approximately $234 million, a discount of
approximately 10% to current quoted market value for comparable
newbuild vessels. The initial exercise price is approximately $57
million per vessel, while approximately $134 million of the
remaining $177m is due upon delivery of each of the vessels. The
expected closing date and payment of the option exercise is Monday
July 3, 2023.
The Newbuilds, to be named Kool Tiger and Kool
Panther, are expected to be funded with a combination of cash on
hand, including cash that was recently released from the sale of
the Golar Seal, and debt financing for which CoolCo has received a
commitment letter from a financing institution. This debt
financing, which is subject to customary approvals, is on a fixed
rate per day basis for 10 years with a minimum loan-to-value of 80%
and an implied interest rate of around 6%. We do not anticipate
needing to raise additional equity to finance the two
Newbuilds.
Richard Tyrrell, CEO,
commented:
We look forward to welcoming these
state-of-the-art vessels into the CoolCo fleet at a material
discount to their current market value. Their 2024 delivery date
makes the vessels especially attractive, with comparable vessels
ordered today only being delivered in the 2027/28 timeframe. The
vessels’ best-in-class design and boil-off rate make them highly
attractive to charterers who benefit from the ability to operate
efficiently at a range of speeds with reduced emissions.
With the vast majority of the global LNG carrier
orderbook already committed to liquefaction projects coming online
in the years ahead, few, if any, modern LNG carriers are expected
to be available for time charter employment during the late 2024
window when the vessels deliver. We are currently in discussions to
forward fix the vessels on long-term time charters and expect to do
so well in advance of delivery at levels that reflect current
market strength.
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.
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
the delivery dates for the Newbuilds and their performance
capacities, the market for newbuild LNG carriers, our ability to
conclude any debt financing and the specific terms, the LNG carrier
orderbook and market, the conclusion and terms of any charters for
the Newbuilds, 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 / ir@coolcoltd.com
Richard Tyrrell - Chief Executive Officer
John Boots - Chief Financial Officer
Cool (NYSE:CLCO)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Cool (NYSE:CLCO)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024