GlobeNewswire by notified

Golar announces execution of Terms Agreement to separate its 8 TFDE LNG carriers into Cool Company Ltd. Cornerstone equity commitment received from Eastern Pacific Shipping.

Share

Golar is pleased to announce the formation of Cool Company Ltd. (“CoolCo” or “Company”), and the entry into a pre-commitment agreement (the “Terms Agreement” or the “Agreement”). CoolCo targets to become a growth vehicle and consolidator of modern LNG carriers and provide investors with direct market exposure to an expected continued strength in the LNG freight market. 

The consummation of the transactions contemplated by the Terms Agreement would result in CoolCo acquiring Golar’s 8 TFDE LNG carriers with plans to raise equity and separately list on Euronext Growth in Oslo during Q1 2022. CoolCo is also expected to acquire the commercial and technical organization associated with the operation of Golar’s owned and operated shipping and FSRU assets to become a fully integrated operating platform with capacity for fleet growth. The anticipated IPO proceeds will, together with a contemplated debt refinancing, be used to acquire the 8 TFDE vessels from Golar, secure attractive financing and provide CoolCo with working capital to position the company for further growth. Outstanding Contractual Debt associated with the 8 vessels was $858 million as of September 30, 2021.

In addition to a cash release, Golar intends to retain approximately 1/3rd of CoolCo as contemplated by the Terms Agreement. Eastern Pacific Shipping (“EPS”), one of the world’s largest privately-owned shipping companies, has as part of the Agreement pre-subscribed for $150 million in CoolCo equity based on an average TFDE ship valuation of $145 million, making EPS the largest shareholder of CoolCo. Subject to market conditions, the Terms Agreement contemplates an equity private placement to outside investors during Q1 2022. Alongside Golar, EPS will take an active role in the further development of CoolCo and will chair the Board of Directors.

Five listed LNG carrier companies have been taken private during 2021. Remaining listed peers have limited market exposure for modern tonnage. CoolCo aims to provide investors with attractive market exposure, dividend distributions, attractive organic growth and pursue industry consolidation.

Karl Fredrik Staubo, CEO of Golar commented:

“We are encouraged by the strong underlying market fundamentals for LNG carriers. The Cool Company transaction will allow Golar to separate its shipping business and simplify its corporate structure, while maintaining significant and attractive exposure to the LNG carrier business.

We are excited to develop Cool Company with Eastern Pacific Shipping. EPS is one of the world’s leading shipping companies and a first mover and global trendsetter in ordering LNG-fueled tonnage in traditional shipping sectors like container, dry bulk, car carriers and tankers.

The Terms Agreement is consistent with the planned business separation of Golar’s shipping activities and previously announced strategy to focus activities and growth on our market leading FLNG business. Recent increases in global LNG prices have further increased the attractiveness of potential new liquefaction projects. Before considering growth projects, Adjusted EBITDA generated by the FLNG segment is expected to quadruple from current levels over the next 2-3 years, supported by additional production and commodity exposure on Hilli and contracted earnings from Gimi.”

Cyril Ducau, CEO of Eastern Pacific Shipping commented:

“EPS is pleased to be adding LNG shipping to our diverse shipping portfolio. LNG will play an essential role as a commodity and marine fuel as the world transitions to cleaner energy solutions.

Golar’s solid track record, mature platform, and like-minded vision made this investment an easy decision. As a provider of dual-fuel LNG tonnage across all our segments, EPS looks forward to taking a leading role in making CoolCo a world-class leader in LNG shipping, combining our complementary skills and expertise with Golar’s.”

Clarksons Platou Securities has acted as advisor to EPS and Golar.

About Eastern Pacific Shipping

With a history spanning 60 years, Eastern Pacific Shipping Pte. Ltd. is a leading shipping company that is committed to the green and technology-driven growth of the industry. Headquartered in Singapore for the past 30 years, EPS is driven by its mission to be the safe and efficient transportation provider of choice to the shipping industry. EPS comprises a workforce of over 5,000 across sea and shore, and a versatile fleet of 188 vessels amounting to 19 million deadweight-tonnes across containership, dry bulk, and tanker vessels.

About Golar

With a history spanning 75 years, Golar LNG is one of the world's most innovative and experienced independent owners and operators of marine LNG infrastructure. The company developed the world's first Floating LNG liquefaction terminal (FLNG) and Floating Storage and Regasification Unit (FSRU) projects based on the conversion of existing LNG carriers. Front End Engineering and Design (FEED) studies have also been completed for a larger newbuild FLNG solution.

About the Terms Agreement

The Terms Agreement was executed on December 15, 2021 between Golar and EPS. The transactions contemplated by the Terms Agreement are subject to the satisfactory negotiation and execution of equity purchase agreements with EPS and Golar, lessor consents, debt financing and the completion of a private placement or placements to third party investors.  Each of those agreements, if executed, will contain additional closing conditions.  While Golar and EPS intend to work together in good faith to complete the transactions contemplated by the Terms Agreement, there can be no assurance that the terms of such agreements will not deviate materially from the terms contemplated by the Terms Agreement, the timing of the completion of those agreements or that they will ultimately be executed and/or consummated. 


FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management’s current expectations, estimates and projections about its operations, including the consummation of transactions contemplated by the Terms Agreement as well as anticipated Adjusted EBITDA attributable to Golar’s FLNG operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future pursuant to the Terms Agreement or are anticipated for LNG carriers or GLNG’s FLNG operations are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements.

These statements are not guarantees of future performance of the transactions contemplated by the Terms Agreement or LNG or FLNG business activities and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted with respect to the Terms Agreement or our LNG and FLNG businesses in these forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law.

Hamilton, Bermuda

December 15, 2021

Enquiries:

Golar Management Limited: + 44 207 063 7900

Karl Fredrik Staubo - CEO

Eduardo Maranhão - CFO

Stuart Buchanan - Head of Investor Relations

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Progress on ABN AMRO share buyback programme 22 – 28 March 202429.3.2024 08:00:00 CET | Press release

Progress on ABN AMRO share buyback programme 22 – 28 March 2024 ABN AMRO reports the transaction details related to its EUR 500 million share buyback programme announced on 14 February 2024. During the week of 22 March 2024 up to and including 28 March 2024 a total of 3,000,000 shares and depositary receipts were repurchased at an average price of €15.47 for a total amount of €46,409,760.00. For detailed information on the daily repurchased shares and depositary receipts, individual share purchase transactions and weekly reports, see the ABN AMRO website at https://www.abnamro.com/en/investor-relations/information/share-buyback-programme. To date the total consideration for shares and depositary receipts repurchased amounts to €279,519,000.00 representing 55.9% of the overall share buyback programme. ABN AMRO Press Office pressrelations@nl.abnamro.com +31 20 6288900ABN AMRO Investor Relations investorrelations@nl.abnamro.com +31 20 6282282 This press release is published by ABN AMRO Ba

Public announcement in accordance with article 7:97, §4/1 of the Belgian Companies and Associations Code (“BCAC”) concerning a capital increase by contribution in kind29.3.2024 07:00:00 CET | Press release

Press release Brussels, 29 March 2024 Regulated information – Inside information Public announcement in accordance with article 7:97, §4/1 of the Belgian Companies and Associations Code (“BCAC”) concerning a capital increase by contribution in kind On 20 November 2023, Orange Belgium SA (the “Company”) received notification from Nethys SA (“Nethys”) of its wish to contribute its 25% + 1 shareholding in VOO Holding SA (“VOO”) to the capital of the Company, provided that such contribution results in Nethys holding at least 11% of the Company's share capital (after contribution), pursuant to the provisions of the shareholders' agreement entered into by and between the Company, Atlas Services Belgium SA (“ASB”) and Nethys on 2 June 2023. Nethys can be considered a “related” party to the Company within the meaning of the IAS standards, as it has significant influence over VOO within the meaning of IAS and VOO is part of the group to which the Company belongs. Date and value of the planned t

McWhorter Foundation Combats Nelson Peltz’s Outdated Ideologies and Advocates for Sustainable Inclusivity In Corporate Leadership29.3.2024 06:59:56 CET | Press release

PALM BEACH, Calif., March 29, 2024 (GLOBE NEWSWIRE) -- C.K. McWhorter, chairman of the McWhorter Foundation, voices concerns over outdated perspectives in corporate leadership, exemplified by recent remarks from Nelson Peltz regarding Disney's film direction. After encountering instances of racism and exclusivity on Town of Palm Beach Island (known as home to Jeffrey Epstein, Nelson Peltz and others), McWhorter reflects on the disconnect between elite boardroom discussions and the realities faced by diverse communities. While briefly meeting Nelson Peltz and shaking hands after both departed separate lunches, McWhorter initially respected his insights. However, recent comments made by Peltz suggesting Disney should avoid inclusive films have raised eyebrows and prompted McWhorter to speak out. "It's concerning when influential figures like Peltz advocate against inclusivity in entertainment," McWhorter comments. "The future is in diversity and representation, especially as millennial a

Junshi Biosciences Announces 2023 Full Year Financial Results and Provides Corporate Updates29.3.2024 05:24:27 CET | Press release

SHANGHAI, China, March 29, 2024 (GLOBE NEWSWIRE) -- Shanghai Junshi Biosciences Co., Ltd (“Junshi Biosciences,” HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced its financial results for the full year of 2023 and provided corporate updates. FINANCIAL HIGHLIGHTS Total revenue was approximately RMB1,503 million during 2023. The revenue from pharmaceutical products increased by approximately 58% compared to 2022. The sales revenue of TUOYI® (toripalimab) was approximately RMB919 million, representing an increase of approximately 25% compared to the previous year.Total research and development (“R&D”) expenses were approximately RMB1,937 million in 2023, representing a decrease of approximately 19% compared to 2022. The decrease in R&D expenses was mainly due to the strategic management of R&D investments in certain early-stage pipelines, while optimizing resource all

Robex Announces Share Consolidation29.3.2024 00:30:00 CET | Press release

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES QUEBEC CITY, March 28, 2024 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" or the "Company") (TSXV: RBX) announces today that its Board of Directors has approved the implementation of the consolidation of the issued and outstanding common shares of the Company approved by its shareholders on June 29, 2023, on the basis of one (1) post-consolidation common share for ten (10) pre-consolidation common shares (the "Consolidation"), which will take effect on April 1st, 2024 (the "Effective Date"). As a result, the Company's consolidated shares are expected to commence trading on the TSX Venture Exchange a few days after the Effective Date. After the Consolidation, the shares will have a new CUSIP number and a new ISIN number. The Consolidation will reduce the number of issued and outstanding common shares of the Company from approximately 844,054,403 common shares to 84,405,449 common shares upon complet

HiddenA line styled icon from Orion Icon Library.Eye