News & Events zu Cool Company Ltd (CLCO)CLCOCool Company Ltd

EPS Ventures in Negotiations to Purchase Cool Company at $9.65 per Share

Cool Company and EPS Ventures announced they are in advanced discussions regarding a potential transaction under which EPS would acquire all of the outstanding shares of CoolCo that are not already held by EPS in exchange for $9.65 in cash per common share. The transaction would be implemented through a cash merger of a wholly owned subsidiary of EPS with and into CoolCo under the laws of Bermuda. Following completion of the merger, the company would be wholly owned by EPS and would seek to be delisted from the New York Stock Exchange and Euronext Growth Oslo. The $9.65 per share acquisition price represents a 26% premium to the closing price on September 22 and a 38% premium to the volume weighted average share price of CoolCo's common shares for the 90 trading day period through September 22. The board has established an independent special committee, comprised solely of independent and disinterested directors, with its own independent legal and financial advisors, to review and negotiate the terms of the potential transaction. The special committee intends to recommend to the board the approval of the proposed terms of the transaction, subject to the completion of mutually acceptable definitive agreements. The company and EPS are targeting a closing of the potential transaction during the fourth quarter of 2025 or the first quarter of 2026, subject to requisite approvals of the transaction, including by holders of a majority of the common shares of CoolCo and the satisfaction of certain other customary closing conditions. EPS owns 59.3% of the common shares outstanding and intends to enter into a support agreement with the company committing to vote its common shares in favor of the merger. There can be no assurances that CoolCo and EPS will successfully negotiate definitive agreements, or that the proposed transaction will be consummated.

Cool Company announces Q2 revenue of $85.48M, surpassing consensus of $81M.

Richard Tyrrell, CEO, commented: "Solid quarter, anticipating the gradual return of a more balanced market. The LNG sector has seen positive news flow so far this year, and when combined with the limited new vessel orders, future prospects look favorable. Recent momentum has been supported by new projects reaching commercial viability and by existing projects-such as Golden Pass-getting back on track. Together with our backlog, the gradual recovery in the charter market is underpinning the long-term value of our fleet. Our portfolio spans both short- and long-term charters. This quarter, longer-term charters contributed most to cash flow, while our short-term fixtures outperformed the market. Strong utilization and rates above the weak indices were partly driven by our LNGE upgrades, which deliver considerable benefits that are particularly valuable in this environment of high LNG prices and slower vessel speeds. We expect rates to strengthen as new LNG supply enters the market and believe that patience in fixing our few open vessels for longer periods will be advantageous. This outlook is supported by the ongoing idling and scrapping of older tonnage, as noted in prior updates. During Q3, we completed two drydocks. With nine drydocks completed so far since 2024, we have one more drydock to be completed in Q4 including an LNGE upgrade, and one more in the first half of 2026."

Cool Company falls -14.8%

Cool Company is down -14.8%, or -$1.57 to $9.07.