CoolCo to Sell Golar Seal LNG Carrier for $184.M

Cool Company Ltd. (CoolCo) has agreed to sell the Golar Seal vessel for $184.3 million. The transaction is expected to close on the redelivery of the vessel from its current charter in late March.

The unnamed buyer will assume all costs associated with the vessel’s forthcoming dry-dock, increasing the effective economic value to CoolCo to approximately $190 million.
Richard Tyrrell, CEO, said: "Through the sale of the Golar Seal, the earliest vessel in our fleet to be built, we are demonstrating our disciplined approach to locking in shareholder value. 

"The valuation highlights the re-pricing of the LNG carrier market and the strategic value of such LNG infrastructure assets. A 2.5x cash-on-cash return in little more than 12 months since CoolCo’s formation shows the considerable upside in our fleet.

"The transaction releases approximately $94 million in cash that will be available in the event the company decides to exercise its option agreement on two highly sought-after Hyundai Samho vessels, now scheduled for delivery ahead of contract in the second half of 2024.”

The Golar Seal is a 160,000 cmb LNG carrier, delivered in October 2013 by Samsung Heavy Industries.