CoolCo Announces First Completion of Vessel Acquisitions

Cool Company Ltd. ("CoolCo" or the "Company") is pleased to announce that the first of its eight acquisitions of modern LNG tankers from Golar LNG Limited ("Golar") was completed today, 3 March, 2022.

The vessel acquisitions were announced on 15 December 2021, cfr. Golar's press release of such date.

Final terms for the acquisition were agreed and documented between the parties on 26 January 2022.

Funds required to finance the acquisition were raised by CoolCo by way of the conclusion of a USD 570 million senior secured bank facility and the raising of USD 275 million in gross proceeds in a private placement of new shares announced on 28 January 2022.

The first completion covered all of the shares in Golar's subsidiary, Golar Hull M2022 Corp., which is the owner of the LNG tanker "Golar Crystal" and closed today.

The purchase price was financed by a drawing under CoolCo's senior secured bank facility, a cash payment to Golar and the subscription by Golar of 1,562,500 new common shares of USD 1.00 par value in Cool at a subscription price of USD 10.00. These shares were issued today.

After the issuance of these shares there are now 29,072,500 shares in issue in CoolCo.

The transfers of title to the shares in the remaining 7 vessel subsidiaries of Golar which Cool has agreed to acquire are scheduled to be completed in the short term.