Photo: Courtesy of CoolCo

CoolCo to buy LNG carrier quartet from Quantum Crude Tankers

Cool Company (CoolCo), a recently established LNG carrier operator, has decided to purchase four LNG carriers from Quantum Crude Tankers Inc, an affiliate of Eastern Pacific Shipping (EPS).

As informed, the firm plans to spend $600 million on two 174,000 cbm LNG carriers and 170,200 cbm vessels.

In a fleet renewal push, CoolCo plans to raise $270 million through private placement to help fund the acquisition.

The private placement took place through an accelerated bookbuilding process after close of markets on 2 November. Settlement of the offer shares is expected to take place on 7 November.

The company has entered into lock-up arrangements from the settlement date of the private placement for 90 days.

In April this year, CoolCo completed all eight acquisitions of LNG carriers from Bermuda-based shipper Golar LNG.

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Furthermore, CoolCo and Golar completed the transfer of all of the shares in Cool Pool Limited from Golar to CoolCo. The Cool Pool Limited is the company responsible for the marketing of the LNG tankers that CoolCo bought.

CoolCo now owns the following LNGCs: Golar Crystal, Golar Frost, Golar Seal, Golar Bear, Golar Snow, Golar Glacier, Golar Ice and Golar Kelvin.