Welcome to our dedicated page for Cool Co news (Ticker: CLCO), a resource for investors and traders seeking the latest updates and insights on Cool Co stock.
Cool Company Ltd. ("CoolCo"), formerly listed under the symbol CLCO on the New York Stock Exchange and Euronext Growth Oslo, has generated a steady flow of corporate, financial, and transactional news. As a pure play LNG carrier company with a 13-vessel fleet and a portfolio of short- and long-term charters, its disclosures have covered operational performance, financing activities, and major strategic decisions.
News items for CLCO include quarterly and interim business updates that summarize operating revenues, net income, time charter equivalent earnings, and fleet utilization. These releases often discuss drydocks, LNGe upgrades for specific vessels, and the commencement of new fixed-rate and floating-rate charters, giving readers insight into how CoolCo manages employment for its LNG carriers and invests in performance enhancements.
CoolCo’s announcements also highlight financing and capital structure developments. Press releases and accompanying Form 6-K filings describe interest rate swap agreements used to hedge portions of its floating-rate debt, the use of revolving credit and term loan facilities, and sale and leaseback arrangements for vessels such as Kool Tiger and GAIL Sagar. In addition, the company reported on a share repurchase program, including the number of shares repurchased and the subsequent termination of the program following the signing of a merger agreement.
A significant portion of recent CLCO news relates to its merger with a newly formed, wholly owned subsidiary of EPS Ventures Ltd. Coverage includes the announcement of an agreement in principle, the execution of the Agreement and Plan of Merger, the establishment of record dates and meeting dates for a special general meeting of shareholders, and the final completion of the transaction. These items detail the $9.65 per share cash consideration, the role of an independent special committee, shareholder approval of the merger proposal, and CoolCo’s expectation of delisting and deregistration.
For investors and researchers, the CLCO news stream serves as a historical record of CoolCo’s operations as a public LNG carrier company, its fleet and charter developments, and the steps leading to its acquisition by EPS Ventures Ltd. and transition to private ownership.
Cool Company (NYSE: CLCO) has announced the filing of its Form 20-F annual report for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (SEC). The report is accessible through multiple channels, including the company's website at www.coolcoltd.com. Shareholders can request a complimentary hard copy of the report.
Cool Company (CLCO) has announced the granting of Restricted Stock Units (RSUs) as part of its Long-Term Incentive Program (LTIP). The Board has authorized 205,871 RSUs to employees and management, representing approximately 0.38% of the company's share capital.
The RSUs will vest equally over four installments between November 2025 and November 2028. Key allocations include:
- CEO Richard Tyrrell: 14,404 RSUs (total holdings: 8,545 shares, 22,745 RSUs, 371,227 Options)
- CFO Johannes Boots: 7,789 RSUs (total holdings: 1,764 shares, 12,205 RSUs, 123,742 Options)
Cool Company (CLCO) reported Q4 2024 financial results with total operating revenues of $84.6 million, up from $82.4 million in Q3 2024. Net income increased to $29.41 million from $8.11 million in Q3, primarily due to mark-to-market gains in interest rate swaps.
Key Q4 metrics include average Time Charter Equivalent Earnings of $73,900 per day and Adjusted EBITDA of $55.3 million. The company took delivery of newbuild vessel Kool Tiger and refinanced its syndicated bank facility into a $570 million reducing revolving credit facility, extending maturity to 2029.
No dividend was declared due to insufficient market rates. The company maintains strong liquidity with $288 million available and a firm backlog exceeding $1 billion. Current market challenges include low spot rates, reaching historic lows of $2,750 per day by quarter-end, due to newbuild deliveries and delays in new LNG supply.
Cool Company (NYSE: CLCO) has scheduled its Fourth Quarter and Full Year 2024 Earnings call and webcast presentation for Thursday, February 27, 2025, at 8:00 A.M. New York / 2:00 P.M. Oslo / 1:00 P.M. London.
The presentation materials will be available for download from the company's website. Participants are encouraged to join via the listen-only live webcast link. Sell-side analysts can participate in the Q&A session through teleconference dial-in options, with a limit of two questions per participant.
The company recommends connecting 10 minutes before the scheduled start time. A replay of the event audio will be available on-demand for one year on the company's website.
Cool Company (NYSE: CLCO / CLCO.OL) has announced an increase in its total issued shares following the vesting of previously granted RSUs under the company's Long-Term Incentive Plan (LTIP). The share count increased by 23,872 shares, bringing the total number of issued shares to 53,726,718. Each share maintains a nominal value of USD 1.00. The complete details of the LTIP can be found in the company's November 25, 2022 Press Release or in their 2023 Annual Report on Form 20-F filed with the SEC.
Cool Company (CoolCo) announced the vesting of restricted stock units (RSUs) under its Long-Term Incentive Program (LTIP). Primary insiders Richard Tyrrell received 2,232 shares and Johannes Boots received 1,175 shares on November 29, 2024. Following the vesting, Tyrrell holds 8,545 shares, 8,341 RSUs, and 371,227 Options, while Boots holds 1,764 shares, 4,416 RSUs, and 123,742 Options. The company will issue shares underlying the vested RSUs around December 9, 2024, increasing total issued shares to 53,726,718.
Cool Company (NYSE: CLCO) has announced its third quarter 2024 dividend of $0.15 per share. The shares will trade ex-dividend on two different dates: November 29, 2024 on the Oslo Stock Exchange (OSE) and December 2, 2024 on the New York Stock Exchange (NYSE).
Cool Company (NYSE: CLCO / CLCO.OL) held its 2024 Annual General Meeting on November 21, 2024, in London. The meeting approved several key resolutions, including: setting a maximum of nine Directors, allowing the Board to fill casual vacancies, re-electing seven Directors including Cyril Ducau and Richard Tyrrell, re-appointing Ernst & Young Global as auditors, and approving Board remuneration not exceeding US$625,000 for 2024, excluding equity-based compensation. The meeting also presented the audited consolidated financial statements for 2023.
Cool Company (NYSE: CLCO) has announced a cash dividend of $0.15 per share, approved on November 20, 2024. Due to the implementation of CSDR in Norway and different settlement cycles between NYSE (T+1) and Oslo Stock Exchange (T+2), there will be varying payment dates. For NYSE-listed shares, the payment date is around December 9, 2024, while shares registered in VPS will receive payments around December 13, 2024. The ex-date is December 2, 2024 for NYSE and November 29, 2024 for OSE. During interim days, share transfers between NYSE and OSE may be restricted.
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