Golar sale of approximately $100 million of shares in CoolCo
Golar LNG Limited has sold about 8 million shares in Cool Company Ltd, generating net proceeds of approximately $100 million.
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Rhea-AI Summary
Golar LNG Limited has sold about 8 million shares in Cool Company Ltd, generating net proceeds of approximately $100 million. Post-sale, Golar retains roughly 4.5 million shares, equating to 8.3% ownership in CoolCo. CEO Karl Fredrik Staubo stated that the sale supports Golar's progress in FLNG growth opportunities. The funds are expected to be deployed for further development, while CoolCo continues to pursue industry consolidation and dividends for its shareholders.
Positive
- Generated approximately $100 million in net proceeds from the sale of 8 million shares in CoolCo.
- Retains an 8.3% ownership stake in CoolCo with about 4.5 million shares.
- Sale proceeds are intended for investment in FLNG growth opportunities.
Negative
- None.
Details
News Market Reaction – GLNG
The recorded move for GLNG in the trading session of this news was -0.54%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Golar LNG Limited (“Golar”) announces today that it has sold around 8 million shares in Cool Company Ltd. (“CoolCo”) raising net proceeds of approximately
Commenting on the sale, Golar CEO Karl Fredrik Staubo said “The sale of CoolCo shares is driven by progress on FLNG growth opportunities, where we expect to deploy the sale proceeds. We are delighted to see CoolCo realizing the potential of the carrier business and delivering on its commitment to industry consolidation and dividend distributions to shareholders”.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements.
These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law.
Hamilton, Bermuda
November 3, 2022
Enquiries:
Golar Management Limited: + 44 207 063 7900
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Stuart Buchanan - Head of Investor Relations
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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