Golar LNG (GLNG) had worked with Eastern Pacific Shipping to separate the shipping and FSRU business from GLNG. Golar would sell a majority of its LNG tankers (8 TFDE LNG carriers) to the new entity and keep a minority stake in the new entity. Well, the deal is done.
CoolCo has received a Norwegian OTC listing. Up next, plans to shift to a major listing
So GLNG received $150M from Eastern Pacific Shipping, and keep a 31.25% stake in CoolCo. The eight vessels represent about 40% of GLNG’s debt. So far, 6 of the 8 vessels have obtained funding and I guess somehow the debt in the other two vessels will transfer over to CoolCo. The debt reduction is nice, but it also means the tanker revenue will drop of from GLNG’s books. Replaced by a smaller figure as equity ownership.