Completes Debt Financing for the Two Previously Announced Newbuilds Delivering
2H 2024

Hamilton, Bermuda, 18 October 2023: 

Cool Company Ltd. (NYSE: CLCO / CLCO.OL) ("CoolCo" or "the Company") and Huaxia
Financial Leasing Co. Ltd.  today announced that they had entered into sale and
leaseback financing arrangements (the "Sale and Leasebacks") for the Kool Tiger
and Kool Panther newbuild vessels scheduled to deliver to CoolCo in the second
half of 2024 from Hyundai Samho Heavy Industries in Korea. Reference is made to
the press release published by CoolCo on June 28, 2023 regarding the
announcement that the Company had exercised its option to acquire the newbuild
vessels and had received a commitment for the related debt financing.  The Sale
and Leasebacks are on a fixed rate per day basis for 10 years, with an implied
interest rate just under 6% and a minimum loan-to-value of 80%, with potential
for additional capacity contingent upon the terms of the charter employment that
CoolCo anticipates securing in advance of the vessels' deliveries.

With the Sale and Leasebacks now in place, CoolCo has fully financed the two
MEGA LNG Carrier newbuilds.

John Boots, CFO, commented:

"We are pleased to have established this important relationship with Huaxia
Financial Leasing and look forward to working closely with them over the long
term. Having completed the financing of these two state-of-the-art, 2-stroke
MEGA LNG Carrier newbuilds, this materially strengthens CoolCo's future cashflow
potential and strategic capabilities in a non-dilutive manner that clearly
benefits our shareholders. The combination of our robust financial position and
a substantial backlog in charters provides us with considerable flexibility,
both commercially and financially, enabling us to further grow the Company. We
believe that the near- and long-term opportunities in the LNG transportation
market are substantial, supported by an increased emphasis on energy security
and the dramatic expansion of global LNG production currently underway. Our
pure-play fleet of modern LNG carriers positions CoolCo and our shareholders to
be long-term beneficiaries of these durable trends." 

ABOUT COOLCO
CoolCo is an LNG Carrier pure play with a balanced portfolio of short and
longer-term charters, the cash flows from which form the basis of the Company's
quarterly dividend for common shareholders. In addition to the built-in and
funded growth from two newbuilds scheduled to deliver in the second half of
2024, CoolCo's strategy includes ongoing assessment of opportunities for vessel
acquisitions and potential consolidation in a fragmented market segment. Through
its in-house vessel management platform, CoolCo manages and operates its LNG
transportation and infrastructure assets for a range of the world's leading
companies in addition to providing such services to third parties. CoolCo
benefits from the scale and stature of Eastern Pacific Shipping and its
affiliates, encompassing CoolCo's largest shareholder and the owner of one of
the world's largest independent shipping fleets, which strengthen the Company's
strategic position with regard to shipyards, financial institutions, and access
to dealflow. CoolCo supports the world's decarbonization and energy security
needs and has stated its intention to reduce its emissions by 10-15% through its
LNGe upgrade program, as part of a fleet-wide improvement target of 35% between
2019 and 2030.

Additional information about CoolCo can be found at www.coolcoltd.com.


ABOUT HUAXIA FINANCIAL LEASING CO., LTD
Huaxia Financial Leasing Co., Ltd ("HXFL") is subsidiary and the leasing arm of
Hua Xia Bank Co., Ltd., which is approved by Chinese Banking and Insurance
Regulatory Commission. HXFL's business ecology is multi-faceted, covering fields
such as environmental protection, energy source, electric power, transportation,
equipment manufacturing, medical treatment, communications, aviation and
shipping. HXFL is deeply engaged in renewable energy such as solar energy, wind
energy and bio energy. HXFL intends to build a green leasing brand cored with
green energy, green transportation, pollution control and the circular economy.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995, including statements with
respect to the charter of the newbuilds, cashflow, the LNG market and
production,  delivery dates of newbuilds, our aspirations to make opportunistic
acquisitions and pursue consolidation opportunities, our competitive strengths
with regard to shipyards, financial institutions and access to dealflow, our
goals to reduce carbon emissions and any expected performance of our LNGe
upgrade program, emissions reduction and improvement targets and other
non-historical statements.  Forward-looking statements are typically identified
by words or phrases, such as "about", "believe," "expect," "plan," "goal,"
"target," "strategy," and similar expressions or future or conditional verbs
such as "may," "will," "should," "would," and "could." These statements are
based on current expectations, estimates, assumptions and projections and you
should not place undue reliance on them. Forward-looking statements do not
guarantee future performance and involve risks and uncertainties. There are
important factors that could cause our actual results, level of activity,
performance, liquidity or achievements to differ materially from the ones
expressed or implied by these forward-looking statements including risks
relating to the LNG and financial market conditions. These risks and
uncertainties include risks relating to the Sale and Leasebacks, future industry
conditions and other risks indicated in the risk factors included in CoolCo's
Annual Report on Form 20-F for the year ended December 31, 2022 and other
filings with the U.S. Securities and Exchange Commission. These forward-looking
statements are made only as of the date of this document. We do not undertake to
update or revise the forward-looking statements, whether as a result of new
information, future events or otherwise.

For more information, questions should be directed to:
c/o Cool Company Ltd - +44 207 659 1111 / ir@coolcoltd.com

Richard Tyrrell - Chief Executive Officer	
John Boots - Chief Financial Officer	

This announcement is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act and the requirements under the EU
Market Abuse Regulation. This announcement was published by Johannes Boots, CFO
of Cool Company Ltd, at the date and time set out above.