Cool Company Ltd. ("CoolCo" or the "Company") and EPS Ventures Ltd ("EPS")
Announce Board Approval of, and entry into an agreement for, a Merger of CoolCo
with Newly Formed, Wholly Owned Subsidiary of EPS Ventures Ltd Recommended by
Independent Special Committee of CoolCo 

London, Singapore - September 29, 2025 

CoolCo and EPS Ventures Ltd today announced that the Board of Directors of
CoolCo has approved a transaction, and CoolCo has entered into an agreement,
pursuant to which EPS will acquire all of the outstanding shares of CoolCo that
are not already held by EPS in exchange for $9.65 in cash per common share. The
transaction will be implemented through a merger of a wholly-owned subsidiary of
EPS with and into CoolCo.

The $9.65 per share acquisition price represents a 26% premium to the closing
price on September 22, 2025 and a 38% premium to the volume weighted average
share price of CoolCo's common shares for the 90 trading day period through
September 22, 2025.

The Board of Directors of CoolCo (the "Board") established an independent
Special Committee, comprised solely of independent and disinterested directors,
with its own independent legal and financial advisors, to review and negotiate
the terms of the proposed merger. The Special Committee has completed its review
and unanimously determined that the transaction, including the merger, is fair
to, and in the best interests of, the Company and its shareholders and has
recommended that the Board approve the transaction and recommend approval of the
merger to the shareholders.

The Board has determined that the merger is in the best interests of the Company
and its shareholders. The Board supports the merger and has, with the Special
Committee's approval and recommendation, approved the transaction and
unanimously recommends shareholders to vote in favor of the transaction.

"We recognize the important chapter that CoolCo has had as a public company
since February 2022 and thank our fellow shareholders for their support as
CoolCo moves to the next chapter," said Cyril Ducau, CEO of Eastern Pacific
Shipping Pte Ltd. "Despite challenging market conditions, the Company has
performed well and distributed dividends that have provided meaningful returns
to shareholders. Our transition to private ownership marks a new chapter where
our priorities are clear: strengthening CoolCo's long-term future while
delivering dependable, lower-emission solutions for our clients.

"The Special Committee carefully evaluated the proposed merger with the
assistance of independent financial and legal advisors. After a thorough review
of the terms, alternatives, and strategic implications, we believe this
transaction delivers fair value and is in the best interests of the Company's
shareholders and we have recommended to the Board that it makes a recommendation
to shareholders to vote in favor," said Sami Iskander, Chair of the Special
Committee of CoolCo.

The merger is expected to close during the fourth quarter of 2025 or the first
quarter of 2026, subject to approval of the transaction by holders of a majority
of the common shares of CoolCo and the satisfaction of certain other customary
closing conditions. EPS owns 59.3% of the common shares outstanding and intends
to enter into a support agreement with the Company committing to vote its common
shares in favor of the merger.

Detailed information regarding the merger, including the Special Committee's and
the Board's recommendation, will be included in the Company's proxy statement
and/or related filings to be made with the U.S. Securities and Exchange
Commission (the "SEC"). Shareholders are encouraged to review these materials
carefully before voting.

Evercore is acting as financial advisor to the Special Committee and Latham &
Watkins LLP is acting as legal counsel to the Special Committee. Skadden, Arps,
Slate, Meagher & Flom (UK) LLP is acting as legal counsel to EPS and Credit
Agricole is acting as financial advisor to EPS.

ABOUT COOLCO
CoolCo is an LNG Carrier pure play with a fleet of 13 vessels and a
well-balanced portfolio of short- and long-term charters with the world's
leading oil & gas, trading, and utility companies. In addition to organic growth
from two newbuilds delivered in Q4 2024 and Q1 2025, CoolCo's strategy includes
ongoing assessment of growth opportunities through vessel acquisitions and
potential consolidation in the fragmented LNG market. Through its in-house LNG
transportation and infrastructure management platform, CoolCo operates its own
vessels and provides management services to third-party owners. The company
benefits from the scale and support of Eastern Pacific Shipping, an affiliate of
its largest shareholder and the owner of one of the world's largest independent
shipping fleets. This affiliation strengthens CoolCo's strategic position with
shipyards, financial institutions, and deal flow access. CoolCo is committed to
supporting global decarbonization and energy security. As part of its LNGe
upgrade program, the company aims to reduce emissions by 10-15%, contributing to
a fleet-wide emissions reduction target of 35% from 2019 to 2030.

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

FORWARD LOOKING STATEMENTS
This press release and any written or oral statements made by us in connection
with this press release include forward-looking statements. In some cases, you
can identify forward-looking statements by terminology such as "aim,"
"anticipate," "assume," "believe," "contemplate," "continue," "could," "due,"
"estimate," "expect," "goal," "intend," "may," "objective," "plan," "predict,"
"potential," "positioned," "seek," "should," "target," "will," "would" and other
similar expressions that are predictions of or indicate future events and future
trends, or the negative of these terms or other comparable terminology, although
not all forward-looking statements contain these words. All statements contained
in this press release that do not relate to matters of historical fact should be
considered forward-looking statements, including but not limited to, statements
regarding the proposed transaction (the "Transaction"), including the expected
timing of the closing of the Transaction