Vessels are amongst the few scheduled to deliver in 2024 still available for
time charter employment

Acquisition price approximately 10% below current yard pricing, with 3-year
earlier delivery

Cool Company Limited (NYSE: CLCO / CLCO.OL "CoolCo" or the "Company") announces
today that it has exercised its option to acquire two newbuild 2-stroke LNG
carriers from affiliates of EPS Ventures Ltd ("EPS"). The state-of-the-art MEGA
LNG carriers (the "Newbuilds") are scheduled to deliver from Hyundai Samho Heavy
Industries ("HHI") in Korea in September and December of 2024. The Newbuilds
have a cargo capacity of 174,000 cbm, a GTT Mark III Flex Membrane cargo tank
system, reliquification, air-lubrication and shaft generators. Each of the two
Newbuilds is being acquired under the pre-existing purchase option price of
approximately $234 million, a discount of approximately 10% to current quoted
market value for comparable newbuild vessels. The initial exercise price is
approximately $57 million per vessel, while approximately $134 million of the
remaining $177m is due upon delivery of each of the vessels. The expected
closing date and payment of the option exercise is Monday July 3, 2023. 

The Newbuilds, to be named Kool Tiger and Kool Panther, are expected to be
funded with a combination of cash on hand, including cash that was recently
released from the sale of the Golar Seal, and debt financing for which CoolCo
has received a commitment letter from a financing institution. This debt
financing, which is subject to customary approvals, is on a fixed rate per day
basis for 10 years with a minimum loan-to-value of 80% and an implied interest
rate of around 6%. We do not anticipate needing to raise additional equity to
finance the two Newbuilds.

Richard Tyrrell, CEO, commented:
We look forward to welcoming these state-of-the-art vessels into the CoolCo
fleet at a material discount to their current market value. Their 2024 delivery
date makes the vessels especially attractive, with comparable vessels ordered
today only being delivered in the 2027/28 timeframe. The vessels' best-in-class
design and boil-off rate make them highly attractive to charterers who benefit
from the ability to operate efficiently at a range of speeds with reduced
emissions. 

With the vast majority of the global LNG carrier orderbook already committed to
liquefaction projects coming online in the years ahead, few, if any, modern LNG
carriers are expected to be available for time charter employment during the
late 2024 window when the vessels deliver. We are currently in discussions to
forward fix the vessels on long-term time charters and expect to do so well in
advance of delivery at levels that reflect current market strength.

About CoolCo
CoolCo is a growth-oriented owner, operator and manager of fuel-efficient
liquefied natural gas ("LNG") carriers. Using its integrated, in-house vessel
management platform, CoolCo provides charterers and third-party LNG vessel
owners with modern and flexible management and transportation solutions,
delivering a lesser-emitting form of energy that supports decarbonization
efforts, economic growth, energy security, and improvements in quality of life.
CoolCo intends to leverage its industry relationships to make further accretive
acquisitions of in-service LNGCs, and to selectively pursue newbuild
opportunities.
 
For further information, please contact: 

ir@coolcoltd.com 

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 delivery dates for the Newbuilds and their performance
capacities, the market for newbuild LNG carriers, our ability to conclude any
debt financing and the specific terms, the LNG carrier orderbook and market, the
conclusion and terms of any charters for the Newbuilds, 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. These risks and uncertainties
include risks relating to this contract, 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. 

This information is subject to the disclosure requirements in Regulation EU
596/2014 (MAR) article 19 number 3 and section 5-12 of the Norwegian Securities
Trading Act. 

Cool Company Ltd. 
Hamilton, Bermuda 
Questions should be directed to: 
c/o Cool Company Management Ltd - +44 207 659 1111 / ir@coolcoltd.com
Richard Tyrrell - Chief Executive Officer
John Boots - Chief Financial Officer