Increased debt capacity by $70 million and reduced margin of existing bank
facility maturing in February 2027

Incremental funds to finance previously announced LNGe conversion of five LNG
carriers, including retrofitting with sub-coolers for LNG boil-off
reliquefaction 

Cool Company Limited (NYSE: CLCO / CLCO.OL "CoolCo" or the "Company") announces
today that a syndicate of existing lenders in one of its bank facilities (the
"Senior Secured Sustainability Linked Amortizing Term Loan" or "Facility") has
approved an increase in the debt amount of $70 million and has also agreed to
reduce the Facility's interest rate margin from 275 basis points to 225 basis
points. The additional funding is expected to be drawn on June 30, 2023. The
Facility's underlying SOFR exposure is fully hedged, and the Facility's
scheduled amortization will be adjusted proportionally for the increased size.
The additional debt funding under this Facility will fund the LNGe conversion of
five vessels, including retrofits with sub-coolers for LNG boil-off
reliquefaction under the recently announced contract with HD Hyundai Global
Service.

John Boots, CFO, commented:
As we take decisive steps forward in our efforts to reduce the emissions profile
and improve the overall competitiveness of our fleet of modern LNG carriers,
this amendment stands as a testament to the confidence in our mission by our
banking partners, for which we are very thankful. The improved terms of the
Facility speak to our strong financial position, a source of true competitive
advantage under current credit conditions. The upgrades that make up the LNGe
conversion process put our TFDE vessels firmly into the top tier of all TFDEs in
the market, with boil-off rates that make these upgraded vessels extremely
competitive with 2-stroke vessels, further improving CoolCo's ability to take
advantage of the strong demand for high-quality, modern LNG carriers.

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 retrofitting of the vessels with equipment and any subsequent
improvements in performance, reductions in emissions, the LNG carrier market,
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