Cool Company Ltd. Q3 2025 Business Update
LONDON–(BUSINESS WIRE)–
This release includes business updates and unaudited interim financial results for the three months (“Q3”, “Q3 2025” or the “Quarter”) and nine months (“9M 2025”) ended September 30, 2025 of Cool Company Ltd. (“CoolCo” or the “Company”).
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Quarterly Highlights and Subsequent Events
- Generated total operating revenues of $86.3 million for Q3, compared to $85.5 million for the second quarter of 2025 (“Q2” or “Q2 2025”);
- Net income of $10.81 million for Q3, compared to $11.91 million for Q2, with the decrease primarily due to higher non-recurring legal expenses during Q3;
- Achieved average Time Charter Equivalent Earnings (“TCE”)2 of $70,500 per day for Q3, compared to $69,900 per day for Q2;
- Adjusted EBITDA2 of $52.6 million for Q3, compared to $56.5 million for Q2;
- Commenced a three-year floating-rate charter on a redelivered vessel during the Quarter;
- Completed the drydocks for two vessels during the Quarter;
- Announced board approval of, and entry into an agreement for, a merger of CoolCo with a newly formed, wholly owned subsidiary of EPS Ventures Ltd (“EPS”).
Financial Highlights
The table below sets forth certain key financial information for Q3 2025, Q2 2025, Q3 2024 and the nine months ended September 30, 2025 (“9M 2025”) and 2024 (“9M 2024”).
|
(in thousands of $, except average daily TCE) |
Q3 2025 |
Q2 2025 |
Q3 2024 |
9M 2025 |
9M 2024 |
|
Time and voyage charter revenues |
81,733 |
81,154 |
77,745 |
244,026 |
232,856 |
|
Total operating revenues |
86,311 |
85,475 |
82,434 |
257,332 |
253,931 |
|
Operating income |
32,554 |
37,046 |
38,948 |
104,191 |
124,406 |
|
Net income1 |
10,847 |
11,858 |
8,124 |
31,777 |
71,414 |
|
Adjusted EBITDA2 |
52,618 |
56,547 |
53,722 |
162,567 |
167,942 |
|
Average daily TCE2 (to the closest $100) |
70,500 |
69,900 |
81,600 |
70,300 |
79,000 |
|
1 Net income includes a mark-to-market net gain on interest rate swaps amounting to $0.6 million for Q3 2025, compared to a net loss of $2.2 million for Q2 2025, of which $0.9 million was an unrealized loss for Q3 2025 compared to an unrealized loss of $3.6 million for Q2 2025. |
|
2 Refer to ‘Appendix A – Non-GAAP financial measures and definitions’, for definitions of this measure and a reconciliation to the nearest GAAP measure. |
Operational Review
CoolCo’s fleet maintained strong performance in the Quarter, achieving a 91% fleet utilization during Q3 2025 (Q2 2025: 94%). During the Quarter, the Kool Boreas and Kool Firn completed their respective drydocks. The Kool Boreas also received LNGE upgrades which included a high-capacity sub-cooler retrofit and various other performance enhancements.
Financing and Liquidity
As of September 30, 2025, CoolCo had cash and cash equivalents of $117.6 million and total short and long-term debt, net of deferred finance charges, amounting to $1,373.0 million. Total Contractual Debt2 stood at $1,387.8 million, which is comprised of $418.6 million in respect of the Senior Secured Reducing Revolving Credit Facility (the “RRCF”) maturing in December 2029, $591.1 million in respect of our upsized term loan facility (the “upsized TLF May 2029”) maturing in May 2029, and sale and leaseback financing arrangements in respect of the Kool Tiger, amounting to $174.0 million maturing in October 2034 and GAIL Sagar, amounting to $204.1 million maturing in January 2039.
Corporate and Other Matters
On September 29, 2025, the Company announced board approval of, and entry into an agreement for (the “Merger Agreement”), a merger of CoolCo with a newly formed, wholly owned Subsidiary of EPS (the “Merger Sub”). Pursuant to the Merger Agreement, and subject to the terms and conditions thereof, 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 Merger Sub with and into CoolCo. The transaction is expected to close in the fourth quarter of 2025 or the first quarter of 2026, subject to the receipt of the Required Shareholder Approval and the satisfaction or waiver of the remaining closing conditions – each as described in the Merger Agreement.
After the consummation of the merger, the Company’s shares will be delisted from the New York Stock Exchange and Euronext Growth Oslo.
The Company previously initiated purchases under its share repurchase program, announced in April 2025, to repurchase up to 7,000,000 shares for a total amount of up to $40 million through the end of 2026.
Under the Company’s share repurchase program, the Company purchased a total of 858,689 shares at an average price of $5.77 per share, for the period from April 7, 2025 through August 15, 2025. Since then, the Company has terminated its stock repurchase program due to its entry into the Merger Agreement.
As of November 14, 2025, CoolCo had 52,868,029 shares issued and outstanding, excluding the 858,689 treasury shares held by the Company (as a result of the share repurchases). Of the outstanding shares, 31,354,390 (59.3%) shares were owned by EPS and 21,513,639 (40.7%) shares were owned by other investors in the public markets.
|
2 Refer to ‘Appendix A – Non-GAAP financial measures and definitions’, for definitions of this measure and a reconciliation to the nearest GAAP measure. |
Forward Looking Statements
This press release and any other written or oral statements made by us in connection with this press release include forward-looking statements within the meaning of and made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, including statements that address activities and events that will, should, could, are expected to or may occur in the future are forward-looking statements. You can identify these forward-looking statements by words or phrases such as “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “outlook,” “project,” “plan,” “potential,” “scheduled”, “on-track”, “will,” “may,” “should,” “expect,” “could,” “would,” “predict,” “propose,” “continue,” or the negative of these terms and similar expressions. These forward-looking statements include statements relating to the timing and expected completion of the merger with EPS, industry and business trends, outlook and prospects, expected trends in the shipping and chartering market, scheduled run-rate of LNG production, expectations about prospects for the market, charters and terms thereof including start dates and charter rates, expected drydockings including the timing, number and duration thereof, our liquidity, our share buyback program and other non-historical statements.
The forward-looking statements in this document are based upon management’s current expectations, estimates and projections. These statements involve significant risks, uncertainties, contingencies and factors that are difficult or impossible to predict and are beyond our control, and that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Numerous factors could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements, including:
- general economic, political and business conditions, including the impact of sanctions and other measures;
- general LNG market conditions, including fluctuations in charter hire rates and vessel values;
- changes in demand in the LNG shipping industry, including the market for our vessels;
- changes in the supply of LNG vessels, including whether older vessels leave the market as and when expected;
- our ability to successfully employ our vessels and the rates we are able to achieve;
- changes in our operating expenses, including fuel or cooling down prices and lay-up costs when vessels are not on charter, drydocking and insurance costs;
- the timing and duration of drydocking and whether vessels upgrades deliver expected results;
- the timing of LNG projects coming on line and the impact on supply and demand;
- compliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations;
- risks related to climate-change, including climate-change or greenhouse gas related legislation or regulations and the impact on our business from physical climate-change related to changes in weather patterns, and the potential impact of new regulations relating to climate-change and the potential impact on the demand for the LNG shipping industry;
- changes in governmental regulation, tax and trade matters and tariff policies actions taken by regulatory authorities and the impact on our industry and business;
- potential disruption of shipping routes and demand due to accidents, piracy or political events and/or instability, including the ongoing conflicts in the Middle East and changes in political leadership in the US and other countries;
- vessel breakdowns and instances of loss of hire;
- vessel underperformance and related warranty claims;
- our access to financing and ability to repay or refinance our facilities;
- continued borrowing availability under our credit facilities and compliance with the financial covenants therein;
- fluctuations in foreign currency exchange and interest rates;
- potential conflicts of interest involving our significant shareholders;
- information system failures, cyber incidents or breaches in security;
- relating to the merger with EPS and other transactions contemplated by the Merger Agreement, including conditions to completion and the timing of completion; and
- other risks indicated in the risk factors included in our Annual Report on Form 20-F for the year ended December 31, 2024 and other filings with and submissions to the U.S. Securities and Exchange Commission.
The foregoing factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement included in this report should not be construed as exhaustive. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
As a result, you are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.
Responsibility Statement
We confirm that, to the best of our knowledge, the interim unaudited condensed consolidated financial statements for the period ended September 30, 2025, which have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP) give a true and fair view of the Company’s consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the financial report for the period ended September 30, 2025 includes a fair review of important events that have occurred during the period and their impact on the interim unaudited condensed consolidated financial statements, the principal risks and uncertainties, and major related party transactions.
|
Cool Company Ltd. |
||||||||||||||
|
Unaudited Condensed Consolidated Statements of Operations |
||||||||||||||
|
|
For the three months ended |
|
For the nine months ended |
|||||||||||
|
(in thousands of $) |
Jul-Sep 2025 |
|
Apr-Jun 2025 |
|
Jul-Sep 2024 |
|
Jan-Sep 2025 |
|
Jan-Sep 2024 |
|||||
|
Time and voyage charter revenues |
81,733 |
|
|
81,154 |
|
|
77,745 |
|
|
244,026 |
|
|
232,856 |
|
|
Vessel and other management fee revenues |
872 |
|
|
636 |
|
|
767 |
|
|
2,251 |
|
|
8,169 |
|
|
Amortization of intangible assets and liabilities – charter agreements, net |
3,706 |
|
|
3,685 |
|
|
3,922 |
|
|
11,055 |
|
|
12,906 |
|
|
Total operating revenues |
86,311 |
|
|
85,475 |
|
|
82,434 |
|
|
257,332 |
|
|
253,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Vessel operating expenses |
(19,467 |
) |
|
(18,829 |
) |
|
(17,950 |
) |
|
(57,315 |
) |
|
(52,581 |
) |
|
Voyage, charter hire and commission expenses, net |
(2,969 |
) |
|
(2,069 |
) |
|
(1,179 |
) |
|
(9,599 |
) |
|
(3,518 |
) |
|
Administrative expenses |
(7,551 |
) |
|
(4,345 |
) |
|
(5,661 |
) |
|
(16,796 |
) |
|
(16,984 |
) |
|
Depreciation and amortization |
(23,770 |
) |
|
(23,186 |
) |
|
(18,696 |
) |
|
(69,431 |
) |
|
(56,442 |
) |
|
Total operating expenses |
(53,757 |
) |
|
(48,429 |
) |
|
(43,486 |
) |
|
(153,141 |
) |
|
(129,525 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Operating income |
32,554 |
|
|
37,046 |
|
|
38,948 |
|
|
104,191 |
|
|
124,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Financial income/(expense): |
|
|
|
|
|
|
|
|
|
|||||
|
Interest income |
1,122 |
|
|
1,202 |
|
|
1,186 |
|
|
3,869 |
|
|
4,248 |
|
|
Interest expense |
(22,966 |
) |
|
(23,136 |
) |
|
(18,825 |
) |
|
(69,194 |
) |
|
(57,683 |
) |
|
Gains/(losses) on derivative instruments |
557 |
|
|
(2,206 |
) |
|
(12,485 |
) |
|
(5,498 |
) |
|
2,881 |
|
|
Other financial items, net |
(333 |
) |
|
(880 |
) |
|
(533 |
) |
|
(1,246 |
) |
|
(1,985 |
) |
|
Financial expenses, net |
(21,620 |
) |
|
(25,020 |
) |
|
(30,657 |
) |
|
(72,069 |
) |
|
(52,539 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income before income taxes and non-controlling interests |
10,934 |
|
|
12,026 |
|
|
8,291 |
|
|
32,122 |
|
|
71,867 |
|
|
Income taxes, net |
(87 |
) |
|
(168 |
) |
|
(167 |
) |
|
(345 |
) |
|
(453 |
) |
|
Net income |
10,847 |
|
|
11,858 |
|
|
8,124 |
|
|
31,777 |
|
|
71,414 |
|
|
Net income attributable to non-controlling interests |
— |
|
|
— |
|
|
25 |
|
|
— |
|
|
(624 |
) |
|
Net income attributable to the Owners of Cool Company Ltd. |
10,847 |
|
|
11,858 |
|
|
8,149 |
|
|
31,777 |
|
|
70,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income attributable to: |
|
|
|
|
|
|
|
|
|
|||||
|
Owners of Cool Company Ltd. |
10,847 |
|
|
11,858 |
|
|
8,149 |
|
|
31,777 |
|
|
70,790 |
|
|
Non-controlling interests |
— |
|
|
— |
|
|
(25 |
) |
|
— |
|
|
624 |
|
|
Net income |
10,847 |
|
|
11,858 |
|
|
8,124 |
|
|
31,777 |
|
|
71,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cool Company Ltd. |
|||
|
Unaudited Condensed Consolidated Balance Sheets |
|||
|
|
At September 30, |
|
At December 31, |
|
(in thousands of $, except number of shares) |
2025 |
|
2024 |
|
|
|
|
(Audited) |
|
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
117,646 |
|
165,274 |
|
Trade receivable and other current assets |
15,268 |
|
7,643 |
|
Inventories |
5,427 |
|
3,666 |
|
Intangible assets, net |
340 |
|
629 |
|
Total current assets |
138,681 |
|
177,212 |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Restricted cash |
507 |
|
446 |
|
Intangible assets, net |
5,852 |
|
7,469 |
|
Newbuildings |
— |
|
105,668 |
|
Vessels and equipment, net |
2,159,256 |
|
1,939,626 |
|
Other non-current assets |
5,996 |
|
12,715 |
|
Total assets |
2,310,292 |
|
2,243,136 |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Current portion of long-term debt and short-term debt |
77,968 |
|
141,996 |
|
Trade payable and other current liabilities |
85,299 |
|
101,734 |
|
Total current liabilities |
163,267 |
|
243,730 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Long-term debt |
1,295,053 |
|
1,163,879 |
|
Other non-current liabilities |
61,916 |
|
74,027 |
|
Total liabilities |
1,520,236 |
|
1,481,636 |
|
|
|
|
|
|
Equity |
|
|
|
|
Owners’ equity includes 52,868,029 (2024: 53,726,718) common shares of $1.00 each, issued and outstanding |
790,056 |
|
761,500 |
|
Total equity |
790,056 |
|
761,500 |
|
|
|
|
|
|
Total liabilities and equity |
2,310,292 |
|
2,243,136 |
|
|
|
|
|
|
Cool Company Ltd. |
|||||
|
Unaudited Condensed Consolidated Statements of Cash Flows |
|||||
|
(in thousands of $) |
Jan-Sep 2025 |
|
Jan-Sep 2024 |
||
|
Operating activities |
|
|
|
||
|
Net income |
31,777 |
|
|
71,414 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||
|
Depreciation and amortization expenses |
69,431 |
|
|
56,442 |
|
|
Amortization of intangible assets and liabilities arising from charter agreements, net |
(11,055 |
) |
|
(12,906 |
) |
|
Amortization of deferred charges and fair value adjustments |
2,660 |
|
|
2,899 |
|
|
Drydocking expenditure |
(27,717 |
) |
|
(14,636 |
) |
|
Compensation cost related to share-based payment, net |
1,750 |
|
|
1,640 |
|
|
Change in fair value of derivative instruments |
9,708 |
|
|
6,356 |
|
|
Changes in assets and liabilities: |
|
|
|
||
|
Trade accounts receivable |
(6,302 |
) |
|
5,450 |
|
|
Inventories |
(1,761 |
) |
|
2,750 |
|
|
Other current and other non-current assets |
(886 |
) |
|
(3,655 |
) |
|
Amounts due from / (to) related parties |
511 |
|
|
(479 |
) |
|
Trade accounts payable |
2,720 |
|
|
584 |
|
|
Accrued expenses |
9,961 |
|
|
(7,545 |
) |
|
Other current and non-current liabilities |
(13,325 |
) |
|
6,096 |
|
|
Net cash provided by operating activities |
67,472 |
|
|
114,410 |
|
|
|
|
|
|
||
|
Investing activities |
|
|
|
||
|
Additions to vessels and equipment |
(31,911 |
) |
|
(15,085 |
) |
|
Additions to newbuildings |
(139,779 |
) |
|
(23,391 |
) |
|
Additions to intangible assets |
— |
|
|
(132 |
) |
|
Net cash used in investing activities |
(171,690 |
) |
|
(38,608 |
) |
|
|
|
|
|
||
|
Financing activities |
|
|
|
||
|
Proceeds from short-term and long-term debt |
135,892 |
|
|
74,848 |
|
|
Repayments of short-term and long-term debt |
(69,747 |
) |
|
(72,513 |
) |
|
Financing arrangement fees and other costs |
(4,523 |
) |
|
(4,830 |
) |
|
Cash dividends paid |
— |
|
|
(66,054 |
) |
|
Purchase of treasury shares |
(4,971 |
) |
|
— |
|
|
Net cash provided by / (used in) financing activities |
56,651 |
|
|
(68,549 |
) |
|
|
|
|
|
||
|
Net (decrease) / increase in cash, cash equivalents and restricted cash |
(47,567 |
) |
|
7,253 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
165,720 |
|
|
137,338 |
|
|
Cash, cash equivalents and restricted cash at end of period |
118,153 |
|
|
144,591 |
|
|
|
|
|
|
||
|
Cool Company Ltd. |
||||||||||
|
Unaudited Condensed Consolidated Statements of Changes in Equity |
||||||||||
|
|
|
For the nine months ended September 30, 2025 |
||||||||
|
(in thousands of $, except number of shares) |
|
Number of common shares |
|
Owners’ Share Capital |
Treasury shares |
Additional Paid-in Capital(1) |
Retained Earnings |
Owners’ Equity |
Non- controlling Interests(2) |
Total Equity |
|
Consolidated balance at December 31, 2024 (audited) |
|
53,726,718 |
|
53,727 |
— |
510,780 |
196,993 |
761,500 |
— |
761,500 |
|
Net income |
|
— |
|
— |
— |
— |
31,777 |
31,777 |
— |
31,777 |
|
Share based payments contribution |
|
— |
|
— |
— |
1,773 |
— |
1,773 |
— |
1,773 |
|
Forfeitures of share based compensation |
|
— |
|
— |
— |
(23) |
— |
(23) |
— |
(23) |
|
Purchase of treasury shares |
|
(858,689) |
|
— |
(4,971) |
— |
— |
(4,971) |
— |
(4,971) |
|
Consolidated balance at September 30, 2025 |
|
52,868,029 |
|
53,727 |
(4,971) |
512,530 |
228,770 |
790,056 |
— |
790,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, 2024 |
|||||||
|
(in thousands of $, except number of shares) |
|
Number of common shares |
|
Owners’ Share Capital |
Additional Paid-in Capital(1) |
Retained Earnings |
Owners’ Equity |
Non- controlling Interests |
Total Equity |
|
Consolidated balance at December 31, 2023 (audited) |
|
53,702,846 |
|
53,703 |
509,327 |
172,960 |
735,990 |
70,590 |
806,580 |
|
Net income |
|
— |
|
— |
— |
70,790 |
70,790 |
624 |
71,414 |
|
Share based payments contribution |
|
— |
|
— |
1,773 |
— |
1,773 |
— |
1,773 |
|
Forfeitures of share based compensation |
|
— |
|
— |
(133) |
— |
(133) |
— |
(133) |
|
Dividends |
|
— |
|
— |
— |
(66,054) |
(66,054) |
— |
(66,054) |
|
Consolidated balance at September 30, 2024 |
|
53,702,846 |
|
53,703 |
510,967 |
177,696 |
742,366 |
71,214 |
813,580 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Additional paid-in capital refers to the amount of capital contributed or paid-in over and above the par value of the Company’s issued share capital. |
|
(2) |
On November 14, 2024, the Company exercised its options to repurchase Kool Ice and Kool Kelvin from the financing lessor SPVs. After exercising the repurchase options, the Company no longer held a variable interest in the lessor SPVs and therefore the Company deconsolidated the lessor SPVs from its financial results. As a result, the equity attributable to lessor SPVs included within non-controlling interests has been deconsolidated. |
Appendix A – Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Metrics Arising from How Management Monitors the Business
In addition to disclosing financial results in accordance with US generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation and discussion contain references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with US GAAP, and the financial results calculated in accordance with US GAAP. Non-GAAP measures are not uniformly defined by all companies, and may not be comparable with similar titles, measures and disclosures used by other companies. The reconciliations of these non-GAAP measures to the closest US GAAP measures should be carefully evaluated.
|
Non-GAAP measure |
Closest equivalent US GAAP measure |
Adjustments to reconcile to primary financial statements prepared under US GAAP |
Rationale for presentation of the non-GAAP measure |
|
Performance Measures |
|||
|
Adjusted EBITDA |
Net income |
+/-Income taxes, net + Depreciation and amortization +/- Net financial expense, representing: Interest income, Interest expense,(Gains)/losses on derivative instruments and Other financial items, net +/- Amortization of intangible assets and liabilities – charter agreements, net +/- Other non-operating income |
Increases the comparability of total business performance from period to period and against the performance of other companies by removing the impact of other non-operating income, depreciation, amortization of intangible assets and liabilities – charter agreements, net, financing and income tax. |
|
Average daily TCE |
Time and voyage charter revenues |
– Voyage, charter hire and commission expenses, net
The above total is then divided by calendar days less scheduled off-hire days. |
Measure of the average daily net revenue performance of a vessel.
Standard shipping industry performance measure used primarily to compare period-to-period changes in the vessel’s net revenue performance despite changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessel may be employed between the periods.
Assists management in making decisions regarding the deployment and utilization of its fleet and in evaluating financial performance. |
|
Liquidity measures |
|||
|
Total Contractual Debt |
Total debt (current and non-current), net of deferred finance charges |
+ Deferred finance charges |
Contractual debt represents our actual debt obligations under our various financing arrangements.
We believe that this measure enables investors and users of our financial statements to assess our liquidity and the split of our debt (current and non-current) based on our underlying contractual obligations. |
Reconciliations – Performance Measures
Adjusted EBITDA
|
|
For the three months ended |
||||
|
(in thousands of $) |
Jul-Sep 2025 |
|
Apr-Jun 2025 |
|
Jul-Sep 2024 |
|
Net income |
10,847 |
|
11,858 |
|
8,124 |
|
Income taxes, net |
87 |
|
168 |
|
167 |
|
Depreciation and amortization |
23,770 |
|
23,186 |
|
18,696 |
|
Interest income |
(1,122) |
|
(1,202) |
|
(1,186) |
|
Interest expense |
22,966 |
|
23,136 |
|
18,825 |
|
Other financial items, net |
333 |
|
880 |
|
533 |
|
(Gains)/losses on derivative instruments |
(557) |
|
2,206 |
|
12,485 |
|
Amortization of intangible assets and liabilities – charter agreements, net |
(3,706) |
|
(3,685) |
|
(3,922) |
|
Adjusted EBITDA |
52,618 |
|
56,547 |
|
53,722 |
|
|
|
|
|
|
|
|
|
For the nine months ended |
||
|
(in thousands of $) |
Jan-Sep 2025 |
|
Jan-Sep 2024 |
|
Net income |
31,777 |
|
71,414 |
|
Income taxes, net |
345 |
|
453 |
|
Depreciation and amortization |
69,431 |
|
56,442 |
|
Interest income |
(3,869) |
|
(4,248) |
|
Interest expense |
69,194 |
|
57,683 |
|
Other financial items, net |
1,246 |
|
1,985 |
|
Losses/(gains) on derivative instruments |
5,498 |
|
(2,881) |
|
Amortization of intangible assets and liabilities – charter agreements, net |
(11,055) |
|
(12,906) |
|
Adjusted EBITDA |
162,567 |
|
167,942 |
|
|
|
|
|
Average daily TCE
|
|
For the three months ended |
||||||||||
|
(in thousands of $, except number of days and average daily TCE) |
Jul-Sep 2025 |
|
Apr-Jun 2025 |
|
Jul-Sep 2024 |
||||||
|
Time and voyage charter revenues |
|
81,733 |
|
|
|
81,154 |
|
|
|
77,745 |
|
|
Voyage, charter hire and commission expenses, net |
|
(2,969 |
) |
|
|
(2,069 |
) |
|
|
(1,179 |
) |
|
Time and voyage charter revenues, net |
|
78,764 |
|
|
|
79,085 |
|
|
|
76,566 |
|
|
Calendar days less scheduled off-hire days |
|
1,117 |
|
|
|
1,132 |
|
|
|
938 |
|
|
Average daily TCE (to the closest $100) |
$ |
70,500 |
|
|
$ |
69,900 |
|
|
$ |
81,600 |
|
|
|
|
|
|
|
|
||||||
|
|
For the nine months ended |
|||||||
|
(in thousands of $, except number of days and average daily TCE) |
|
Jan-Sep 2025 |
|
Jan-Sep 2024 |
||||
|
Time and voyage charter revenues |
|
|
244,026 |
|
|
|
232,856 |
|
|
Voyage, charter hire and commission expenses, net |
|
|
(9,599 |
) |
|
|
(3,518 |
) |
|
Time and voyage charter revenues, net |
|
|
234,427 |
|
|
|
229,338 |
|
|
Calendar days less scheduled off-hire days |
|
|
3,334 |
|
|
|
2,902 |
|
|
Average daily TCE (to the closest $100) |
|
$ |
70,300 |
|
|
$ |
79,000 |
|
|
|
|
|
|
|
||||
Reconciliations – Liquidity measures
Total Contractual Debt
|
(in thousands of $) |
At September 30, 2025 |
|
At December 31, 2024 |
|
Total debt (current and non-current), net of deferred finance charges |
1,373,021 |
|
1,305,875 |
|
Add: Deferred finance charges |
14,816 |
|
15,815 |
|
Total Contractual Debt |
1,387,837 |
|
1,321,690 |
|
|
|
|
|
Other definitions
Contracted Revenue Backlog
Contracted revenue backlog is defined as the contracted daily charter rate for each vessel multiplied by the number of scheduled hire days for the remaining contract term. Contracted revenue backlog is not intended to represent Adjusted EBITDA or future cashflows that will be generated from these contracts. This measure should be seen as a supplement to and not a substitute for our US GAAP measures of performance.
|
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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251119259833/en/
Questions should be directed to:
c/o Cool Company Ltd – +44 20 7659 1111
Richard Tyrrell (Chief Executive Officer & Director)
John Boots (Chief Financial Officer)
Cyril Ducau (Chairman of the Board)
Antoine Bonnier (Director)
Joanna Huipei Zhou (Director)
Sami Iskander (Director)
Neil Glass (Director)
Peter Anker (Director)
KEYWORDS: United Kingdom Europe
INDUSTRY KEYWORDS: Maritime Mining/Minerals Transport Oil/Gas Energy Natural Resources
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