\n| \n (in thousands of $, except average daily TCE)<\/i><\/p>\n<\/td>\n | \n Q4 2024<\/b><\/p>\n<\/td>\n | \n Q3 2024<\/b><\/p>\n<\/td>\n | \n Q4 2023<\/b><\/p>\n<\/td>\n | \n FY 2024<\/b><\/p>\n<\/td>\n | \n FY 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTime and voyage charter revenues<\/p>\n<\/td>\n | \n \n80,764<\/p>\n<\/td>\n | \n \n77,745<\/p>\n<\/td>\n | \n \n89,319<\/p>\n<\/td>\n | \n \n313,620<\/p>\n<\/td>\n | \n \n347,081<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal operating revenues<\/p>\n<\/td>\n | \n \n84,567<\/p>\n<\/td>\n | \n \n82,434<\/p>\n<\/td>\n | \n \n97,144<\/p>\n<\/td>\n | \n \n338,497<\/p>\n<\/td>\n | \n \n379,010<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income<\/p>\n<\/td>\n | \n \n38,544<\/p>\n<\/td>\n | \n \n38,948<\/p>\n<\/td>\n | \n \n55,051<\/p>\n<\/td>\n | \n \n162,949<\/p>\n<\/td>\n | \n \n200,893<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income 1<\/sup><\/p>\n<\/td>\n| \n \n29,387<\/p>\n<\/td>\n | \n \n8,124<\/p>\n<\/td>\n | \n \n22,415<\/p>\n<\/td>\n | \n \n100,800<\/p>\n<\/td>\n | \n \n176,363<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted EBITDA2<\/sup><\/p>\n<\/td>\n| \n \n55,303<\/p>\n<\/td>\n | \n \n53,722<\/p>\n<\/td>\n | \n \n69,432<\/p>\n<\/td>\n | \n \n223,244<\/p>\n<\/td>\n | \n \n259,894<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAverage daily TCE2 <\/sup>(to the closest $100)<\/p>\n<\/td>\n| \n \n73,900<\/p>\n<\/td>\n | \n \n81,600<\/p>\n<\/td>\n | \n \n87,300<\/p>\n<\/td>\n | \n \n77,600<\/p>\n<\/td>\n | \n \n83,600<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n 1 <\/sup>Net income includes a mark-to-market gain on interest rate swaps amounting to $11.0 million for Q4 2024, compared to loss of $12.5 million for Q3 2024, of which $9.0 million was unrealized gain for Q4 2024 compared to $15.5 million unrealized loss for Q3 2024.<\/p>\n<\/td>\n<\/tr>\n\n| \n 2 <\/sup>Refer to ‘Appendix A’ – Non-GAAP financial measures and definitions, for definitions of these measures and a reconciliation to the nearest GAAP measure.<\/p>\n<\/td>\n<\/tr>\n<\/table>\nLNG and LNG Shipping Market Review<\/b><\/p>\n \nThe average Japan\/Korea Marker gas price (“JKM”) for the Quarter was $13.97\/MMBtu compared to $13.10\/MMBtu for Q3 2024; with average JKM at $14.19\/MMBtu as of February 21, 2025. The Quarter began with Dutch Title Transfer Facility gas price (“TTF”) at $12.74\/MMBtu and quoted TFDE headline spot rates of $41,500 per day. By Quarter-end, TTF prices had risen to $14.11\/MMBtu, while TFDE headline spot rates had fallen to $2,750 per day. Such rates are the lowest in history and came about because of a combination of newbuild deliveries, delays in new LNG supply, and much shorter sailing distances than anticipated because of high demand from Europe. Europe has had a relatively cold winter compared to Asia and, as a result, is the highest value market for destination-flexible cargos.<\/p>\n \nContrary to usual seasonal patterns, the quarter featured neither arbitrage between East and West markets, nor contango-driven floating storage. Taken together, this resulted in materially reduced near-term LNG tonne mile demand and downward pressure on the near-term charter market. In addition to these challenging trading dynamics, newbuild deliveries arriving ahead of the LNG supply for which they were ordered are impacting rates. During Q4, 30 ships were delivered, an increase from 21 in Q3 2024. This relative increase in deliveries has not been matched by a corresponding rise in LNG production, which saw only a 1.2% year-on-year increase as of December 31, 2024.<\/p>\n \nAnnual LNG production in 2024 was approximately 410 MTPA. In 2025, the run-rate is set to increase by 50 MTPA, or 12%, with numerous projects expected to come online during 2025, including the following: Plaquemines LNG (13.3 MTPA), Corpus Christi (4.2MTPA), LNG Canada (14 MTPA), Tortu FLNG (2.5MTPA), Energia Costa Azul (2.4 MTPA), North Field Expansion (7.8MTPA) and Congo LNG (2.4 MTPA). Both Plaquemines LNG and Corpus Christi have recently started shipping commissioning cargos. Additionally, Calcasieu Pass (10 MTPA) is expected to finally commence commercial operations in April. While this is not expected to have a net impact on long term shipping demand, it is anticipated to absorb the vessels that were ordered in anticipation of the commerciality being declared sooner and that have thus been weighing on the market as sub-lets during the interim period.<\/p>\n \nAs of February 21, 2025, there were 233 steam turbine-powered vessels, of which 27 are currently idle or laid up (22 as of September 30, 2024), according to Clarksons Research. These idled vessels, mostly built in the 2000s and originally chartered on 20-year contracts as prevalent at the time, are expected to be replaced by more modern tonnage as they redeliver over the next few years. With today\u2019s low prevailing charter rates and customers increasingly disfavoring older, less efficient tonnage, this trend is likely to accelerate, which we expect will lead to nearly all steam turbine vessels being idled and scrapped in the relatively near term.<\/p>\n Operational Review<\/b><\/p>\n \nCoolCo’s fleet maintained strong performance, achieving 92% fleet utilization in Q4, (Q3 2024: 98%) with the off-hire period due to the repositioning of vessels between spot charters. The Kool Husky<\/i> entered drydock during September which was completed along with upgrades for LNGe specifications ahead of schedule in October. These LNGe upgrades included a high-capacity sub-cooler retrofit, an air lubrication system, and various minor performance enhancements. Subsequent to the Quarter end, the Kool Glacier<\/i> and the Kool Kelvin<\/i> entered drydock, both with expected completion dates scheduled for before the end of Q1 2025.<\/p>\n Business Development<\/b><\/p>\n \nChartering activity in the fourth quarter remained subdued. Long-term charterers have responded by pushing out their requirements in the expectation that nearer-term cargos can be transported with vessels from the spot market.<\/p>\n \nNonetheless, CoolCo successfully found employment in the spot market for its one TFDE vessel the Kool Glacier<\/i>, which became available during the fourth quarter before entering the yard ahead of schedule in late January. This vessel is scheduled to be in the yard for approximately 50 days and will be upgraded with LNGe specifications.<\/p>\n \nCoolCo\u2019s other available vessel in the quarter was the newly delivered Kool Tiger<\/i>. She was delivered from the shipyard in October and is currently on spot market employment on an interim basis, whilst a long-term charter is pursued.<\/p>\n \nThe excellent performance of the Kool Husky <\/i>after its performance upgrade to LNGe specification positions it well for continued or alternative business opportunities on redelivery at the end of the first quarter. The Kool Glacier<\/i> will be similarly well positioned after its upgrade.<\/p>\n Financing and Liquidity<\/b><\/p>\n \nCoolCo took delivery of Kool Tiger<\/i> on October 18, 2024 from Hyundai Samho Heavy Industries in the Republic of Korea and simultaneously entered into a sale and leaseback financing arrangement with a subsidiary of Huaxia Financial Leasing Co. Ltd (\u201cHuaxia\u201d). Under this financing arrangement, we have options to repurchase the Kool Tiger<\/i> during the ten-year lease period and an obligation to repurchase the vessel at the end of the lease period. The sale and leaseback facility matures in October 2034. Pursuant to this facility, CoolCo provided a corporate guarantee in favor of Huaxia.<\/p>\n \nOn November 13, 2024, a drawdown of $200.0 million was made on the upsized $520.0 million term loan facility to finance the repurchase of the two vessels, Kool Ice<\/i> and Kool Kelvin<\/i>, under their respective sale & leaseback facilities.<\/p>\n \nOn December 13, 2024, we entered into a RRCF of $570.0 million to replace the existing bank facility with the same syndicate of banks. The RRCF has a maturity of December 2029, with two one-year extension options potentially extending its maturity out to December 2031, and carries an interest rate of SOFR plus 200 basis points. The $570.0 million RRCF is reduced by approximately $12 million each quarter starting from the first quarter of 2025. With this refinancing, the Company\u2019s first debt maturity will come due in May 2029.<\/p>\n \nAs of December 31, 2024, CoolCo had cash and cash equivalents of $165.3 million and total short and long-term debt, net of deferred finance charges, amounting to $1,305.9 million. Total Contractual Debt2 <\/sup>stood at $1,321.7 million, which is comprised of $447.2 million in respect of the RRCF maturing in December 2029, $623.1 million in respect of the upsized $520 million term loan facility maturing in May 2029, $179.5 million of sale and leaseback financing arrangement in respect of the Kool Tiger<\/i> maturing in October 2034 and $71.9 million in respect of the pre-delivery financing of the GAIL Sagar.<\/i><\/p>\n\nOverall, the Company\u2019s interest rate on its debt is currently fixed or hedged for approximately 77% of the notional amount of net debt, adjusting for existing cash on hand.<\/p>\n Corporate and Other Matters<\/b><\/p>\n \nAs of December 31, 2024, CoolCo had 53,726,718 shares issued and outstanding. Of these, 31,254,390 shares (58.2%) were owned by EPS Ventures Ltd (“EPS”) and 22,472,328 (41.8%) were owned by other investors in the public markets.<\/p>\n Outlook<\/b><\/p>\n \nWith the current charter market weakness being driven by a combination of trading factors and a temporary oversupply of vessels that are expected to be absorbed as their related liquefaction projects come online throughout 2025, there remains a material disconnect between conditions and sentiment in the spot and short-term charter markets and long-term charter expectations. While a thin market, prevailing rates for long-term charters remain within a narrower and materially higher range, reflecting the fundamentals of the LNG shipping sector. While charterers have less interest in near-term deliveries, rates for later start dates remain relatively strong.<\/p>\n \nIn addition to the anticipated 2025 absorption of newbuilds currently operating in the sub-let market, the supply-demand balance of the sector is expected to be materially supported by increasing pressure on legacy steam turbine vessels. Steam turbine vessels, which represent approximately 30% of the global LNG carrier fleet, are increasingly redelivering from long-term initial charters and either idle or struggling to achieve a competitive level of utilization. This phenomenon is evidenced in recent data on idle vessels and, with redeliveries set to increase near-term, replacing older tonnage may increasingly become an opportunity for more modern vessels.<\/p>\n \nIn contrast to the depressed near-term market, we believe longer-term prospects remain strongly supported by the pipeline of new liquefaction projects that have already reached Final Investment Decision (FID) and are set to increase the total volume of LNG on the water by more than 50% in the coming years. The sizable current newbuild orderbook consists mainly of vessels secured on a long-term basis to transport these new volumes, with a significant portion of that orderbook expected for charterers who have traditionally been disinclined to maximize vessel utilization through the out-charter\/sub-let market. Coupled with the expected departure of steam turbine ships from mainstream trades, net fleet growth in the years ahead is expected to be well matched and potentially outpaced by expected increased demand for modern LNG carrier tonnage. With both geopolitical and trading factors capable of absorbing more tonnage beyond underlying transportation demand, we anticipate volatility that is favorable for independent owners with a multi-year outlook. This is further reinforced by a sharp decline in new-build orders that we are currently seeing given the current market, which, everything else being equal, is good for existing tonnage.<\/p>\n \n\n| \n 2 <\/sup>Refer to ‘Appendix A’ – Non-GAAP financial measures and definitions, for definitions of these measures and a reconciliation to the nearest GAAP measure.<\/p>\n<\/td>\n<\/tr>\n<\/table>\nForward Looking Statements<\/b><\/p>\n \nThis 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 \u201csafe harbor\u201d provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, 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 \u201cbelieve,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201coutlook,\u201d \u201cproject,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cpredict,\u201d \u201cpropose,\u201d \u201ccontinue,\u201d or the negative of these terms and similar expressions. These forward-looking statements include statements relating to our outlook, industry and business trends, outlook and prospects, expected trends in the chartering market including the expected normalization of rates, expectations about long term prospects for the market backlog expectations on chartering and charter rates, expected drydockings including the timing and duration thereof, the expected benefits of vessel upgrades, our liquidity, dividends and dividend policy and any potential impact or benefits to such policy, expected impact of LNG and liquefaction projects expected to come on line and expected timing thereof and the expected impact on the supply of and demand for vessels, expected continued or alternative business opportunities for any of our vessels, expected opportunities for more modern vessels, expectations of steam-turbine vessels leaving the market and being idled and scrapped, net fleet growth, contracting, market outlook and LNG vessel newbuild order-book and expectations that newbuilds will be absorbed in the market in 2025, statements made under \u201cLNG and LNG Shipping Market Review\u201d and \u201cOutlook\u201d and other non-historical matters. Our unaudited condensed consolidated financial statements are preliminary and subject to independent audit which may impact the condensed consolidated financial information included in this release.<\/p>\n \nThe forward-looking statements in this document are based upon management\u2019s 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:<\/p>\n \n- \ngeneral economic, political and business conditions, including sanctions and other measures;<\/p>\n<\/li>\n
- \ngeneral LNG market conditions, including fluctuations in charter hire rates and vessel values;<\/p>\n<\/li>\n
- \nchanges in demand in the LNG shipping industry, including the market for our vessels;<\/p>\n<\/li>\n
- \nchanges in the supply of LNG vessels, including whether older steam vessels leave the market as and when expected;<\/p>\n<\/li>\n
- \nour ability to successfully employ our vessels and the rates we are able to achieve;<\/p>\n<\/li>\n
- \nchanges in our operating expenses, including fuel or cooling down prices and lay-up costs when vessels are not on charter, drydocking and insurance costs;<\/p>\n<\/li>\n
- \nthe timing and duration of drydocking and whether vessels upgrades deliver expected results;<\/p>\n<\/li>\n
- \nthe timing of LNG projects coming on line and the impact on supply and demand;<\/p>\n<\/li>\n
- \ncompliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations;<\/p>\n<\/li>\n
- \nrisks 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;<\/p>\n<\/li>\n
- \nchanges in governmental regulation, tax and trade matters and actions taken by regulatory authorities;<\/p>\n<\/li>\n
- \npotential 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;<\/p>\n<\/li>\n
- \nvessel breakdowns and instances of loss of hire;<\/p>\n<\/li>\n
- \nvessel underperformance and related warranty claims;<\/p>\n<\/li>\n
- \nour access to financing and ability to repay or refinance our facilities;<\/p>\n<\/li>\n
- \ncontinued borrowing availability under our credit facilities and compliance with the financial covenants therein;<\/p>\n<\/li>\n
- \nfluctuations in foreign currency exchange and interest rates;<\/p>\n<\/li>\n
- \npotential conflicts of interest involving our significant shareholders;<\/p>\n<\/li>\n
- \nour ability and plans to pay dividends;<\/p>\n<\/li>\n
- \ninformation system failures, cyber incidents or breaches in security; and<\/p>\n<\/li>\n
- \nother risks indicated in the risk factors included in our Annual Report on Form 20-F for the year ended December 31, 2023 and other filings with and submission to the U.S. Securities and Exchange Commission.<\/p>\n<\/li>\n<\/ul>\n
\nThe 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.<\/p>\n \nAs 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.<\/p>\n Responsibility Statement<\/b><\/p>\n \nWe confirm that, to the best of our knowledge, the unaudited condensed consolidated financial statements for the year ended December 31, 2024, 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\u2019s consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the financial report for the year ended December 31, 2024 includes a fair review of important events that have occurred during the period and their impact on the unaudited condensed consolidated financial statements, the principal risks and uncertainties, and major related party transactions.<\/p>\n \nFebruary 27, 2025
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Cool Company Ltd.
\n
London, UK<\/p>\n \nQuestions should be directed to:
\n
c\/o Cool Company Ltd – +44 20 7659 1111<\/p>\n \n\n| \n \nRichard Tyrrell (Chief Executive Officer & Director)<\/p>\n<\/td>\n | \n \nCyril Ducau (Chairman of the Board)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJohn Boots (Chief Financial Officer)<\/p>\n<\/td>\n | \n \nAntoine Bonnier (Director)<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n \nJoanna Huipei Zhou (Director)<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n \nSami Iskander (Director)<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n \nNeil Glass (Director)<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n \nPeter Anker (Director)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Cool Company Ltd.<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Unaudited Condensed Consolidated Statements of Operations<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the three months ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n For the twelve months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (in thousands of $)<\/i><\/p>\n<\/td>\n | \n Oct-Dec
\n
2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Jul-Sep
\n
<\/b>2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Oct-Dec
\n
<\/b>2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTime and voyage charter revenues<\/p>\n<\/td>\n | \n \n80,764<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n77,745<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n89,319<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n313,620<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n347,081<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nVessel and other management fee revenues<\/p>\n<\/td>\n | \n \n722<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n767<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,308<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,890<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14,301<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of intangible assets and liabilities – charter agreements, net<\/p>\n<\/td>\n | \n \n3,081<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,922<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,517<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,987<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17,628<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total operating revenues<\/b><\/p>\n<\/td>\n | \n 84,567<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 82,434<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 97,144<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 338,497<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 379,010<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nVessel operating expenses<\/p>\n<\/td>\n | \n \n(18,489<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(17,950<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16,804<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(71,070<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(72,783<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nVoyage, charter hire and commission expenses, net<\/p>\n<\/td>\n | \n \n(2,742<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,179<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,019<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(6,260<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,532<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdministrative expenses<\/p>\n<\/td>\n | \n \n(4,952<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,661<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,372<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(21,936<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(24,173<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization<\/p>\n<\/td>\n | \n \n(19,840<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(18,696<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(18,898<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(76,282<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(76,629<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total operating expenses<\/b><\/p>\n<\/td>\n | \n (46,023<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (43,486<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (42,093<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (175,548<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (178,117<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Operating income<\/b><\/p>\n<\/td>\n | \n 38,544<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 38,948<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 55,051<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 162,949<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 200,893<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Other non-operating income<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n 42,549<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Financial income\/(expense):<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest income<\/p>\n<\/td>\n | \n \n1,793<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,186<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n1,743<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n6,041<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,227<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense<\/p>\n<\/td>\n | \n \n(20,978<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(18,825<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(20,463<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(78,661<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(80,190<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGains\/(losses) on derivative instruments<\/p>\n<\/td>\n | \n \n11,037<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(12,485<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(13,115<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n13,918<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,278<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther financial items, net<\/p>\n<\/td>\n | \n \n(1,185<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(533<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(426<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(3,170<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,838<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Financial expenses, net<\/b><\/p>\n<\/td>\n | \n (9,333<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (30,657<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n (32,261<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n (61,872<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (66,523<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Income before income taxes and non-controlling interests<\/b><\/p>\n<\/td>\n | \n 29,211<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n 8,291<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 22,790<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 101,077<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 176,919<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome taxes, net<\/p>\n<\/td>\n | \n \n176<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n(167<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(375<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(277<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(556<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net income<\/b><\/p>\n<\/td>\n | \n 29,387<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n 8,124<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 22,415<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n 100,800<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 176,363<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet (income)\/loss attributable to non-controlling interests<\/p>\n<\/td>\n | \n \n(2,034<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(351<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,658<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,634<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net income attributable to the Owners of Cool Company Ltd.<\/b><\/p>\n<\/td>\n | \n 27,353<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 8,149<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 22,064<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 98,142<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 174,729<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net (income)\/loss attributable to:<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nOwners of Cool Company Ltd.<\/p>\n<\/td>\n | \n \n27,353<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,149<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22,064<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n98,142<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n174,729<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-controlling interests<\/p>\n<\/td>\n | \n \n2,034<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(25<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n351<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n2,658<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,634<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net income<\/b><\/p>\n<\/td>\n | \n 29,387<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 8,124<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 22,415<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n 100,800<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 176,363<\/b><\/p>\n<\/td>\n | | <\/tr>\n \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Cool Company Ltd.<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Unaudited Condensed Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n At December 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n At December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (in thousands of $, except number of shares)<\/i><\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n (Audited)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n ASSETS<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Current assets<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents<\/p>\n<\/td>\n | \n \n165,274<\/p>\n<\/td>\n | | \n\n \n133,496<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestricted cash and short-term deposits<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | | \n\n \n3,350<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIntangible assets, net<\/p>\n<\/td>\n | \n \n629<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n825<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTrade receivable and other current assets<\/p>\n<\/td>\n | \n \n7,643<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12,923<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInventories<\/p>\n<\/td>\n | \n \n3,666<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,659<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total current assets<\/b><\/p>\n<\/td>\n | \n 177,212<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 154,253<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Non-current assets<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestricted cash<\/p>\n<\/td>\n | \n \n446<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n492<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIntangible assets, net<\/p>\n<\/td>\n | \n \n7,469<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9,438<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNewbuildings<\/p>\n<\/td>\n | \n \n105,668<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n181,904<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nVessels and equipment, net<\/p>\n<\/td>\n | \n \n1,939,626<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,700,063<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther non-current assets<\/p>\n<\/td>\n | \n \n12,715<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,793<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total assets<\/b><\/p>\n<\/td>\n | \n 2,243,136<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2,056,943<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n LIABILITIES AND EQUITY<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Current liabilities<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent portion of long-term debt and short-term debt<\/p>\n<\/td>\n | \n \n141,996<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n194,413<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTrade payable and other current liabilities<\/p>\n<\/td>\n | \n \n101,734<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n98,917<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total current liabilities<\/b><\/p>\n<\/td>\n | \n 243,730<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 293,330<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Non-current liabilities<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLong-term debt<\/p>\n<\/td>\n | \n \n1,163,879<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n866,671<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther non-current liabilities<\/p>\n<\/td>\n | \n \n74,027<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n90,362<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total liabilities<\/b><\/p>\n<\/td>\n | \n 1,481,636<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1,250,363<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Equity<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOwners’ equity includes 53,726,718 (2023: 53,702,846) common shares of $1.00 each, issued and outstanding<\/p>\n<\/td>\n | \n \n761,500<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n735,990<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-controlling interests<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n70,590<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total equity<\/b><\/p>\n<\/td>\n | \n 761,500<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 806,580<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total liabilities and equity<\/b><\/p>\n<\/td>\n | \n 2,243,136<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2,056,943<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Cool Company Ltd.<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Unaudited Condensed Consolidated Statements of Cash Flows<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n (in thousands of $)<\/i><\/p>\n<\/td>\n | \n Jan-Dec
\n
<\/b>2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Jan-Dec
\n
<\/b>2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Operating activities<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income<\/p>\n<\/td>\n | \n \n100,800<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n176,363<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments to reconcile net income to net cash provided by operating activities:<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization expenses<\/p>\n<\/td>\n | \n \n76,282<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n76,629<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of intangible assets and liabilities arising from charter agreements, net<\/p>\n<\/td>\n | \n \n(15,987<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(17,628<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of deferred charges and fair value adjustments<\/p>\n<\/td>\n | \n \n4,128<\/p>\n<\/td>\n | | \n | \n\n \n4,124<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGain on sale of vessel<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(42,549<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDrydocking expenditure<\/p>\n<\/td>\n | \n \n(23,931<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(4,547<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCompensation cost related to share-based payment, net<\/p>\n<\/td>\n | \n \n2,013<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,447<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in fair value of derivative instruments<\/p>\n<\/td>\n | \n \n(2,631<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,306<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare based payments<\/p>\n<\/td>\n | \n \n(536<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(232<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Changes in assets and liabilities:<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n \n| \n \nTrade accounts receivable<\/p>\n<\/td>\n | \n \n7,672<\/p>\n<\/td>\n | | \n | \n\n \n(7,044<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInventories<\/p>\n<\/td>\n | \n \n(7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(2,668<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther current and other non-current assets<\/p>\n<\/td>\n | \n \n(2,695<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,864<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmounts due to related parties<\/p>\n<\/td>\n | \n \n(463<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(1,254<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTrade accounts payable<\/p>\n<\/td>\n | \n \n(940<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n18,486<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued expenses<\/p>\n<\/td>\n | \n \n(2,928<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(6,367<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther current and non-current liabilities<\/p>\n<\/td>\n | \n \n5,333<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n3,724<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net cash provided by operating activities<\/b><\/p>\n<\/td>\n | \n 146,110<\/b><\/p>\n<\/td>\n | | \n | \n\n 198,926<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Investing activities<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdditions to vessels and equipment<\/p>\n<\/td>\n | \n \n(26,532<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13,801<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdditions to newbuildings<\/p>\n<\/td>\n | \n \n(160,958<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(181,287<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdditions to intangible assets<\/p>\n<\/td>\n | \n \n(132<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,344<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProceeds from sale of vessels & equipment<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n184,300<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net cash (used in) \/ provided by investing activities<\/b><\/p>\n<\/td>\n | \n (187,622<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (12,132<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Financing activities<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProceeds from short-term and long-term debt<\/p>\n<\/td>\n | \n \n411,347<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n110,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRepayments of short-term and long-term debt (1)<\/sup><\/p>\n<\/td>\n| \n \n(257,384<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n(203,130<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinancing arrangement fees and other costs<\/p>\n<\/td>\n | \n \n(9,960<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,892<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash dividends paid<\/p>\n<\/td>\n | \n \n(74,109<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(87,511<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net cash provided by \/ (used in) financing activities<\/b><\/p>\n<\/td>\n | \n 69,894<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (182,533<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net increase in cash, cash equivalents and restricted cash<\/b><\/p>\n<\/td>\n | \n \n28,382<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n4,261<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cash, cash equivalents and restricted cash at beginning of period<\/b><\/p>\n<\/td>\n | \n \n137,338<\/p>\n<\/td>\n | | \n | \n\n \n133,077<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cash, cash equivalents and restricted cash at end of period<\/b><\/p>\n<\/td>\n | \n 165,720<\/b><\/p>\n<\/td>\n | | \n | \n\n 137,338<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n (1) <\/sup>Repayments of short-term and long-term debt includes $148.4 million paid by the Company to exercise its option to repurchase Kool Ice<\/i> and Kool Kelvin<\/i>, under their respective sale and leaseback agreements.<\/p>\n<\/td>\n<\/tr>\n\n | <\/tr>\n<\/table>\n\n\n| \n Cool Company Ltd.<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Unaudited Condensed Consolidated Statements of Changes in Equity<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n For the twelve months ended December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (in thousands of $, except number of shares)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Number of
\n
<\/b>common
\n
shares<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Owners\u2019
\n
Share
\n
Capital<\/b><\/p>\n<\/td>\n | \n Additional
\n
Paid-in
\n
Capital(1)<\/sup><\/b><\/p>\n<\/td>\n\n Retained
\n
Earnings<\/b><\/p>\n<\/td>\n | \n Owners’
\n
Equity<\/b><\/p>\n<\/td>\n | \n Non-
\n
<\/b>controlling
\n
<\/b>Interests<\/b><\/p>\n<\/td>\n | \n Total
\n
<\/b>Equity<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Consolidated balance at December 31, 2023 (audited)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53,702,846<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53,703<\/b><\/p>\n<\/td>\n | \n 509,327<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 172,960<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 735,990<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 70,590<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 806,580<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n98,142<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 98,142<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,658<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 100,800<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDeconsolidation of lessor<\/p>\n \nVIEs (2)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(73,248<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n (73,248<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nRestricted stock units<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n23,872<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n24<\/p>\n<\/td>\n | \n \n(24<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare based payments contribution, net of share based payments<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n1,672<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1,672<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1,672<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForfeitures of share based compensation<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n(195<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (195<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (195<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nDividends<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(74,109<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n (74,109<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (74,109<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Consolidated balance at<\/b><\/p>\n December 31, 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53,726,718<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53,727<\/b><\/p>\n<\/td>\n | \n 510,780<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 196,993<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 761,500<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 761,500<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n For the twelve months ended December 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (in thousands of $, except number of shares)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Number of
\n
<\/b>common
\n
shares<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Owners\u2019
\n
Share
\n
Capital<\/b><\/p>\n<\/td>\n | \n Additional
\n
Paid-in
\n
Capital(1)<\/sup><\/b><\/p>\n<\/td>\n\n Retained
\n
Earnings<\/b><\/p>\n<\/td>\n | \n Owners’
\n
Equity<\/b><\/p>\n<\/td>\n | \n Non-
\n
<\/b>controlling
\n
<\/b>Interests<\/b><\/p>\n<\/td>\n | \n Total
\n
<\/b>Equity<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Consolidated balance at December 31, 2022 (audited)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53,688,462<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53,688<\/b><\/p>\n<\/td>\n | \n 507,127<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 85,742<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 646,557<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 68,956<\/b><\/p>\n<\/td>\n | \n 715,513<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n174,729<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 174,729<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,634<\/p>\n<\/td>\n | \n 176,363<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare based payments contribution, net of share based payments<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n2,215<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2,215<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n 2,215<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestricted stock units<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14,384<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15<\/p>\n<\/td>\n | \n \n(15<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDividends<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(87,511<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n (87,511<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n (87,511<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Consolidated balance at<\/b><\/p>\n December 31, 2023 (audited)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53,702,846<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53,703<\/b><\/p>\n<\/td>\n | \n 509,327<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 172,960<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 735,990<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 70,590<\/b><\/p>\n<\/td>\n | \n 806,580<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(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.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2) On November 14, 2024, the Company exercised its option to repurchase Kool Ice<\/i> and Kool Kelvin.<\/i> 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 amounting to $73.2 million included within non-controlling interests has been deconsolidated.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Appendix A – Non-GAAP Financial Measures and Definitions<\/b><\/p>\n Non-GAAP Financial Metrics Arising from How Management Monitors the Business<\/b><\/p>\n \nIn 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.<\/p>\n \n\n| \n Non-GAAP measure<\/b><\/p>\n<\/td>\n | \n Closest equivalent US GAAP measure<\/b><\/p>\n<\/td>\n | \n Adjustments to reconcile to primary financial statements prepared under US GAAP<\/b><\/p>\n<\/td>\n | \n Rationale for presentation of the non-GAAP measure<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Performance Measures<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Adjusted EBITDA<\/i><\/b><\/p>\n<\/td>\n | \n \nNet income<\/p>\n<\/td>\n | \n \n+\/- Other non-operating income<\/p>\n \n+\/- Net financial expense, representing: Interest income, Interest expense, (Gains)\/losses on derivative instruments and Other financial items, net<\/p>\n \n+\/- Income taxes, net<\/p>\n \n+ Depreciation and amortization<\/p>\n \n– Amortization of intangible assets and liabilities – charter agreements, net<\/p>\n<\/td>\n | \n \nIncreases 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 tax items.<\/p>\n<\/td>\n<\/tr>\n | \n| \n Average daily TCE<\/i><\/b><\/p>\n<\/td>\n | \n \nTime and voyage charter revenues<\/p>\n<\/td>\n | \n \n– Voyage, charter hire and commission expenses, net<\/p>\n \n\u00a0<\/p>\n \nThe above total is then divided by calendar days less scheduled off-hire days.<\/p>\n<\/td>\n | \n \nMeasure of the average daily net revenue performance of a vessel.<\/p>\n \n\u00a0<\/p>\n \nStandard shipping industry performance measure used primarily to compare period-to-period changes in the vessel\u2019s 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.<\/p>\n \n\u00a0<\/p>\n \nAssists management in making decisions regarding the deployment and utilization of its fleet and in evaluating financial performance.<\/p>\n<\/td>\n<\/tr>\n | \n| \n Liquidity measures<\/span><\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Total Contractual Debt<\/i><\/b><\/p>\n<\/td>\n | \n \nTotal debt (current and non-current), net of deferred finance charges<\/p>\n<\/td>\n | \n \n+ VIE Consolidation and fair value adjustments upon acquisition<\/p>\n \n+ Deferred Finance Charges<\/p>\n<\/td>\n | \n \nWe consolidate two lessor VIEs for our sale and leaseback facilities (for the vessels Ice<\/i> and Kelvin<\/i>). This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIEs\u2019 debt.<\/p>\n \n\u00a0<\/p>\n \nContractual debt represents our actual debt obligations under our various financing arrangements before consolidating the lessor VIEs.<\/p>\n \n\u00a0<\/p>\n \nWe 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.<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Company Cash<\/i><\/b><\/p>\n<\/td>\n | \n \nCoolCo cash based on GAAP measures:<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n+ Cash and cash equivalents<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n\u00a0<\/p>\n \n+ Restricted cash and short-term deposits (current and non-current)<\/p>\n<\/td>\n | \n \n– VIE restricted cash and short-term deposits (current and non-current)<\/p>\n<\/td>\n | \n \nWe consolidate two lessor VIEs for our sale and leaseback facilities. This means that on consolidation, we include restricted cash held by the lessor VIEs.<\/p>\n \n\u00a0<\/p>\n \nTotal Company Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor VIEs.<\/p>\n \n\u00a0<\/p>\n \nWe believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors.<\/p>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Reconciliations – Performance Measures<\/span><\/b><\/p>\nAdjusted EBITDA<\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n For the three months ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (in thousands of $)<\/i><\/p>\n<\/td>\n | \n Oct-Dec
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<\/b>2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Jul-Sep
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<\/b>2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Oct-Dec
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<\/b>2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |