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Cool transaction with Golar Management

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Bermudian-based Cool Company Ltd has acquired from Golar Management (Bermuda) Limited the management organisation responsible for the technical and commercial management of its liquefied natural gas carriers and the provision of such services to third parties.

CoolCo said it paid the previously agreed purchase price of $5 million in cash for the shares plus $1.5 million in working capital.

As part of the transaction, approximately 600 maritime and office-based personnel become employees of CoolCo.

Richard Tyrrell has assumed his position as CEO of CoolCo, replacing interim CEO Karl Fredrik Staubo.

Mr Tyrrell said: “CoolCo is delighted to formally welcome the members of the Golar LNG team that provide first-class technical and commercial management services to our owned fleet of eight LNG carriers, in addition to providing such services to 20 third-party vessels.

“The acquisition of the management organisation is the last in a series of transactions to establish CoolCo, a growth-oriented LNG carrier company aiming to become the foremost publicly listed energy shipper.”

CoolCo is incorporated under the laws of Bermuda.

The company also has offices in the United Kingdom, Norway, Malaysia, and Croatia.

Flex LNG in new deals

Flex LNG Ltd, the Bermudian-based liquefied natural gas shipping company, has announced new time charter agreements for the Flex Rainbow, Flex Enterprise and Flex Amber, which are the three open positions that the company has been marketing.

Flex LNG and the charterer of the Flex Enterprise and Flex Amber, a super major, have agreed to replace the existing variable time charters which are due in October 2023 and March 2024 with new fixed-hire time charters.

The duration of each of the new time charters is seven years. The commencement of the new time charters will be in the third quarter of this year with expiry in the third quarter of 2029.

Additionally, Flex LNG and the charterer of the Flex Rainbow, a large global trading company, have agreed a new ten-year fixed-rate time charter for the Flex Rainbow that will commence in direct continuation of the existing time charter, which expires in January 2023. The new time charter will expire in early 2033.

The new time charter agreements remain subject to final documentation and customary closing conditions.

Øystein Kalleklev, CEO of Flex LNG Management AS, said: “Altogether this adds about $750 million of fixed backlog, reflecting the strong period market today.

“Not only are we agreeing long-term employment for these three ships, but we are also pleased that we are doing so with the existing charterers, which have been repeating customers.

“This demonstrates the attractiveness of not only of the ships, but also the high service level of professionalism of the entire organisation, from seafarers to the people onshore.”

He added: “With these new contracts we have substantially increased our earnings backlog. After these new contracts, our firm minimum backlog is 54 years with another 28 years of possible extension options.

“The high degree of earnings backlog will further strengthen our ability to continue to pay attractive dividends, making Flex LNG an attractive investment and a place to work at.”

Seadrill extensions

Seadrill Limited, the offshore drilling company based in Bermuda, has been awarded contract extensions for the AOD I, AOD III and West Callisto for work offshore in the Arabian Gulf.

The firm term of each contract is three years with commencement in direct continuation of the current contracts.

The AOD I, AOD III and West Callisto are now committed to June 2025, December 2025 and November 2025, respectively.

The total contract value for the three contracts is approximately $361 million in aggregate.

Simon Johnson, Seadrill chief executive officer, said: "We are pleased to be extending these rigs in the Arabian Gulf, solidifying Seadrill's strong market share and further extending our impressive backlog.

“These contracts demonstrate the value customers place on Seadrill's operational performance and safety record. The extensions also reflect the commitment and energy of our crews on board the AOD I, AOD III and West Callisto and the shore-based teams that support them."

SFL names director

SFL Corporation Ltd, one of the world’s largest ship-owning companies, has appointed Will Homan-Russell as a director of the company.

The Bermudian-based company said Mr Homan-Russell is an experienced professional investor in the maritime sector, currently serving as chief investment officer of British-based WMC Capital Ltd, where he co-founded Albemarle Shipping Fund.

From 2003 to 2018 he worked for Tufton Oceanic Limited, a fund management company specialising in investments in the maritime and energy sectors.

Mr Homan-Russell holds an MA in mathematics from Oxford University and an MSc in finance from the London Business School.

Flex Enterprise, part of the Flex LNG Ltd fleet
Øystein Kalleklev, CEO of Flex LNG Management AS (File photograph)
Simon Johnson, Seadrill chief executive officer

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Published July 06, 2022 at 7:53 am (Updated July 06, 2022 at 7:53 am)

Cool transaction with Golar Management

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