LONDON–(BUSINESS WIRE)–This release includes business updates and unaudited interim financial results for the three (“Q3”, “Q3 2024” or the “Quarter”) and nine months (“9M 2024”) ended September 30, 2024 of Cool Company Ltd. (“CoolCo” or the “Company”) (NYSE:CLCO / CLCO.OL).
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Q3 Highlights and Subsequent Events
- Generated total operating revenues of $82.4 million in Q3, compared to $83.4 million for the second quarter of 2024 (“Q2” or “Q2 2024”), due to three vessels undergoing scheduled drydocking during the Quarter;
- Net income of $8.11 million in Q3, compared to $26.51 million for Q2 with the decrease primarily related to a loss in our mark-to-market interest rate swaps;
- Achieved average Time Charter Equivalent Earnings (“TCE”)2 of $81,600 per day for Q3, compared to $78,400 per day for Q2, primarily due to contribution from one vessel that recently started a higher rate charter;
- Adjusted EBITDA2 of $53.7 million for Q3, compared to $55.7 million for Q2;
- Took delivery of newbuild vessel, Kool Tiger, from shipyard in October which was repositioned in the Atlantic Basin for spot market employment on an interim basis until a long-term charter is secured;
- Completed drydocks for two vessels during Q3 2024, taking around 21 days and ahead of schedule. Subsequent to the Quarter, a drydock for another vessel was completed, which included LNGe upgrades;
- Obtained commercial bank approval for a refinancing of our $570 million bank facility into a reducing revolving credit facility, which will provide approximately $120 million in additional borrowing capacity, while lowering margin and extending maturity to late 2029;
- Declared a quarterly dividend of $0.15 per share, payable to shareholders of record on December 2, 2024;
- Subsequent to Quarter end, the Board approved a share repurchase program of up to $40 million to be executed over a 24-month period.
Richard Tyrrell, CEO, commented:
Our contracted fleet and efficient dry-docking enabled us to reach the upper end of TCE guidance for the third quarter, despite a soft market backdrop that is expected to impact us in the fourth quarter. While we work to secure their long-term employment, the newly delivered Kool Tiger and the available Kool Glacier are currently subject to weaker rates in the short-term market. However, by design, our backlog from our remaining 10 vessels and one newbuild vessel, set for…
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