Liam Burke

Frode Morkedal

Alexander Bidwell

Bendik Nyttingnes

Climent Molins

Mike Webber

Nils Thompson

Petter Haugen

- Cool Company Ltd. (CoolCo) has entered into a merger agreement with EPS Ventures Ltd (EPS), under which EPS will acquire all outstanding CoolCo shares not already held by it for **$9.65 in cash per common share**.  **[1944057_0001944057-25-000039_ex993-jointpressreleased.htm:0]** **[1944057_0001944057-25-000039_form6-kcoversheetv11.htm:1]** **[1944057_0001944057-25-000039_ex-991xexaxstatutorymerg.htm:1]** 
- This acquisition price represents a **26% premium** to CoolCo's closing price on September 22, 2025, and a **38% premium** to its 90-day volume-weighted average share price through that date.  **[1944057_0001944057-25-000039_ex993-jointpressreleased.htm:0]** 
- CoolCo's Board of Directors and its independent Special Committee have unanimously approved the transaction and recommend shareholders vote in favor.  **[1944057_0001944057-25-000039_ex993-jointpressreleased.htm:0]** **[1944057_0001944057-25-000039_ex-991xagreementandplano.htm:22]** 
- EPS, holding approximately **59.3%** of CoolCo's outstanding common shares, has committed to voting its shares in favor of the merger.  **[1944057_0001944057-25-000039_ex993-jointpressreleased.htm:1]** **[1944057_0001944057-25-000039_form6-kcoversheetv11.htm:4]** 
- The merger is anticipated to close in the **fourth quarter of 2025 or the first quarter of 2026**  **[1944057_0001944057-25-000039_ex993-jointpressreleased.htm:1]** **[1944057_0001944057-25-000039_form6-kcoversheetv11.htm:3]** , and CoolCo has **terminated its stock repurchase program** in response to the agreement.  **[1944057_0001944057-25-000039_form6-kcoversheetv11.htm:4]**

Cool Company Ltd. Enters Merger Agreement with EPS Ventures Ltd.

- **Cool Company Ltd. (CLCO)** and **EPS Ventures Ltd (EPS)** have announced an agreement in principle for EPS to acquire all outstanding shares of CoolCo not already held by EPS for **$9.65 in cash per common share**.  **[1944057_0001944057-25-000036_coolcompanyltdannouncesa.htm:0]** 
- The proposed acquisition price represents a **26% premium** to CoolCo's closing price on September 22, 2025, and a **38% premium** to the 90-trading day volume-weighted average share price through September 22, 2025.  **[1944057_0001944057-25-000036_coolcompanyltdannouncesa.htm:0]** 
- Upon completion, CoolCo would become wholly owned by EPS and would seek to be **delisted** from the New York Stock Exchange and Euronext Growth Oslo.  **[1944057_0001944057-25-000036_coolcompanyltdannouncesa.htm:0]** 
- EPS, which already owns **59.3%** of CoolCo's common shares, intends to support the merger, with a target closing in the **fourth quarter of 2025 or the first quarter of 2026**.  **[1944057_0001944057-25-000036_coolcompanyltdannouncesa.htm:0]**

CoolCo Announces Agreement in Principle for Acquisition by EPS Ventures

- Cool Co reported **Q2 2025 total operating revenue of $85,500,000** and **adjusted EBITDA of $56,500,000**, with an average Time Charter Equivalent (TCE) of **$69,900 per day**.  **[1944057_tx_253855_1]** **[1944057_tx_253855_4]** 
- The company has completed **four out of five planned LNG upgrades** to its vessels, costing **$10,000,000 each**, which are currently yielding a **$5,000 per day premium**.  **[1944057_tx_253855_2]** **[1944057_tx_253855_6]** **[1944057_tx_253855_7]** **[1944057_tx_253855_8]** 
- Cool Co maintains a strong backlog with **50% of its fleet days covered until 2027**, providing stability amidst a challenging spot market where two vessels are expected to see rates **down over $100,000 per day** in Q4 after rolling off long-term charters.  **[1944057_tx_253855_2]** **[1944057_tx_253855_3]** **[1944057_tx_253855_4]** 
- The company enhanced its financial position by hedging **75% of its total notional debt** at an average interest cost of **5.6%** and repurchased **859,000 shares** at an average price of **$5.77 per share**, reducing its share count by **1.6%**.  **[1944057_tx_253855_4]** **[1944057_tx_253855_5]**

Cool Co (CLCO)