Sale of the Golar Seal

20 Feb 2023 08:00 CET

Bermuda, February 20, 2023: Cool Company Ltd. (“CoolCo” or the “Company”) has
entered into a agreement to sell the Golar Seal (IMO: 9624914) (the “Vessel”)
for $184.3 million. The transaction is expected to close on redelivery of the
Vessel from its current charter in late March, meaning the buyer shall assume
all costs associated with the Vessel’s forthcoming dry-dock, increasing the
effective economic value to CoolCo to approximately $190 million.

Richard Tyrrell, CEO, commented:

“Through the sale of the Golar Seal, the earliest vessel in our fleet to be
built, we are demonstrating our disciplined approach to locking in shareholder
value. The valuation highlights the re-pricing of the LNG carrier market and
strategic value of such LNG infrastructure assets. A 2.5x cash-on-cash return in
little more than 12 months since CoolCo’s formation shows the considerable
upside in our fleet.

The transaction releases approximately $94 million in cash that will be
available in the event the Company decides to exercise its option agreement on
two highly sought-after Hyundai Samho vessels, now scheduled for delivery ahead
of contract in the second half of 2024.”

About CoolCo
CoolCo is a growth-oriented owner, operator and manager of fuel-efficient
liquefied natural gas (“LNG”) carriers. Using its integrated, in-house vessel
management platform, CoolCo provides charterers and third-party LNG vessel
owners with modern and flexible management and transportation solutions,
delivering a lesser-emitting form of energy that supports decarbonization
efforts, economic growth, energy security, and improvements in quality of life.
CoolCo intends to leverage its industry relationships to make further accretive
acquisitions of in-service LNGCs, and to selectively pursue newbuild
opportunities.

Additional information about CoolCo can be found at www.coolcoltd.com.

For further information, please contact:
ir@coolcoltd.com

Forward-looking Statements
This press release may be deemed to include statements that are forward-looking
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995,
including statements with respect to our agreement to sell the Vessel, expected
closing of the sale, valuation, upside potential in our fleet, cash release, and
option to acquire two newbuild vessels and expected delivery of those vessels
and other non-historical statements. Forward-looking statements are typically
identified by words or phrases, such as “about”, “believe,” “expect,” “plan,”
“goal,” “target,” “strategy,” and similar expressions or future or conditional
verbs such as “may,” “will,” “should,” “would,” and “could.” These statements
are based on our current estimates or expectations of future events or future
results and are subject to risks and uncertainties and actual results could
differ materially from those indicated by these statements and involve risks and
uncertainties, including risks indicated in the risk factors included in our
registration statement on Form 20-F filed with the Securities and Exchange
Commission. The forward-looking statements included in this press release are
made and based on information available at the time of the release, and the
Company assumes no obligation to update any forward-looking statement.

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.

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