Cool (CLCO) 6-K 31 Aug 23 2023 Q2 Current report (foreign) Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Entity File Number	001-41625
Entity Registrant Name	Cool Company Ltd.
Entity Address, Address Line One	2nd Floor
Entity Address, Address Line Two	S.E. Pearman Building
Entity Address, Address Line Three	9 Par-la-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 11
Entity Address, Country	BM
Entity Central Index Key	0001944057
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	1 Months Ended		5 Months Ended		6 Months Ended
	Jan. 26, 2022		Jun. 30, 2022	[1]	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total operating revenues	$ 43,456	[1]	$ 56,892		$ 188,965
Vessel operating expenses	(7,706)	[1]	(13,302)		(37,423)
Voyage, charter hire and commission expenses, net	(1,229)	[1]	(357)		(2,376)
Administrative expenses	(5,422)	[1]	(2,636)		(12,865)
Depreciation and amortization	(5,745)	[2]	(14,966)		(38,795)
Total operating expenses	(20,102)	[1]	(31,261)		(91,459)
Other operating income	4,374	[1]	0		0
Operating income	27,728	[1]	25,631		97,506
Other non-operating income	0	[1]	0		42,549
Interest income	4	[1]	59		4,308
Interest expense	(4,725)	[1]	(6,672)		(39,348)
Gains on derivative instruments	0	[1]	0		10,704
Other financial items, net	622	[1]	(1,359)		(807)
Net financial expense	(4,099)	[1]	(7,972)		(25,143)
Income before income taxes and non-controlling interests	23,629	[1]	17,659		114,912
Income taxes	(385)	[1]	0		(134)
Net income	23,244	[2]	17,659	[2],[3]	114,778
Net income attributable to non-controlling interests	(8,206)	[1]	(811)		(943)
Net income attributable to the Owners of Cool Company Ltd. / Predecessor's Parent	$ 15,038	[1]	$ 16,848		$ 113,835
Earnings/(loss) per share attributable to Golar LNG Ltd stockholders Per common share amounts:
Basic earnings/(loss) per share (in dollars per share)	$ 14.89	[1]	$ 0.42		$ 2.12
Diluted earnings/(loss) per share (in dollars per share)	$ 14.89	[1]	$ 0.42		$ 2.12
Time and voyage charter revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total operating revenues	$ 37,289	[1]	$ 49,822		$ 173,239
Vessel and other management fee revenues
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total operating revenues	6,167	[1]	0		7,133
Amortization of intangible assets and liabilities arising from charter agreements, net
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total operating revenues	$ 0	[1]	$ 7,070		$ 8,593
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[2]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[3]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	1 Months Ended		5 Months Ended		6 Months Ended
	Jan. 26, 2022		Jun. 30, 2022	[2]	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 23,244	[1]	$ 17,659	[1],[3]	$ 114,778
Comprehensive income	23,244	[2]	17,659		114,778
Comprehensive income attributable to:
Owners of Cool Company Ltd. / Predecessor's Parent	15,038	[2]	16,848		113,835
Net income	8,206	[2]	811		943
Comprehensive income	$ 23,244	[2]	$ 17,659		$ 114,778
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[2]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[3]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	[1]	$ 309,419	$ 129,135
Restricted cash and short-term deposits	[1]	3,554	3,435
Trade accounts receivable		6,351	2,467
Intangible assets, net		2,570	5,552
Inventories		604	991
Other current assets		4,028	3,758
Total current assets		326,526	145,338
Non-current assets
Restricted cash (non-current portion)	[1]	474	507
Newbuildings		113,787	0
Vessels and equipment, net		1,733,799	1,893,407
Intangible assets, net		8,571	8,315
Other non-current assets		20,024	10,494
Total assets		2,203,181	2,058,061
Current liabilities
Current portion of long-term debt and short-term debt		159,739	180,065
Trade accounts payable		31,405	2,576
Accrued expenses		54,597	51,275
Total current liabilities		412,349	278,589
Non-current liabilities
Long-term debt		904,162	958,237
Other non-current liabilities		98,669	105,722
Total liabilities		1,415,180	1,342,548
Commitments and contingencies
Equity
Owners' share capital		53,688	53,688
Additional paid-in capital		508,324	507,127
Retained earnings		156,090	85,742
Total Owners' Equity		718,102	646,557
Non-controlling interests		69,899	68,956
Total equity	[2]	788,001	715,513
Total liabilities and equity		2,203,181	2,058,061
Nonrelated Party
Current liabilities
Other current liabilities		52,464	43,047
Related Party
Current liabilities
Other current liabilities		$ 114,144	$ 1,626
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[2]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		1 Months Ended		5 Months Ended		6 Months Ended
		Jan. 26, 2022		Jun. 30, 2022		Jun. 30, 2023
Operating activities
Net income		$ 23,244	[1]	$ 17,659	[1],[2],[3]	$ 114,778
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expenses		5,745	[1]	14,966	[3]	38,795
Amortization of intangible assets and liabilities charter agreements, net		0	[1]	(7,070)	[1]	(8,593)
Amortization of deferred charges		1,588	[1]	441	[1]	2,319
Gain on sale of vessels and equipment		0	[1]	0	[1]	(42,549)
Drydocking expenditure		0	[1]	0	[1]	(4,284)
Compensation cost related to share-based payment		238	[1]	0	[1]	1,197
Change in fair value of derivative instruments		0	[1]	0	[1]	(6,446)
Change in assets and liabilities:
Trade accounts receivable		(117)	[1]	(2,285)	[1]	(3,885)
Inventories		0	[1]	(1,298)	[1]	387
Other current and other non-current assets		(7,226)	[1]	5,158	[1]	(4,892)
Amounts (due to) /from related parties		1,252	[1]	3,067	[1]	(1,270)
Trade accounts payable		(400)	[1]	991	[1]	26,966
Accrued expenses		(180)	[1]	3,261	[1]	(7,178)
Other current and non-current liabilities		2,957	[1]	(598)	[1]	12,236
Net cash provided by operating activities		27,101	[1]	34,292	[1]	117,581
Investing activities
Additions to vessels and equipment		0	[1]	0	[1]	(872)
Proceeds from sale of vessels and equipment		0	[1]	0	[1]	184,300
Additions to intangible assets		0	[1]	0	[1]	(432)
Consideration for acquisition of vessels and management entities		0	[1]	(218,276)	[1]	0
Net cash provided by / (used in) investing activities		0	[1]	(218,276)	[1]	182,996
Financing activities
Proceeds from short-term and long-term debt		0	[1]	570,000	[1]	70,000
Repayments of short-term and long-term debt		(498,832)	[1]	(24,862)	[1]	(144,828)
Financing arrangement fees and other costs		0	[1]	(6,128)	[1]	(1,892)
Cash dividends paid		0	[1]	0	[1]	(43,487)
Repayments of Parent's funding		(136,351)	[1]	0	[1]	0
Repayments to CoolCo in connection with acquisition, net of equity proceeds				(581,072)	[1]	0
Contributions from CoolCo in connection with acquisition, net of equity proceeds	[1]	581,072
Net proceeds from equity raise		0	[1]	267,056	[1]	0
Net cash (used in) / provided by financing activities		(54,111)	[1]	224,994	[1]	(120,207)
Net increase / (decrease) in cash, cash equivalents and restricted cash		(27,010)	[1]	41,010	[1]	180,370
Cash, cash equivalents and restricted cash at beginning of year		77,902	[1]	50,892	[1]	133,077	[4]
Cash, cash equivalents and restricted cash at end of year		$ 50,892	[1]	$ 91,902	[4]	$ 313,447	[4]
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[2]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[3]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[4]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED AND COMBINED CARVE OUT STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands		Total		Total Parent's / Owners' Equity	Share Capital	Contributed/Additional Paid-in Capital		Retained (Deficit) / Earnings	Non- controlling Interest
Shares outstanding, beginning of period (in shares) at Dec. 31, 2021	[1]				1,010,000,000
Balance at beginning of the period at Dec. 31, 2021	[1]	$ 743,055		$ 568,557	$ 1,010	$ 779,852	[2]	$ (212,305)	$ 174,498
Increase (Decrease) in Stockholders' Equity
Net income		23,244	[3]	15,038				15,038	8,206
Share based payments contribution		238		238		238	[2]
Deconsolidation of lessor VIEs		(115,412)							(115,412)
Shares outstanding, end of period (in shares) at Jan. 26, 2022	[1]				10,000,000
Balance at end of the period at Jan. 26, 2022	[1]	10		10	$ 10
Increase (Decrease) in Stockholders' Equity
Combined carve-out predecessor balance upon disposal (in shares)	[1]				1,010,000,000
Combined carve-out predecessor(1) balance upon disposal	[1]	651,125		583,833	$ 1,010	780,090	[2]	(197,267)	67,292
Cancellation of Parents' equity (in shares)	[4]				(1,000,000,000)
Cancellation of Parent's equity	[4]	(583,823)		(583,823)	$ (1,000)	(780,090)	[2]	197,267
Combined carve-out equity balance prior to acquisition (in shares)					10,000,000
Combined carve-out equity balance prior to acquisition		67,302		10	$ 10	0	[2]	0	67,292
Net income		17,659	[3],[5],[6]	16,848				16,848	811
Issuance of shares from private placement (in shares)					27,500,000,000
Issuance of shares from private placement		266,893		266,893	$ 27,500	239,393	[2]
Issuance of shares to Golar (in shares)					12,500,000,000
Issuance of shares to Golar		127,203		127,203	$ 12,500	114,703	[2]
Recognition of non-controlling interest upon acquisition	[4]	67,292							67,292
Fair value adjustment in relation to acquisition		(95)							(95)
Shares outstanding, end of period (in shares) at Jun. 30, 2022	[1]				40,010,000,000
Balance at end of the period at Jun. 30, 2022	[1]	478,962		410,954	$ 40,010	354,096	[2]	16,848	68,008
Shares outstanding, beginning of period (in shares) at Dec. 31, 2022	[7]				53,688,462,000
Balance at beginning of the period at Dec. 31, 2022	[7]	715,513		646,557	$ 53,688	507,127	[8]	85,742	68,956
Increase (Decrease) in Stockholders' Equity
Net income		114,778		113,835				113,835	943
Share based payments contribution		1,197		1,197		1,197	[8]
Dividends		(43,487)		(43,487)				(43,487)
Shares outstanding, end of period (in shares) at Jun. 30, 2023	[7]				53,688,462,000
Balance at end of the period at Jun. 30, 2023	[7]	$ 788,001		$ 718,102	$ 53,688	$ 508,324	[8]	$ 156,090	$ 69,899
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[2]Contributed / additional paid in capital refers to the amounts of capital contributed or paid in over and above the par value of theCompany’s issued share capital.[3]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[4]Represents cancellation of Parent's aggregated equity, upon disposal of entities to CoolCo pursuant to the Vessel SPA and ManCo SPA,previously presented on a combined carve-out basis during the Predecessor period.[5]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[6]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[7]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[8]Additional paid-in capital refers to the amounts of capital contributed or paid-in over and above the par value of the Company's issued share capital.

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Thousands		Jun. 30, 2023		Dec. 31, 2022		Jun. 30, 2022		Jan. 26, 2022		Dec. 31, 2021	[2]
Statement of Cash Flows [Abstract]
Cash and cash equivalents	[1]	$ 309,419		$ 129,135		$ 77,272		$ 28,919
Restricted cash and short-term deposits (current portion)	[1]	3,554		3,435		14,630		21,973
Restricted cash (non-current portion)	[1]	474		507		0		0
Total cash, cash equivalents, restricted cash and restricted cash equivalents		$ 313,447	[1]	$ 133,077	[1]	$ 91,902	[1]	$ 50,892	[2]	$ 77,902
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.[2]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	GENERAL The Cool Company Ltd. ( “ CoolCo ”, the “Company” or “Successor” ) is a private limited liability company incorporated in 2018 under the laws of Bermuda. In the period from the incorporation of CoolCo in October 2018 until early 2022 when the transactions described below occurred, the operations of CoolCo were considered insignificant. Beginning in 2022, CoolCo started engaging in the acquisition, ownership, operation and chartering of liquefied natural gas (“LNG”) carriers (“LNGCs”), and the operation of third party fleets under management agreements. The Company is currently listed on the Euronext Growth Oslo and New York Stock Exchange under the symbol "CLCO". As used herein and unless otherwise required by the context, the terms “CoolCo”, the “Company”, “we”, “our”, “us” and words of similar import refer to CoolCo or any one or more of its consolidated subsidiaries, or to all such entities. References to “ QPSL” refer to Quantum Pacific Shipping Ltd. and to any one or more of its subsidiaries. References to “EPS” refer to EPS Ventures Ltd., a wholly-owned subsidiary of QPSL. As of June 30, 2023 , CoolCo’s owned fleet comprised of eleven LNGCs, including seven modern tri-fuel diesel electric (“TFDE ” ) vessels we acquired from Golar LNG Limited (“Golar ”) and four vessels, comprising of two modern 2-stroke and two TFDE, acquired from Quantum Crude Tankers Ltd, an affiliate of EPS. CoolCo managed eighteen vessels (including both LNGCs and Floating Storage and Regasification Units (“FSRUs ” )) for third parties. A. Acquisitions from Golar LNG Limited Golar Shipping and Vessel Management (“GSVM” or "Predecessor”) was a carve-out business of Golar. During the Predecessor periods reported herein, GSVM was engaged in the acquisition, ownership, operation and chartering LNGCs, previously reported within the 'Shipping' segment by Golar, and the operation of third-party vessels under management agreements, previously reported within the 'Corporate and other' segment by Golar. On January 26, 2022, CoolCo entered into various agreements with Golar, including: 1) Vessel SPA : CoolCo and Golar entered into the Vessel SPA, as amended on February 25, 2022, pursuant to which CoolCo acquired all of the outstanding shares of nine of Golar’s wholly-owned subsidiaries on various dates in March and April 2022. Eight of these entities are each the registered or disponent owner or lessee of the following modern TFDE LNG carriers: Golar Seal, Golar Crystal, Golar Ice, Golar Bear, Golar Frost, Golar Glacier, Golar Snow and Golar Kelvin ( the "Original Vessels"), each of which operated, as of the acquisition date, under pre-existing time charters of various durations with major energy, utility and commodity trader counterparties. The ninth subsidiary, The Cool Pool Limited, is the entity responsible for the commercial marketing of these LNG carriers. Coolco sold one of the TFDE LNG carriers, Golar Seal , bought from Golar in March 2023. The purchase price for each vessel under the Vessel SPA was $145 million per vessel, subject to working capital and debt adjustments. Each acquisition of Golar’s subsidiaries closed on phased completion dates corresponding with the date that the respective Golar subsidiary debt was either refinanced with CoolCo’s Senior Secured Sustainability Linked Amortizing Term Loan (as described further below, for six of the Golar subsidiaries acquired) or assumed by CoolCo (for two of the Golar subsidiaries acquired, lender consent was obtained for the change of control of the existing sale and leaseback arrangements for the vessels Golar Ice and Golar Kelvin , further described in Note 5 herein), which were all subject to customary conditions precedent. CoolCo’s acquisitions closed on various dates from March 3, 2022 to April 5, 2022. 2) Revolving Credit Facility: CoolCo and Golar also entered into a Revolving Credit Facility (the "RCF") for up to $25.0 million (with a maturity date of January 2024, a fixed interest rate of 5% and a commitment fee of 50 basis points on the undrawn amount) to fund CoolCo’s working capital requirements. On May 28, 2023, CoolCo terminated the RCF and no further commitment fee shall be payable from this date. 3) Transitional Services Agreement: CoolCo and Golar entered into a Transitional Services Agreement (the "TSA"), which was subsequently replaced with the Administrative Services Agreement (the "ASA") pursuant to which Golar provided corporate administrative services to CoolCo for a fixed daily fee. The ASA expired on June 30, 2023. 4) ManCo Agreement: CoolCo and Golar agreed that following the conclusion of an internal reorganization of Golar’s management organization, CoolCo acquired Golar’s LNGC and FSRU management organization on June 30, 2022. On January 26, 2022, CoolCo authorized the issuance of 398,990,000 additional common shares at $1 par value, increasing the total number of authorized common shares to 400,000,000. These new common shares have the same rights as the issued and outstanding common shares prior to such date. On February 17, 2022, CoolCo entered into a s Senior Secured Sustainability Linked Amortizing Term Loan of $570.0 million (with a maturity date of March 2027 and an initial interest rate of the Secured Overnight Financing Rate plus 275 basis points) with a syndicate of banks, which CoolCo drew-down contemporaneously with the respective vessel acquisitions to refinance Golar’s existing financing relating to certain of the vessels acquired pursuant to the Vessel SPA, as discussed above. In February 2022, CoolCo sold 27.5 million common shares at a price of $10.00 per share raising proceeds of $275 million (net: $266.7 million) in a private placement (the “Private Placement”). The proceeds were also used to finance the acquisition of the Original Vessels. As a result of the Private Placement and post-acquisitions from Golar, EPS Ventures Ltd (“EPS”), a wholly-owned subsidiary of Quantum Pacific Shipping Ltd (“QPSL”), at the time became the largest shareholder with 37.5% of CoolCo’s common shares. Golar held 31.3% of the common shares and public shareholders held the remaining common shares. The common shares were listed on Norwegian Over-The-Counter Market (N-OTC) immediately following completion of the Private Placement. On February 22, 2022, CoolCo completed its listing of common shares on the Euronext Growth Oslo. Golar determined that it relinquished control of CoolCo on January 26, 2022. On June 30, 2022, CoolCo entered into various agreements (the "ManCo SPA") with Golar to purchase Golar's LNG carrier and FSRU management organization. Golar and CoolCo entered into the ManCo SPA (as contemplated in the ManCo Agreement), pursuant to which CoolCo acquired four of Golar's wholly-owned subsidiaries, including agreements to manage third parties' fleets of LNG carriers and FSRUs. Following completion of the transactions contemplated under the ManCo SPA, the employees of such entities would also become CoolCo employees. The aggregate amount of purchase consideration for Vessel SPA and ManCo SPA was $346.2 million. This was comprised of $127.9 million in the form of shares in the Company issued to Golar on each respective entity acquisition date pursuant to Vessel SPA, $211.7 million net cash consideration resulting from acquisition-related refinancing via the Company’s Senior Secured Sustainability Linked Amortizing Term Loan which was drawn-down contemporaneously with each respective vessel acquisition date and Vessel SPA working capital adjustments and ManCo SPA purchase price of approximately $6.6 million, including working capital adjustments, which was paid in cash. Golar and CoolCo also entered into an ASA, which replaced the TSA, for the provision of IT, accounting, treasury, finance operations and other corporate overhead functions from July 1, 2022 to June 30, 2023. The Company accounted for the acquisitions pursuant to Vessel SPA and ManCo SPA as asset acquisitions (Refer to Note 2c Acquisitions). The table below presents the fair values and excess purchase consideration that were allocated to the assets acquired and liabilities assumed based upon fair values as determined by CoolCo. Predecessor Successor (in $ millions) Amounts de-recognized on disposal 1 (a) Fair value and other adjustments 2 (B) Fair value of amounts acquired Excess purchase consideration allocation Amounts recognized upon acquisition Assets Acquired Vessels and equipment, net 1,387.3 (222.2) 1,165.1 27.9 1,193.0 Favorable Contract Intangible Assets — 13.5 13.5 — 13.5 Assembled Workforce — 4.5 4.5 0.1 4.6 Customer Relationships — 3.5 3.5 0.1 3.6 Other current and non-current assets 61.7 — 61.7 0.1 61.8 Total assets acquired: 1,449.0 (200.7) 1,248.3 28.2 1,276.5 Liabilities Assumed Current portion of long-term debt 154.5 (4.5) 150.0 — 150.0 Unfavorable contracts liabilities — 69.7 69.7 — 69.7 Other current and non-current liabilities 643.3 — 643.3 — 643.3 Total liabilities assumed: 797.8 65.2 863.0 — 863.0 Non-controlling interest 67.4 (0.1) 67.3 — 67.3 Net assets to be acquired: 583.8 (265.8) 318.0 28.2 346.2 Purchase consideration, net 3 346.2 Less: fair values of net assets acquired (318.0) Excess purchase consideration 28.2 1 The amounts derecognized upon disposal reflects the aggregate assets and liabilities that were specifically identifiable and directly attributable to the entities, acquired pursuant to the Vessel SPA, that closed on various dates from March 3, 2022 to April 5, 2022 and the four management entities, acquired pursuant to the ManCo SPA that closed on June 30, 2022. 2 Represents the fair value and other adjustments to the assets and liabilities of entities acquired pursuant to the Vessel SPA and the ManCo SPA as of the respective disposal dates. The adjustment to Vessels and equipment, net reflect these assets at fair value consistent with the revaluation adjustment, including an impairment of vessels, recognized by Golar in accordance with ASC 360 Property, plant and equipment, following the classification of such long-lived assets as held-for-sale within the Parent's consolidated financial statements. However, for the purposes of GSVM the vessels were deemed as held for use and therefore no similar impairment has been recognized during the Predecessor Period within the combined carve-out statement of operations. 3 The Vessel SPA stated a purchase price of $145 million per vessel, subject to working capital and debt adjustments, for each of the eight modern LNG carriers totaling to $1,160.0 million (the "Vessel SPA Purchase Price"). The Purchase Consideration, net is reconciled below: (in $ millions) Description Vessel SPA purchase price 1,160.0 Vessel SPA purchase price of $145 million per vessel. Less: Debt and leases settled (587.3) The settlement of the legacy debt and sale and leaseback obligations on six of the eight vessels, which was partly financed by CoolCo's Senior Secured Sustainability Linked Amortizing Term Loan (Note 15) Less: Leases assumed (233.7) Relates to the assumed existing sale and leaseback arrangements from Golar secured by the Golar Ice and Golar Kelvin. These leases are eliminated on consolidation (Note 5) Add: Working capital adjustments 0.6 Net purchase consideration to Golar under the Vessel SPA 339.6 Settled in the form of cash of $211.7 million and 12,500,000 CoolCo shares with an equivalent value of $127.9 million, issued to Golar for entities acquired at the respective acquisition dates pursuant to the Vessel SPA. Add: ManCo SPA Consideration 6.6 This relates to the cash consideration for the ManCo SPA. Purchase consideration, net 346.2 B. Acquisition from Quantum Crude Tankers Ltd, an affiliate of EPS On November 10, 2022, pursuant to the Master Sale Agreement (“MSA”), we acquired four special purpose vehicles (the “Acquired Vessel SPVs”) with contracted LNG carriers, the 2021 built 2-stroke Kool Orca , the 2020 built 2-stroke Kool Firn , and the 2015 built TFDE vessels Kool Boreas and Kool Baltic (together the “Acquired Vessels”), from Quantum Crude Tankers Ltd (“QCT”), an affiliate of EPS for an aggregate purchase price of approximately $662.8 million. In connection with the acquisition, the Company completed a private placement of shares in November 2022 consisting of (i) a primary offering of new shares in the Company and (ii) a secondary offering of existing shares by Golar (the ‘‘Second Private Placement’’). The Company raised gross proceeds equivalent to approximately $170 million (net: $166.0 million) through an issuance of 13,678,462 new shares, and Golar sold 8,046,154 existing shares for approximately $100 million to EPS. The shares sold in the Second Private Placement were placed at a price per new share of NOK 130. Upon completion of this private placement, the Company has a total of 53,688,462 outstanding shares with a par value $1.00 each with EPS acquiring 10,789,728 additional shares as part of the Second Private Placement. We financed the purchase price with the net proceeds of the Second Private Placement and assumed debt of $520.0 million (Note 15), resulting in a net cash consideration of $135.2 million. The d etails of the Acquired Vessel SPVs are as follows: Date Name Purpose November 10, 2022 Pernli Marine Limited Owns and operates Kool Baltic November 10, 2022 Persect Marine Limited Owns and operates Kool Boreas November 10, 2022 Felox Marine Limited Owns and operates Kool Firn November 10, 2022 Respent Marine Limited Owns and operates Kool Orca The Company accounted for the acquisition pursuant to the MSA as an asset acquisition (Refer to Note 2c – Acquisitions ). The table below presents the aggregated fair values of the Acquired Vessel SPVs and excess of fair value over purchase consideration allocated to the assets acquired and liabilities assumed based upon fair values determined by CoolCo. Successor (Consolidated) (in $ millions) Aggregated amounts on acquisitio n (A) Fair value and other adjustments (B) Fair value of amounts acquired C = A + B Excess fair values over purchase consideration allocation (D) Amounts recognized upon acquisition E = C + D Assets Acquired Vessels 640.6 149.7 790.3 (45.7) 744.6 Favorable Contract Intangible Assets — 5.4 5.4 — 5.4 Other current and non-current assets 2.2 — 2.2 — 2.2 Total assets acquired: 642.8 155.1 797.9 (45.7) 752.2 Liabilities Assumed Long-term debt 520.0 — 520.0 — 520.0 Unfavorable contracts liabilities — 89.3 89.3 89.3 Other liabilities 7.7 — 7.7 — 7.7 Total liabilities assumed: 527.7 89.3 617.0 — 617.0 Net assets to be acquired: 115.1 65.8 180.9 (45.7) 135.2 Fair values of net assets acquired 180.9 Less: Purchase consideration, net 2 (135.2) Excess of fair values over purchase consideration 45.7 (1) Represents the aggregated balances of assets acquired and liabilities assumed that were specifically identifiable and directly attributable to each of the Acquired Vessel SPVs, acquired pursuant to the transactions contemplated under the MSA which closed on November 10, 2022. (2) The aggregate purchase price under the MSA was $662.8 million offset by (i) $520.0 million debt assumed; and (ii) $7.6 million of working capital adjustments, resulting in net cash purchase consideration paid to EPS of $135.2 million. On November 3, 2022, in connection with the vessel acquisitions described above, the Company also entered into an option agreement with an affiliate of EPS to acquire newbuild contracts for a further two 2-stroke LNG carriers that are scheduled to be delivered in the second half of 2024. The options on these two vessels were exercised on June 28, 2023 (Note 12) and the total purchase consideration under the option agreement is estimated to be approximately $234 million per vessel. The Original Vessels we acquired pursuant to the Vessel SPA and the Acquired Vessels we acquired pursuant to the MSA are collectively referred to as the ‘‘Vessels’’.

BASIS OF PREPARATION AND SIGNIF

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUINTING POLICIES	BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These unaudited condensed consolidated and combined carve-out financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited condensed consolidated and combined financial statements do not include all of the disclosures required under U.S. GAAP in annual financial statements, and should be read in conjunction with our audited consolidated and combined carve-out financial statements for the year ended December 31, 2022, which are included in our annual report on Form 20-F for the fiscal year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission on April 21, 2023. a) BASIS OF PREPARATION The formation and funding of CoolCo and its acquisition of the eight TFDE LNG carriers, The Cool Pool Limited and the shipping and FSRU management organization from Golar (as described in Note 1) were completed in a series of phased acquisitions. CoolCo commenced meaningful operations from January 27, 2022, the date of the Private Placement from which point it had the means to finance the acquisitions pursuant to the Vessel SPA and ManCo SPA. CoolCo acquired each of the thirteen legal entities from Golar on multiple acquisition dates during the period from March 3, 2022 to June 30, 2022. Refer Note 1. As a result, these financial statements are presented as follows: a. The successor period of CoolCo, commencing on January 27, 2022, reflects the funds raised from the Private Placement and the phased acquisition of the legal entities acquired from Golar on the respective acquisition dates until June 30, 2022 (the “Successor Period”). b. The predecessor period reflects the combined carve-out financial statements of GSVM which included historical operations and results of each of the legal entities CoolCo acquired from Golar until the day prior to the respective acquisition date (the “Predecessor Period”). b) SIGNIFICANT ACCOUNTING POLICIES The accounting policies adopted in the preparation of these unaudited condensed consolidated and combined carve-out financial statements for the six months ended June 30, 2023 and 2022 are consistent with those followed in the preparation of our audited consolidated and combined carve-out financial statements for the year ended December 31, 2022, except for those discussed below and disclosed in note 3. Use of estimates The preparation of unaudited condensed financial statements requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In assessing the recoverability of our vessels carrying amounts, we make assumptions regarding estimated future cash flows, estimates in respect of residual values, charter rates, vessel operating expenses and drydocking requirements. Contingencies In the ordinary course of business, we are subject to various claims, lawsuits and complaints. A contingent loss is recognized in the unaudited condensed financial statements if the contingency was present at the date of the unaudited condensed financial statements, the likelihood of loss is considered probable and the amount can be reasonably estimated. If we determine that a reasonable estimate of the loss is a range and there is no best estimate within the range, a contingent loss is recognized for the lower amount within the range. A contingent gain is only recognized when the amount is considered realized or realizable. Legal costs are expensed as incurred. Earnings per share Basic earnings per share for the Successor Period is computed based on the income available to common shareholders and the weighted average number of shares outstanding. For the period ended June 30, 2023, the basic and diluted EPS is determined as follows: Net income attributable to the owners of Cool Company Ltd. divided by the weighted average number of outstanding common shares. Basic and diluted earnings per share for the Predecessor Period is determined as follows: Net income attributable to the Predecessor Parent divided by the Predecessor Parent's outstanding common shares of 1,010,000 Newbuildings Newbuilds are stated at cost. All pre-delivery costs incurred during the construction of newbuilds, including purchase installments, interest, supervision and technical costs, are capitalized. Capitalization ceases and depreciation commences when the vessel is available for its intended use.

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS Adoption of new accounting standards In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended by ASU 2021-01 Reference Rate Reform (Topic 848): Scope issued in January 2021 and ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 issued in December 2022. This guidance provides temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, which are available for election until December 31, 2024. Modifications to contracts affected by the reference rate reform are under discussion with counterparties and optional expedients are expected to be used where available. In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805) - Accounting for contract assets and contract liabilities from contracts with customers . We adopted this with effect from January 1, 2023. The adoption of ASU 2021-08 had no impact on our consolidated financial statements. Accounting pronouncements that have been issued but not yet adopted The following table provides a brief description of other recent accounting standards that have been issued but not yet adopted as of June 30, 2023: Standard Description Date of Adoption Effect on our unaudited condensed consolidated Financial Statements or Other Significant Matters for the Successor Period ASU 2022-03 Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This amendment is intended to reduce diversity in practice in the measurement of the fair value of equity securities subject to contractual sale restrictions. For entities that have investments in equity securities that are subject to contractual sale restrictions, the contractual restriction on the sale is not considered part of the unit of account of the equity security, is not considered when measuring fair value and additional disclosures are required. This amendment is required to be applied prospectively from date of adoption; early adoption is permitted. January 1, 2024 No impact currently expected as a result of the adoption of this ASU.

STRUCTURE

STRUCTURE	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
STRUCTURE	STRUCTURE Listed below are the significant entities included in the Successor and Predecessor periods (where applicable): Purpose Name Jurisdiction of Incorporation Successor Predecessor Cool Company Ltd. Bermuda Holding company Holding company Kool Crystal Corporation (2) Marshall Islands Owns and operates Golar Crystal Leases Golar Crystal (1) Kool Glacier Corporation (3) Marshall Islands Owns and operates Kool Glacier Leases Kool Glacier (1) Kool Ice Corporation (4) Marshall Islands Leases Kool Ice (1) Leases Kool Ice (1) Golar LNG NB11 Corporation Marshall Islands Leases Golar Kelvin (1) Leases Golar Kelvin (1) Golar Hull M2021 Corporation Marshall Islands Previously Owned and operated Golar Seal Leases Golar Seal (1) Kool Blizzard Corporation (5) Marshall Islands Owns and operates Kool Blizzard Leases Kool Blizzard (1) Kool Husky Corporation (6) Marshall Islands Owns and operates Golar Bear Leases Golar Bear (1) Kool Frost Corporation (7) Marshall Islands Owns and operates Kool Frost Owns and operates Kool Frost The Cool Pool Limited Marshall Islands Commercial management company Commercial management company Cool Company Management d.o.o. (formerly Golar Management d.o.o.) Croatia Vessel management company Vessel management company Cool Company Management AS (formerly Golar Management Norway AS) Norway Vessel management company Vessel management company Cool Company Management Ltd United Kingdom Management company not applicable (8) Cool Company Management Malaysia Sdn Bhd Malaysia Management company not applicable (8) Pernli Marine Limited Liberia Owns and operates Kool Baltic not applicable (9) Persect Marine Limited Liberia Owns and operates Kool Boreas not applicable (9) Felox Marine Limited Liberia Owns and operates Kool Firn not applicable (9) Respent Marine Limited Liberia Owns and operates Kool Orca not applicable (9) Kool Panther Corporation Liberia Owns Kool Panther not applicable (10) Kool Tiger Corporation Liberia Owns Kool Tiger not applicable (10) (1) The above table excludes the lessor VIEs that we have leased vessels from under finance leases. The lessor VIEs are wholly-owned, special purpose vehicles (“SPVs”) of financial institutions. While we do not hold any equity investments in these SPVs, we have concluded that we are the primary beneficiary of these lessor VIEs and accordingly have included these entities in our consolidated financial statements. See note 5 for further details. (2) Kool Crystal Corporation, previously known as Golar Hull M2022 Corporation, was renamed effective July 1, 2023. (3) Kool Glacier Corporation, previously known as Golar LNG NB10 Corporation, was renamed effective February 27, 2023. (4) Kool Ice Corporation, previously known as Golar Hull M2048 Corp., was renamed effective January 23, 2023. The vessel bareboat chartered and operated by this entity was renamed to Kool Ice from Golar Ice effective April 3, 2023 . (5) Kool Blizzard Corporation, previously known as Golar HULL M2047 Corporation, was renamed effective April 3, 2023. The vessel owned and operated by this entity was renamed to Kool Blizzard from Golar Snow effective April 7, 2023. (6) Kool Husky Corporation, previously known as Golar Hull M2027 Corporation, was renamed effective August 9, 2023. The vessel bareboat chartered and operated by this entity was renamed to Kool Husky from Golar Bear effective August 19, 2023. (7) Kool Frost Corporation, previously named as Golar LNG NB12 Corp., was renamed effective February 1, 2023. The vessel owned and operated by this entity was renamed to Kool Frost from Golar Frost effective February 3, 2023 (8) Cool Company Management Ltd and Cool Company Management Malaysia Sdn Bhd were formed and incorporated in January 2022 and March 2022, respectively, therefore, no historical results of operations of these entities are included within the Predecessor period combined carve-out financial statements. (9) Pernli Marine Limited, Persect Marine Limited, Felox Marine Limited and Respent Marine Limited were acquired by CoolCo on November 10, 2022 from QCT and were not part of GSVM. As such, they are included within the Successor Period only.

VARIABLE INTEREST ENTITIES ("VI

VARIABLE INTEREST ENTITIES ("VIEs")	6 Months Ended
	Jun. 30, 2023
VARIABLE INTEREST ENTITIES [Abstract]
VARIABLE INTEREST ENTITIES (VIEs)	VARIABLE INTEREST ENTITIES (“VIEs”) Lessor VIEs As part of the original transactions that were entered into by Golar, the vessels we acquired under the Vessel SPA had been sold and then subsequently leased back on a bareboat charter for a term of seven Following completion of the acquisition of all of the vessels under the Vessel SPA which completed in April 2022, only two of the existing seven sale and leaseback arrangements, secured by the Golar Ice and Golar Kelvin, were novated and assumed by the Company. The remaining five sale and leaseback arrangements were repurchased by GSVM prior to disposal and refinanced by us with our Senior Secured Sustainability Linked Amortizing Term Loan (Note 15). Consequently, this resulted in the deconsolidation of the five lessor VIEs by the Predecessor against the non-controlling interest of $115.4 million. As of June 30, 2023 , we leased two vessels f rom lessor VIEs as part of sale and leaseback agreements with ICBC Finance Leasing Co. Ltd. (“ICBCL”) entities. The equity attributable to ICBCL in Lessor SPVs is included in non-controlling interests in our unaudited condensed consolidated statement of operations and statement of changes in equity within the consolidated successor balance as of June 30, 2023. As of June 30, 2023, the carrying values of the vessels Kool Ice and Golar Kelvin are reported under “Vessels and equipment, net” in our consolidated balance sheet. The following table gives a summary of the sale and leaseback arrangements, including repurchase options and obligations. Vessel Effective from Lessor Sales value (in $ millions) Lease duration First repurchase option (in $ millions) Date of first repurchase option (2) Net repurchase obligation at end of lease term (in $ millions) End of lease term Successor and Predecessor Period Golar Kelvin January 2015 ICBCL 204.0 10 years 173.8 January 2020 71.0 January 2025 Golar Ice February 2015 ICBCL 204.0 10 years 173.8 February 2020 71.0 January 2025 Predecessor Period Golar Snow (1) January 2015 ICBCL 204.0 10 years 173.8 January 2020 116.2 April 2023 Golar Glacier (1) October 2014 ICBCL 204.0 10 years 173.8 October 2019 113.4 April 2023 Golar Seal March 2016 CCBFL 203.0 10 years 132.8 March 2018 63.4 March 2026 Golar Crystal March 2017 COSCO 187.0 10 years 97.3 March 2020 50.0 March 2027 Golar Bear June 2020 AVIC 160.0 7 years 100.7 June 2021 45.0 June 2027 (1) In June 2021, the GSVM entered into certain amendments to the ICBCL sale and leaseback facilities which included (i) prepayment of $15.0 million for each sale and leaseback facility in July 2021; and (ii) brought forward the obligations to repurchase the Golar Glacier and Golar Snow to April 2023 from October 2024 and January 2025, respectively. (2) For each of the sale and leaseback arrangements, the first repurchase options were not exercised. The assets and liabilities of the lessor VIEs that most significantly impact our unaudited condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, are shown below: Successor (in thousands of $) June 30, December 31, Assets: Restricted cash and short term deposits 3,554 3,435 Liabilities: Current portion of long term debt and short term debt (Note 15) (1) (84,839) (103,470) Accrued expenses (2) (36,496) (34,367) Total liabilities (121,335) (137,837) (1) Where applicable, these balances are net of deferred finance charges (Note 15). (2) Includes accrued interest of lessor VIEs which although consolidated into our results, we have no control over the arrangements negotiated by these lessor VIEs including repayment profiles.

OTHER OPERATING AND NON-OPERATI

OTHER OPERATING AND NON-OPERATING INCOME	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
OTHER OPERATING AND NON-OPERATING INCOME	OTHER OPERATING AND NON-OPERATING INCOME During the six month period ended June 30, 2023, the Company sold the Golar Seal for $184.3 million. The transaction was completed on March 22, 2023 after successful redelivery of the vessel from its last charter to the buyer resulting in a net gain of $42.5 million disclosed under “Other non-operating income”. During the Predecessor Period included within the six months period ended June 30, 2022, we received loss of hire insurance proceeds for the Golar Ice of $4.4 million. These proceeds are recognized in “Other operating income” in our combined carve-out statements of operations within the Predecessor Peri

GAINS ON DERIVATIVE INSTRUMENTS

GAINS ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
GAINS ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET	GAINS ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET The following table sets forth gains on derivative instruments and other financial items: Six Months Ended June 30, Successor Successor Predecessor (in thousands of $) 2023 Phased period from January 27, 2022 to June 30, 2022 (1) Phased period from January 1, 2022 to June 30, 2022 (1) Mark-to-market gains for interest rate swaps 6,446 — — Net interest income on undesignated interest rate swaps 4,258 — — Gains on derivative instruments 10,704 — — Foreign exchange (loss) / gain on operations (13) 105 (464) Financing arrangement fees and other costs, net (696) (1,393) 1,102 Other (98) (71) (16) Other financial items, net (807) (1,359) 622

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The components of income tax expense are as follows: Six Months Ended June 30, Successor Successor Predecessor (in thousands of $) 2023 Phased period from January 27, 2022 to June 30, 2022 (1) Phased period from January 1, 2022 to June 30, 2022 (1) Current tax expense 134 — 366 Deferred tax expense — — 19 Total income tax expense 134 — 385 Jurisdictions open to examination The earliest tax year that remains subject to examination by the major taxable jurisdictions in which we operate is 2017 (Norway).

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	INTANGIBLE ASSETS, NET Intangible assets included in current assets relate to intangible assets following the completion of the transactions contemplated by the Vessel SPA, the ManCo SPA and related agreements during 2022 and are as follows: Favorable Contract Intangible Assets Assembled Workforce Customer Relationships Others As of June 30, 2023 Note A Note B Note B (in thousands of $) Cost 18,900 4,600 3,600 1,038 28,138 Less: Accumulated amortization (14,127) (920) (1,950) — (16,997) Net book value 4,773 3,680 1,650 1,038 11,141 Presented as: - Current — 920 1,650 — 2,570 - Non-current 4,773 2,760 — 1,038 8,571 4,773 3,680 1,650 1,038 11,141 A. Favorable Contract Intangible Assets As part of the acquisition of the Original Vessels TFDE LNG carriers pursuant to the Vessel SPA and the four acquired vessels pursuant to the MSA which were both accounted for as asset acquisitions, the Company remeasured the below / above market fair values of the existing associated time charter party (TCP) contracts that were acquired across the fleet were included in the respective acquisition. The favorable TCP contracts are included under intangible assets and unfavorable TCP contracts are included as liabilities. The net book value of favorable contract intangible assets, net of $4.8 million is included within "non-current assets". The fair value of the unfavorable contracts liabilities of $19.0 million and $95.0 million are included within “other current liabilities” and "other non-current liabilities", respectively. The net amortization income for the six month period ended June 30, 2023 amounted to $8.6 million ($11.1 million amortization income of contract liabilities net of $2.5 million amortization expense of contract intangible assets). The net amortization income is included in “Amortization of intangible assets and liabilities arising from charter agreements, net” in the unaudited condensed consolidated statements of operations. B. Assembled Workforce and Customer Relationships As part of completion of the ManCo SPA, CoolCo purchased Golar's LNGC and FSRU management organization, pursuant to which CoolCo a cquired four of Golar's wholly-owned subsidiaries: Cool Company Management Ltd., Cool Malaysia, Cool Croatia and Cool Norway, including employees of these entities and agreements to manage third parties' fleets of LNGCs and FSRUs. Upon acquisition pursuant to ManCo SPA on June 30, 2022, we identified "Assembled workforce" as one of the assets acquired in the asset acquisition and recognized it at fair value on the acquisition date. We also identified "Customer relationships" as one of the assets acquired in the asset acquisition and recognized it at fair value on the acquisition date, which is comprised of the management agreements that we acquired to provide commercial and technical vessel management for third party fleets of LNGCs and FSRUs. The net amortization expense for the six month period ended June 30, 2023 amounted to $1.3 million and is included within “ Depreciation and amortization ” in the unaudited condensed consolidated statements of operations. As of June 30, 2023, there was no impairment of intangible assets.

OPERATING LEASES

OPERATING LEASES	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES Rental income The components of operating lease income were as follows: Six Months Ended June 30, Successor Successor Predecessor (in thousands of $) 2023 Phased period from January 27, 2022 to June 30, 2022 (1) Phased period from January 1, 2022 to June 30, 2022 (1) Operating lease income 171,616 49,564 37,506 Variable lease income / (expense) (1) 1,623 258 (217) Total operating lease income 173,239 49,822 37,289 (1) “Variable lease income” is excluded from lease payments that comprise the minimum contractual future revenues from non-cancellable operating leases.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2023
Other Assets [Abstract]
OTHER CURRENT ASSETS	OTHER CURRENT ASSETS Successor Successor (in thousands of $) June 30, 2023 December 31, 2022 Prepaid expenses 1,241 465 Other receivables (1) 2,787 3,293 Other current assets 4,028 3,758 (1) Included in “other receivables” for the period ended June 30, 2023 and year ended December 31, 2022 is the current portion of compensation of the debt guarantees provided by Golar of the payment obligations of two of the acquired subsidiaries' debt related to two LNG carriers , Golar Ice and Golar Kelvin.

NEWBUILDINGS

NEWBUILDINGS	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
NEWBUILDINGS	NEWBUILDINGS On June 28, 2023, the Company exercised its option to acquire two newbuild 2-stroke LNG carriers from affiliates of EPS Ventures Ltd (“EPS”). The state-of-the-art MEGA LNG carriers (the “Newbuilds”) are scheduled to deliver from Hyundai Samho Heavy Industries (“HHI”) in Korea in September and December of 2024. Each of the two Newbuilds are being acquired under the pre-existing purchase option price of approximately $234 million exclusive of supervision costs. The initial exercise price was $56.9 million per vessel. As at June 30, 2023 we have remaining total commitments of approximately $357.4 million due to our newbuilding contract to construct one Newbuild at a total contract cost of $235.7 million. As at June 30, 2023, the estimated timing of the firm outstanding payable in connection with the Newbuilds are as follows; (in thousands of $) 2023 181,587 2024 289,900 Total outstanding commitments 471,487

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
VESSELS AND EQUIPMENT, NET	VESSELS AND EQUIPMENT, NET Our vessels and equipment, net consisted of the following: Successor Successor (in thousands of $) June 30, December 31, Vessels (1) (2) 1,808,582 1,937,443 Office equipment and fittings 1,160 645 Less: Accumulated depreciation and amortization (75,943) (44,681) Total vessels and equipment, net 1,733,799 1,893,407 (1) Vessels includes the conversion and retrofitting cost of $10.0 million and capitalized drydocking cost of $15.0 million. (2) As part of the asset acquisition of the eight LNGCs pursuant to the Vessel SPA, we revalued the vessels to fair value as of the respective acquisition dates. Fair value was determined in accordance with ASC 820, using a market approach, considering third party vessel valuations and comparable acquisition transactions. Depreciation charge during the Successor Period for the six month periods ended June 30, 2023 and 2022 amounted to $37.5 million and $15.0 million, respectively. Depreciation charge during the Predecessor Period for the six month period ended June 30, 2022 amounted to $5.7 million. Capitalized drydocking costs included within vessel cost as of June 30, 2023 will be depreciated until the next expected drydocking for each respective vessel.

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	6 Months Ended
	Jun. 30, 2023
OTHER NON-CURRENT ASSETS [Abstract]
OTHER NON-CURRENT ASSETS	OTHER NON-CURRENT ASSETS Successor Successor (in thousands of $) June 30, December 31, Mark-to-market asset on interest rate swaps (Note 7) 14,797 8,736 Operating lease right-of-use-assets (1) 4,768 899 Others (2) 459 859 Other non-current assets 20,024 10,494 (1) Operating lease right-of-use-assets mainly comprise of our office leases in Norway, Croatia and Malaysia. (2) Included in “others” as of June 30, 2023 and December 31, 2022 is the non-current portion of compensation of the debt guarantees provided by Golar of the payment obligations of two of the acquired subsidiaries' debt relating to two LNG carriers , Golar Ice and Golar Kelvin.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Long-term and short-term debt was as follows: Successor Successor (in thousands of $) June 30, December 31, Total long-term and short-term debt (1) 1,063,901 1,138,302 Less: current portion of long-term debt and short-term debt (1) (159,739) (180,065) Long-term debt (1) 904,162 958,237 At June 30, 2023, our debt is broken down further as follows: Successor (in thousands of $) CoolCo debt VIE Debt (2) Total Current portion of long-term debt and short-term debt (1) 74,900 84,839 159,739 Long-term debt (1) 904,162 — 904,162 Total (1) 979,062 84,839 1,063,901 (1) The amounts presented in the table above, are net of the deferred charges amounting to $6.6 million as of June 30, 2023 ( December 31, 2022: $6.2 million). (2) This amount relates to the lessor VIEs (for which legal ownership resides with a financial institution) that we are required to consolidate under U.S. GAAP (see note 5). Senior Secured Sustainability Linked Amortizing Term Loan On February 17, 2022, we entered into a Senior Secured Sustainability Linked Amortizing Term Loan or “Facility” , which refinanced six of the Original Vessels acquired from Golar, of up to $570.0 million with a maturity date of March 2027 and an initial interest rate of the Secured Overnight Financing Rate ("SOFR") plus 275 basis points with a syndicate of banks, which CoolCo drew-down contemporaneously with the acquisition. The margin will decrease by 5 basis points if specified sustainability performance targets with respect to vessel efficiency ratios are met, or increase to 5 basis points if such targets are not met. Such targets lower each year from 2022 to 2026. In relation to the vessel disposal on March, 22, 2023, we made a prepayment of $88.0 million of debt associated with the Golar Seal. On June 28, 2023, lender approval was granted for an increase in the debt principal amount of $70 million and a reduction in the Facility's interest rate margin from 275 basis points to 225 basis points. The additional debt funding was drawn on June 30, 2023, to fund the conversion of five vessels, including retrofits of sub-coolers for LNG boil-off reliquefaction. As of June 30, 2023, the outstanding balance under the Facility amounted to $504.4 million. $520.0 million term loan facility On November 10, 2022, in connection with the MSA CoolCo assumed the $520.0 million term loan facility (the "$520 million term loan facility") secured by the four SPVs related to the acquired LNG carriers, Kool Orca, Kool Firn, Kool Boreas and Kool Baltic. The facility matures in May 2029 and carries interest rate based on SOFR plus a margin of 200 basis points. As of June 30, 2023, the balance outstanding under the $520.0 million term loan facility amounted to $481.3 million. Pursuant to this facility, CoolCo entered into a guarantee in favor of the lenders. Debt restrictions Our debt agreements contain operating and financing restrictions and covenants, which require compliance with certain financial ratios. Such ratios include, but are not limited to, current assets to current liabilities, minimum net worth, minimum value-adjusted equity ratio and minimum free cash restrictions. Further, dividend payments are subject to compliance with such financial covenants and no existing events of default. As of June 30, 2023, we were in compliance with all covenants under our existing debt and lease agreements.

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2023
Other Liabilities, Current [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIES Other current liabilities is comprised of the following: Successor Successor (in thousands of $) June 30, December 31, 2022 Deferred operating lease and charter hire revenue 31,288 15,588 Unfavorable contract intangibles (Note 9) 19,028 20,610 Current portion of operating lease liability 1,110 511 Mark-to-market liability on interest rate swaps — 385 Debt guarantee liability (Note 19) 849 944 Other payables (1) 189 5,009 Other current liabilities 52,464 43,047 (1) Included in “Other Payables” is an amount payable to Hygo Energy Transition Ltd. (“Hygo”) as a result of the participation of its vessels in the Cool Pool of $5.0 million as of December 31, 2022.

OTHER NON-CURRENT LIABILITIES

OTHER NON-CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2023
Other Liabilities, Noncurrent [Abstract]
OTHER NON-CURRENT LIABILITIES	OTHER NON-CURRENT LIABILITIES Other non-current liabilities is comprised of the following: Successor Successor (in thousands of $) June 30, December 31, 2022 Unfavorable contract intangibles (Note 9) 94,958 104,447 Non-current portion of operating lease liability 3,346 510 Others 365 765 Other non-current liabilities 98,669 105,722

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS Interest rate risk management In certain situations, we may enter into financial instruments to reduce the risk associated with fluctuations in interest rates. We have entered into swaps that convert floating rate interest obligations to fixed rates, which, from an economic perspective, hedge our interest rate exposure. We do not hold or issue instruments for speculative or trading purposes. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts; however we do not anticipate non-performance by any counterparties. We manage our debt portfolio with interest rate swap agreements in U.S. dollars to achieve an overall desired position of fixed and floating interest rates. The following table summarizes the terms of interest rate swaps as of June 30, 2023 : Instrument Notional amount Maturity Dates Fixed Interest Rates Interest rate swaps: Receiving Floating, pay fixed 686,160 Feb-2027 to May-2029 2.69% to 3.99% Fair values of financial instruments We recognize our fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on reliability of inputs used to determine fair value as follows: Level 1: Quoted market prices in active markets for identical assets and liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. There have been no transfers between different levels in the fair value hierarchy during the six month period ended June 30, 2023. The carrying value and estimated fair value of our financial instruments were as follows: Successor Successor June 30, 2023 December 31, 2022 (in thousands of $) Fair value hierarchy Carrying value Fair Carrying value Fair Non-derivatives: Cash and cash equivalents (1) Level 1 309,419 309,419 129,135 129,135 Restricted cash and short-term deposits Level 1 4,028 4,028 3,942 3,942 Trade accounts receivable (2) Level 1 6,351 6,351 2,467 2,467 Trade accounts payable (2) Level 1 (31,405) (31,405) (2,576) (2,576) Current portion of long-term debt and short-term debt (3) (4) Level 2 (161,690) (161,690) (181,694) (181,694) Long-term debt (4) Level 2 (908,768) (908,768) (962,794) (962,794) Derivatives: Interest rate swap assets (5) Level 2 14,797 14,797 8,736 8,736 Interest rate swap liabilities (5) Level 2 — — (385) (385) (1) The carrying value of cash and cash equivalents, which are highly liquid, is a reasonable estimate of fair value. (2) The carrying values of trade accounts receivable and trade accounts payable approximate fair values because of the near term maturity of these instruments. (3) The carrying amounts of our short-term debt approximate their fair values because of the near term maturity of these instruments. (4) Our debt obligations are recorded at amortized cost in the unaudited condensed consolidated balance sheets. The amounts presented in the table above, are gross of the deferred charges amounting to $6.6 million as of June 30, 2023 (December 31, 2022: $6.2 million). (5) Derivative assets are presented within other non-current assets on the unaudited condensed consolidated balance sheet. Derivative liabilities are presented within other current liabilities on the consolidated balance sheet. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: • The estimated fair value for floating long-term debt is considered to be equal to the carrying value since it bears variable interest rates, which are adjusted on a quarterly basis. The fair value measurement of a liability must reflect the non-performance of the entity. The fair value of our derivative instruments is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates, and our credit worthiness and of our swap counterparty. The mark-to-market gain or loss on our interest rate swaps are not designated as hedges for accounting purposes for the period and are reported within the statement of operations caption "Gain on derivative instruments”. The credit exposure of interest rate swap agreements is represented by the fair value of contracts with a positive fair value at the end of each period, reduced by the effects of master netting agreements. It is our policy to enter into master netting agreements with the counterparties to derivative financial instrument contracts, which give us the legal right to discharge all or a portion of amounts owed to that counterparty by offsetting them against amounts that the counterparty owes to us. Foreign currency risk The majority of our vessels' gross earnings are receivable in U.S. dollars. The majority of our transactions, assets and liabilities are denominated in U.S. dollars, our functional currency. However, we incur certain expenditure in other currencies, primarily Norwegian Kroner and the British Pounds. There is a risk that currency fluctuations will have a negative effect on the value of our cash flows. Concentration of risk There is a concentration of credit risk with respect to cash and cash equivalents and restricted cash to the extent that substantially all of the amounts are deposited with either Nordea Bank of Finland PLC, DNB ASA, Danske Bank A/S and Citibank. However, we believe this risk is remote, as they are established and reputable establishments with no prior history of default.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Transactions with related parties: The following table sets forth transactions with related parties: Six Months Ended June 30, Successor Successor Predecessor (in thousands of $) 2023 Phased period from January 27, 2022 to June 30, 2022 (1) Phased period from January 1, 2022 to June 30, 2022 (1) Ship management fee revenues (a) 455 — 1,342 Ship management and administrative service expenses (a) (687) (1,367) (730) Debt guarantee compensation (b) (169) (279) — Commitment fee (c) (20) — — Office rental (e) (357) — — (778) (1,646) 612 Amounts due to related parties Balances with related parties consisted of the following: Successor Successor (in thousands of $) June 30, December 31, Balances due to Golar and its subsidiaries (d) — 395 Balances due to QPSL and its affiliates (e) 114,144 1,231 114,144 1,626 (a) Ship management fees revenue / Ship management and administrative services expense - Golar through its subsidiary, Golar Management Ltd. ("Golar Management"), charged ship management fees for the provision of technical and commercial management of the vessels. Each of our vessels is subject to management agreements pursuant to which certain commercial and technical management services were provided by Golar. This provision of technical and commercial management services includes management of four vessels owned by QPSL, subsequently acquired by the Company in November 2022. In addition, Golar Management and Golar Management (Bermuda) Ltd., entered into the CoolCo Transition Services Agreement ("TSA") pursuant to which Golar provided corporate administrative services to CoolCo. On June 30, 2022, upon completion of the CoolCo Disposal, the CoolCo TSA was replaced by the CoolCo Administrative Services Agreement ("ASA"), for the provision of IT, accounting, treasury, finance operations and other corporate overhead functions. Following the announcement on February 28, 2023 that Golar sold all but one of its remaining shareholding interest in the Company of common shares to EPS, it ceased to be a related party and subsequent transactions with Golar and its subsidiaries are treated as third party. (b) Debt guarantee compensation – Golar agreed to remain as the guarantor of the payment obligations of two of the acquired subsidiaries' debt related to two LNG carriers , Golar Ice and Golar Kelvin, in exchange for a guarantee fee of 0.5% on the outstanding principal balances, which as of June 30, 2023 was $193.8 million . The compensation amou nted to $0.2 million for the sixth months ended June 30, 2023. (c) Commitment fee – We obtained a two years revolving credit facility of $25.0 million from Golar. The facility bears a fixed interest rate and commitment fee on the undrawn loan of 5% and 0.5% per annum, respectively. We terminated the revolving credit facility on May 28, 2023. (d) Balances due to Golar and its subsidiaries - Receivables and payables with Golar and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when Golar pays an invoice on our behalf. Receivables and payables are generally settled quarterly in arrears. Balances owing from Golar and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. (e) Balances due to QPSL and its subsidiaries - Receivables and payables with QPSL and its subsidiaries are comprised primarily of management fees advances received for managing their vessels and office rental. We assumed these balances upon conclusion of the acquisition of the LNG carrier and FSRU management organization on June 30, 2022.

OTHER COMMITMENTS AND CONTINGEN

OTHER COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
OTHER COMMITMENTS AND CONTINGENCIES	OTHER COMMITMENTS AND CONTINGENCIES The book value of our Vessels secured under long-term loans was as follows: Successor Successor (in thousands of $) June 30, December 31, 2022 Carrying value of vessels secured against long-term loans 1,733,042 1,893,116 Legal proceedings and claims We may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. A contingent liability will be recognized in the financial statements only where we believe that a liability will be probable and for which the amounts are reasonably estimable, based upon the facts known prior to the issuance of the financial statements. Security interest With effect from April 15, 2021, a financial institution held a second priority security interest in the Golar Frost

BASIC AND DILUTED EARNINGS PER

BASIC AND DILUTED EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
BASIC AND DILUTED EARNINGS PER SHARE	BASIC AND DILUTED EARNINGS PER SHARE Basic and diluted earnings per share (“EPS”) is calculated with reference to the weighted average number of common shares outstanding during the year. The Company's earnings per share on the weighted average number of shares outstanding was as follows: Successor Successor Predecessor (in thousands of $, except number of shares and per share data) January 1, 2023 Phased period from January 27, 2022 to June 30, 2022 (1) Phased period from January 1, 2022 to June 30, 2022 (1) Net income attributable to Owners of Cool Company Ltd. / Predecessor's Parent 113,835 16,848 15,038 Weighted average number of shares outstanding 53,688,462 40,010,000 1,010,000 Basic and diluted earnings per share $2.12 $0.42 $14.89

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Corporate Update Kool Husky Corporation, previously known as Golar Hull M2027 Corporation, was renamed effective August 9, 2023. The vessel bareboat chartered and operated by this entity was renamed to Kool Husky from Golar Bear effective August 19, 2023. Kool Crystal Corporation, previously known as Golar Hull M2022 Corporation, was renamed effective July 1, 2023. Dividend Distribution On August 31, 2023, we declared a cash distribution of $0.41 per ordinary share in respect of the three months ended June 30, 2023 to common shareholders of record as of September 11, 2023 and the dividend will be paid on or around September 18, 2023.

BASIS OF PREPARATION AND SIGN_2

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of preparation	The formation and funding of CoolCo and its acquisition of the eight TFDE LNG carriers, The Cool Pool Limited and the shipping and FSRU management organization from Golar (as described in Note 1) were completed in a series of phased acquisitions. CoolCo commenced meaningful operations from January 27, 2022, the date of the Private Placement from which point it had the means to finance the acquisitions pursuant to the Vessel SPA and ManCo SPA. CoolCo acquired each of the thirteen legal entities from Golar on multiple acquisition dates during the period from March 3, 2022 to June 30, 2022. Refer Note 1. As a result, these financial statements are presented as follows: a. The successor period of CoolCo, commencing on January 27, 2022, reflects the funds raised from the Private Placement and the phased acquisition of the legal entities acquired from Golar on the respective acquisition dates until June 30, 2022 (the “Successor Period”). b. The predecessor period reflects the combined carve-out financial statements of GSVM which included historical operations and results of each of the legal entities CoolCo acquired from Golar until the day prior to the respective acquisition date (the “Predecessor Period”). b) SIGNIFICANT ACCOUNTING POLICIES The accounting policies adopted in the preparation of these unaudited condensed consolidated and combined carve-out financial statements for the six months ended June 30, 2023 and 2022 are consistent with those followed in the preparation of our audited consolidated and combined carve-out financial statements for the year ended December 31, 2022, except for those discussed below and disclosed in note 3.
Use of estimates	Use of estimates The preparation of unaudited condensed financial statements requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In assessing the recoverability of our vessels carrying amounts, we make assumptions regarding estimated future cash flows, estimates in respect of residual values, charter rates, vessel operating expenses and drydocking requirements.
Contingencies	Contingencies In the ordinary course of business, we are subject to various claims, lawsuits and complaints. A contingent loss is recognized in the unaudited condensed financial statements if the contingency was present at the date of the unaudited condensed financial statements, the likelihood of loss is considered probable and the amount can be reasonably estimated. If we determine that a reasonable estimate of the loss is a range and there is no best estimate within the range, a contingent loss is recognized for the
Earnings per share	Earnings per share Basic earnings per share for the Successor Period is computed based on the income available to common shareholders and the weighted average number of shares outstanding. For the period ended June 30, 2023, the basic and diluted EPS is determined as follows: Net income attributable to the owners of Cool Company Ltd. divided by the weighted average number of outstanding common shares. Basic and diluted earnings per share for the Predecessor Period is determined as follows: Net income attributable to the Predecessor Parent divided by the Predecessor Parent's outstanding common shares of 1,010,000
Newbuildings	Newbuildings Newbuilds are stated at cost. All pre-delivery costs incurred during the construction of newbuilds, including purchase installments, interest, supervision and technical costs, are capitalized. Capitalization ceases and depreciation commences when the vessel is available for its intended use.
Adoption of new accounting standards	Adoption of new accounting standards In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended by ASU 2021-01 Reference Rate Reform (Topic 848): Scope issued in January 2021 and ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 issued in December 2022. This guidance provides temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, which are available for election until December 31, 2024. Modifications to contracts affected by the reference rate reform are under discussion with counterparties and optional expedients are expected to be used where available. In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805) - Accounting for contract assets and contract liabilities from contracts with customers . We adopted this with effect from January 1, 2023. The adoption of ASU 2021-08 had no impact on our consolidated financial statements. Accounting pronouncements that have been issued but not yet adopted The following table provides a brief description of other recent accounting standards that have been issued but not yet adopted as of June 30, 2023: Standard Description Date of Adoption Effect on our unaudited condensed consolidated Financial Statements or Other Significant Matters for the Successor Period ASU 2022-03 Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This amendment is intended to reduce diversity in practice in the measurement of the fair value of equity securities subject to contractual sale restrictions. For entities that have investments in equity securities that are subject to contractual sale restrictions, the contractual restriction on the sale is not considered part of the unit of account of the equity security, is not considered when measuring fair value and additional disclosures are required. This amendment is required to be applied prospectively from date of adoption; early adoption is permitted. January 1, 2024 No impact currently expected as a result of the adoption of this ASU.

GENERAL (Tables)

GENERAL (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Business Acquisitions	The table below presents the fair values and excess purchase consideration that were allocated to the assets acquired and liabilities assumed based upon fair values as determined by CoolCo. Predecessor Successor (in $ millions) Amounts de-recognized on disposal 1 (a) Fair value and other adjustments 2 (B) Fair value of amounts acquired Excess purchase consideration allocation Amounts recognized upon acquisition Assets Acquired Vessels and equipment, net 1,387.3 (222.2) 1,165.1 27.9 1,193.0 Favorable Contract Intangible Assets — 13.5 13.5 — 13.5 Assembled Workforce — 4.5 4.5 0.1 4.6 Customer Relationships — 3.5 3.5 0.1 3.6 Other current and non-current assets 61.7 — 61.7 0.1 61.8 Total assets acquired: 1,449.0 (200.7) 1,248.3 28.2 1,276.5 Liabilities Assumed Current portion of long-term debt 154.5 (4.5) 150.0 — 150.0 Unfavorable contracts liabilities — 69.7 69.7 — 69.7 Other current and non-current liabilities 643.3 — 643.3 — 643.3 Total liabilities assumed: 797.8 65.2 863.0 — 863.0 Non-controlling interest 67.4 (0.1) 67.3 — 67.3 Net assets to be acquired: 583.8 (265.8) 318.0 28.2 346.2 Purchase consideration, net 3 346.2 Less: fair values of net assets acquired (318.0) Excess purchase consideration 28.2 1 The amounts derecognized upon disposal reflects the aggregate assets and liabilities that were specifically identifiable and directly attributable to the entities, acquired pursuant to the Vessel SPA, that closed on various dates from March 3, 2022 to April 5, 2022 and the four management entities, acquired pursuant to the ManCo SPA that closed on June 30, 2022. 2 Represents the fair value and other adjustments to the assets and liabilities of entities acquired pursuant to the Vessel SPA and the ManCo SPA as of the respective disposal dates. The adjustment to Vessels and equipment, net reflect these assets at fair value consistent with the revaluation adjustment, including an impairment of vessels, recognized by Golar in accordance with ASC 360 Property, plant and equipment, following the classification of such long-lived assets as held-for-sale within the Parent's consolidated financial statements. However, for the purposes of GSVM the vessels were deemed as held for use and therefore no similar impairment has been recognized during the Predecessor Period within the combined carve-out statement of operations. 3 The Vessel SPA stated a purchase price of $145 million per vessel, subject to working capital and debt adjustments, for each of the eight modern LNG carriers totaling to $1,160.0 million (the "Vessel SPA Purchase Price"). The Purchase Consideration, net is reconciled below: (in $ millions) Description Vessel SPA purchase price 1,160.0 Vessel SPA purchase price of $145 million per vessel. Less: Debt and leases settled (587.3) The settlement of the legacy debt and sale and leaseback obligations on six of the eight vessels, which was partly financed by CoolCo's Senior Secured Sustainability Linked Amortizing Term Loan (Note 15) Less: Leases assumed (233.7) Relates to the assumed existing sale and leaseback arrangements from Golar secured by the Golar Ice and Golar Kelvin. These leases are eliminated on consolidation (Note 5) Add: Working capital adjustments 0.6 Net purchase consideration to Golar under the Vessel SPA 339.6 Settled in the form of cash of $211.7 million and 12,500,000 CoolCo shares with an equivalent value of $127.9 million, issued to Golar for entities acquired at the respective acquisition dates pursuant to the Vessel SPA. Add: ManCo SPA Consideration 6.6 This relates to the cash consideration for the ManCo SPA. Purchase consideration, net 346.2 Date Name Purpose November 10, 2022 Pernli Marine Limited Owns and operates Kool Baltic November 10, 2022 Persect Marine Limited Owns and operates Kool Boreas November 10, 2022 Felox Marine Limited Owns and operates Kool Firn November 10, 2022 Respent Marine Limited Owns and operates Kool Orca Successor (Consolidated) (in $ millions) Aggregated amounts on acquisitio n (A) Fair value and other adjustments (B) Fair value of amounts acquired C = A + B Excess fair values over purchase consideration allocation (D) Amounts recognized upon acquisition E = C + D Assets Acquired Vessels 640.6 149.7 790.3 (45.7) 744.6 Favorable Contract Intangible Assets — 5.4 5.4 — 5.4 Other current and non-current assets 2.2 — 2.2 — 2.2 Total assets acquired: 642.8 155.1 797.9 (45.7) 752.2 Liabilities Assumed Long-term debt 520.0 — 520.0 — 520.0 Unfavorable contracts liabilities — 89.3 89.3 89.3 Other liabilities 7.7 — 7.7 — 7.7 Total liabilities assumed: 527.7 89.3 617.0 — 617.0 Net assets to be acquired: 115.1 65.8 180.9 (45.7) 135.2 Fair values of net assets acquired 180.9 Less: Purchase consideration, net 2 (135.2) Excess of fair values over purchase consideration 45.7 (1) Represents the aggregated balances of assets acquired and liabilities assumed that were specifically identifiable and directly attributable to each of the Acquired Vessel SPVs, acquired pursuant to the transactions contemplated under the MSA which closed on November 10, 2022. (2) The aggregate purchase price under the MSA was $662.8 million offset by (i) $520.0 million debt assumed; and (ii) $7.6 million of working capital adjustments, resulting in net cash purchase consideration paid to EPS of $135.2 million.

RECENTLY ISSUED ACCOUNTING ST_2

RECENTLY ISSUED ACCOUNTING STANDARDS (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Standard Description Date of Adoption Effect on our unaudited condensed consolidated Financial Statements or Other Significant Matters for the Successor Period ASU 2022-03 Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This amendment is intended to reduce diversity in practice in the measurement of the fair value of equity securities subject to contractual sale restrictions. For entities that have investments in equity securities that are subject to contractual sale restrictions, the contractual restriction on the sale is not considered part of the unit of account of the equity security, is not considered when measuring fair value and additional disclosures are required. This amendment is required to be applied prospectively from date of adoption; early adoption is permitted. January 1, 2024 No impact currently expected as a result of the adoption of this ASU.

STRUCTURE (Tables)

STRUCTURE (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Significant Subsidiaries	Listed below are the significant entities included in the Successor and Predecessor periods (where applicable): Purpose Name Jurisdiction of Incorporation Successor Predecessor Cool Company Ltd. Bermuda Holding company Holding company Kool Crystal Corporation (2) Marshall Islands Owns and operates Golar Crystal Leases Golar Crystal (1) Kool Glacier Corporation (3) Marshall Islands Owns and operates Kool Glacier Leases Kool Glacier (1) Kool Ice Corporation (4) Marshall Islands Leases Kool Ice (1) Leases Kool Ice (1) Golar LNG NB11 Corporation Marshall Islands Leases Golar Kelvin (1) Leases Golar Kelvin (1) Golar Hull M2021 Corporation Marshall Islands Previously Owned and operated Golar Seal Leases Golar Seal (1) Kool Blizzard Corporation (5) Marshall Islands Owns and operates Kool Blizzard Leases Kool Blizzard (1) Kool Husky Corporation (6) Marshall Islands Owns and operates Golar Bear Leases Golar Bear (1) Kool Frost Corporation (7) Marshall Islands Owns and operates Kool Frost Owns and operates Kool Frost The Cool Pool Limited Marshall Islands Commercial management company Commercial management company Cool Company Management d.o.o. (formerly Golar Management d.o.o.) Croatia Vessel management company Vessel management company Cool Company Management AS (formerly Golar Management Norway AS) Norway Vessel management company Vessel management company Cool Company Management Ltd United Kingdom Management company not applicable (8) Cool Company Management Malaysia Sdn Bhd Malaysia Management company not applicable (8) Pernli Marine Limited Liberia Owns and operates Kool Baltic not applicable (9) Persect Marine Limited Liberia Owns and operates Kool Boreas not applicable (9) Felox Marine Limited Liberia Owns and operates Kool Firn not applicable (9) Respent Marine Limited Liberia Owns and operates Kool Orca not applicable (9) Kool Panther Corporation Liberia Owns Kool Panther not applicable (10) Kool Tiger Corporation Liberia Owns Kool Tiger not applicable (10) (1) The above table excludes the lessor VIEs that we have leased vessels from under finance leases. The lessor VIEs are wholly-owned, special purpose vehicles (“SPVs”) of financial institutions. While we do not hold any equity investments in these SPVs, we have concluded that we are the primary beneficiary of these lessor VIEs and accordingly have included these entities in our consolidated financial statements. See note 5 for further details. (2) Kool Crystal Corporation, previously known as Golar Hull M2022 Corporation, was renamed effective July 1, 2023. (3) Kool Glacier Corporation, previously known as Golar LNG NB10 Corporation, was renamed effective February 27, 2023. (4) Kool Ice Corporation, previously known as Golar Hull M2048 Corp., was renamed effective January 23, 2023. The vessel bareboat chartered and operated by this entity was renamed to Kool Ice from Golar Ice effective April 3, 2023 . (5) Kool Blizzard Corporation, previously known as Golar HULL M2047 Corporation, was renamed effective April 3, 2023. The vessel owned and operated by this entity was renamed to Kool Blizzard from Golar Snow effective April 7, 2023. (6) Kool Husky Corporation, previously known as Golar Hull M2027 Corporation, was renamed effective August 9, 2023. The vessel bareboat chartered and operated by this entity was renamed to Kool Husky from Golar Bear effective August 19, 2023. (7) Kool Frost Corporation, previously named as Golar LNG NB12 Corp., was renamed effective February 1, 2023. The vessel owned and operated by this entity was renamed to Kool Frost from Golar Frost effective February 3, 2023 (8) Cool Company Management Ltd and Cool Company Management Malaysia Sdn Bhd were formed and incorporated in January 2022 and March 2022, respectively, therefore, no historical results of operations of these entities are included within the Predecessor period combined carve-out financial statements. (9) Pernli Marine Limited, Persect Marine Limited, Felox Marine Limited and Respent Marine Limited were acquired by CoolCo on November 10, 2022 from QCT and were not part of GSVM. As such, they are included within the Successor Period only.

VARIABLE INTEREST ENTITIES ("_2

VARIABLE INTEREST ENTITIES ("VIEs") (Tables)	6 Months Ended
	Jun. 30, 2023
VARIABLE INTEREST ENTITIES [Abstract]
Schedule of Sale Leaseback Transactions	The following table gives a summary of the sale and leaseback arrangements, including repurchase options and obligations. Vessel Effective from Lessor Sales value (in $ millions) Lease duration First repurchase option (in $ millions) Date of first repurchase option (2) Net repurchase obligation at end of lease term (in $ millions) End of lease term Successor and Predecessor Period Golar Kelvin January 2015 ICBCL 204.0 10 years 173.8 January 2020 71.0 January 2025 Golar Ice February 2015 ICBCL 204.0 10 years 173.8 February 2020 71.0 January 2025 Predecessor Period Golar Snow (1) January 2015 ICBCL 204.0 10 years 173.8 January 2020 116.2 April 2023 Golar Glacier (1) October 2014 ICBCL 204.0 10 years 173.8 October 2019 113.4 April 2023 Golar Seal March 2016 CCBFL 203.0 10 years 132.8 March 2018 63.4 March 2026 Golar Crystal March 2017 COSCO 187.0 10 years 97.3 March 2020 50.0 March 2027 Golar Bear June 2020 AVIC 160.0 7 years 100.7 June 2021 45.0 June 2027 (1) In June 2021, the GSVM entered into certain amendments to the ICBCL sale and leaseback facilities which included (i) prepayment of $15.0 million for each sale and leaseback facility in July 2021; and (ii) brought forward the obligations to repurchase the Golar Glacier and Golar Snow to April 2023 from October 2024 and January 2025, respectively. (2) For each of the sale and leaseback arrangements, the first repurchase options were not exercised.
Schedule of Variable Interest Entities	The assets and liabilities of the lessor VIEs that most significantly impact our unaudited condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, are shown below: Successor (in thousands of $) June 30, December 31, Assets: Restricted cash and short term deposits 3,554 3,435 Liabilities: Current portion of long term debt and short term debt (Note 15) (1) (84,839) (103,470) Accrued expenses (2) (36,496) (34,367) Total liabilities (121,335) (137,837) (1) Where applicable, these balances are net of deferred finance charges (Note 15). (2) Includes accrued interest of lessor VIEs which although consolidated into our results, we have no control over the arrangements negotiated by these lessor VIEs including repayment profiles.

GAINS ON DERIVATIVE INSTRUMEN_2

GAINS ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments, gain (loss)	The following table sets forth gains on derivative instruments and other financial items: Six Months Ended June 30, Successor Successor Predecessor (in thousands of $) 2023 Phased period from January 27, 2022 to June 30, 2022 (1) Phased period from January 1, 2022 to June 30, 2022 (1) Mark-to-market gains for interest rate swaps 6,446 — — Net interest income on undesignated interest rate swaps 4,258 — — Gains on derivative instruments 10,704 — — Foreign exchange (loss) / gain on operations (13) 105 (464) Financing arrangement fees and other costs, net (696) (1,393) 1,102 Other (98) (71) (16) Other financial items, net (807) (1,359) 622
Components of other financial items, net	The following table sets forth gains on derivative instruments and other financial items: Six Months Ended June 30, Successor Successor Predecessor (in thousands of $) 2023 Phased period from January 27, 2022 to June 30, 2022 (1) Phased period from January 1, 2022 to June 30, 2022 (1) Mark-to-market gains for interest rate swaps 6,446 — — Net interest income on undesignated interest rate swaps 4,258 — — Gains on derivative instruments 10,704 — — Foreign exchange (loss) / gain on operations (13) 105 (464) Financing arrangement fees and other costs, net (696) (1,393) 1,102 Other (98) (71) (16) Other financial items, net (807) (1,359) 622

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Components of income tax expense (benefit)	The components of income tax expense are as follows: Six Months Ended June 30, Successor Successor Predecessor (in thousands of $) 2023 Phased period from January 27, 2022 to June 30, 2022 (1) Phased period from January 1, 2022 to June 30, 2022 (1) Current tax expense 134 — 366 Deferred tax expense — — 19 Total income tax expense 134 — 385

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets included in current assets relate to intangible assets following the completion of the transactions contemplated by the Vessel SPA, the ManCo SPA and related agreements during 2022 and are as follows: Favorable Contract Intangible Assets Assembled Workforce Customer Relationships Others As of June 30, 2023 Note A Note B Note B (in thousands of $) Cost 18,900 4,600 3,600 1,038 28,138 Less: Accumulated amortization (14,127) (920) (1,950) — (16,997) Net book value 4,773 3,680 1,650 1,038 11,141 Presented as: - Current — 920 1,650 — 2,570 - Non-current 4,773 2,760 — 1,038 8,571 4,773 3,680 1,650 1,038 11,141

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Operating Lease, Lease Income	The components of operating lease income were as follows: Six Months Ended June 30, Successor Successor Predecessor (in thousands of $) 2023 Phased period from January 27, 2022 to June 30, 2022 (1) Phased period from January 1, 2022 to June 30, 2022 (1) Operating lease income 171,616 49,564 37,506 Variable lease income / (expense) (1) 1,623 258 (217) Total operating lease income 173,239 49,822 37,289 (1) “Variable lease income” is excluded from lease payments that comprise the minimum contractual future revenues from non-cancellable operating leases.

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Other Assets [Abstract]
Schedule of Other Current Assets	Successor Successor (in thousands of $) June 30, 2023 December 31, 2022 Prepaid expenses 1,241 465 Other receivables (1) 2,787 3,293 Other current assets 4,028 3,758 (1) Included in “other receivables” for the period ended June 30, 2023 and year ended December 31, 2022 is the current portion of compensation of the debt guarantees provided by Golar of the payment obligations of two of the acquired subsidiaries' debt related to two LNG carriers , Golar Ice and Golar Kelvin.

NEWBUILDINGS (Tables)

NEWBUILDINGS (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Long-Term Purchase Commitment	As at June 30, 2023, the estimated timing of the firm outstanding payable in connection with the Newbuilds are as follows; (in thousands of $) 2023 181,587 2024 289,900 Total outstanding commitments 471,487

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Components of vessels and equipment, net	Our vessels and equipment, net consisted of the following: Successor Successor (in thousands of $) June 30, December 31, Vessels (1) (2) 1,808,582 1,937,443 Office equipment and fittings 1,160 645 Less: Accumulated depreciation and amortization (75,943) (44,681) Total vessels and equipment, net 1,733,799 1,893,407 (1) Vessels includes the conversion and retrofitting cost of $10.0 million and capitalized drydocking cost of $15.0 million.

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
OTHER NON-CURRENT ASSETS [Abstract]
Components of other non-current assets	Successor Successor (in thousands of $) June 30, December 31, Mark-to-market asset on interest rate swaps (Note 7) 14,797 8,736 Operating lease right-of-use-assets (1) 4,768 899 Others (2) 459 859 Other non-current assets 20,024 10,494 (1) Operating lease right-of-use-assets mainly comprise of our office leases in Norway, Croatia and Malaysia. (2) Included in “others” as of June 30, 2023 and December 31, 2022 is the non-current portion of compensation of the debt guarantees provided by Golar of the payment obligations of two of the acquired subsidiaries' debt relating to two LNG carriers , Golar Ice and Golar Kelvin.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Components of long-term debt	Long-term and short-term debt was as follows: Successor Successor (in thousands of $) June 30, December 31, Total long-term and short-term debt (1) 1,063,901 1,138,302 Less: current portion of long-term debt and short-term debt (1) (159,739) (180,065) Long-term debt (1) 904,162 958,237
Schedule of debt	At June 30, 2023, our debt is broken down further as follows: Successor (in thousands of $) CoolCo debt VIE Debt (2) Total Current portion of long-term debt and short-term debt (1) 74,900 84,839 159,739 Long-term debt (1) 904,162 — 904,162 Total (1) 979,062 84,839 1,063,901 (1) The amounts presented in the table above, are net of the deferred charges amounting to $6.6 million as of June 30, 2023 ( December 31, 2022: $6.2 million). (2) This amount relates to the lessor VIEs (for which legal ownership resides with a financial institution) that we are required to consolidate under U.S. GAAP (see note 5).

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities, Current [Abstract]
Components of other current liabilities	Other current liabilities is comprised of the following: Successor Successor (in thousands of $) June 30, December 31, 2022 Deferred operating lease and charter hire revenue 31,288 15,588 Unfavorable contract intangibles (Note 9) 19,028 20,610 Current portion of operating lease liability 1,110 511 Mark-to-market liability on interest rate swaps — 385 Debt guarantee liability (Note 19) 849 944 Other payables (1) 189 5,009 Other current liabilities 52,464 43,047 (1) Included in “Other Payables” is an amount payable to Hygo Energy Transition Ltd. (“Hygo”) as a result of the participation of its vessels in the Cool Pool of $5.0 million as of December 31, 2022.

OTHER NON-CURRENT LIABILITIES (

OTHER NON-CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities, Noncurrent [Abstract]
Components of Other Non-Current Liabilities	Other non-current liabilities is comprised of the following: Successor Successor (in thousands of $) June 30, December 31, 2022 Unfavorable contract intangibles (Note 9) 94,958 104,447 Non-current portion of operating lease liability 3,346 510 Others 365 765 Other non-current liabilities 98,669 105,722

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swap Transactions	The following table summarizes the terms of interest rate swaps as of June 30, 2023 : Instrument Notional amount Maturity Dates Fixed Interest Rates Interest rate swaps: Receiving Floating, pay fixed 686,160 Feb-2027 to May-2029 2.69% to 3.99%
Carrying Value and Estimated Fair Value of Financial Instruments	The carrying value and estimated fair value of our financial instruments were as follows: Successor Successor June 30, 2023 December 31, 2022 (in thousands of $) Fair value hierarchy Carrying value Fair Carrying value Fair Non-derivatives: Cash and cash equivalents (1) Level 1 309,419 309,419 129,135 129,135 Restricted cash and short-term deposits Level 1 4,028 4,028 3,942 3,942 Trade accounts receivable (2) Level 1 6,351 6,351 2,467 2,467 Trade accounts payable (2) Level 1 (31,405) (31,405) (2,576) (2,576) Current portion of long-term debt and short-term debt (3) (4) Level 2 (161,690) (161,690) (181,694) (181,694) Long-term debt (4) Level 2 (908,768) (908,768) (962,794) (962,794) Derivatives: Interest rate swap assets (5) Level 2 14,797 14,797 8,736 8,736 Interest rate swap liabilities (5) Level 2 — — (385) (385) (1) The carrying value of cash and cash equivalents, which are highly liquid, is a reasonable estimate of fair value. (2) The carrying values of trade accounts receivable and trade accounts payable approximate fair values because of the near term maturity of these instruments. (3) The carrying amounts of our short-term debt approximate their fair values because of the near term maturity of these instruments. (4) Our debt obligations are recorded at amortized cost in the unaudited condensed consolidated balance sheets. The amounts presented in the table above, are gross of the deferred charges amounting to $6.6 million as of June 30, 2023 (December 31, 2022: $6.2 million). (5) Derivative assets are presented within other non-current assets on the unaudited condensed consolidated balance sheet. Derivative liabilities are presented within other current liabilities on the consolidated balance sheet.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Transactions with related parties: The following table sets forth transactions with related parties: Six Months Ended June 30, Successor Successor Predecessor (in thousands of $) 2023 Phased period from January 27, 2022 to June 30, 2022 (1) Phased period from January 1, 2022 to June 30, 2022 (1) Ship management fee revenues (a) 455 — 1,342 Ship management and administrative service expenses (a) (687) (1,367) (730) Debt guarantee compensation (b) (169) (279) — Commitment fee (c) (20) — — Office rental (e) (357) — — (778) (1,646) 612 Balances with related parties consisted of the following: Successor Successor (in thousands of $) June 30, December 31, Balances due to Golar and its subsidiaries (d) — 395 Balances due to QPSL and its affiliates (e) 114,144 1,231 114,144 1,626 (a) Ship management fees revenue / Ship management and administrative services expense - Golar through its subsidiary, Golar Management Ltd. ("Golar Management"), charged ship management fees for the provision of technical and commercial management of the vessels. Each of our vessels is subject to management agreements pursuant to which certain commercial and technical management services were provided by Golar. This provision of technical and commercial management services includes management of four vessels owned by QPSL, subsequently acquired by the Company in November 2022. In addition, Golar Management and Golar Management (Bermuda) Ltd., entered into the CoolCo Transition Services Agreement ("TSA") pursuant to which Golar provided corporate administrative services to CoolCo. On June 30, 2022, upon completion of the CoolCo Disposal, the CoolCo TSA was replaced by the CoolCo Administrative Services Agreement ("ASA"), for the provision of IT, accounting, treasury, finance operations and other corporate overhead functions. Following the announcement on February 28, 2023 that Golar sold all but one of its remaining shareholding interest in the Company of common shares to EPS, it ceased to be a related party and subsequent transactions with Golar and its subsidiaries are treated as third party. (b) Debt guarantee compensation – Golar agreed to remain as the guarantor of the payment obligations of two of the acquired subsidiaries' debt related to two LNG carriers , Golar Ice and Golar Kelvin, in exchange for a guarantee fee of 0.5% on the outstanding principal balances, which as of June 30, 2023 was $193.8 million . The compensation amou nted to $0.2 million for the sixth months ended June 30, 2023. (c) Commitment fee – We obtained a two years revolving credit facility of $25.0 million from Golar. The facility bears a fixed interest rate and commitment fee on the undrawn loan of 5% and 0.5% per annum, respectively. We terminated the revolving credit facility on May 28, 2023. (d) Balances due to Golar and its subsidiaries - Receivables and payables with Golar and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when Golar pays an invoice on our behalf. Receivables and payables are generally settled quarterly in arrears. Balances owing from Golar and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. (e) Balances due to QPSL and its subsidiaries - Receivables and payables with QPSL and its subsidiaries are comprised primarily of management fees advances received for managing their vessels and office rental. We assumed these balances upon conclusion of the acquisition of the LNG carrier and FSRU management organization on June 30, 2022.

OTHER COMMITMENTS AND CONTING_2

OTHER COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Assets Pledged	The book value of our Vessels secured under long-term loans was as follows: Successor Successor (in thousands of $) June 30, December 31, 2022 Carrying value of vessels secured against long-term loans 1,733,042 1,893,116

BASIC AND DILUTED EARNINGS PE_2

BASIC AND DILUTED EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The Company's earnings per share on the weighted average number of shares outstanding was as follows: Successor Successor Predecessor (in thousands of $, except number of shares and per share data) January 1, 2023 Phased period from January 27, 2022 to June 30, 2022 (1) Phased period from January 1, 2022 to June 30, 2022 (1) Net income attributable to Owners of Cool Company Ltd. / Predecessor's Parent 113,835 16,848 15,038 Weighted average number of shares outstanding 53,688,462 40,010,000 1,010,000 Basic and diluted earnings per share $2.12 $0.42 $14.89

GENERAL - Narrative (Details)

GENERAL - Narrative (Details) $ / shares in Units, $ in Thousands

1 Months Ended

5 Months Ended

6 Months Ended

Jun. 28, 2023

Nov. 10, 2022 USD ($) vessel

Jun. 30, 2022 subsidiary shares

Feb. 25, 2022 vessel subsidiary

Feb. 17, 2022 USD ($)

Jan. 26, 2022 USD ($) $ / shares shares

Nov. 30, 2022 USD ($) $ / shares shares

Feb. 28, 2022 USD ($) $ / shares shares

Jan. 26, 2022 USD ($) vessel $ / shares shares

Jun. 30, 2022 USD ($) subsidiary shares

Dec. 31, 2024 vessel

Jun. 30, 2023 USD ($) vessel subsidiary

Dec. 31, 2022 subsidiary

Nov. 30, 2022 kr / shares shares

Ownership interests:

Financial Designation, Predecessor and Successor [Fixed List]

Predecessor

Successor

Number of vessels managed for third parties | vessel

18

Debt refinanced, number of subsidiaries | subsidiary

6

Debt guarantees, number of subsidiaries | subsidiary

2

2

2

2

Issuance of shares from private placement (in shares) | shares

398,990,000

Common shares, par value (in dollars per share) | $ / shares

$ 1

$ 1

$ 1

Common stock, shares authorized (in shares) | shares

400,000,000

400,000,000

Sale of stock, price per share | kr / shares

kr 130

Payments for asset acquisitions

$ 0

[1]

$ 218,276

[1]

$ 0

Common shares, shares outstanding (in shares) | shares

53,688,462

53,688,462

Quantum Crude Tankers Ltd.

Ownership interests:

Number of vessels owned | vessel

4

Liquified Natural Gas Carriers

Ownership interests:

Number of vessels owned | vessel

11

Modern Tri-Fuel Diesel Electric | Golar LNG Limited

Ownership interests:

Number of vessels owned | vessel

7

Modern Tri-Fuel Diesel Electric | Quantum Crude Tankers Ltd.

Ownership interests:

Number of vessels owned | vessel

2

Modern 2-Stroke | Quantum Crude Tankers Ltd.

Ownership interests:

Number of vessels owned | vessel

2

Vessel SPA And ManCo SPA

Ownership interests:

Purchase consideration

$ 346,200

Consideration, equity issued

127,900

127,900

Payments for asset acquisitions

211,700

211,700

ManCo SPA

Ownership interests:

Number of subsidiaries acquired | subsidiary

4

Purchase consideration

$ 6,600

6,600

Vessel SPA

Ownership interests:

Number of vessels acquired | vessel

8

8

Number of subsidiaries acquired | subsidiary

9

Number of subsidiaries acquired, owners of vessels | subsidiary

8

Purchase price per vessel

$ 145,000

$ 145,000

Purchase consideration

339,600

MSA Agreement

Ownership interests:

Number of vessels acquired | vessel

4

Purchase price per vessel

$ 234,000

Purchase consideration

662,800

Payments for asset acquisitions

$ 135,200

MSA Agreement | Scenario, Forecast

Ownership interests:

Number of vessels acquired | vessel

2

EPS | CoolCo

Ownership interests:

Equity method investment, ownership percentage

37.50%

Golar LNG Limited

Ownership interests:

Sale of stock, number of shares issued | shares

8,046,154

Consideration received on sale of stock

$ 100,000

Common shares, shares outstanding (in shares) | shares

1,010,000

1,010,000

Golar LNG Limited | CoolCo

Ownership interests:

Equity method investment, ownership percentage

31.30%

Private Placement

Ownership interests:

Sale of stock, number of shares issued | shares

27,500,000

Sale of stock, price per share | $ / shares

$ 10

Net proceeds from the issuance of equity

$ 275,000

Consideration received on sale of stock

$ 266,700

Second Private Placement

Ownership interests:

Issuance of shares from private placement (in shares) | shares

13,678,462

Net proceeds from the issuance of equity

$ 170,000

Consideration received on sale of stock

$ 166,000

Second Private Placement | EPS

Ownership interests:

Common shares, shares outstanding (in shares) | shares

10,789,728

10,789,728

Line of Credit | Senior Secured Sustainability Term Loan | Secured Overnight Financing Rate (SOFR)

Ownership interests:

Basis spread on debt

2.75%

Revolving Credit Facility | Line of Credit | Credit Facility Maturing January 2024

Ownership interests:

Maximum borrowing capacity

$ 25,000

$ 25,000

Interest rate

5%

5%

Commitment fee basis points

0.50%

Secured Debt | Line of Credit | Senior Secured Sustainability Term Loan

Ownership interests:

Debt instrument, face amount

$ 570,000

Secured Debt | Line of Credit | Senior Secured Sustainability Term Loan | Secured Overnight Financing Rate (SOFR)

Ownership interests:

Basis spread on debt

2.25%

2.75%

[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

GENERAL - Fair Values and Exces

GENERAL - Fair Values and Excess Purchase Consideration (Details) $ in Millions				1 Months Ended	5 Months Ended	6 Months Ended
	Nov. 10, 2022 USD ($) vessel	Jun. 30, 2022 subsidiary	Feb. 25, 2022 vessel subsidiary	Jan. 26, 2022 USD ($) vessel	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)
Vessel SPA And ManCo SPA | Amounts De-recognized On Disposal
Assets Acquired
Vessels and equipment, net				$ 1,387.3
Other current and non-current assets				61.7
Total assets acquired:				1,449
Liabilities:
Current portion of long-term debt				154.5
Unfavorable contracts liabilities				0
Other current and non-current liabilities				643.3
Total liabilities assumed:				797.8
Non-controlling interest				67.4
Net assets to be acquired:				583.8
Vessel SPA And ManCo SPA | Amounts De-recognized On Disposal | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired				0
Vessel SPA And ManCo SPA | Amounts De-recognized On Disposal | Assembled Workforce
Assets Acquired
Intangible assets acquired				0
Vessel SPA And ManCo SPA | Amounts De-recognized On Disposal | Customer Relationships
Assets Acquired
Intangible assets acquired				0
Vessel SPA And ManCo SPA | Fair Value And Other Adjustments
Assets Acquired
Vessels and equipment, net				(222.2)
Other current and non-current assets				0
Total assets acquired:				(200.7)
Liabilities:
Current portion of long-term debt				(4.5)
Unfavorable contracts liabilities				69.7
Other current and non-current liabilities				0
Total liabilities assumed:				65.2
Non-controlling interest				(0.1)
Net assets to be acquired:				(265.8)
Vessel SPA And ManCo SPA | Fair Value And Other Adjustments | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired				13.5
Vessel SPA And ManCo SPA | Fair Value And Other Adjustments | Assembled Workforce
Assets Acquired
Intangible assets acquired				4.5
Vessel SPA And ManCo SPA | Fair Value And Other Adjustments | Customer Relationships
Assets Acquired
Intangible assets acquired				3.5
Vessel SPA And ManCo SPA | Fair Value Of Amounts Acquired
Assets Acquired
Vessels and equipment, net					$ 1,165.1
Other current and non-current assets					61.7
Total assets acquired:					1,248.3
Liabilities:
Current portion of long-term debt					150
Unfavorable contracts liabilities					69.7
Other current and non-current liabilities					643.3
Total liabilities assumed:					863
Non-controlling interest					67.3
Net assets to be acquired:				(318)	318
Vessel SPA And ManCo SPA | Fair Value Of Amounts Acquired | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired					13.5
Vessel SPA And ManCo SPA | Fair Value Of Amounts Acquired | Assembled Workforce
Assets Acquired
Intangible assets acquired					4.5
Vessel SPA And ManCo SPA | Fair Value Of Amounts Acquired | Customer Relationships
Assets Acquired
Intangible assets acquired					3.5
Vessel SPA And ManCo SPA | Excess Purchase Consideration Allocation
Assets Acquired
Vessels and equipment, net					27.9
Other current and non-current assets					0.1
Total assets acquired:					28.2
Liabilities:
Current portion of long-term debt					0
Unfavorable contracts liabilities					0
Other current and non-current liabilities					0
Total liabilities assumed:					0
Non-controlling interest					0
Net assets to be acquired:				28.2	28.2
Vessel SPA And ManCo SPA | Excess Purchase Consideration Allocation | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired					0
Vessel SPA And ManCo SPA | Excess Purchase Consideration Allocation | Assembled Workforce
Assets Acquired
Intangible assets acquired					0.1
Vessel SPA And ManCo SPA | Excess Purchase Consideration Allocation | Customer Relationships
Assets Acquired
Intangible assets acquired					0.1
Vessel SPA And ManCo SPA | Amounts Recognized Upon Acquisition
Assets Acquired
Vessels and equipment, net					1,193
Other current and non-current assets					61.8
Total assets acquired:					1,276.5
Liabilities:
Current portion of long-term debt					150
Unfavorable contracts liabilities					69.7
Other current and non-current liabilities					643.3
Total liabilities assumed:					863
Non-controlling interest					67.3
Net assets to be acquired:				346.2	346.2
Vessel SPA And ManCo SPA | Amounts Recognized Upon Acquisition | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired					13.5
Vessel SPA And ManCo SPA | Amounts Recognized Upon Acquisition | Assembled Workforce
Assets Acquired
Intangible assets acquired					4.6
Vessel SPA And ManCo SPA | Amounts Recognized Upon Acquisition | Customer Relationships
Assets Acquired
Intangible assets acquired					$ 3.6
Vessel SPA
Liabilities:
Number of subsidiaries acquired | subsidiary			9
Purchase price per vessel				$ 145		$ 145
Number of vessels acquired | vessel			8	8
Net cash purchase consideration				$ 1,160		$ 1,160
ManCo SPA
Liabilities:
Number of subsidiaries acquired | subsidiary		4
MSA Agreement
Liabilities:
Purchase price per vessel	$ 234
Number of vessels acquired | vessel	4
Net cash purchase consideration	$ 135.2

GENERAL - Purchase Consideratio

GENERAL - Purchase Considerations (Details) $ in Thousands		1 Months Ended		5 Months Ended		6 Months Ended
	Feb. 25, 2022 vessel	Jan. 26, 2022 USD ($) vessel shares		Jun. 30, 2022 USD ($)		Jun. 30, 2023 USD ($)
Business Acquisition
Payments for asset acquisitions		$ 0	[1]	$ 218,276	[1]	$ 0
Vessel SPA
Business Acquisition
Net cash purchase consideration		1,160,000				1,160,000
Purchase consideration		339,600
Purchase price per vessel		$ 145,000				145,000
Sale leaseback, number of vessels | vessel		6
Number of vessels acquired | vessel	8	8
Vessel SPA And ManCo SPA
Business Acquisition
Less: Debt and leases settled		$ (587,300)
Less: Leases assumed		(233,700)
Add: Working capital adjustments		600
Purchase consideration						346,200
Payments for asset acquisitions		$ 211,700				211,700
Consideration, equity issued (in shares) | shares		12,500,000
Consideration, equity issued		$ 127,900				127,900
Vessel SPA And ManCo SPA | Amounts Recognized Upon Acquisition
Business Acquisition
Net assets to be acquired:		346,200		$ 346,200
ManCo SPA
Business Acquisition
Purchase consideration		$ 6,600				$ 6,600
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

GENERAL - Aggregated Fair Value

GENERAL - Aggregated Fair Values of Acquired Vessel SPV's (Details) - USD ($) $ in Millions		1 Months Ended	5 Months Ended	6 Months Ended
	Nov. 10, 2022	Jan. 26, 2022	Jun. 30, 2022	Jun. 30, 2023
MSA Agreement
Liabilities:
Purchase consideration	$ 662.8
Net cash purchase consideration	135.2
Vessel SPA And ManCo SPA
Liabilities:
Purchase consideration				$ 346.2
Amounts De-recognized On Disposal | Vessel SPVs
Assets Acquired
Vessels and equipment, net			$ 640.6
Other current and non-current assets			2.2
Total assets acquired:			642.8
Liabilities:
Long-term debt			520
Unfavorable contracts liabilities			0
Other current and non-current liabilities			7.7
Total liabilities assumed:			527.7
Net assets to be acquired:			(115.1)
Amounts De-recognized On Disposal | Vessel SPVs | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired			0
Amounts De-recognized On Disposal | Vessel SPA And ManCo SPA
Assets Acquired
Vessels and equipment, net		$ 1,387.3
Other current and non-current assets		61.7
Total assets acquired:		1,449
Liabilities:
Unfavorable contracts liabilities		0
Other current and non-current liabilities		643.3
Total liabilities assumed:		797.8
Net assets to be acquired:		(583.8)
Amounts De-recognized On Disposal | Vessel SPA And ManCo SPA | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired		0
Fair Value And Other Adjustments | Vessel SPVs
Assets Acquired
Vessels and equipment, net			149.7
Other current and non-current assets			0
Total assets acquired:			155.1
Liabilities:
Long-term debt			0
Unfavorable contracts liabilities			89.3
Other current and non-current liabilities			0
Total liabilities assumed:			89.3
Net assets to be acquired:			(65.8)
Fair Value And Other Adjustments | Vessel SPVs | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired			5.4
Fair Value And Other Adjustments | Vessel SPA And ManCo SPA
Assets Acquired
Vessels and equipment, net		(222.2)
Other current and non-current assets		0
Total assets acquired:		(200.7)
Liabilities:
Unfavorable contracts liabilities		69.7
Other current and non-current liabilities		0
Total liabilities assumed:		65.2
Net assets to be acquired:		265.8
Fair Value And Other Adjustments | Vessel SPA And ManCo SPA | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired		13.5
Fair Value Of Amounts Acquired | Vessel SPVs
Assets Acquired
Vessels and equipment, net			790.3
Other current and non-current assets			2.2
Total assets acquired:			797.9
Liabilities:
Long-term debt			520
Unfavorable contracts liabilities			89.3
Other current and non-current liabilities			7.7
Total liabilities assumed:			617
Net assets to be acquired:			(180.9)
Fair Value Of Amounts Acquired | Vessel SPVs | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired			5.4
Fair Value Of Amounts Acquired | Vessel SPA And ManCo SPA
Assets Acquired
Vessels and equipment, net			1,165.1
Other current and non-current assets			61.7
Total assets acquired:			1,248.3
Liabilities:
Unfavorable contracts liabilities			69.7
Other current and non-current liabilities			643.3
Total liabilities assumed:			863
Net assets to be acquired:		318	(318)
Fair Value Of Amounts Acquired | Vessel SPA And ManCo SPA | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired			13.5
Excess Purchase Consideration Allocation | Vessel SPVs
Assets Acquired
Vessels and equipment, net			(45.7)
Other current and non-current assets			0
Total assets acquired:			(45.7)
Liabilities:
Long-term debt			0
Unfavorable contracts liabilities
Other current and non-current liabilities			0
Total liabilities assumed:			0
Net assets to be acquired:			45.7
Excess Purchase Consideration Allocation | Vessel SPVs | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired			0
Excess Purchase Consideration Allocation | Vessel SPA And ManCo SPA
Assets Acquired
Vessels and equipment, net			27.9
Other current and non-current assets			0.1
Total assets acquired:			28.2
Liabilities:
Unfavorable contracts liabilities			0
Other current and non-current liabilities			0
Total liabilities assumed:			0
Net assets to be acquired:		(28.2)	(28.2)
Excess Purchase Consideration Allocation | Vessel SPA And ManCo SPA | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired			0
Amounts Recognized Upon Acquisition | Vessel SPVs
Assets Acquired
Vessels and equipment, net			744.6
Other current and non-current assets			2.2
Total assets acquired:			752.2
Liabilities:
Long-term debt			520
Unfavorable contracts liabilities			89.3
Other current and non-current liabilities			7.7
Total liabilities assumed:			617
Net assets to be acquired:			(135.2)
Amounts Recognized Upon Acquisition | Vessel SPVs | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired			5.4
Amounts Recognized Upon Acquisition | MSA Agreement
Liabilities:
Long-term debt	520
Working capital adjustments	$ 7.6
Amounts Recognized Upon Acquisition | Vessel SPA And ManCo SPA
Assets Acquired
Vessels and equipment, net			1,193
Other current and non-current assets			61.8
Total assets acquired:			1,276.5
Liabilities:
Unfavorable contracts liabilities			69.7
Other current and non-current liabilities			643.3
Total liabilities assumed:			863
Net assets to be acquired:		$ (346.2)	(346.2)
Amounts Recognized Upon Acquisition | Vessel SPA And ManCo SPA | Favorable Contract Intangible Assets
Assets Acquired
Intangible assets acquired			$ 13.5

BASIS OF PREPARATION AND SIGN_3

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)		1 Months Ended	4 Months Ended
	Feb. 25, 2022 vessel	Jan. 26, 2022 vessel	Jun. 30, 2022 legalEntity shares	Nov. 30, 2022 shares
Trading Activity, Gains and Losses, Net [Line Items]
Number of entities acquired | legalEntity			13
Common shares, shares outstanding (in shares)				53,688,462
Vessel SPA
Trading Activity, Gains and Losses, Net [Line Items]
Number of vessels acquired | vessel	8	8
Golar LNG Limited
Trading Activity, Gains and Losses, Net [Line Items]
Common shares, shares outstanding (in shares)			1,010,000
Common shares, shares issued (in shares)			1,010,000

VARIABLE INTEREST ENTITIES ("_3

VARIABLE INTEREST ENTITIES ("VIEs") - Narrative (Details) $ in Thousands		1 Months Ended		6 Months Ended
	Jun. 30, 2023 vessel	Apr. 30, 2022 USD ($) vessel variable_interest_entity shares	Jan. 26, 2022 USD ($)	Jun. 30, 2023
Variable Interest Entity [Line Items]
Number of VIEs deconsolidated | variable_interest_entity		5
Non-controlling interest, deconsolidation of VIEs | $			$ 115,412
Vessels disposal group | Golar LNG Limited
Variable Interest Entity [Line Items]
Number of vessels in sale and leaseback transactions disposed | vessel		7
Number of vessels in sale and leaseback transactions repurchased prior to disposal | shares		5
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of vessels assumed in sale and leaseback transaction | vessel	2	2
Non-controlling interest, deconsolidation of VIEs | $		$ 115,400
Variable Interest Entity, Primary Beneficiary | Minimum
Variable Interest Entity [Line Items]
Lease term				7 years
Variable Interest Entity, Primary Beneficiary | Maximum
Variable Interest Entity [Line Items]
Lease term				10 years

VARIABLE INTEREST ENTITIES ("_4

VARIABLE INTEREST ENTITIES ("VIEs") - Summary of the Sale and Leaseback Arrangement (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2021	Jun. 30, 2023
Variable Interest Entity [Line Items]
Sale leaseback, prepayment	$ 15
ICBCL | Golar Kelvin
Variable Interest Entity [Line Items]
Sale value		$ 204
Lease duration		10 years
First repurchase option		$ 173.8
Net repurchase obligation at end of lease term		71
ICBCL | Golar Ice
Variable Interest Entity [Line Items]
Sale value		$ 204
Lease duration		10 years
First repurchase option		$ 173.8
Net repurchase obligation at end of lease term		71
ICBCL | Golar Snow
Variable Interest Entity [Line Items]
Sale value		$ 204
Lease duration		10 years
First repurchase option		$ 173.8
Net repurchase obligation at end of lease term		116.2
ICBCL | Golar Glacier
Variable Interest Entity [Line Items]
Sale value		$ 204
Lease duration		10 years
First repurchase option		$ 173.8
Net repurchase obligation at end of lease term		113.4
CCBFL | Golar Seal
Variable Interest Entity [Line Items]
Sale value		$ 203
Lease duration		10 years
First repurchase option		$ 132.8
Net repurchase obligation at end of lease term		63.4
COSCO | Golar Crystal
Variable Interest Entity [Line Items]
Sale value		$ 187
Lease duration		10 years
First repurchase option		$ 97.3
Net repurchase obligation at end of lease term		50
AVIC | Golar Bear
Variable Interest Entity [Line Items]
Sale value		$ 160
Lease duration		7 years
First repurchase option		$ 100.7
Net repurchase obligation at end of lease term		$ 45

VARIABLE INTEREST ENTITIES ("_5

VARIABLE INTEREST ENTITIES ("VIEs") - Summary of assets and liabilities of lessor VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Liabilities:
Current portion of long-term debt and short-term debt	$ (159,739)	$ (180,065)
Accrued expenses	(54,597)	(51,275)
Total liabilities	(1,415,180)	(1,342,548)
Variable Interest Entity, Primary Beneficiary
Assets Acquired
Restricted cash and short term deposits	3,554	3,435
Liabilities:
Current portion of long-term debt and short-term debt	(84,839)	(103,470)
Accrued expenses	(36,496)	(34,367)
Total liabilities	$ (121,335)	$ (137,837)

OTHER OPERATING AND NON-OPERA_2

OTHER OPERATING AND NON-OPERATING INCOME (Details) - USD ($) $ in Millions		1 Months Ended
	Mar. 22, 2023	Jan. 26, 2022
Component of Other Income (Expense) [Line Items]
Proceeds from insurance settlement, operating activities		$ 4.4
Golar Seal | Discontinued Operations, Disposed of by Sale | Golar Seal
Component of Other Income (Expense) [Line Items]
Disposal group, including discontinued operation, consideration	$ 184.3
Gain (loss) on disposition of assets	$ 42.5

GAINS ON DERIVATIVE INSTRUMEN_3

GAINS ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET (Details) - USD ($) $ in Thousands	1 Months Ended		5 Months Ended		6 Months Ended
	Jan. 26, 2022		Jun. 30, 2022		Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gains on derivative instruments	$ 0	[1]	$ 0	[1]	$ 10,704
Foreign exchange (loss) / gain on operations	(464)		105		(13)
Financing arrangement fees and other costs, net	1,102		(1,393)		(696)
Other	(16)		(71)		(98)
Other financial items, net	622		(1,359)		(807)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gains on derivative instruments	0		0		6,446
Net interest income on undesignated interest rate swaps	$ 0		$ 0		$ 4,258
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	1 Months Ended		5 Months Ended		6 Months Ended
	Jan. 26, 2022		Jun. 30, 2022		Jun. 30, 2023
Components of income tax expense:
Current tax expense	$ 366		$ 0		$ 134
Deferred tax expense	19		0		0
Total income tax expense	$ 385	[1]	$ 0	[1]	$ 134
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

INTANGIBLE ASSETS, NET - Schedu

INTANGIBLE ASSETS, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Cost	$ 28,138
Less: Accumulated amortization	(16,997)
Net book value	11,141
Current	2,570	$ 5,552
Non-current	8,571	$ 8,315
Favorable Contract Intangible Assets
Finite-Lived Intangible Assets
Cost	18,900
Less: Accumulated amortization	(14,127)
Net book value	4,773
Current	0
Non-current	4,773
Assembled Workforce
Finite-Lived Intangible Assets
Cost	4,600
Less: Accumulated amortization	(920)
Net book value	3,680
Current	920
Non-current	2,760
Customer Relationships
Finite-Lived Intangible Assets
Cost	3,600
Less: Accumulated amortization	(1,950)
Net book value	1,650
Current	1,650
Non-current	0
Others
Finite-Lived Intangible Assets
Cost	1,038
Less: Accumulated amortization	0
Net book value	1,038
Current	0
Non-current	$ 1,038

INTANGIBLE ASSETS, NET - Narrat

INTANGIBLE ASSETS, NET - Narrative (Details) $ in Thousands			1 Months Ended		5 Months Ended		6 Months Ended
	Nov. 10, 2022 vessel	Jun. 30, 2022 subsidiary	Jan. 26, 2022 USD ($)	[1]	Jun. 30, 2022 USD ($)	[1]	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets
Net book value							$ 11,141
Unfavorable contract intangibles							19,028	$ 20,610
Unfavorable contract intangibles							94,958	$ 104,447
Total operating revenues			$ 43,456		$ 56,892		188,965
Amortization income of contract liabilities							11,100
Intangible assets, impairment loss, cumulative amount							0
Amortization of intangible assets and liabilities arising from charter agreements, net
Finite-Lived Intangible Assets
Total operating revenues			$ 0		$ 7,070		8,593
Favorable Contract Intangible Assets
Finite-Lived Intangible Assets
Net book value							4,773
Amortization expense							2,500
Customer Relationships And Assembled Workforce
Finite-Lived Intangible Assets
Amortization expense							$ 1,300
MSA Agreement
Finite-Lived Intangible Assets
Number of vessels acquired | vessel	4
ManCo SPA
Finite-Lived Intangible Assets
Number of subsidiaries acquired | subsidiary		4
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

OPERATING LEASES - Operating Le

OPERATING LEASES - Operating Lease Income (Details) - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
	Jan. 26, 2022	Jun. 30, 2022	Jun. 30, 2023
Leases [Abstract]
Operating lease income	$ 37,506	$ 49,564	$ 171,616
Variable lease income		258	1,623
Variable lease expense	(217)
Total operating lease income	$ 37,289	$ 49,822	$ 173,239

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) $ in Thousands	Jun. 30, 2023 USD ($) carrier subsidiary	Dec. 31, 2022 USD ($) carrier subsidiary	Jun. 30, 2022 subsidiary carrier
Other Assets [Abstract]
Prepaid expenses	$ 1,241	$ 465
Other receivables	2,787	3,293
Other current assets	$ 4,028	$ 3,758
Debt guarantees, number of subsidiaries | subsidiary	2	2	2
Debt guarantees, number of carriers | carrier	2	2	2

NEWBUILDINGS - Narrative (Detai

NEWBUILDINGS - Narrative (Details) $ in Millions	Jun. 28, 2023 USD ($) vessel	Jun. 30, 2023 USD ($)
Property, Plant and Equipment [Abstract]
Number of carriers acquired | vessel	2
Option price	$ 234
Initial exercise price	56.9
Remaining contractual commitment		$ 357.4
Contractual cost	$ 235.7

NEWBUILDINGS - Timing of Firm O

NEWBUILDINGS - Timing of Firm Outstanding Payable (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Property, Plant and Equipment [Abstract]
2023	$ 181,587
2024	289,900
Total outstanding commitments	$ 471,487

VESSELS AND EQUIPMENT, NET - Ve

VESSELS AND EQUIPMENT, NET - Vessels and Equipment, Net (Details) $ in Thousands		1 Months Ended
	Feb. 25, 2022 vessel	Jan. 26, 2022 vessel	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation and amortization			$ (75,943)	$ (44,681)
Total vessels and equipment, net			1,733,799	1,893,407
Vessel SPA
Property, Plant and Equipment [Line Items]
Number of vessels acquired | vessel	8	8
Vessels
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross			1,808,582	1,937,443
Vessels, conversion and retrofitting
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross			10,000
Vessels, drydocking cost
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross			15,000
Office equipment and fittings
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross			$ 1,160	$ 645

VESSELS AND EQUIPMENT, NET - Na

VESSELS AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	5 Months Ended	6 Months Ended
	Jan. 26, 2022	Jun. 30, 2022	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation charge	$ 5.7	$ 15	$ 37.5

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) $ in Thousands	Jun. 30, 2023 USD ($) carrier subsidiary	Dec. 31, 2022 USD ($) subsidiary carrier	Jun. 30, 2022 subsidiary carrier
OTHER NON-CURRENT ASSETS [Abstract]
Market-to-market asset on interest rate swaps	$ 14,797	$ 8,736
Operating lease right-of-use-assets (1)	$ 4,768	$ 899
Operating lease right-of-use assets, location	Other non-current assets	Other non-current assets
Others (2)	$ 459	$ 859
Other non-current assets	$ 20,024	$ 10,494
Debt guarantees, number of subsidiaries | subsidiary	2	2	2
Debt guarantees, number of carriers | carrier	2	2	2

DEBT - Schedule of Long-term &

DEBT - Schedule of Long-term & Short-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Total long-term debt and short-term debt	$ 1,063,901	$ 1,138,302
Less: current portion of long-term debt and short-term debt	(159,739)	(180,065)
Long-term debt	$ 904,162	$ 958,237

DEBT - Schedule of Outstanding

DEBT - Schedule of Outstanding Gross Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Current portion of long-term debt and short-term debt	$ 159,739	$ 180,065
Long-term debt	904,162	958,237
Total long-term debt and short-term debt	1,063,901	1,138,302
Debt issuance costs	6,600	$ 6,200
CoolCo debt
Debt Instrument [Line Items]
Current portion of long-term debt and short-term debt	74,900
Long-term debt	904,162
Total long-term debt and short-term debt	979,062
VIE debt
Debt Instrument [Line Items]
Current portion of long-term debt and short-term debt	84,839
Long-term debt	0
Total long-term debt and short-term debt	$ 84,839

DEBT - Narrative (Details)

DEBT - Narrative (Details) $ in Thousands							1 Months Ended		5 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) vessel	Jun. 28, 2023 USD ($)	Mar. 22, 2023 USD ($)	Jan. 01, 2023	Nov. 10, 2022 USD ($) special_purpose_vehicle	Feb. 17, 2022 USD ($) vessel	Jan. 26, 2022 USD ($)	[1]	Jun. 30, 2022 USD ($)	[1]	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt repayment							$ 498,832		$ 24,862		$ 144,828
Number of vessels converted | vessel	5
Senior Secured Sustainability Term Loan | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on debt						2.75%
Term Loan Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on debt					2%
Secured Debt | Senior Secured Sustainability Term Loan | Line of Credit
Debt Instrument [Line Items]
Number of vessels refinanced | vessel						6
Debt instrument, face amount						$ 570,000
Debt repayment			$ 88,000
Increase in face amount		$ 70,000
Line of credit	$ 504,400										504,400
Secured Debt | Senior Secured Sustainability Term Loan | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on debt		2.25%				2.75%
Secured Debt | Senior Secured Sustainability Term Loan | Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on debt				0.05%
Secured Debt | Senior Secured Sustainability Term Loan | Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on debt				0.05%
Secured Debt | Term Loan Facility | Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount					$ 520,000
Line of credit	$ 481,300										$ 481,300
Number of SPVs securing debt | special_purpose_vehicle					4
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Mark-to-market swaps valuation:
Deferred operating lease and charter hire revenue	$ 31,288	$ 15,588
Unfavorable contract intangibles	19,028	20,610
Current portion of operating lease liability	$ 1,110	$ 511
Operating lease, liability, current, location	Other current liabilities	Other current liabilities
Market-to-market liability on interest rate swaps	$ 0	$ 385
Debt guarantee liability	849	944
Other payables	189	5,009
Nonrelated Party
Mark-to-market swaps valuation:
Other current liabilities	52,464	$ 43,047
Hygo Energy Transition Ltd
Mark-to-market swaps valuation:
Accounts payable	$ 5,000

OTHER NON-CURRENT LIABILITIES_2

OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities, Noncurrent [Abstract]
Unfavorable contract intangibles	$ 94,958	$ 104,447
Non-current portion of operating lease liability	$ 3,346	$ 510
Operating lease, liability, noncurrent, statement of financial position [Extensible List]	Other non-current liabilities	Other non-current liabilities
Others	$ 365	$ 765
Other non-current liabilities	$ 98,669	$ 105,722

FINANCIAL INSTRUMENTS - Interes

FINANCIAL INSTRUMENTS - Interest Rate Swap Transactions (Details) - Interest Rate Swap - Cash flow hedging - Designated as hedging instrument $ in Thousands	Jun. 30, 2023 USD ($)
Derivative
Notional amount	$ 686,160
Minimum
Derivative
Fixed Interest Rates	2.69%
Maximum
Derivative
Fixed Interest Rates	3.99%

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value Hierarchy (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Jan. 26, 2022
Non-derivatives:
Cash and cash equivalents, carrying value	[1]	$ 309,419	$ 129,135	$ 77,272	$ 28,919
Trade accounts receivable, carrying value		6,351	2,467
Current portion of long-term debt and short-term debt, carrying value		(159,739)	(180,065)
Long-term debt, carrying value		(904,162)	(958,237)
Derivatives:
Debt issuance costs		6,600	6,200
Level 1 | Carrying value
Non-derivatives:
Cash and cash equivalents, carrying value		309,419	129,135
Restricted cash and short-term deposits, carrying value		4,028	3,942
Trade accounts receivable, carrying value		6,351	2,467
Trade accounts payable, carrying value		(31,405)	(2,576)
Level 1 | Fair value
Non-derivatives:
Cash and cash equivalents, fair value		309,419	129,135
Restricted cash and short-term deposits, fair value		4,028	3,942
Trade accounts receivable, fair value		6,351	2,467
Trade accounts payable, fair value		(31,405)	(2,576)
Level 2 | Carrying value
Non-derivatives:
Current portion of long-term debt and short-term debt, carrying value		(161,690)	(181,694)
Long-term debt, carrying value		(908,768)	(962,794)
Derivatives:
Interest rate swaps asset		14,797	8,736
Interest rate swaps liability		0	(385)
Level 2 | Fair value
Non-derivatives:
Current portion of long-term debt and short-term debt, fair value		(161,690)	(181,694)
Long-term debt, fair value		(908,768)	(962,794)
Derivatives:
Interest rate swaps asset		14,797	8,736
Interest rate swaps liability		$ 0	$ (385)
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

RELATED PARTY TRANSACTIONS - Tr

RELATED PARTY TRANSACTIONS - Transactions With Related Parties (Details) - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
	Jan. 26, 2022	Jun. 30, 2022	Jun. 30, 2023
Related Party Transaction [Line Items]
Related party transactions	$ 612	$ (1,646)	$ (778)
Ship Management Fee Revenue
Related Party Transaction [Line Items]
Related party transactions	1,342	0	455
Ship Management And Administrative Services Expense
Related Party Transaction [Line Items]
Related party transactions	(730)	(1,367)	(687)
Debt Guarantee Compensation
Related Party Transaction [Line Items]
Related party transactions	0	(279)	(169)
Commitment Fee
Related Party Transaction [Line Items]
Related party transactions	0	0	(20)
Office Rental
Related Party Transaction [Line Items]
Related party transactions	$ 0	$ 0	$ (357)

RELATED PARTY TRANSACTIONS - Am

RELATED PARTY TRANSACTIONS - Amounts Due to Related Parties (Details) - Related Party - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other liabilities	$ 114,144	$ 1,626
Golar LNG Limited
Related Party Transaction [Line Items]
Other liabilities	0	395
QPSL
Related Party Transaction [Line Items]
Other liabilities	$ 114,144	$ 1,231

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
	Jan. 26, 2022 USD ($) vessel	Jun. 30, 2022 USD ($) subsidiary carrier	Jun. 30, 2023 USD ($) carrier subsidiary	Dec. 31, 2022 subsidiary carrier
Related Party Transaction [Line Items]
Debt guarantees, number of subsidiaries | subsidiary		2	2	2
Debt guarantees, number of carriers | carrier		2	2	2
Compensation	$ (612)	$ 1,646	$ 778
Related Party
Related Party Transaction [Line Items]
Debt guarantees, number of subsidiaries | subsidiary			2
Debt guarantees, number of carriers | carrier		2
Guarantor obligations, maximum exposure, undiscounted			$ 193,800
Debt instrument term (in years)			2 years
Maximum borrowing capacity			$ 25,000
Interest rate			5%
Annual commitment fee			0.50%
Debt Guarantee Compensation
Related Party Transaction [Line Items]
Guarantee fee rate			0.50%
Compensation	0	$ 279	$ 169
Ship Management Fee Revenue
Related Party Transaction [Line Items]
Compensation	$ (1,342)	$ 0	$ (455)
Ship Management Fee Revenue | QPSL
Related Party Transaction [Line Items]
Management services, number of vessels | vessel	4

OTHER COMMITMENTS AND CONTING_3

OTHER COMMITMENTS AND CONTINGENCIES - Schedule of Assets Pledged (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Collateral amount	$ 1,733,042	$ 1,893,116

BASIC AND DILUTED EARNINGS PE_3

BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		5 Months Ended		6 Months Ended
	Jan. 26, 2022		Jun. 30, 2022		Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 15,038	[1]	$ 16,848	[1]	$ 113,835
Weighted average number of shares outstanding, basic (in shares)	1,010,000,000		40,010,000,000		53,688,462,000
Weighted average number of shares outstanding, diluted (in shares)	1,010,000,000		40,010,000,000		53,688,462,000
Basic earnings/(loss) per share (in dollars per share)	$ 14.89	[1]	$ 0.42	[1]	$ 2.12
Diluted earnings/(loss) per share (in dollars per share)	$ 14.89	[1]	$ 0.42	[1]	$ 2.12
[1]Refer Note 2.a for the basis of preparation of the Successor and Predecessor periods.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Aug. 31, 2023 $ / shares
Subsequent Event
Subsequent events:
Dividends, declared (in dollars per share)	$ 0.41