Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-41625 |
Entity Registrant Name | Cool Company Ltd. |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | Canon's Court, 22 Victoria St. |
Entity Address, City or Town | Hamilton, Pembroke |
Entity Address, Postal Zip Code | HM 12 |
Entity Address, Country | BM |
Title of 12(b) Security | Common Shares, par value, $1.00 per share |
Trading Symbol | CLCO |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 53,702,846 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Central Index Key | 0001944057 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | Canon's Court, 22 Victoria St. |
Entity Address, City or Town | Hamilton, Pembroke |
Entity Address, Postal Zip Code | HM 12 |
Entity Address, Country | BM |
Contact Personnel Name | Richard Tyrrell |
City Area Code | 441 |
Local Phone Number | 295 2244 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | London, United Kingdom |
Auditor Firm ID | 1438 |
CONSOLIDATED AND COMBINED CARVE
CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | ||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Total operating revenues | [1] | $ 43,456 | $ 212,978 | $ 379,010 | $ 171,919 | ||||
Vessel operating expenses | [1] | (7,706) | (40,459) | (72,783) | (48,048) | ||||
Voyage, charter hire and commission expenses, net | [1] | (1,229) | (1,644) | (4,532) | (709) | ||||
Administrative expenses | [1] | (5,422) | (14,004) | (24,173) | (17,743) | ||||
Depreciation and amortization | [1],[2] | (5,745) | (45,935) | (76,629) | (43,389) | ||||
Total operating expenses | [1] | (20,102) | (102,042) | (178,117) | (109,889) | ||||
Other operating income | [1] | 4,374 | 0 | 0 | 5,020 | ||||
Operating income | [1] | 27,728 | 110,936 | 200,893 | 67,050 | ||||
Other non-operating income | [1] | 0 | 0 | 42,549 | 0 | ||||
Interest income | [1] | 4 | 1,273 | 8,227 | 7 | ||||
Interest expense | [1] | (4,725) | (30,664) | (80,190) | (18,087) | ||||
Change in fair value of derivative instruments | [1] | 0 | 8,592 | 7,278 | 0 | ||||
Other financial items, net | [1] | 622 | (2,526) | (1,838) | (380) | ||||
Net financial expense | [1] | (4,099) | (23,325) | (66,523) | (18,460) | ||||
Income before income taxes and non-controlling interests | [1] | 23,629 | 87,611 | 176,919 | 48,590 | ||||
Income taxes, net | [1] | (385) | (111) | (556) | (222) | ||||
Net income | [1] | 23,244 | [3] | 87,500 | [3] | 176,363 | [2] | 48,368 | [3] |
Net income attributable to non-controlling interests | [1] | (8,206) | (1,758) | (1,634) | (32,502) | ||||
Net income attributable to the Owners of Cool Company Ltd. / Predecessor's Parent | [1] | $ 15,038 | $ 85,742 | $ 174,729 | $ 15,866 | ||||
Earnings/(loss) per share attributable to Golar LNG Ltd stockholders Per common share amounts: | |||||||||
Basic earnings/(loss) per share (in dollars per share) | [1] | $ 14.89 | $ 2.12 | $ 3.25 | $ 15.71 | ||||
Diluted earnings/(loss) per share (in dollars per share) | [1] | $ 14.89 | $ 2.12 | $ 3.25 | $ 15.71 | ||||
Time and voyage charter revenues | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Total operating revenues | [1] | $ 37,289 | $ 183,567 | $ 347,081 | $ 161,958 | ||||
Vessel and other management fees revenues | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Total operating revenues | [1] | 6,167 | 7,125 | 14,301 | 9,961 | ||||
Amortization of intangible assets and liabilities arising from charter agreements, net | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Total operating revenues | [1] | $ 0 | $ 22,286 | $ 17,628 | $ 0 | ||||
[1]Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods.[2] Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
CONSOLIDATED AND COMBINED CAR_2
CONSOLIDATED AND COMBINED CARVE-OUT OF STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | ||||||
Statement of Comprehensive Income [Abstract] | |||||||||
Net income | [2] | $ 23,244 | [1] | $ 87,500 | [1] | $ 176,363 | [3] | $ 48,368 | [1] |
Comprehensive income | [1] | 23,244 | 87,500 | 176,363 | 48,368 | ||||
Comprehensive income attributable to: | |||||||||
Owners of Cool Company Ltd. / Predecessor's Parent | [1] | 15,038 | 85,742 | 174,729 | 15,866 | ||||
Non-controlling interests | [1] | 8,206 | 1,758 | 1,634 | 32,502 | ||||
Comprehensive income | [1] | $ 23,244 | $ 87,500 | $ 176,363 | $ 48,368 | ||||
[1] Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets | |||
Cash and cash equivalents | [1] | $ 133,496 | $ 129,135 |
Restricted cash and short-term deposits | [1] | 3,350 | 3,435 |
Trade accounts and other receivable | 9,511 | 2,467 | |
Intangible assets, net | 825 | 5,552 | |
Inventories | 3,659 | 991 | |
Other current assets | 3,412 | 3,758 | |
Total current assets | 154,253 | 145,338 | |
Non-current assets | |||
Restricted cash | [1] | 492 | 507 |
Intangible assets, net | 9,438 | 8,315 | |
Newbuildings | 181,904 | 0 | |
Vessels and equipment, net | 1,700,063 | 1,893,407 | |
Other non-current assets | 10,793 | 10,494 | |
Total assets | 2,056,943 | 2,058,061 | |
Current liabilities | |||
Current portion of long-term debt and short-term debt | 194,413 | 180,065 | |
Trade accounts payable | 12,231 | 2,576 | |
Accrued expenses | 42,275 | 51,275 | |
Total current liabilities | 293,330 | 278,589 | |
Non-current liabilities | |||
Long-term debt | 866,671 | 958,237 | |
Other non-current liabilities | 90,362 | 105,722 | |
Total liabilities | 1,250,363 | 1,342,548 | |
Commitments and contingencies | |||
EQUITY | |||
Owners' / Parent's equity includes 53,688,462 (2021: 1,010,000) common shares of $1.00 each issued and outstanding | 53,703 | 53,688 | |
Additional paid-in capital | 509,327 | 507,127 | |
Retained earnings | 172,960 | 85,742 | |
Total Owners' Equity | 735,990 | 646,557 | |
Non-controlling interests | 70,590 | 68,956 | |
Total equity | [2] | 806,580 | 715,513 |
Total liabilities and equity | 2,056,943 | 2,058,061 | |
Related Party | |||
Current liabilities | |||
Other current liabilities | 757 | 1,626 | |
Nonrelated Party | |||
Current liabilities | |||
Other current liabilities | $ 43,654 | $ 43,047 | |
[1] Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | Jan. 26, 2022 | Dec. 31, 2021 |
EQUITY | |||||
Common shares, shares issued (in shares) | 53,702,846 | 53,688,462 | 1,010,000 | ||
Common shares, shares outstanding (in shares) | 53,702,846 | 53,688,462 | 53,688,462 | ||
Common shares, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 |
CONSOLIDATED AND COMBINED CAR_3
CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||||
Operating activities | ||||||||||
Net income | [2] | $ 23,244 | [1] | $ 87,500 | [1] | $ 176,363 | [3] | $ 48,368 | [1] | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization expenses | [2],[3] | 5,745 | 45,935 | 76,629 | 43,389 | |||||
Amortization of intangible assets and liabilities arising from charter agreements, net | [3] | 0 | (22,286) | (17,628) | 0 | |||||
Amortization of deferred charges and fair value adjustments | [3] | 1,588 | 2,540 | 4,124 | 1,259 | |||||
Gain on sale of vessel | [3] | 0 | 0 | (42,549) | 0 | |||||
Drydocking expenditure | [3] | 0 | (294) | (4,547) | 0 | |||||
Compensation cost related to share-based payment | [3] | 238 | 320 | 2,447 | 850 | |||||
Change in fair value of derivative instruments | [3] | 0 | (8,351) | 3,306 | 0 | |||||
Share based payments | [3] | 0 | 0 | (232) | 0 | |||||
Changes in assets and liabilities: | ||||||||||
Trade accounts and other receivable | [3] | (117) | (427) | (7,044) | 3,677 | |||||
Inventories | [3] | 0 | 0 | (2,668) | 915 | |||||
Other current and other non-current assets | [3] | (7,226) | 4,426 | (3,864) | 1,147 | |||||
Amounts (due to) /from related parties | [3] | (238) | (1,254) | (6,068) | ||||||
Amounts (due to) /from related parties | [3] | 1,252 | ||||||||
Trade accounts payable | [3] | (400) | 640 | 18,486 | 691 | |||||
Accrued expenses | [3] | (180) | 7,073 | (6,367) | 9,545 | |||||
Other current and non-current liabilities | [3] | 2,957 | 1,396 | 3,724 | 6,605 | |||||
Net cash provided by operating activities | [3] | 27,101 | 118,234 | 198,926 | 110,378 | |||||
Investing activities | ||||||||||
Additions to vessels and equipment | [3] | 0 | 0 | (13,801) | (41) | |||||
Additions to newbuildings | [3] | 0 | 0 | (181,287) | 0 | |||||
Proceeds from sale of vessels and equipment | [3] | 0 | 184,300 | $ 0 | 0 | |||||
Additions to intangible assets | [3] | 0 | 0 | (1,344) | 0 | |||||
Consideration for acquisition of vessels and management entities | [3] | 0 | (353,506) | 0 | 0 | |||||
Net cash used in investing activities | [3] | 0 | (353,506) | (12,132) | (41) | |||||
Financing activities | ||||||||||
Proceeds from short-term and long-term debt | [3] | 0 | 570,000 | 110,000 | 10,402 | |||||
Repayments of short-term and long-term debt | [3] | (498,832) | (96,724) | (203,130) | (156,364) | |||||
(Repayments of)/Contributions from Parent's funding | [3] | 0 | 0 | 56,057 | ||||||
(Repayments of)/Contributions from Parent's funding | (136,351) | [3] | (133,800) | |||||||
Financing arrangement fees and other costs | [3] | 0 | (7,382) | (1,892) | (475) | |||||
(Repayments to) / contributions from CoolCo in connection with acquisition, net of equity proceeds | [3] | (581,072) | 0 | |||||||
(Repayments to) / contributions from CoolCo in connection with acquisition, net of equity proceeds | [3] | 581,072 | 0 | |||||||
Net proceeds from equity raise | [3] | 0 | 432,635 | 0 | 0 | |||||
Cash dividends paid | [3] | 0 | 0 | (87,511) | 0 | |||||
Net cash (used in) / provided by financing activities | [3] | (54,111) | 317,457 | (182,533) | (90,380) | |||||
Net increase / (decrease) in cash, cash equivalents and restricted cash | [3] | (27,010) | 82,185 | 4,261 | 19,957 | |||||
Cash, cash equivalents and restricted cash at beginning of period | [3] | 77,902 | 50,892 | 133,077 | 77,902 | 57,945 | ||||
Cash, cash equivalents and restricted cash at end of period | [3] | 50,892 | 133,077 | 137,338 | $ 133,077 | 77,902 | ||||
Cash paid during the period for: | ||||||||||
Interest | [3] | 24,665 | 22,240 | 85,083 | 5,676 | |||||
Tax | [3] | $ 357 | $ 59 | $ 512 | $ 370 | |||||
[1] Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
CONSOLIDATED AND COMBINED CAR_4
CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jan. 26, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Cash Flows [Abstract] | |||||||
Cash and cash equivalents | [1] | $ 133,496 | $ 129,135 | $ 28,919 | $ 33,811 | ||
Restricted cash and short-term deposits (current portion) | [1] | 3,350 | 3,435 | 21,973 | 43,311 | ||
Restricted cash (non-current portion) | [1] | 492 | 507 | 0 | 780 | ||
Cash, cash equivalents and restricted cash at end of period | [1] | $ 137,338 | $ 133,077 | $ 50,892 | $ 50,892 | $ 77,902 | $ 57,945 |
[1] Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
CONSOLIDATED AND COMBINED CAR_5
CONSOLIDATED AND COMBINED CARVE-OUT STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Private Placement | Second Private Placement | Total Parent's / Owners' Equity | Total Parent's / Owners' Equity Private Placement | Total Parent's / Owners' Equity Second Private Placement | Share Capital | Share Capital Private Placement | Share Capital Second Private Placement | Contributed/Additional Paid-in Capital | Contributed/Additional Paid-in Capital Private Placement | [2] | Contributed/Additional Paid-in Capital Second Private Placement | [2] | Retained (Deficit) / Earnings | Non- controlling Interest | |||||||
Shares outstanding, beginning of period (in shares) at Dec. 31, 2020 | [1] | 1,010,000 | |||||||||||||||||||||
Balance at beginning of the period at Dec. 31, 2020 | [1] | $ 641,780 | $ 495,784 | $ 1,010 | $ 856,757 | [2] | $ (361,983) | $ 145,996 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||||||
Net income | 48,368 | [3],[4] | 15,866 | 15,866 | 32,502 | ||||||||||||||||||
Dividends | (4,000) | (4,000) | |||||||||||||||||||||
Share based payments contribution | 850 | 850 | 850 | [2] | |||||||||||||||||||
Capital reduction | [1] | 0 | (133,812) | [2] | 133,812 | ||||||||||||||||||
Contributions from Parent's funding | [1] | 56,057 | 56,057 | 56,057 | [2] | ||||||||||||||||||
Shares outstanding, end of period (in shares) at Dec. 31, 2021 | [1] | 1,010,000,000 | |||||||||||||||||||||
Balance at end 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],[4] | 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 Jun. 30, 2022 | [1] | 1,010,000,000 | |||||||||||||||||||||
Balance at end of the period at Jun. 30, 2022 | [1] | 651,125 | 583,833 | $ 1,010 | 780,090 | [2] | (197,267) | 67,292 | |||||||||||||||
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 | |||||||||||||||||||||||
Issuance of shares (in shares) | 12,500,000 | 27,500,000 | 13,678,462 | ||||||||||||||||||||
Restricted stock units (in shares) | 0 | ||||||||||||||||||||||
Shares outstanding, end of period (in shares) at Dec. 31, 2022 | 53,688,462 | 53,688,462,000 | [5] | ||||||||||||||||||||
Balance at end of the period at Dec. 31, 2022 | $ 715,513 | [5] | 646,557 | [5] | $ 53,688 | [5] | 507,127 | [2],[5],[6] | 85,742 | [1] | 68,956 | [5] | |||||||||||
Shares outstanding, beginning of period (in shares) at Jan. 26, 2022 | 10,000,000 | ||||||||||||||||||||||
Balance at beginning of the period at Jan. 26, 2022 | 67,302 | 10 | $ 10 | 0 | [2] | 0 | 67,292 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||||||
Net income | [3],[4] | $ 87,500 | |||||||||||||||||||||
Shares outstanding, end of period (in shares) at Dec. 31, 2022 | 53,688,462 | 53,688,462,000 | [5] | ||||||||||||||||||||
Balance at end of the period at Dec. 31, 2022 | $ 715,513 | [5] | 646,557 | [5] | $ 53,688 | [5] | 507,127 | [2],[5],[6] | 85,742 | [1] | 68,956 | [5] | |||||||||||
Shares outstanding, beginning of period (in shares) at Jan. 27, 2022 | [1] | 10,000,000 | |||||||||||||||||||||
Balance at beginning of the period at Jan. 27, 2022 | [1] | 10 | 10 | $ 10 | 0 | [2] | 0 | 0 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||||||
Net income | 87,500 | 85,742 | 85,742 | 1,758 | |||||||||||||||||||
Share based payments contribution | 320 | 320 | 320 | [2] | |||||||||||||||||||
Issuance of shares (in shares) | 27,500,000,000 | 13,678,462,000 | |||||||||||||||||||||
Issuance of shares | $ 266,653 | $ 165,982 | $ 266,653 | $ 165,982 | $ 27,500 | $ 13,678 | $ 239,153 | $ 152,304 | |||||||||||||||
Issuance of shares to Golar (in shares) | 12,500,000,000 | ||||||||||||||||||||||
Issuance of shares to Golar | 127,850 | 127,850 | $ 12,500 | 115,350 | [2] | ||||||||||||||||||
Recognition of non-controlling interest upon acquisition | [6] | 67,292 | 67,292 | ||||||||||||||||||||
Fair value adjustment in relation to acquisition | $ (94) | (94) | |||||||||||||||||||||
Shares outstanding, end of period (in shares) at Dec. 31, 2022 | 53,688,462 | 53,688,462,000 | [5] | ||||||||||||||||||||
Balance at end of the period at Dec. 31, 2022 | $ 715,513 | [5] | 646,557 | [5] | $ 53,688 | [5] | 507,127 | [2],[5],[6] | 85,742 | [1] | 68,956 | [5] | |||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||||||
Cancellation of Parents' equity (in shares) | [6] | (1,000,000,000) | |||||||||||||||||||||
Cancellation of Parent's equity | [6] | (583,823) | (583,823) | $ (1,000) | (780,090) | [2] | 197,267 | ||||||||||||||||
Net income | 176,363 | [4],[7] | 174,729 | 174,729 | 1,634 | ||||||||||||||||||
Share based payments contribution | $ 2,215 | 2,215 | 2,215 | [6] | |||||||||||||||||||
Issuance of shares (in shares) | 0 | 0 | |||||||||||||||||||||
Restricted stock units (in shares) | 14,384 | 14,384,000 | |||||||||||||||||||||
Restricted stock units | $ 0 | 0 | $ 15 | (15) | [6] | ||||||||||||||||||
Dividends | $ (87,511) | (87,511) | (87,511) | ||||||||||||||||||||
Shares outstanding, end of period (in shares) at Dec. 31, 2023 | 53,702,846 | 53,702,846,000 | [5] | ||||||||||||||||||||
Balance at end of the period at Dec. 31, 2023 | [5] | $ 806,580 | $ 735,990 | $ 53,703 | $ 509,327 | [6] | $ 172,960 | $ 70,590 | |||||||||||||||
[1] Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. Contributed / 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. Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. 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. Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | GENERAL Cool Company Ltd. ( “ CoolCo ”, the “Company” or “Successor” ) was 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 early 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 ("NYSE") 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 December 31, 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, comprised of two modern 2-stroke and two TFDE vessels, acquired from Quantum Crude Tankers Ltd, an affiliate of EPS. In addition, CoolCo also managed seventeen vessels (including both LNGCs and Floating Storage and Regasification Units (“FSRUs”)) for third parties, including Golar-owned vessels. 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 of 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 were 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 dates, 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 in March 2023, Golar Seal , originally bought from Golar. 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 the $570 million 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 closing conditions. CoolCo’s acquisitions closed on various dates from March 3, 2022 to April 5, 2022. Date Name Purpose March 3, 2022 Golar Hull M2022 Corp. Owns and operates Golar Crystal March 7, 2022 Golar LNG NB12 Corp. Owns and operates Golar Frost March 9, 2022 Golar Hull M2021 Corp. Owned and operated Golar Seal March 10, 2022 Golar Hull M2027 Corp. Owns and operates Golar Bear April 1, 2022 Golar LNG NB10 Corp. Owns and operates Golar Glacier April 1, 2022 Golar Hull M2047 Corp. Owns and operates Golar Snow April 5, 2022 Golar Hull M2048 Corp Leases Golar Ice* April 5, 2022 Golar LNG NB11 Corp Leases Golar Kelvin* April 5, 2022 The Cool Pool Limited Commercial management company *Golar agreed to remain as the guarantor of the payment obligations relating to LNG carriers owned and operated by two of the acquired Golar subsidiaries, Golar Ice and Golar Kelvin , in exchange for a guarantee fee of 0.5% on the outstanding contractual balances . 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 was 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 with par value of $1.00, 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 Senior Secured Sustainability Linked Amortizing Term Loan of $570.0 million (with a maturity in 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 gross proceeds of $275.0 million (net: $266.7 million) in a private placement to investors including EPS (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, a wholly-owned subsidiary of 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. CoolCo’s acquisitions of the four management entities closed and conveyed on the date as follows: Date Name Purpose June 30, 2022 Cool Company Management d.o.o. (formerly Golar Management d.o.o.) (“Cool Croatia”) Vessel management company in Croatia June 30, 2022 Cool Company Management AS (formerly Golar Management Norway AS) (“Cool Norway”) Vessel management company in Norway June 30, 2022 Cool Company Management Ltd (“Cool UK”)* Management company in United Kingdom June 30, 2022 Cool Company Management Malaysia Sdn Bhd (“Cool Malaysia”)* Management company in Malaysia * Cool UK and Cool Malaysia were formed and incorporated in January 2022 and March 2022, respectively, therefore, no comparative results of operations of these entities therein are included within the Predecessor combined carve-out financial statements. 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 the V essel SPA, $211.7 million net cash consideration resulting from acquisition-related refinancing via the Company’s $570.0 million Senio r Secured Sustainability Linked Amortizing Term Loan which was drawn-down contemporaneously on each respective vessel acquisition date and the Vessel SPA working capital adjustments and the 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 certain corporate overhead functions from July 1, 2022 to June 30, 2023. The ASA expired on 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 (Combined Carve-out) Successor (Consolidated) (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 (D) 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 the 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 arrangements on six of the eight vessels, which was partly financed by CoolCo's $570 million bank facility (Note 19). 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 19), 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 acquisition 1 (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 towards the end of 2024. The option on these two vessels was exercised on June 28, 2023 (Note 13) and the purchase consideration under the option agreement is 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 | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUINTING POLICIES | BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 from March 3, 2022 to June 30, 2022. (See 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 acquisitions of the legal entities acquired from Golar on the respective acquisition dates until December 31, 2022 and for the year ended December 31, 2023 (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”) (see Note 2.b). The financial statements for the Successor Period are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) (see Note 2.c) and on a going concern basis. The Predecessor Period is presented on a combined carve-out basis as further described in Note 2.b and in accordance with the accounting policies described in Note 2.d. b) BASIS OF PREPARATION – PREDECESSOR PERIOD The combined carve-out financial statements of GSVM, reported under the Predecessor Period herein, are presented as carve-out financial statements and reflect the combined historical results of operations, comprehensive income, financial position and cash flows of the entities listed in Note 4, collectively referred to herein as the ‘‘Acquirees’’ and the lessor variable interest entities ("VIEs") that previously leased vessels under the finance lease arrangements described in Note 5. The lessor VIEs discussed further in Note 5 were wholly-owned, special purpose vehicles (‘‘SPVs’’) of financial institutions. While GSVM did not hold any equity investments in these SPVs, we concluded that GSVM was the primary beneficiary of these lessor VIEs and accordingly have included these entities in the combined carve-out financial results. The combined carve-out financial statements consolidate the discrete, historical operations of these legal entities (the Acquirees, VIEs and the entity Cool Company Ltd.), and the equity attributable to the respective lessor VIEs is presented as non-controlling interests on the basis that there was no controlling financial interest present among these entities and that these entities previously had related operations and were previously under common management. These combined carve-out financial statements are prepared using consistent accounting policies that were applied in Golar’s historical consolidated financial statements for the respective periods, and have been prepared in accordance with U.S. GAAP (see Note 2.d). The combined carve-out financial statements are not intended to be a complete presentation and are not necessarily indicative of the financial position or results of operations that would have been achieved if GSVM had operated on a stand-alone basis as of or during any of the periods presented, nor are they indicative of the financial condition or results going forward due to changes in GSVM following closing of the Vessel SPA and the ManCo SPA and the omission of certain operating expenses and balances, as described below. All intercompany balances and transactions within GSVM have been eliminated. All intercompany balances and transactions between GSVM and Golar which were not trading in nature were converted to equity amounting to $56.1 million at December 31, 2021 as funding from Parent, on the basis that these balances were considered a deemed distribution amounting to $133.8 million at December 31, 2021 , respectively, to the Parent (which could be considered to represent Golar’s historical investment in GSVM, including accumulated net earnings attributable to Golar, and cost allocations from Golar that were not historically allocated to GSVM). As described in Note 22, certain related party transactions between GSVM and Golar are included in the combined carve-out financial statements. The combined carve-out balance sheet reflects the assets and liabilities that are specifically identifiable and directly attributable to GSVM. Golar has historically operated a centralized treasury function; therefore Golar's cash pooling arrangements, working capital and corporate derivatives have been excluded from the combined carve-out balance sheets. The combined carve-out statements of operations include the revenues and expenses directly attributable to the generation of revenues by GSVM (including all of the revenues and expenses of the Acquirees). Golar and its affiliates have historically provided a variety of management and corporate overhead services to GSVM. The combined carve-out statements of operations include expense allocations for (i) corporate overhead functions such as legal, accounting, treasury and regulatory compliance, included in ‘Administrative expenses’, which are allocated to us by Golar using a weighted vessel count of Golar’s historical fleet, (ii) vessel operating functions such as technical and commercial vessel management, included in ‘Vessel operating expenses’, which are allocated based on arms-length intercompany invoicing, and (iii) income taxes, which are allocated on a separate returns basis. Revenues and expenses of Cool Norway are included in the combined carve-out statements of operations based on either specific identification or an allocation using a reasonable approach based on the nature of the item, i.e. relative employee headcount and number of vessels in the fleet. Where allocations of amounts were necessary, GSVM believes the allocations of these amounts were determined on a reasonable basis, reflecting all of the costs of GSVM and consistently applied in the periods presented. c) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SUCCESSOR PERIOD Below is a summary of the significant accounting policies applied in the preparation of the consolidated financial statements for the Successor Period. Principles of consolidation A VIE is defined by the accounting standard as a legal entity where either (a) equity interest holders, as a group, lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. A party that is a variable interest holder is required to consolidate a VIE if the holder has both (a) the power to direct the activities that most significantly impact the entity’s economic performance, and (b) the obligation to absorb losses that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant. The consolidated financial statements include the financial information of the entities listed in Notes 4 and 5. Certain VIEs in which we are deemed to be subject to a majority of the risk of loss from the VIE’s activities or entitled to receive a majority of the entity’s residual returns are consolidated. All intercompany balances and transactions are eliminated. The non-controlling interests of the above-mentioned VIEs are included in the consolidated balance sheets and statements of operations as “Non-controlling interests”. Foreign currencies Our functional currency is the U.S. dollar as the majority of our revenues are received in U.S. dollars and a majority of our expenditures are incurred in U.S. dollars. Our reporting currency is the U.S. dollar. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet dates. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction and translation gains or losses are included in the consolidated statements of operations. Lease accounting versus revenue accounting Contracts relating to our LNG carriers can take the form of leases and operating services agreements. In addition, we have historically contracted a portion of our Vessels in the spot market through the “Cool Pool” arrangement. Although the substance of these contracts is similar, the accounting treatment varies. To determine whether a contract conveys a lease agreement for a period of time, we assess whether, throughout the period of use, the customer has both of the following: • the right to obtain substantially all of the economic benefits from the use of the identified asset; and • the right to direct the use of that identified asset. If a contract relating to an asset fails to give the counterparties both of the above rights, we account for the agreement as a revenue contract. A contract relating to an asset will generally be accounted for as a revenue contract if the customer does not contract for substantially all of the capacity of the asset (i.e., another third party could contract for a meaningful amount of the asset capacity). In situations where we have historically provided management services unrelated to an asset contract, we account for the contract as a revenue contract. Lease accounting When a contract is designated as a lease, we assess whether the contract is an operating lease, sales-type lease, or direct financing lease. An agreement will be a sales-type lease if any of the following conditions are met: • ownership of the asset is transferred at the end of the lease term; • the contract contains an option to purchase the asset which is reasonably certain to be exercised; • the lease term is for a major part of the remaining useful life of the asset, although contracts entered into the last 25% of the asset’s useful life are not subject to this criterion; • the discounted value of the fixed payments under the lease represent substantially all of the fair value of the asset; or • the asset is heavily customized such that it could not be used for another charter at the end of the term. If none of these criteria are met for a lessor, the lease will be classified as a direct financing lease (if the present value of the sum of the lease payments and any residual value guarantee present equals or exceeds substantially all of the fair value of the underlying asset and it is probable that the lessor will collect lease payments and any residual value guarantee), or an operating lease. If none of these criteria are met for a lessee, the lease will be classified as an operating lease. Lessor accounting In making the classification assessment, we estimate the residual value of the underlying asset at the end of the lease term with reference to broker valuations. None of our lease contracts contain residual value guarantees, and any purchase options are disclosed in Note 5. Agreements with renewal and termination options under the control of the lessee are included together with the non-cancellable contract period in the lease term when “reasonably certain” to be exercised or if controlled by the lessor. The determination of reasonably certain depends on whether the lessee has an economic incentive to exercise the option. We assess a lease under the modification guidance when there is change to the terms and conditions of the contract that results in a change in the scope or the consideration of the lease. Costs directly associated with the execution of the lease or costs incurred after lease inception or the execution of the contract but prior to the commencement of the lease that directly relate to preparing the vessel for the lease (i.e. bunker costs), are capitalized and amortized to the consolidated statements of operations over the lease term. We also defer upfront payments (i.e. repositioning fees) on the consolidated balance sheets and amortize to the consolidated statements of operations evenly over the lease term. Time charter operating leases “Time and voyage charter revenues” includes fixed minimum lease payments under time charter agreements and vessel repositioning fees. Amounts generated from time charter agreements, which we classify as operating leases, are recognized over the term of the agreement on a straight-line basis as services are provided. Variable lease payments are recognized as incurred. Lease payments include fixed payments (including unavoidable in-substance payments) and variable lease payments that are based on a rate or index. We do not recognize any amounts if we have not entered into a time charter agreement with a charterer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. For our operating leases, we have elected the practical expedient under ASC 842 to combine service revenue and operating lease income given the timing and pattern of transfer of the components are the same. Initial direct costs considered directly related to the negotiation and consummation of the time charter agreement are deferred and recognized over the lease term as services are provided. Repositioning fees (included in “Time and voyage charter revenues”) received in respect of time charter agreements are recognized at the end of the agreement when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the agreement which is not dependent upon the vessel redelivery location, the fee will be recognized evenly over the term of the charter. Under time charter agreements, voyage expenses are generally paid by our charterers. Voyage-related expenses, principally fuel, may also be incurred when positioning or repositioning a vessel before or after the period of the time charter agreement and during periods when the vessel is not employed or is off-hire (for example, while undergoing repairs) are recognized as incurred. Vessel operating expenses are recognized as incurred, including drydocking, crewing, repairs and maintenance, insurance, stores, lubricant oils, consumables, logistics costs and communication expenses as well as the associated managerial cost of providing these items and services. Bunker consumption primarily represents fuel consumed during unemployment and while our Vessels are off-hire. Cool Pool We present our gross share of income earned and costs incurred under the Cool Pool on the face of the consolidated statements of operations in the line items “Time and voyage charter revenues” and “Voyage, charter hire and commission expenses, net” respectively. For Cool Pool net revenues and/or expenses generated by the other participants in the pooling arrangement, we analogize these to be either the cost of obtaining a contract or the benefit of operating within the Cool Pool, and present them within the line item “Voyage, charter hire and commission expenses, net.” Leases as lessee We determine if an arrangement contains a lease at inception. Operating leases where we are the lessee result in recognition of a right-of use (“ROU”) asset with a corresponding lease liability. The ROU asset is included in balance sheet line-items ‘Other current assets’ and ‘Other non-current assets’, depending on its maturity and the corresponding lease liability is included in balance sheet line items ‘Other current liabilities’ and ‘Other non-current liabilities’. The ROU asset represents our right to use an underlying asset for the lease term and the lease liability represents our obligation to make lease payments per the lease agreement. Operating leases are recognized at commencement date based on the present value of lease payments over the lease term, using our incremental borrowing rate as assessed at lease commencement date. We do not separate the lease and non-lease components; they are considered a single lease component. The impact of subsequent amendments to lease agreement terms and conditions is assessed prospectively. Management fee revenues Management fees are generated from vessel management which includes commercial and technical vessel-related services and administrative services. The management services we provide are considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services as a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. We recognize revenue when obligations under the terms of our contracts with our customers are satisfied. We have applied the practical expedient to recognize management fee revenue in proportion to the amount that we have the right to invoice. Our contracts generally have an initial term of one year or less, with a short notice period ranging fro m 30 to 120 days , to end the contract. Contract assets arise when we render management services in advance of entitlement to payment from our customers. Contract liabilities represent an entity's obligation to transfer goods or services to our customers, which amounted to $7.4 million as at December 31, 2023 (2022: Nil) included within "Trade accounts payable". Use of estimates The preparation of consolidated 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 consolidated 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 or scrap value, charter rates, ship operating expenses, and drydocking requirements. Significant estimates include our estimate of fair value of identifiable net assets at acquisition date. Using different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company's financial position and the results of operations. Insurance claims We have two main types of insurance policies, ‘loss of hire’ (“LOH”) and ‘hull and machinery’ (“H&M”). LOH indemnifications protects us from loss of hire generated by our insured vessels, as a result of H&M claims, and related claims are considered gain contingencies, which are recognized when the proceeds from our insurance syndication are realized or deemed realizable, net of any deductions where applicable. LOH is recognized in “Other operating income”. Our H&M policies protect us from damage that may be incurred in relation to our vessels and on-board equipment. Our insurance policies are considered loss recoveries, We recognize costs incurred at the time a loss event occurs. Insurance proceeds received from insured losses are recognized when considered probable of being recovered from the counterparty and for an amount net of any deductions that may apply. H&M premiums and related claims recoveries are recognized in “Vessel operating expenses”. Cash and cash equivalents We consider all demand and time deposits and highly liquid investments with original maturities of three months or less to be equivalent to cash. Amounts are presented net of allowances for expected credit losses, which are assessed based on consideration of whether the balances have short-term maturities and whether the counterparty has an investment grade credit rating, limiting any credit exposure. Restricted cash and short-term deposits Restricted cash and short-term deposits consist of bank deposits, which may only be used to settle certain pre-arranged loan or lease payments, other claims which require us to restrict cash, and cash held by the VIEs. We place our short-term deposits primarily in fixed term deposits with high credit quality financial institutions. Amounts are presented net of allowances for expected credit losses, which are assessed based on consideration of whether the balances have short-term maturities and whether the counterparty has an investment grade credit rating, reducing any credit exposure. Trade accounts and other receivable Trade accounts and other receivable are presented net of allowances for expected credit losses. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate allowance for expected credit loss. The expected credit loss allowance is calculated using a loss rate applied against an aging matrix, with assets pooled based on the vessel type that generated the underlying revenue, which reflects similar credit risk characteristics. Our trade accounts and other receivables have short maturities so we have considered that forecast changes to economic conditions will have an insignificant effect on the estimate of the allowance, except in extraordinary circumstances. Allowance for expected credit losses Financial assets recorded at amortized cost and off-balance sheet credit exposures not accounted for as insurance (including financial guarantees) reflect an allowance for current expected credit losses (“credit losses”) over the lifetime of the instrument. The allowance for expected credit losses reflects a deduction to the net amount expected to be collected on the financial asset. Amounts are written off against the allowance when management believes the un-collectability of a balance is confirmed or certain. Expected recoveries will not exceed the amounts previously written-off or current credit loss allowance by financial asset category. We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We have elected to calculate expected credit losses on the combined balance of both the amortized cost and accrued interest from the unpaid principal balance. Inventories Inventories, which are comprised principally of fuel, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Newbuildings Newbuildings are stated at cost. All pre-delivery costs incurred during the construction of newbuildings, including purchase installments, capitalized interest, supervision and technical costs, are capitalized. Capitalization ceases and depreciation commences when the vessel is available for its intended use. Interest is capitalized on all qualifying assets that require a period of time to get ready for their intended use. Qualifying assets consist of newbuildings. The interest capitalized is calculated using the rate of interest on the loan to fund the expenditure or our weighted average cost of borrowings, where appropriate, from commencement of the asset development until substantially all the activities necessary to prepare the assets for its intended use are complete. If our financing plans associate a specific borrowing with a qualifying asset, we use the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset provided that does not exceed the amount of that borrowing. We do not capitalize amounts beyond the actual interest expense incurred in the period. Vessels and equipment Vessels and equipment are stated at cost less accumulated depreciation. The cost of vessels and equipment less the estimated residual value is depreciated on a straight-line basis over the assets’ remaining useful economic lives. Management estimates the residual values of our Vessels based on a scrap value cost of steel and aluminum times the weight of the vessel noted in lightweight tons. Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Refurbishment costs incurred during the period are capitalized as part of vessels and depreciated over the vessels’ remaining useful economic lives. Refurbishment costs are costs that appreciably increase the capacity, or improve the efficiency or safety of vessels and equipment. Deferred drydocking expenditures are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally every five years. Following acquisition of the vessels, the estimated cost of the drydocking component is amortized until the date of the first drydocking, upon which the then incurred drydocking cost is capitalized and the process is repeated. When a vessel is disposed, any unamortized drydocking expenditure is charged against income in the period of disposal. Useful lives applied are as follows: Vessels 30 years Deferred drydocking expenditure 5 years Office equipment and fittings 3 years Intangible assets Our intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives. We review our intangible assets for impairment annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with our accounting policy for impairment of long-lived assets. I ntangible assets or liabilities associated with the acquisition of a vessel are identified and recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where acquired charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where acquired charter rates are less than market charter rates, a liability is recorded, being the difference between the market charter rate and the acquired charter rate for an equivalent vessel. Determining the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables, including market charter rates, expected future charter rates, the level of utilization of its vessels, and its weighted average cost of capital. T he amortization of contract intangible assets and liabilities follows the remaining term of underlying contracts of the vessels acquired. The favorable contract intangible assets have a remaining amortization period of four four four Costs associated with maintaining software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design, implementation and testing of identifiable information system products controlled by the Company are recognized as intangible assets where the following criteria are met: • it is technically feasible to complete the information system products so that it will be available for use; • management intends to complete the information system products and use it; • there is an ability to use the information system products; • adequate technical, financial and other resources to complete the development and to use the information system products are available; and • the expenditure attributable to the information system products during its development can be reliably measured. Directly attributable costs that are capitalized as part of the information system products implementation include an appropriate portion of relevant overheads. Capitalized costs are recorded as "Others" under intangible assets and amortized from the point at which the asset is ready for use. The Company estimates the useful life of the software to be at least ten years based on the expected technical obsolescence of such assets. Impairment of long-lived assets We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable, including obtaining independent third party vessel valuations and quoted market values . Management considers various indicators, including but not limited to the market price of its long-lived assets (represented by independent third party vessel valuations ), change in the extent or manner in which a long-lived asset is being used, contracted revenues of the vessels and the general economic outlook. In assessing the recoverability of our Vessels’ carrying amounts, we make assumptions regarding estimated future cash flows and estimates in respect of residual scrap value. Management performs an annual impairment assessment and when such events or changes in circumstances are present, we assess the recoverability of long-term assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted future cash flows is less than the carrying amount of those assets, an impair ment loss shall be measured as the amount by which the carrying amount of a long-lived asset (asset group) exceeds its fair value. Debt Our debt consists of credit facilities, including sale and leaseback arrangements, with banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by financial institutions. Debt is recorded in our consolidated balance sheets at par value adjusted for unamortized discount or premium and net of unamortized debt issuance costs. Costs associated with long-term financing, including debt arrangement fees, are deferred and amortized over the term of the relevant loan under the effective interest method. Amortization of debt issuance cost is included in “Interest expense”. These costs are presented as a deduction from the corresponding liability, consistent with debt discounts. Contingencies In the ordinary course of business, we may be subject to various claims, lawsuits and complaints. A contingent loss is recognized in the consolidated financial statements if the contingency was present at the date of the consolidated financial statements, the likelihood of loss is considered probable and the amount can be reasonably estimated. If we determine a reasonable range of estimated loss and there is no best estimate within the range, a contingent loss is recognized for the lower amount of the range. Derivatives We use derivatives to reduce market risks associated with our operations. We use interest rate swaps for the management of interest risk exposure. The interest rate swaps effectively convert a portion of our debt from a floating to a fixed rate over the life of the transactions without an exchange of underlying principal. We may seek to reduce our exposure to fluctuations in foreign exchange rates through the use of foreign currency forward contracts. All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. Where the fair value of a derivative instrument is a net liability, the derivative instrument is classified in “Other current liabilities” in the consolidated balance sheets. Where the fair value of a derivative instrument is a net asset, the derivative instrument is classified in “Other current assets” or “Other non-current assets” in the consolidated balance sheets depending on its maturity. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and qualifies for hedge accounting. For derivative instruments that are not designated i.e. economic hedges and/or those that do not qualify for hedge accounting purposes, the changes in fair value of the derivative instruments are recognized in earnings and recor |
RECENTLY ISSUED ACCOUNTING STAN
RECENTLY ISSUED ACCOUNTING STANDARDS | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS Adoption of new accounting standards In November 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805) - Accounting for contract assets and contract liabilities from contracts with customers which requires contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree (rather than having such amounts recognized by the acquirer at fair value in acquisition accounting. The adoption of ASU 2021-08 had no material 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 December 31, 2023: Standard Description Date of Adoption Effect on our Consolidated Financial Statements or Other Significant Matters 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 material impact expected as a result of the adoption of this ASU. ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments enhance the transparency and decision usefulness of the annual income tax disclosures. The two primary enhancements include disaggregating existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. January 1, 2025 No material impact expected as a result of the adoption of this ASU. ASU 2023-07 Segmental Reporting (Topic 280): Improvements to Reportable Segmental Disclosures The amendments enhance segmental reporting through expanding the breadth and frequency of segment disclosures. January 1, 2025 No material impact on disclosures expected as a result of the adoption of this ASU. ASU 2023-01 Leases (Topic 842): Common Control Arrangements The amendments require all lessees, including public business entities, to amortize leasehold improvements associated with common control leases over their useful life to the common control group. At the end of the lease, a lessee is required to account for the leasehold improvements as a transfer of assets between entities under common control, meaning they would adjust equity (or net assets for not-for-profit entities) January 1, 2024 No material impact expected as a result of the adoption of this ASU. |
SUBSIDIARIES
SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2023 | |
SUBSIDIARIES [Abstract] | |
SUBSIDIARIES | SUBSIDIARIES Listed below are the significant entities included in the Successor and Predecessor period (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 Kool Crystal (2) Leases Golar Crystal (1) Kool Glacier Corporation (3) Marshall Islands Owns and operates Kool Glacier (3) Leases Golar Glacier (1) Kool Ice Corporation (4) Marshall Islands Leases Kool Ice (1) (4) Leases Golar Ice (1) Kool Kelvin Corporation (11) Marshall Islands Leases Kool Kelvin (1) (11) 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 (5) Leases Golar Snow (1) Kool Husky Corporation (6) Marshall Islands Owns and operates Kool Husky (6) Leases Golar Bear (1) Kool Frost Corporation (7) Marshall Islands Owns and operates Kool Frost (7) Owns and operates Golar 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 Acquirer of the Kool Panther not applicable (10) Kool Tiger Corporation Liberia Acquirer of the 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 May 2, 2023. The vessel owned and operated by this entity was renamed to Kool Crystal from Golar Crystal effective July 1, 2023 (3) Kool Glacier Corporation, previously known as Golar LNG NB10 Corporation, was renamed effective February 27, 2023. The vessel owned and operated by this entity was renamed Kool Glacier from Golar Glacier effective June 1, 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 owned and operated by this entity was renamed to Kool Husky from Golar Bear effective August 19, 2023. (7) Kool Frost Corporation, previously known 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. (10) Kool Panther Corporation and Kool Tiger Corporation were formed and incorporated by CoolCo in May 2023 and were not part of GSVM. As such, they are included within the Successor Period only. (11) Kool Kelvin Corporation, previously named as Golar LNG NB11 Corporation., was renamed effective October 20, 2023. The vessel bareboat chartered and operated by this entity was renamed to Kool Kelvin from Golar Kelvin effective October 25, 2023. |
VARIABLE INTEREST ENTITIES ("VI
VARIABLE INTEREST ENTITIES ("VIEs") | 12 Months Ended |
Dec. 31, 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 Kool Ice and Kool 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 $570 million senior secured sustainability term loan facility (Note 19). 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 December 31, 2023 and 2022, we leased two vessels ( Kool Ice and Kool Kelvin) 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 consolidated statement of operations and statement of changes in equity within the consolidated successor balance as of December 31, 2023 and 2022. As of December 31, 2023 and 2022, the carrying values of the vessels Kool Ice and Kool 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 Sale value Lease duration First repurchase option (in $ millions) Date of first repurchase option (1) Net repurchase obligation at end of lease term (in $ millions) End of lease term Successor Kool Kelvin January 2015 ICBCL 204.0 10 years 173.8 January 2020 71.0 January 2025 Kool Ice February 2015 ICBCL 204.0 10 years 173.8 February 2020 71.0 January 2025 (1) For each of the sale and leaseback arrangements, the first repurchase options were not exercised. A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of December 31, 2023, are shown below: (in thousands of $) 2024 2025 Kool Kelvin 19,764 1,674 Kool Ice 19,764 1,674 The assets and liabilities of the lessor VIEs that most significantly impact our balance sheets are as follows: Successor (in thousands of $) December 31, 2023 December 31, 2022 Assets: Restricted cash and short term deposits 3,350 3,435 Liabilities: Current portion of long term debt and short term debt (Note 19) (1) (79,453) (103,470) Accrued expenses (2) (24,827) (34,367) Total liabilities (104,280) (137,837) (1) Where applicable, these balances are net of deferred finance charges (Note 19). (2) Includes accrued interest of lessor VIEs debt which, although consolidated into our results, we have no control over the arrangements negotiated by these lessor VIEs including the repayment profiles. The most significant impact of the lessor VIE's operations are shown below: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Statement of operations: Interest expense (1) 5,932 4,363 866 16,268 Statement of cash flows: Net debt repayments (39,306) (47,742) — (145,423) Net debt receipts — — — 10,402 Financing costs paid — — — (475) (1) During the Successor Period, the interest expense includes interest at contractual rates of $4.3 million (2022: $3.2 million) and amortization of fair value adjustments to assumed debt obligations upon acquisition of $1.6 million (2022: $1.2 million). |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We operate in a single reportable segment, the LNG carrier market. During the years ended December 31, 2023, 2022 and 2021, our fleet operated under spot and short to medium-term time charters. In time charter agreements, the charterer controls the areas in which our Vessels will operate, which can be worldwide. Accordingly, we do not evaluate our performance according to geographical region. Revenues from external charterers Charterhire from charterers that accounted for over 10% of our total time and voyage charter revenues are as follows: (in thousands of $) Fiscal Year 2023 Fiscal Year 2022 (1) Fiscal Year 2021 International energy major 106,469 31% 14,816 7% — —% International oil and gas producer 43,800 13% 7,735 4% — —% Japanese commodities company 38,861 11% — —% — —% Japanese trading house 33,885 10% 17,350 8% 17,807 11% Singaporean trading house 30,505 9% 38,206 17% 40,715 25% Dutch trading house 23,199 7% 27,670 13% 21,577 13% European utility company 9,845 3% 32,057 15% — —% Asian trading house 6,777 2% 30,694 14% 7,708 5% International LNG trader — —% 20,444 9% 19,896 12% European Trading house — —% 11,189 5% 35,109 22% (1) Includes time and voyage charter revenues from the Predecessor and Successor Periods on an aggregated basis for the year ended December 31, 2022. |
OTHER OPERATING AND NON-OPERATI
OTHER OPERATING AND NON-OPERATING INCOME | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER OPERATING AND NON-OPERATING INCOME | OTHER OPERATING AND NON-OPERATING INCOME During the year ended December 31, 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 years ended December 31, 2022 and 2021 we received loss of hire insurance proceeds for the Golar Ice of $4.4 million and $5.0 million, respectively. These proceeds are recognized in “Other operating income” in our combined carve-out statements of operations within the Predecessor Period. |
GAINS ON DERIVATIVE INSTRUMENTS
GAINS ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET | 12 Months Ended |
Dec. 31, 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: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Mark-to-market (loss)/gains for interest rate swaps (3,306) 8,351 — — Net interest income on undesignated interest rate swaps 10,584 241 — — Gains on derivative instruments 7,278 8,592 — — Foreign exchange loss on operations (567) (207) (464) (40) Financing arrangement fees and other costs, net (1,149) (2,154) 1,102 (202) Other (122) (165) (16) (138) Other financial items, net (1,838) (2,526) 622 (380) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The components of income tax expense are as follows: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Current tax expense 510 111 366 222 Deferred tax expense 46 — 19 — Total income tax expense 556 111 385 222 The income taxes differed from the amounts computed by applying the Bermuda statutory income tax rate of 0% as follows: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Effect of movement in deferred tax balances 46 — 19 — Effect of adjustments in respect of current tax in prior periods — — — (43) Effect of taxable income in various countries 510 111 366 265 Total tax expense 556 111 385 222 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 and Croatia). |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS, NET | INTANGIBLE ASSETS, NET Intangible assets included in current and non-current assets relate to intangible assets following the completion of the transactions contemplated by the Vessel SPA, the ManCo SPA, the MSA and related agreements during 2023 and 2022 are as follows: Successor Favorable Contract Intangible Assets Assembled Workforce Customer Relationships Others Total (in thousands of $) Note A Note B Note B Cost 18,900 4,600 3,600 1,948 29,048 Less: Accumulated amortization (14,630) (1,380) (2,775) — (18,785) Net book value 4,270 3,220 825 1,948 10,263 Presented as: - Current — — 825 — 825 - Non-current 4,270 3,220 — 1,948 9,438 4,270 3,220 825 1,948 10,263 Successor Favorable Contract Intangible Assets Assembled Workforce Customer Relationships Total (in thousands of $) Note A Note B Note B Cost 18,900 4,600 3,600 27,100 Less: Accumulated amortization (11,648) (460) (1,125) (13,233) Net book value 7,252 4,140 2,475 13,867 Presented as: - Current 2,982 920 1,650 5,552 - Non-current 4,270 3,220 825 8,315 7,252 4,140 2,475 13,867 A. Favorable Contract Intangible Assets As part of the acquisitions 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 and were included in the respective acquisitions. The favorable TCP contracts are included under intangible assets and unfavorable TCP contracts are included as liabilities. For the year ended December 31, 2023 the net book value of favorable contract intangible assets, net of $4.3 million is included within "non-current assets". For the year December 31, 2022 t he net book value of favorable contract intangible assets, net of $3.0 million and $4.3 million i s included within "current assets" and "non-current assets", respectively. The carrying amount of the unfavorable contracts liabilities of $17.0 million and $87.4 million ($20.6 million and $104.4 million as of December 31, 2022) are included within “other current liabilities” (Note 18) and "other non-current liabilities" (Note 20), respectively. The net amortization income for the years ended December 31, 2023 and 2022 amounted to $17.6 million and $22.3 million respectively, representing $20.6 million amortization income of unfavorable contract liabilities as of December 31, 2023 ($33.9 million as of December 31, 2022 ) net of $3.0 million amortization expense of favorable contract intangible assets as of December 31, 2023 ($11.6 million as of December 31, 2022 ). During the Successor Period, the net amortization income is included in “Amortization of intangible assets and liabilities arising from charter agreements, net” in the consolidated statements of operations within the Successor Period. The estimated future amortization of favorable contract intangible assets as of December 31, 2023 is as follows: (in thousands of $) 2024 1,010 2025 1,007 2026 1,007 2027 and thereafter 1,246 Total 4,270 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 acquired 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 the completion of 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 years ended December 31, 2023 and 2022 amounted to $2.6 million and $1.6 million, respectively, and is included within “Depreciation and amortization” in the consolidated statements of operations within the Successor Period. As of December 31, 2023 and 2022 there were no impairments of intangible assets. |
OPERATING LEASES
OPERATING LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES Rental income The minimum contractual future revenues to be received on time charters in respect of our Vessels as of December 31, 2023, were as follows: (in thousands of $) 2024 318,444 2025 252,660 2026 173,744 2027 106,066 2028 and thereafter 13,564 Total minimum contractual future revenues 864,478 The cost and accumulated depreciation of vessels leased to third parties as of December 31, 2023, was $1,774.6 million and $100.2 million, respectively. ($1,922.2 million and $39.3 million as of December 31, 2022). This does not include conversion and retrofitting and capitalized drydocking costs. The components of operating lease income were as follows: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Operating lease income 337,418 176,028 37,506 145,833 Variable lease income / (expense) (1) 9,663 7,539 (217) 16,125 Total operating lease income (2) 347,081 183,567 37,289 161,958 (1) “Variable lease income / (expense)” is excluded from lease payments that comprise the minimum contractual future revenues from non-cancellable operating leases. (2) “Total operating lease income” is included within “Time and voyage charter revenues”. During the year ended December 31, 2021, GSVM chartered in an external vessel and recognized operating lease income of $2.6 million of variable lease income. No similar external vessel was chartered during the years ended December 31, 2023 and 2022 . Rental expense We lease certain office premises and equipment on-board our fleet of vessels under operating leases. Many lease agreements include one or more options to renew. We include these renewal options when we are reasonably certain that we will exercise the option. The exercise of these lease renewal options is at our discretion. Variable lease cost relates to certain of our lease agreements which include payments that vary. These payments are primarily generated from service charges related to our usage of office premises, usage charges for equipment on-board our fleet of vessels and adjustments for inflation. The components of operating lease cost were as follows: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Total Operating lease cost (1) 1,412 830 292 3,744 (1) “Operating lease cost” includes short-term lease cost. During the year ended December 31, 2021 we sub-chartered out an external vessel and recognized $3.0 million of cost presented in “Voyage, charter hire and commission expense, net”. The remaining balance in total operating lease cost is included in “Vessel operating expenses”. No similar external vessel was sub-chartered during the years ended December 31, 2023 and 2022. As of December 31, 2023, 2022 and 2021, the right-of-use The weighted average remaining lease term for our operating leases is 6.2 years (2022: 2.4 years) and the weighted-average discount rate applied for most of our operating leases is 5.5% (2022: 5.5%). The maturity of our lease liabilities as of December 31, 2023 is as follows: (in thousands of $) 2024 1,112 2025 752 2026 586 2027 554 2028 and thereafter 1,018 Total minimum lease payments 4,022 |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
OTHER CURRENT ASSETS | OTHER CURRENT ASSETS Successor (in thousands of $) December 31, 2023 December 31, 2022 Prepaid expenses 1,517 465 Other receivables (1) 1,895 3,293 Other current assets 3,412 3,758 (1) Included in “other receivables” for the year ended December 31, 2023 is the current portion of compensation of the debt guarantees provided by Golar for the payment obligations of two of the acquired subsidiaries' debt related to two LNG carriers , Kool Ice and Kool Kelvin. |
NEWBUILDINGS
NEWBUILDINGS | 12 Months Ended |
Dec. 31, 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 QCT, affiliates of EPS Ventures Ltd (“EPS”). The state-of-the-art MEGA LNG carriers (the “Newbuild Vessels”) are scheduled to deliver from Hyundai Samho Heavy Industries (“HHI”) in Republic of Korea towards the end of 2024. Each of the two Newbuild Vessels will be acquired for a total purchase price of approximately $234 million. As of December 31, 2023, our expenditure for the Newbuilds consists of the following: Successor (in thousands of $) December 31, 2023 Shipyard Installments (including option exercise price) 180,687 Onsite Supervision Costs 900 Interest cost capitalized 168 Other Costs 149 Total Newbuildings 181,904 As of December 31, 2023, we have remaining estimated total commitments of approximately $289.9 million, including supervision costs. |
VESSELS AND EQUIPMENT, NET
VESSELS AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
VESSELS AND EQUIPMENT, NET | VESSELS AND EQUIPMENT, NET Our vessels and equipment, net consisted of the following: Successor (in thousands of $) December 31, 2023 December 31, 2022 Vessels (1) 1,811,295 1,937,443 Office equipment and fittings 1,258 645 Less: Accumulated depreciation (112,490) (44,681) Total vessels and equipment, net 1,700,063 1,893,407 (1) Vessels includes the conversion and retrofitting cost of $14.6 million (2022: Nil) and capitalized deferred drydocking cost of $22.1 million (2022: $15.2 million) for the year ended December 31, 2023. As of December 31, 2023, conversion and retrofitting of certain vessels is in progress, with an estimated total remaining commitment of $35.5 million and depreciation will begin upon completion. Depreciation charges during the Successor Period within the years ended December 31, 2023 and 2022 amounted to $74.1 million and $44.3 million respectively. Depreciation charges during the Predecessor Period for the years ended December 31, 2022 and 2021 amounted to $5.7 million and $43.4 million, respectively. Capitalized deferred drydocking costs included within vessel cost as of December 31, 2023 will be depreciated over the period until the next expected drydocking for each respective vessel. |
RESTRICTED CASH AND SHORT-TERM
RESTRICTED CASH AND SHORT-TERM DEPOSITS | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash and Investments [Abstract] | |
RESTRICTED CASH AND SHORT TERM DEPOSITS | RESTRICTED CASH AND SHORT TERM DEPOSITS Our restricted cash and short-term deposits balances were as follows: Successor (in thousands of $) December 31, 2023 December 31, 2022 Restricted cash and short-term deposits held by lessor VIEs (1) 3,350 3,435 Restricted cash relating to office lease 492 507 Total restricted cash and short-term deposits 3,842 3,942 Less: current portion of restricted cash and short-term deposits (3,350) (3,435) Non-current restricted cash and short-term deposits 492 507 (1) These are amounts held by lessor VIE entities that we are required to consolidate (Note 5). |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
OTHER NON-CURRENT ASSETS [Abstract] | |
OTHER NON-CURRENT ASSETS | OTHER NON-CURRENT ASSETS Successor (in thousands of $) December 31, 2023 December 31, 2022 Mark-to-market asset on interest rate swaps (Note 21) 5,978 8,736 Operating lease right-of-use-assets (1) 3,918 899 Investment (2) 884 — Others 13 859 Other non-current assets 10,793 10,494 (1) Operating lease right-of-use-assets mainly comprise of our office leases. (2) Includes advanced subscription for investments at cost of $0.9 million as of December 31, 2023. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses is comprised of the following: Successor (in thousands of $) December 31, 2023 December 31, 2022 Interest expense 28,206 37,056 Vessel operating expenses 7,819 7,688 Administrative expenses 5,810 6,135 Current tax payable 440 396 Accrued expenses 42,275 51,275 Vessel operating expenses comprise of accruals such as crew wages, brokers' commissions, vessel supplies, routine repairs, maintenance, lubricating oils and other vessel expenses. Administrative expenses related accruals comprise of general overheads including legal and professional fees, personnel costs and other corporate expenses. |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Current [Abstract] | |
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIES Other current liabilities is comprised of the following: Successor (in thousands of $) December 31, December 31, Deferred operating lease and advance charter hire revenue 23,645 15,588 Unfavorable contract liabilities (Note 10) 16,998 20,610 Current portion of operating lease liability (Note 11) 1,112 511 Mark-to-market liability on interest rate swaps (Note 21) 933 385 Debt guarantee liability (Note 22) 761 944 Other payables (1) 205 5,009 Other current liabilities 43,654 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 $4.9 million as of December 31, 2022. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term and short-term debt was as follows: Successor (in thousands of $) December 31, 2023 December 31, 2022 Total long-term debt and short-term debt 1,061,084 1,138,302 Less: current portion of long-term debt and short-term debt (194,413) (180,065) Long-term debt (1) 866,671 958,237 (1) The amounts presented in the table above, are net of the deferred charges amounting to $5.6 million as of December 31, 2023 (December 31, 2022: $6.2 million). Our outstanding gross debt as of December 31, 2023 was repayable as follows: Successor (in thousands of $) CoolCo debt VIE debt (1) Total debt 2024 116,852 79,453 196,305 2025 76,851 — 76,851 2026 76,851 — 76,851 2027 409,706 — 409,706 2028 and thereafter 306,934 — 306,934 Total 987,194 79,453 1,066,647 Deferred finance charges (5,563) — (5,563) Total 981,631 79,453 1,061,084 (1) These amounts relate to certain lessor VIE entities (see Note 5). Debt is comprised of the following: Successor Maturity date (in thousands of $) December 31, December 31, Senior Secured Sustainability Linked Amortizing Term Loan 485,303 540,388 February 2027 $520.0 million term loan facility 461,891 500,630 May 2029 Newbuild Vessel pre-delivery facility 40,000 — Expected by the end of 2024 CoolCo Debt 987,194 1,041,018 ICBCL VIE loans: - Golar Kelvin facility 64,758 74,400 January 2025 - Golar Ice facility 14,695 29,070 January 2025 Total debt (gross) 1,066,647 1,144,488 Deferred finance charges (5,563) (6,186) Total debt 1,061,084 1,138,302 Senior Secured Sustainability Linked Amortizing Term Loan On February 17, 2022, we entered into a Senior Secured Sustainability Linked Amortizing term loan (the "$570 million bank facility"), which refinanced six of the Original Vessels acquired from Golar, of up to $570.0 million with a maturity date of February 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 5 basis points if specified sustainability performance targets with respect to vessel efficiency ratios are met or increase 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 $570 million bank facilities 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. The changes in terms of the debt were assessed and accounted for as a debt modification. As of December 31, 2023, the balance outstanding under the $570 million bank facility amounted to $485.3 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 based on SOFR plus a margin of 200 basis points. As of December 31, 2023, the balance outstanding under the $520.0 million term loan facility amounted to $461.9 million. Pursuant to this facility, CoolCo entered into a guarantee in favor of the lenders. Newbuild Vessel pre-delivery facility In October 2023, we entered into agreements with Huaxia Financial Leasing Co. Ltd ("Huaxia") for a pre-delivery credit facility and post-delivery sale and leaseback financing for the Kool Tiger and Kool Panther newbuild vessels (Note 13) scheduled to be delivered to CoolCo towards the end of 2024 from Hyundai Samho Heavy Industries in Republic of Korea. Under the pre-delivery credit facility, we entered into an agreement with Huaxia to lend us a minimum of 20% and subject to the Company entering into a committed charter contract up to 32.5% of the shipyard price for the Newbuild Vessels. This pre-delivery credit facility is non-amortizing with the principal payable upon delivery of each Newbuild Vessel and the sale of the Newbuild Vessels to a subsidiary of Huaxia under the sale and leaseback arrangement. The pre-delivery facility bears an initial interest rate of SOFR plus a fixed rate of 260 basis points. As of December 31, 2023, $40.0 million was drawn under the pre-delivery credit facility. As of December 31, 2023, we were in compliance with the financial covenants and obligations under the facility agreement. Debt restrictions Many of 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 December 31, 2023, we were in compliance with all our covenants under our existing debt and lease agreements. |
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Noncurrent [Abstract] | |
OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES Other non-current liabilities is comprised of the following: Successor (in thousands of $) December 31, December 31, Unfavorable contract liabilities (Note 10) 87,449 104,447 Non-current portion of operating lease liability 2,910 510 Others 3 765 Other non-current liabilities 90,362 105,722 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 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 December 31, 2023: Instrument (in thousands of $) Notional amount Maturity Dates Fixed Interest Rates Interest rate swaps: Receiving Floating, paying fixed 659,756 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 period. The carrying value and estimated fair value of our financial instruments were as follows: Successor December 31, 2023 December 31, 2022 (in thousands of $) Fair value hierarchy Carrying value Fair value Fair value hierarchy Carrying value Fair value Non-derivatives: Cash and cash equivalents (1) Level 1 133,496 133,496 Level 1 129,135 129,135 Restricted cash and short-term deposits Level 1 3,842 3,842 Level 1 3,942 3,942 Trade accounts and other receivable (2) Level 1 9,511 9,511 Level 1 2,467 2,467 Trade accounts payable (2) Level 1 (12,231) (12,231) Level 1 (2,576) (2,576) Current portion of long-term debt and short-term debt (3) (4) Level 2 (196,305) (196,305) Level 2 (181,694) (181,694) Long-term debt (4) Level 2 (870,342) (870,342) Level 2 (962,794) (962,794) Derivatives: Interest rate swaps asset (5) Level 2 5,978 5,978 Level 2 8,736 8,736 Interest rate swaps liability (5) Level 2 933 933 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 and other 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 consolidated and combined carve-out balance sheets. The amounts presented in the table above, are gross of the deferred charges amounting to $5.6 million as of December 31, 2023 (December 31, 2022: $6.2 million) (Note 19). (5) Derivative assets are presented within other non-current assets on the consolidated balance sheets. 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 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 that 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 consolidated 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. We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balance of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of December 31, 2023 and December 31, 2022 would be adjusted as detailed in the following table: Successor December 31, 2023 December 31, 2022 (in thousands of $) Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Total derivative assets 5,978 (969) 5,009 8,736 (481) 8,255 Total derivative liabilities 933 (969) (36) 385 (481) (96) The cash flows from economic hedges are classified in the same category as the cash flows from the items subject to the economic hedging relationship. 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, Euros and 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 PARTIES TRANSACTIONS
RELATED PARTIES TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES TRANSACTIONS | RELATED PARTIES TRANSACTIONS Transactions with related parties: The following table sets forth transactions with related parties: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Ship management fee revenue (a) 455 2,030 1,342 6,468 Ship management and administrative services expense (a) (687) (4,534) (730) (5,001) Insurance commission (b) (276) — — 1,482 Debt guarantee compensation (c) (169) (837) — — Commitment fee (d) (20) (119) — — Office rental (f) (444) — — — (1,141) (3,460) 612 2,949 Amounts due to related parties: Balances with related parties consisted of the following: Successor (in thousands of $) December 31, December 31, Balances due to Golar and its subsidiaries (e) — 395 Balances due to QPSL and its affiliates (f) 757 1,231 Amounts due to related parties 757 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 share) of its remaining shareholding interest in the common shares of the Company to EPS, it ceased to be a related party and subsequent transactions with Golar and its subsidiaries are treated as third party. b) Insurance Services – Eastern Pacific Shipping Pte. Ltd., an affiliate of QPSL, provides CoolCo with insurance and claim handling services. The charges during the year ended December 31, 2023 represent the commission paid as a percentage of the gross premium for such insurances placed. c) 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 , Kool Ice and Kool Kelvin, in exchange for a guarantee fee of 0.5% on the outstanding principal balances, which as of December 31, 2023 was $176.7 million . The compensation amou nted to $0.2 million and $0.8 million for the years ended December 31, 2023 and 2022 respectively. (d) Commitment fee – We entered into a revolving credit facility of $25.0 million from Golar, which was terminated on May 28, 2023. The facility included a fixed interest rate and commitment fee on the undrawn loan of 5% and 0.5% per annum, respectively. The commitment fee amounted to Nil and $0.1 million for the years ended December 31, 2023 and 2022 respectively. (e) 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. (f) Balances due to QPSL and its affiliates - Receivables and payables with QPSL and its affiliates as of December 31, 2023 are comprised primarily of the supervision cost capitalized in the Newbuild Vessels (See Note 13), and office rental. The balance as of December 31, 2022 primarily relates to 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 | 12 Months Ended |
Dec. 31, 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 (in thousands of $) December 31, December 31, Carrying value of vessels secured against long-term loans 1,699,288 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 consolidated financial statements. |
SHARE CAPITAL AND SHARE BASED C
SHARE CAPITAL AND SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
SHARE CAPITAL AND SHARE OPTIONS [Abstract] | |
SHARE CAPITAL AND SHARE BASED COMPENSATION | SHARE CAPITAL AND SHARE BASED COMPENSATION Our authorized and issued share capital was as follows: Authorized share capital: Successor (in thousands of $ except number of shares) December 31, 2023 December 31, 2022 400,000,000 (2022: 400,000,000) common shares of $1.00 each 400,000 400,000 Issued share capital: Successor (in thousands of $ except number of shares) 2023 2022 53,702,846 (2022: 53,688,462) common shares of $1.00 each 53,703 53,688 (number of shares) As of January 1, 53,688,462 1,010,000 Vesting RSUs 14,384 — Cancellation of Predecessor’s shares (1) — (1,000,000) Issuance of Shares to Golar (2) — 12,500,000 Issuance of shares for Private Placement (3) — 27,500,000 Issuance of shares of Second Private Placement (4) — 13,678,462 As of December 31, 53,702,846 53,688,462 (1) Represents cancellation of 1,000,000 shares for Parent's aggregated equity, upon disposal of entities to CoolCo pursuant to the Vessel SPA and ManCo SPA. (2) Represents issuance of 12,500,000 common shares in the Company amounting to $127.9 million of equity issued to Golar in connection with the transfer of vessels on each respective entity acquisition date pursuant to the Vessel SPA. (3) Represents the issuance of 27,500,000 common shares during the Private Placement in February 2022 at a price of $10.00 per share raising proceeds of $275.0 million. This was offset by issuance costs totaling $8.3 million. See Note 1. (4) Represents the issuance of 13,678,462 common shares during the Primary Offering in November 2022 for $166.0 million. As of December 31, 2023 , EPS hold 31,254,390 shares, equivalent to approximately 58.2% of the Company and the public holds the remaining 22,448,456 shares, equivalent to approximately 41.8% of the Company. Share Based Compensation On November 25, 2022, the Board of CoolCo resolved to implement a long-term incentive plan (the “LTIP”) for employees, management and board members of the Company and its affiliates. The overall purpose of the LTIP is to promote the success of the Company for the benefit of its shareholders, by providing a framework for the retention and incentivization of employees using the Company’s equity and thereby aligning their interests with the Company and its affiliates. The LTIP provides for the grant of equity awards, with the intention being for the initial awards to be granted as Share options (“Share Options”) and RSUs, as further detailed below. A. Share options Pursuant to the LTIP, in November 2022 CoolCo granted 1,088,932 share options to management, key employees and board members of the Company. Each share option, when exercised, carries the right to acquire one share in CoolCo, giving the right to acquire up to in aggregate 1,088,932 shares. The share options will vest equally over a period of four years and will lapse four years from the date of their grant if not exercised. In November 2023, CoolCo granted a further 74,246 share options to two board members of the Company. The share options will vest equally over a period of three years and will lapse three years from the date of their grant if not exercised. The following assumptions were used to determine fair values of share options granted: • The assumption for expected future volatility is based primarily on an analysis of volatility of CoolCo’s common shares. • Where the criteria for using the simplified method are met, we have used this method to estimate the expected term of options based on the vesting period of the award that represents the period options granted are expected to be outstanding. Under the simplified method, the mid-point between the vesting date and the maximum contractual expiration date is used as the expected term. Where the criteria for using the simplified method are not met, we used the contractual term of the options. The fair value of each option award is estimated on the grant date or modification date using the Black-Scholes option pricing model. The weighted average assumptions as at grant date are noted in the table below: Granted in November 2023 Granted in November 2022 Risk free interest rate 4.8 % 4.0 % Expected volatility of common stock 30.0 % 30.0 % Expected dividend yield 0.0% 0.0% Expected term of options (in years) 3 years 4 years A summary of the share option activity for the year ended December 31, 2023 is presented below: Shares Weighted Weighted Options outstanding at December 31, 2022 1,088,932 $ 10.0 4 Granted during the year 74,246 $ 12.5 3 Options outstanding at December 31, 2023 1,163,178 $ 10.2 3 Options outstanding and exercisable at December 31, 2023 272,233 $ 10.0 3 Compensation cost recognized in the consolidated statement of income during the Successor Period for the years ended December 31, 2023 and 2022 amounted to $1.7 million and $0.2 million, respectively. As at December 31, 2023 and 2022, the number of options outstanding in respect of CoolCo shares was 1.2 million and 1.1 million, respectively. As of December 31, 2023, the total unrecognized compensation cost amounting to $3.7 million (2022: $5.1 million) relating to options outstanding is expected to be recognized over a weighted average period of three years. B. Restricted Stock Units (“RSUs”) Pursuant to the LTIP, CoolCo granted RSUs to certain individuals, including employees of Cool UK, Cool Norway, Cool Croatia and Cool Malaysia during the years ended December 31, 2023 and 2022. The RSUs usually vest equally over a period of four years. The fair value of the RSU award is estimated using the market price of the Company’s common shares at grant date with expense recognized evenly over the four-year vesting period. A summary of RSUs movement for the year ended December 31, 2023 is presented below: Shares Weighted average grant date fair value per share Weighted average remaining contractual term (years) Non-vested RSUs at December 31, 2022 112,448 $ 12.4 3 Granted during the year 105,746 $ 12.5 4 Vested during the year (30,503) $ 12.5 N/A Forfeited during the year (6,863) $ 12.4 N/A Non-vested RSUs at December 31, 2023 180,828 As of December 31, 2023, the total unrecognized compensation cost amounting to $1.9 million (2022: $0.2 million) relating to RSUs outstanding is expected to be recognized over a weighted average period of three |
BASIC AND DILUTED EARNINGS PER
BASIC AND DILUTED EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 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 following reflects the net income and share data used in the basic and diluted earnings per share calculation. Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $, except number of shares and per share data) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Net income attributable to Owners of Cool Company Ltd. / Predecessor's Parent - basic and diluted 174,729 85,742 15,038 15,866 Weighted average number of shares outstanding 53,689,683 40,451,470 1,010,000 1,010,000 Basic and diluted earnings per share (1) $ 3.25 $ 2.12 $ 14.89 $ 15.71 (1) The effects of share options and RSUs (see Note 24) were excluded from the calculation of diluted EPS because the effect was anti-dilutive. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividend Distribution In February 2024, the Company declared a cash distribution of $0.41 per common share in respect of the three months ended December 31, 2023. to common shareholders of record as of March 11, 2024 and the dividends were paid on or around March 18, 2024. Senior Secured Sustainability Linked Amortizing Term Loan In February 2024, lender approval was obtained for an amendment of financial covenants including a relaxation of the minimum cash covenant and a reduction in the minimum value clause. The new financial ratios include, but are not limited to, minimum net worth, maximum net debt to total assets and minimum free cash restriction. $520 million term loan facility |
BASIS OF PREPARATION AND SIGN_2
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 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 from March 3, 2022 to June 30, 2022. (See 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 acquisitions of the legal entities acquired from Golar on the respective acquisition dates until December 31, 2022 and for the year ended December 31, 2023 (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”) (see Note 2.b). The financial statements for the Successor Period are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) (see Note 2.c) and on a going concern basis. The Predecessor Period is presented on a combined carve-out basis as further described in Note 2.b and in accordance with the accounting policies described in Note 2.d. The combined carve-out financial statements of GSVM, reported under the Predecessor Period herein, are presented as carve-out financial statements and reflect the combined historical results of operations, comprehensive income, financial position and cash flows of the entities listed in Note 4, collectively referred to herein as the ‘‘Acquirees’’ and the lessor variable interest entities ("VIEs") that previously leased vessels under the finance lease arrangements described in Note 5. The lessor VIEs discussed further in Note 5 were wholly-owned, special purpose vehicles (‘‘SPVs’’) of financial institutions. While GSVM did not hold any equity investments in these SPVs, we concluded that GSVM was the primary beneficiary of these lessor VIEs and accordingly have included these entities in the combined carve-out financial results. The combined carve-out financial statements consolidate the discrete, historical operations of these legal entities (the Acquirees, VIEs and the entity Cool Company Ltd.), and the equity attributable to the respective lessor VIEs is presented as non-controlling interests on the basis that there was no controlling financial interest present among these entities and that these entities previously had related operations and were previously under common management. These combined carve-out financial statements are prepared using consistent accounting policies that were applied in Golar’s historical consolidated financial statements for the respective periods, and have been prepared in accordance with U.S. GAAP (see Note 2.d). The combined carve-out financial statements are not intended to be a complete presentation and are not necessarily indicative of the financial position or results of operations that would have been achieved if GSVM had operated on a stand-alone basis as of or during any of the periods presented, nor are they indicative of the financial condition or results going forward due to changes in GSVM following closing of the Vessel SPA and the ManCo SPA and the omission of certain operating expenses and balances, as described below. All intercompany balances and transactions within GSVM have been eliminated. All intercompany balances and transactions between GSVM and Golar which were not trading in nature were converted to equity amounting to $56.1 million at December 31, 2021 as funding from Parent, on the basis that these balances were considered a deemed distribution amounting to $133.8 million at December 31, 2021 , respectively, to the Parent (which could be considered to represent Golar’s historical investment in GSVM, including accumulated net earnings attributable to Golar, and cost allocations from Golar that were not historically allocated to GSVM). As described in Note 22, certain related party transactions between GSVM and Golar are included in the combined carve-out financial statements. The combined carve-out balance sheet reflects the assets and liabilities that are specifically identifiable and directly attributable to GSVM. Golar has historically operated a centralized treasury function; therefore Golar's cash pooling arrangements, working capital and corporate derivatives have been excluded from the combined carve-out balance sheets. The combined carve-out statements of operations include the revenues and expenses directly attributable to the generation of revenues by GSVM (including all of the revenues and expenses of the Acquirees). Golar and its affiliates have historically provided a variety of management and corporate overhead services to GSVM. The combined carve-out statements of operations include expense allocations for (i) corporate overhead functions such as legal, accounting, treasury and regulatory compliance, included in ‘Administrative expenses’, which are allocated to us by Golar using a weighted vessel count of Golar’s historical fleet, (ii) vessel operating functions such as technical and commercial vessel management, included in ‘Vessel operating expenses’, which are allocated based on arms-length intercompany invoicing, and (iii) income taxes, which are allocated on a separate returns basis. Revenues and expenses of Cool Norway are included in the combined carve-out statements of operations based on either specific identification or an allocation using a reasonable approach based on the nature of the item, i.e. relative employee headcount and number of vessels in the fleet. Where allocations of amounts were necessary, GSVM believes the allocations of these amounts were determined on a reasonable basis, reflecting all of the costs of GSVM and consistently applied in the periods presented. |
Principles of consolidation | Principles of consolidation A VIE is defined by the accounting standard as a legal entity where either (a) equity interest holders, as a group, lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. A party that is a variable interest holder is required to consolidate a VIE if the holder has both (a) the power to direct the activities that most significantly impact the entity’s economic performance, and (b) the obligation to absorb losses that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant. The consolidated financial statements include the financial information of the entities listed in Notes 4 and 5. Certain VIEs in which we are deemed to be subject to a majority of the risk of loss from the VIE’s activities or entitled to receive a majority of the entity’s residual returns are consolidated. All intercompany balances and transactions are eliminated. The non-controlling interests of the above-mentioned VIEs are included in the consolidated balance sheets and statements of operations as “Non-controlling interests”. |
Foreign currencies | Foreign currencies Our functional currency is the U.S. dollar as the majority of our revenues are received in U.S. dollars and a majority of our expenditures are incurred in U.S. dollars. Our reporting currency is the U.S. dollar. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet dates. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction and translation gains or losses are included in the consolidated statements of operations. |
Lease accounting versus revenue accounting | Lease accounting versus revenue accounting Contracts relating to our LNG carriers can take the form of leases and operating services agreements. In addition, we have historically contracted a portion of our Vessels in the spot market through the “Cool Pool” arrangement. Although the substance of these contracts is similar, the accounting treatment varies. To determine whether a contract conveys a lease agreement for a period of time, we assess whether, throughout the period of use, the customer has both of the following: • the right to obtain substantially all of the economic benefits from the use of the identified asset; and • the right to direct the use of that identified asset. If a contract relating to an asset fails to give the counterparties both of the above rights, we account for the agreement as a revenue contract. A contract relating to an asset will generally be accounted for as a revenue contract if the customer does not contract for substantially all of the capacity of the asset (i.e., another third party could contract for a meaningful amount of the asset capacity). In situations where we have historically provided management services unrelated to an asset contract, we account for the contract as a revenue contract. Lease accounting When a contract is designated as a lease, we assess whether the contract is an operating lease, sales-type lease, or direct financing lease. An agreement will be a sales-type lease if any of the following conditions are met: • ownership of the asset is transferred at the end of the lease term; • the contract contains an option to purchase the asset which is reasonably certain to be exercised; • the lease term is for a major part of the remaining useful life of the asset, although contracts entered into the last 25% of the asset’s useful life are not subject to this criterion; • the discounted value of the fixed payments under the lease represent substantially all of the fair value of the asset; or • the asset is heavily customized such that it could not be used for another charter at the end of the term. If none of these criteria are met for a lessor, the lease will be classified as a direct financing lease (if the present value of the sum of the lease payments and any residual value guarantee present equals or exceeds substantially all of the fair value of the underlying asset and it is probable that the lessor will collect lease payments and any residual value guarantee), or an operating lease. If none of these criteria are met for a lessee, the lease will be classified as an operating lease. |
Lessor accounting and time charter operating leases | Lessor accounting In making the classification assessment, we estimate the residual value of the underlying asset at the end of the lease term with reference to broker valuations. None of our lease contracts contain residual value guarantees, and any purchase options are disclosed in Note 5. Agreements with renewal and termination options under the control of the lessee are included together with the non-cancellable contract period in the lease term when “reasonably certain” to be exercised or if controlled by the lessor. The determination of reasonably certain depends on whether the lessee has an economic incentive to exercise the option. We assess a lease under the modification guidance when there is change to the terms and conditions of the contract that results in a change in the scope or the consideration of the lease. Costs directly associated with the execution of the lease or costs incurred after lease inception or the execution of the contract but prior to the commencement of the lease that directly relate to preparing the vessel for the lease (i.e. bunker costs), are capitalized and amortized to the consolidated statements of operations over the lease term. We also defer upfront payments (i.e. repositioning fees) on the consolidated balance sheets and amortize to the consolidated statements of operations evenly over the lease term. Time charter operating leases “Time and voyage charter revenues” includes fixed minimum lease payments under time charter agreements and vessel repositioning fees. Amounts generated from time charter agreements, which we classify as operating leases, are recognized over the term of the agreement on a straight-line basis as services are provided. Variable lease payments are recognized as incurred. Lease payments include fixed payments (including unavoidable in-substance payments) and variable lease payments that are based on a rate or index. We do not recognize any amounts if we have not entered into a time charter agreement with a charterer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. For our operating leases, we have elected the practical expedient under ASC 842 to combine service revenue and operating lease income given the timing and pattern of transfer of the components are the same. Initial direct costs considered directly related to the negotiation and consummation of the time charter agreement are deferred and recognized over the lease term as services are provided. Repositioning fees (included in “Time and voyage charter revenues”) received in respect of time charter agreements are recognized at the end of the agreement when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the agreement which is not dependent upon the vessel redelivery location, the fee will be recognized evenly over the term of the charter. Under time charter agreements, voyage expenses are generally paid by our charterers. Voyage-related expenses, principally fuel, may also be incurred when positioning or repositioning a vessel before or after the period of the time charter agreement and during periods when the vessel is not employed or is off-hire (for example, while undergoing repairs) are recognized as incurred. Vessel operating expenses are recognized as incurred, including drydocking, crewing, repairs and maintenance, insurance, stores, lubricant oils, consumables, logistics costs and communication expenses as well as the associated managerial cost of providing these items and services. Bunker consumption primarily represents fuel consumed during unemployment and while our Vessels are off-hire. Cool Pool We present our gross share of income earned and costs incurred under the Cool Pool on the face of the consolidated statements of operations in the line items “Time and voyage charter revenues” and “Voyage, charter hire and commission expenses, net” respectively. For Cool Pool net revenues and/or expenses generated by the other participants in the pooling arrangement, we analogize these to be either the cost of obtaining a contract or the benefit of operating within the Cool Pool, and present them within the line item “Voyage, charter hire and commission expenses, net.” |
Leases as lessee | Leases as lessee We determine if an arrangement contains a lease at inception. Operating leases where we are the lessee result in recognition of a right-of use (“ROU”) asset with a corresponding lease liability. The ROU asset is included in balance sheet line-items ‘Other current assets’ and ‘Other non-current assets’, depending on its maturity and the corresponding lease liability is included in balance sheet line items ‘Other current liabilities’ and ‘Other non-current liabilities’. The ROU asset represents our right to use an underlying asset for the lease term and the lease liability represents our obligation to make lease payments per the lease agreement. Operating leases are recognized at commencement date based on the present value of lease payments over the lease term, using our incremental borrowing rate as assessed at lease commencement date. We do not separate the lease and non-lease components; they are considered a single lease component. The impact of subsequent amendments to lease agreement terms and conditions is assessed prospectively. |
Management fee revenues | Management fee revenues Management fees are generated from vessel management which includes commercial and technical vessel-related services and administrative services. The management services we provide are considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services as a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. We recognize revenue when obligations under the terms of our contracts with our customers are satisfied. We have applied the practical expedient to recognize management fee revenue in proportion to the amount that we have the right to invoice. Our contracts generally have an initial term of one year or less, with a short notice period ranging fro m 30 to 120 days , to end the contract. Contract assets arise when we render management services in advance of entitlement to payment from our customers. Contract liabilities represent an entity's obligation to transfer goods or services to our customers, which amounted to $7.4 million as at December 31, 2023 (2022: Nil) included within "Trade accounts payable". |
Use of estimates | Use of estimates The preparation of consolidated 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 consolidated 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 or scrap value, charter rates, ship operating expenses, and drydocking requirements. Significant estimates include our estimate of fair value of identifiable net assets at acquisition date. Using different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company's financial position and the results of operations. |
Insurance claims | Insurance claims We have two main types of insurance policies, ‘loss of hire’ (“LOH”) and ‘hull and machinery’ (“H&M”). LOH indemnifications protects us from loss of hire generated by our insured vessels, as a result of H&M claims, and related claims are considered gain contingencies, which are recognized when the proceeds from our insurance syndication are realized or deemed realizable, net of any deductions where applicable. LOH is recognized in “Other operating income”. Our H&M policies protect us from damage that may be incurred in relation to our vessels and on-board equipment. Our insurance policies are considered loss recoveries, We recognize costs incurred at the time a loss event occurs. Insurance proceeds received from insured losses are recognized when considered probable of being recovered from the counterparty and for an amount net of any deductions that may apply. H&M premiums and related claims recoveries are recognized in “Vessel operating expenses”. |
Cash and cash equivalents | Cash and cash equivalents |
Restricted cash and short-term deposits | Restricted cash and short-term deposits Restricted cash and short-term deposits consist of bank deposits, which may only be used to settle certain pre-arranged loan or lease payments, other claims which require us to restrict cash, and cash held by the VIEs. We place our short-term deposits primarily in fixed term deposits with high credit quality financial institutions. Amounts are presented net of allowances for expected credit losses, which are assessed based on consideration of whether the balances have short-term maturities and whether the counterparty has an investment grade credit rating, reducing any credit exposure. |
Trade accounts and other receivable | Trade accounts and other receivable Trade accounts and other receivable are presented net of allowances for expected credit losses. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate allowance for expected credit loss. The expected credit loss allowance is calculated using a loss rate applied against an aging matrix, with assets pooled based on the vessel type that generated the underlying revenue, which reflects similar credit risk characteristics. Our trade accounts and other receivables have short maturities so we have considered that forecast changes to economic conditions will have an insignificant effect on the estimate of the allowance, except in extraordinary circumstances. |
Allowance for expected credit losses | Allowance for expected credit losses Financial assets recorded at amortized cost and off-balance sheet credit exposures not accounted for as insurance (including financial guarantees) reflect an allowance for current expected credit losses (“credit losses”) over the lifetime of the instrument. The allowance for expected credit losses reflects a deduction to the net amount expected to be collected on the financial asset. Amounts are written off against the allowance when management believes the un-collectability of a balance is confirmed or certain. Expected recoveries will not exceed the amounts previously written-off or current credit loss allowance by financial asset category. We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We have elected to calculate expected credit losses on the combined balance of both the amortized cost and accrued interest from the unpaid principal balance. |
Inventories | Inventories Inventories, which are comprised principally of fuel, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. |
Newbuildings | Newbuildings Newbuildings are stated at cost. All pre-delivery costs incurred during the construction of newbuildings, including purchase installments, capitalized interest, supervision and technical costs, are capitalized. Capitalization ceases and depreciation commences when the vessel is available for its intended use. Interest is capitalized on all qualifying assets that require a period of time to get ready for their intended use. Qualifying assets consist of newbuildings. The interest capitalized is calculated using the rate of interest on the loan to fund the expenditure or our weighted average cost of borrowings, where appropriate, from commencement of the asset development until substantially all the activities necessary to prepare the assets for its intended use are complete. If our financing plans associate a specific borrowing with a qualifying asset, we use the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset provided that does not exceed the amount of that borrowing. We do not capitalize amounts beyond the actual interest expense incurred in the period. |
Vessels and equipment | Vessels and equipment Vessels and equipment are stated at cost less accumulated depreciation. The cost of vessels and equipment less the estimated residual value is depreciated on a straight-line basis over the assets’ remaining useful economic lives. Management estimates the residual values of our Vessels based on a scrap value cost of steel and aluminum times the weight of the vessel noted in lightweight tons. Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Refurbishment costs incurred during the period are capitalized as part of vessels and depreciated over the vessels’ remaining useful economic lives. Refurbishment costs are costs that appreciably increase the capacity, or improve the efficiency or safety of vessels and equipment. Deferred drydocking expenditures are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally every five years. Following acquisition of the vessels, the estimated cost of the drydocking component is amortized until the date of the first drydocking, upon which the then incurred drydocking cost is capitalized and the process is repeated. When a vessel is disposed, any unamortized drydocking expenditure is charged against income in the period of disposal. Useful lives applied are as follows: Vessels 30 years Deferred drydocking expenditure 5 years Office equipment and fittings 3 years Vessels and equipment The useful economic life and residual value applied for vessels in the Successor Period was revised to 30 years and $20.0 million per vessel respectively, based on management's current best estimates, as compared to 40 years and $14.0 million per vessel respectively, for the Predecessor Period. The built-in overhaul method of accounting applies for the vessels that are newly built or acquired in the Predecessor Period and the Successor Period. The built-in overhaul method is based on the segregation of vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals to reflect the different useful lives of the components of the assets. |
Intangible assets | Intangible assets Our intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives. We review our intangible assets for impairment annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with our accounting policy for impairment of long-lived assets. I ntangible assets or liabilities associated with the acquisition of a vessel are identified and recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where acquired charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where acquired charter rates are less than market charter rates, a liability is recorded, being the difference between the market charter rate and the acquired charter rate for an equivalent vessel. Determining the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables, including market charter rates, expected future charter rates, the level of utilization of its vessels, and its weighted average cost of capital. T he amortization of contract intangible assets and liabilities follows the remaining term of underlying contracts of the vessels acquired. The favorable contract intangible assets have a remaining amortization period of four four four Costs associated with maintaining software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design, implementation and testing of identifiable information system products controlled by the Company are recognized as intangible assets where the following criteria are met: • it is technically feasible to complete the information system products so that it will be available for use; • management intends to complete the information system products and use it; • there is an ability to use the information system products; • adequate technical, financial and other resources to complete the development and to use the information system products are available; and • the expenditure attributable to the information system products during its development can be reliably measured. Directly attributable costs that are capitalized as part of the information system products implementation include an appropriate portion of relevant overheads. Capitalized costs are recorded as "Others" under intangible assets and amortized from the point at which the asset is ready for use. The Company estimates the useful life of the software to be at least ten years based on the expected technical obsolescence of such assets. |
Impairment of long-lived assets | Impairment of long-lived assets We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable, including obtaining independent third party vessel valuations and quoted market values . Management considers various indicators, including but not limited to the market price of its long-lived assets (represented by independent third party vessel valuations ), change in the extent or manner in which a long-lived asset is being used, contracted revenues of the vessels and the general economic outlook. In assessing the recoverability of our Vessels’ carrying amounts, we make assumptions regarding estimated future cash flows and estimates in respect of residual scrap value. Management performs an annual impairment assessment and when such events or changes in circumstances are present, we assess the recoverability of long-term assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the undiscounted future cash flows is less than the carrying amount of those assets, an impair |
Debt | Debt Our debt consists of credit facilities, including sale and leaseback arrangements, with banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by financial institutions. Debt is recorded in our consolidated balance sheets at par value adjusted for unamortized discount or premium and net of unamortized debt issuance costs. Costs associated with long-term financing, including debt arrangement fees, are deferred and amortized over the term of the relevant loan under the effective interest method. Amortization of debt issuance cost is included in “Interest expense”. These costs are presented as a deduction from the corresponding liability, consistent with debt discounts. |
Contingencies | Contingencies |
Derivatives | Derivatives We use derivatives to reduce market risks associated with our operations. We use interest rate swaps for the management of interest risk exposure. The interest rate swaps effectively convert a portion of our debt from a floating to a fixed rate over the life of the transactions without an exchange of underlying principal. We may seek to reduce our exposure to fluctuations in foreign exchange rates through the use of foreign currency forward contracts. All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. |
Pensions | Pensions Defined contribution pension costs represent our promise to make defined amounts of contributions to an individual participant’s retirement account prior to retirement, and the participant bears all the actuarial risk relating to that account once the contribution is made. Pension benefit cost is recognized in respect of the accounting period in which a contribution to the scheme is payable and is recorded in the consolidated statements of operations. A liability on our balance sheet will be recognized for any contributions due but unpaid as of the balance sheet date. We operate a defined contribution scheme. The pension cost for the period represents contributions payable by us to the scheme. The charge included within our consolidated statement of operations for the years ended December 31, 2023 and phased period from January 27, 2022 to December 31, 2022 for the successor periods amounted to $1.6 million and, $0.7 million, respectively, and for the phased period from January 1, 2022 to June 30, 2022 and for the year ended December 31, 2021 for the predecessor period amounted to $0.6 million and $1.2 million, respectively. |
Acquisitions | Acquisitions Acquisitions that meet the definition of a business under ASC 805 ‘ Business combinations ’ are accounted for using the acquisition method, whereby all of the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration, when applicable, are recorded at fair value at the acquisition date. Any excess of the purchase price over the fair value of the net assets acquired is recorded as goodwill. For acquisitions that do not meet the definition of a business under ASC 805, we account for the transaction as an asset acquisition whereby the cost of the acquisition is allocated to the assets acquired and liabilities assumed and no goodwill is recognized. In assessing whether the acquisitions of the assets and liabilities assumed pursuant to the Vessel SPA, ManCo SPA, the MSA and related agreements meet the definition of a business, the Company assessed ASC 805 ‘Business Combinations’ and applied the screen test in accordance with paragraphs ASC 805-10-55-5A through 55-5C. The Company determined that transactions contemplated by the Vessel SPA, the ManCo SPA, the MSA and related agreements met the screen test, and consequently, the Company accounted for both the acquisitions as asset acquisitions. The Company’s assessment of ASC 805 considered the fair value of the gross assets that were acquired and the liabilities assumed to determine if that fair value is concentrated in a single identifiable asset (or group of similar identifiable assets) as part of the screen test. The Company identified and calculated the fair values of the following gross assets and liabilities for the purposes of this screen test: • favorable contract intangible assets and unfavorable contracts liabilities associated with vessels acquired (Note 10A); • customer relationship intangible asset (Note 10B); • assembled workforce intangible asset (Note 10B); • the vessels acquired from Golar pursuant to Vessel SPA and from QCT pursuant to MSA (Note 14); and • other current assets (Note 12) |
Fair value measurements | Fair value measurements We account for fair value measurements in accordance with the accounting standards guidance using fair value to measure assets and liabilities. The guidance provides a single definition of fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities. |
Related parties | Related parties Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are under common control with, or subject to significant influence by, another party. Amounts owed from or to related parties are presented net of allowances for expected credit losses, which are calculated using a loss rate applied against an aging matrix. |
Income taxes | Income taxes Income taxes are based on a separate return basis. The guidance on “Income Taxes” prescribes a recognition threshold and measurement attributes for the recognition and measurement of a tax position taken or expected to be taken in a tax return. Penalties and interest, where applicable, related to uncertain tax positions are recognized in “Income taxes” in the consolidated statements of operations. |
Segment reporting | Segment reporting We conduct our operations through a single operating and reportable segment, the LNG carrier market. A segment is a distinguishable component of our operations that is engaged in business activities from which we earn revenues and incur expenses whose operating results are regularly reviewed by our chief operating decision maker. |
Stock-based compensation | Share-based compensation Our share-based compensation includes both share options and restricted stock units (“RSUs”). We expense the fair value of share-based compensation issued to employees and non-employees over the period in which the options vest on a straight-line basis over the employee’s requisite service period or the non-employee’s vesting period, unless the award contains performance and/or market conditions, in which case share-based compensation cost is recognized using the graded vesting method. Share-based compensation represents the cost of vested and non-vested shares and share options granted to employees and directors for their services, and are included in administrative expenses in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. Upon eventual share option exercises or RSU conversions, shares delivered will be made available from our authorized unissued shares. |
Earnings per share | Earnings per share Basic earnings per share is computed based on the income available to common shareholders and the weighted average number of shares outstanding. For the year ended December 31, 2023, the basic and diluted earnings per share is determined as follows: Net income attributable to the owners of Cool Company Ltd. divided by the weighted average number of outstanding shares. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments. Such potentially dilutive common shares are excluded when the effect would be to increase earnings per share or reduce a loss per share. Earnings per shar e 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 issued and outstanding common shares of 1,010,000. |
Adoption of new accounting standards and Accounting pronouncements that have been issued but not yet adopted | Adoption of new accounting standards In November 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805) - Accounting for contract assets and contract liabilities from contracts with customers which requires contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree (rather than having such amounts recognized by the acquirer at fair value in acquisition accounting. The adoption of ASU 2021-08 had no material 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 December 31, 2023: Standard Description Date of Adoption Effect on our Consolidated Financial Statements or Other Significant Matters 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 material impact expected as a result of the adoption of this ASU. ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments enhance the transparency and decision usefulness of the annual income tax disclosures. The two primary enhancements include disaggregating existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. January 1, 2025 No material impact expected as a result of the adoption of this ASU. ASU 2023-07 Segmental Reporting (Topic 280): Improvements to Reportable Segmental Disclosures The amendments enhance segmental reporting through expanding the breadth and frequency of segment disclosures. January 1, 2025 No material impact on disclosures expected as a result of the adoption of this ASU. ASU 2023-01 Leases (Topic 842): Common Control Arrangements The amendments require all lessees, including public business entities, to amortize leasehold improvements associated with common control leases over their useful life to the common control group. At the end of the lease, a lessee is required to account for the leasehold improvements as a transfer of assets between entities under common control, meaning they would adjust equity (or net assets for not-for-profit entities) January 1, 2024 No material impact expected as a result of the adoption of this ASU. |
GENERAL (Tables)
GENERAL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of business acquisition details | CoolCo’s acquisitions closed on various dates from March 3, 2022 to April 5, 2022. Date Name Purpose March 3, 2022 Golar Hull M2022 Corp. Owns and operates Golar Crystal March 7, 2022 Golar LNG NB12 Corp. Owns and operates Golar Frost March 9, 2022 Golar Hull M2021 Corp. Owned and operated Golar Seal March 10, 2022 Golar Hull M2027 Corp. Owns and operates Golar Bear April 1, 2022 Golar LNG NB10 Corp. Owns and operates Golar Glacier April 1, 2022 Golar Hull M2047 Corp. Owns and operates Golar Snow April 5, 2022 Golar Hull M2048 Corp Leases Golar Ice* April 5, 2022 Golar LNG NB11 Corp Leases Golar Kelvin* April 5, 2022 The Cool Pool Limited Commercial management company *Golar agreed to remain as the guarantor of the payment obligations relating to LNG carriers owned and operated by two of the acquired Golar subsidiaries, Golar Ice and Golar Kelvin , in exchange for a guarantee fee of 0.5% on the outstanding contractual balances . Date Name Purpose June 30, 2022 Cool Company Management d.o.o. (formerly Golar Management d.o.o.) (“Cool Croatia”) Vessel management company in Croatia June 30, 2022 Cool Company Management AS (formerly Golar Management Norway AS) (“Cool Norway”) Vessel management company in Norway June 30, 2022 Cool Company Management Ltd (“Cool UK”)* Management company in United Kingdom June 30, 2022 Cool Company Management Malaysia Sdn Bhd (“Cool Malaysia”)* Management company in Malaysia * Cool UK and Cool Malaysia were formed and incorporated in January 2022 and March 2022, respectively, therefore, no comparative results of operations of these entities therein are included within the Predecessor combined carve-out financial statements. Predecessor (Combined Carve-out) Successor (Consolidated) (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 (D) 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 the 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 arrangements on six of the eight vessels, which was partly financed by CoolCo's $570 million bank facility (Note 19). 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 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 Successor (Consolidated) (in $ millions) Aggregated amounts on acquisition 1 (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. |
BASIS OF PREPARATION AND SIGN_3
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives Applied in Depreciation | Useful lives applied are as follows: Vessels 30 years Deferred drydocking expenditure 5 years Office equipment and fittings 3 years Our vessels and equipment, net consisted of the following: Successor (in thousands of $) December 31, 2023 December 31, 2022 Vessels (1) 1,811,295 1,937,443 Office equipment and fittings 1,258 645 Less: Accumulated depreciation (112,490) (44,681) Total vessels and equipment, net 1,700,063 1,893,407 (1) Vessels includes the conversion and retrofitting cost of $14.6 million (2022: Nil) and capitalized deferred drydocking cost of $22.1 million (2022: $15.2 million) for the year ended December 31, 2023. As of December 31, 2023, conversion and retrofitting of certain vessels is in progress, with an estimated total remaining commitment of $35.5 million and depreciation will begin upon completion. |
RECENTLY ISSUED ACCOUNTING ST_2
RECENTLY ISSUED ACCOUNTING STANDARDS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of new accounting pronouncements and changes in accounting principles | The following table provides a brief description of other recent accounting standards that have been issued but not yet adopted as of December 31, 2023: Standard Description Date of Adoption Effect on our Consolidated Financial Statements or Other Significant Matters 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 material impact expected as a result of the adoption of this ASU. ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments enhance the transparency and decision usefulness of the annual income tax disclosures. The two primary enhancements include disaggregating existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. January 1, 2025 No material impact expected as a result of the adoption of this ASU. ASU 2023-07 Segmental Reporting (Topic 280): Improvements to Reportable Segmental Disclosures The amendments enhance segmental reporting through expanding the breadth and frequency of segment disclosures. January 1, 2025 No material impact on disclosures expected as a result of the adoption of this ASU. ASU 2023-01 Leases (Topic 842): Common Control Arrangements The amendments require all lessees, including public business entities, to amortize leasehold improvements associated with common control leases over their useful life to the common control group. At the end of the lease, a lessee is required to account for the leasehold improvements as a transfer of assets between entities under common control, meaning they would adjust equity (or net assets for not-for-profit entities) January 1, 2024 No material impact expected as a result of the adoption of this ASU. |
SUBSIDIARIES (Tables)
SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SUBSIDIARIES [Abstract] | |
Listing of significant subsidiaries | Listed below are the significant entities included in the Successor and Predecessor period (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 Kool Crystal (2) Leases Golar Crystal (1) Kool Glacier Corporation (3) Marshall Islands Owns and operates Kool Glacier (3) Leases Golar Glacier (1) Kool Ice Corporation (4) Marshall Islands Leases Kool Ice (1) (4) Leases Golar Ice (1) Kool Kelvin Corporation (11) Marshall Islands Leases Kool Kelvin (1) (11) 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 (5) Leases Golar Snow (1) Kool Husky Corporation (6) Marshall Islands Owns and operates Kool Husky (6) Leases Golar Bear (1) Kool Frost Corporation (7) Marshall Islands Owns and operates Kool Frost (7) Owns and operates Golar 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 Acquirer of the Kool Panther not applicable (10) Kool Tiger Corporation Liberia Acquirer of the 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 May 2, 2023. The vessel owned and operated by this entity was renamed to Kool Crystal from Golar Crystal effective July 1, 2023 (3) Kool Glacier Corporation, previously known as Golar LNG NB10 Corporation, was renamed effective February 27, 2023. The vessel owned and operated by this entity was renamed Kool Glacier from Golar Glacier effective June 1, 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 owned and operated by this entity was renamed to Kool Husky from Golar Bear effective August 19, 2023. (7) Kool Frost Corporation, previously known 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. (10) Kool Panther Corporation and Kool Tiger Corporation were formed and incorporated by CoolCo in May 2023 and were not part of GSVM. As such, they are included within the Successor Period only. (11) Kool Kelvin Corporation, previously named as Golar LNG NB11 Corporation., was renamed effective October 20, 2023. The vessel bareboat chartered and operated by this entity was renamed to Kool Kelvin from Golar Kelvin effective October 25, 2023. |
VARIABLE INTEREST ENTITIES ("_2
VARIABLE INTEREST ENTITIES ("VIEs") (Tables) | 12 Months Ended |
Dec. 31, 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 Sale value Lease duration First repurchase option (in $ millions) Date of first repurchase option (1) Net repurchase obligation at end of lease term (in $ millions) End of lease term Successor Kool Kelvin January 2015 ICBCL 204.0 10 years 173.8 January 2020 71.0 January 2025 Kool Ice February 2015 ICBCL 204.0 10 years 173.8 February 2020 71.0 January 2025 (1) For each of the sale and leaseback arrangements, the first repurchase options were not exercised. |
Summary of the bareboat charter rates per day based on Base LIBOR Interest Rate for the next five years | A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of December 31, 2023, are shown below: (in thousands of $) 2024 2025 Kool Kelvin 19,764 1,674 Kool Ice 19,764 1,674 |
Schedule of assets and liabilities of lessor VIEs | The assets and liabilities of the lessor VIEs that most significantly impact our balance sheets are as follows: Successor (in thousands of $) December 31, 2023 December 31, 2022 Assets: Restricted cash and short term deposits 3,350 3,435 Liabilities: Current portion of long term debt and short term debt (Note 19) (1) (79,453) (103,470) Accrued expenses (2) (24,827) (34,367) Total liabilities (104,280) (137,837) (1) Where applicable, these balances are net of deferred finance charges (Note 19). (2) Includes accrued interest of lessor VIEs debt which, although consolidated into our results, we have no control over the arrangements negotiated by these lessor VIEs including the repayment profiles. The most significant impact of the lessor VIE's operations are shown below: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Statement of operations: Interest expense (1) 5,932 4,363 866 16,268 Statement of cash flows: Net debt repayments (39,306) (47,742) — (145,423) Net debt receipts — — — 10,402 Financing costs paid — — — (475) (1) During the Successor Period, the interest expense includes interest at contractual rates of $4.3 million (2022: $3.2 million) and amortization of fair value adjustments to assumed debt obligations upon acquisition of $1.6 million (2022: $1.2 million). |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Revenue by major customer | Charterhire from charterers that accounted for over 10% of our total time and voyage charter revenues are as follows: (in thousands of $) Fiscal Year 2023 Fiscal Year 2022 (1) Fiscal Year 2021 International energy major 106,469 31% 14,816 7% — —% International oil and gas producer 43,800 13% 7,735 4% — —% Japanese commodities company 38,861 11% — —% — —% Japanese trading house 33,885 10% 17,350 8% 17,807 11% Singaporean trading house 30,505 9% 38,206 17% 40,715 25% Dutch trading house 23,199 7% 27,670 13% 21,577 13% European utility company 9,845 3% 32,057 15% — —% Asian trading house 6,777 2% 30,694 14% 7,708 5% International LNG trader — —% 20,444 9% 19,896 12% European Trading house — —% 11,189 5% 35,109 22% (1) Includes time and voyage charter revenues from the Predecessor and Successor Periods on an aggregated basis for the year ended December 31, 2022. |
GAINS ON DERIVATIVE INSTRUMEN_2
GAINS ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET (Tables) | 12 Months Ended |
Dec. 31, 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: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Mark-to-market (loss)/gains for interest rate swaps (3,306) 8,351 — — Net interest income on undesignated interest rate swaps 10,584 241 — — Gains on derivative instruments 7,278 8,592 — — Foreign exchange loss on operations (567) (207) (464) (40) Financing arrangement fees and other costs, net (1,149) (2,154) 1,102 (202) Other (122) (165) (16) (138) Other financial items, net (1,838) (2,526) 622 (380) |
Components of other financial items, net | The following table sets forth gains on derivative instruments and other financial items: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Mark-to-market (loss)/gains for interest rate swaps (3,306) 8,351 — — Net interest income on undesignated interest rate swaps 10,584 241 — — Gains on derivative instruments 7,278 8,592 — — Foreign exchange loss on operations (567) (207) (464) (40) Financing arrangement fees and other costs, net (1,149) (2,154) 1,102 (202) Other (122) (165) (16) (138) Other financial items, net (1,838) (2,526) 622 (380) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of income tax expense (benefit) | The components of income tax expense are as follows: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Current tax expense 510 111 366 222 Deferred tax expense 46 — 19 — Total income tax expense 556 111 385 222 |
Schedule of effective income tax rate reconciliation | The income taxes differed from the amounts computed by applying the Bermuda statutory income tax rate of 0% as follows: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Effect of movement in deferred tax balances 46 — 19 — Effect of adjustments in respect of current tax in prior periods — — — (43) Effect of taxable income in various countries 510 111 366 265 Total tax expense 556 111 385 222 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets included in current and non-current assets relate to intangible assets following the completion of the transactions contemplated by the Vessel SPA, the ManCo SPA, the MSA and related agreements during 2023 and 2022 are as follows: Successor Favorable Contract Intangible Assets Assembled Workforce Customer Relationships Others Total (in thousands of $) Note A Note B Note B Cost 18,900 4,600 3,600 1,948 29,048 Less: Accumulated amortization (14,630) (1,380) (2,775) — (18,785) Net book value 4,270 3,220 825 1,948 10,263 Presented as: - Current — — 825 — 825 - Non-current 4,270 3,220 — 1,948 9,438 4,270 3,220 825 1,948 10,263 Successor Favorable Contract Intangible Assets Assembled Workforce Customer Relationships Total (in thousands of $) Note A Note B Note B Cost 18,900 4,600 3,600 27,100 Less: Accumulated amortization (11,648) (460) (1,125) (13,233) Net book value 7,252 4,140 2,475 13,867 Presented as: - Current 2,982 920 1,650 5,552 - Non-current 4,270 3,220 825 8,315 7,252 4,140 2,475 13,867 |
Estimated Future Amortization | The estimated future amortization of favorable contract intangible assets as of December 31, 2023 is as follows: (in thousands of $) 2024 1,010 2025 1,007 2026 1,007 2027 and thereafter 1,246 Total 4,270 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Payments to be Received by Maturity | The minimum contractual future revenues to be received on time charters in respect of our Vessels as of December 31, 2023, were as follows: (in thousands of $) 2024 318,444 2025 252,660 2026 173,744 2027 106,066 2028 and thereafter 13,564 Total minimum contractual future revenues 864,478 |
Operating Lease Income | The components of operating lease income were as follows: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Operating lease income 337,418 176,028 37,506 145,833 Variable lease income / (expense) (1) 9,663 7,539 (217) 16,125 Total operating lease income (2) 347,081 183,567 37,289 161,958 (1) “Variable lease income / (expense)” is excluded from lease payments that comprise the minimum contractual future revenues from non-cancellable operating leases. (2) “Total operating lease income” is included within “Time and voyage charter revenues”. During the year ended December 31, 2021, GSVM chartered in an external vessel and recognized operating lease income of $2.6 million of variable lease income. No similar external vessel was chartered during the years ended December 31, 2023 and 2022 . |
Operating Lease Costs | The components of operating lease cost were as follows: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Total Operating lease cost (1) 1,412 830 292 3,744 (1) “Operating lease cost” includes short-term lease cost. During the year ended December 31, 2021 we sub-chartered out an external vessel and recognized $3.0 million of cost presented in “Voyage, charter hire and commission expense, net”. The remaining balance in total operating lease cost is included in “Vessel operating expenses”. No similar external vessel was sub-chartered during the years ended December 31, 2023 and 2022. |
Schedule of Maturity of Operating Lease Liabilities | The maturity of our lease liabilities as of December 31, 2023 is as follows: (in thousands of $) 2024 1,112 2025 752 2026 586 2027 554 2028 and thereafter 1,018 Total minimum lease payments 4,022 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Schedule of other current assets | Successor (in thousands of $) December 31, 2023 December 31, 2022 Prepaid expenses 1,517 465 Other receivables (1) 1,895 3,293 Other current assets 3,412 3,758 (1) Included in “other receivables” for the year ended December 31, 2023 is the current portion of compensation of the debt guarantees provided by Golar for the payment obligations of two of the acquired subsidiaries' debt related to two LNG carriers , Kool Ice and Kool Kelvin. |
NEWBUILDINGS (Tables)
NEWBUILDINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Newbuildings | As of December 31, 2023, our expenditure for the Newbuilds consists of the following: Successor (in thousands of $) December 31, 2023 Shipyard Installments (including option exercise price) 180,687 Onsite Supervision Costs 900 Interest cost capitalized 168 Other Costs 149 Total Newbuildings 181,904 |
VESSELS AND EQUIPMENT, NET (Tab
VESSELS AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Components of vessels and equipment, net | Useful lives applied are as follows: Vessels 30 years Deferred drydocking expenditure 5 years Office equipment and fittings 3 years Our vessels and equipment, net consisted of the following: Successor (in thousands of $) December 31, 2023 December 31, 2022 Vessels (1) 1,811,295 1,937,443 Office equipment and fittings 1,258 645 Less: Accumulated depreciation (112,490) (44,681) Total vessels and equipment, net 1,700,063 1,893,407 (1) Vessels includes the conversion and retrofitting cost of $14.6 million (2022: Nil) and capitalized deferred drydocking cost of $22.1 million (2022: $15.2 million) for the year ended December 31, 2023. As of December 31, 2023, conversion and retrofitting of certain vessels is in progress, with an estimated total remaining commitment of $35.5 million and depreciation will begin upon completion. |
RESTRICTED CASH AND SHORT-TER_2
RESTRICTED CASH AND SHORT-TERM DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash and Investments [Abstract] | |
Components of restricted cash and cash equivalents | Our restricted cash and short-term deposits balances were as follows: Successor (in thousands of $) December 31, 2023 December 31, 2022 Restricted cash and short-term deposits held by lessor VIEs (1) 3,350 3,435 Restricted cash relating to office lease 492 507 Total restricted cash and short-term deposits 3,842 3,942 Less: current portion of restricted cash and short-term deposits (3,350) (3,435) Non-current restricted cash and short-term deposits 492 507 (1) These are amounts held by lessor VIE entities that we are required to consolidate (Note 5). |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER NON-CURRENT ASSETS [Abstract] | |
Components of other non-current assets | Successor (in thousands of $) December 31, 2023 December 31, 2022 Mark-to-market asset on interest rate swaps (Note 21) 5,978 8,736 Operating lease right-of-use-assets (1) 3,918 899 Investment (2) 884 — Others 13 859 Other non-current assets 10,793 10,494 (1) Operating lease right-of-use-assets mainly comprise of our office leases. (2) Includes advanced subscription for investments at cost of $0.9 million as of December 31, 2023. |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses | Accrued expenses is comprised of the following: Successor (in thousands of $) December 31, 2023 December 31, 2022 Interest expense 28,206 37,056 Vessel operating expenses 7,819 7,688 Administrative expenses 5,810 6,135 Current tax payable 440 396 Accrued expenses 42,275 51,275 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Current [Abstract] | |
Components of other current liabilities | Other current liabilities is comprised of the following: Successor (in thousands of $) December 31, December 31, Deferred operating lease and advance charter hire revenue 23,645 15,588 Unfavorable contract liabilities (Note 10) 16,998 20,610 Current portion of operating lease liability (Note 11) 1,112 511 Mark-to-market liability on interest rate swaps (Note 21) 933 385 Debt guarantee liability (Note 22) 761 944 Other payables (1) 205 5,009 Other current liabilities 43,654 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 $4.9 million as of December 31, 2022. |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components of long-term debt | Long-term and short-term debt was as follows: Successor (in thousands of $) December 31, 2023 December 31, 2022 Total long-term debt and short-term debt 1,061,084 1,138,302 Less: current portion of long-term debt and short-term debt (194,413) (180,065) Long-term debt (1) 866,671 958,237 (1) The amounts presented in the table above, are net of the deferred charges amounting to $5.6 million as of December 31, 2023 (December 31, 2022: $6.2 million). |
Future repayments of outstanding debt | Our outstanding gross debt as of December 31, 2023 was repayable as follows: Successor (in thousands of $) CoolCo debt VIE debt (1) Total debt 2024 116,852 79,453 196,305 2025 76,851 — 76,851 2026 76,851 — 76,851 2027 409,706 — 409,706 2028 and thereafter 306,934 — 306,934 Total 987,194 79,453 1,066,647 Deferred finance charges (5,563) — (5,563) Total 981,631 79,453 1,061,084 (1) These amounts relate to certain lessor VIE entities (see Note 5). |
Components of debt | Debt is comprised of the following: Successor Maturity date (in thousands of $) December 31, December 31, Senior Secured Sustainability Linked Amortizing Term Loan 485,303 540,388 February 2027 $520.0 million term loan facility 461,891 500,630 May 2029 Newbuild Vessel pre-delivery facility 40,000 — Expected by the end of 2024 CoolCo Debt 987,194 1,041,018 ICBCL VIE loans: - Golar Kelvin facility 64,758 74,400 January 2025 - Golar Ice facility 14,695 29,070 January 2025 Total debt (gross) 1,066,647 1,144,488 Deferred finance charges (5,563) (6,186) Total debt 1,061,084 1,138,302 |
OTHER NON-CURRENT LIABILITIES (
OTHER NON-CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Noncurrent [Abstract] | |
Components of Other Non-Current Liabilities | Other non-current liabilities is comprised of the following: Successor (in thousands of $) December 31, December 31, Unfavorable contract liabilities (Note 10) 87,449 104,447 Non-current portion of operating lease liability 2,910 510 Others 3 765 Other non-current liabilities 90,362 105,722 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Swap Transactions | The following table summarizes the terms of interest rate swaps as of December 31, 2023: Instrument (in thousands of $) Notional amount Maturity Dates Fixed Interest Rates Interest rate swaps: Receiving Floating, paying fixed 659,756 Feb-2027 to May-2029 2.69% to 3.99% |
Fair Value Hierarchy of Derivative and Non-Derivative Financial Instruments | The carrying value and estimated fair value of our financial instruments were as follows: Successor December 31, 2023 December 31, 2022 (in thousands of $) Fair value hierarchy Carrying value Fair value Fair value hierarchy Carrying value Fair value Non-derivatives: Cash and cash equivalents (1) Level 1 133,496 133,496 Level 1 129,135 129,135 Restricted cash and short-term deposits Level 1 3,842 3,842 Level 1 3,942 3,942 Trade accounts and other receivable (2) Level 1 9,511 9,511 Level 1 2,467 2,467 Trade accounts payable (2) Level 1 (12,231) (12,231) Level 1 (2,576) (2,576) Current portion of long-term debt and short-term debt (3) (4) Level 2 (196,305) (196,305) Level 2 (181,694) (181,694) Long-term debt (4) Level 2 (870,342) (870,342) Level 2 (962,794) (962,794) Derivatives: Interest rate swaps asset (5) Level 2 5,978 5,978 Level 2 8,736 8,736 Interest rate swaps liability (5) Level 2 933 933 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 and other 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 consolidated and combined carve-out balance sheets. The amounts presented in the table above, are gross of the deferred charges amounting to $5.6 million as of December 31, 2023 (December 31, 2022: $6.2 million) (Note 19). (5) Derivative assets are presented within other non-current assets on the consolidated balance sheets. Derivative liabilities are presented within other current liabilities on the consolidated balance sheet. |
Offsetting Assets and Liabilities | However, if we were to offset and record the asset and liability balance of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of December 31, 2023 and December 31, 2022 would be adjusted as detailed in the following table: Successor December 31, 2023 December 31, 2022 (in thousands of $) Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Gross amounts presented in the consolidated balance sheet Gross amounts not offset in the consolidated balance sheet subject to netting agreements Net amount Total derivative assets 5,978 (969) 5,009 8,736 (481) 8,255 Total derivative liabilities 933 (969) (36) 385 (481) (96) |
RELATED PARTIES TRANSACTIONS (T
RELATED PARTIES TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table sets forth transactions with related parties: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $) January 1, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Ship management fee revenue (a) 455 2,030 1,342 6,468 Ship management and administrative services expense (a) (687) (4,534) (730) (5,001) Insurance commission (b) (276) — — 1,482 Debt guarantee compensation (c) (169) (837) — — Commitment fee (d) (20) (119) — — Office rental (f) (444) — — — (1,141) (3,460) 612 2,949 Balances with related parties consisted of the following: Successor (in thousands of $) December 31, December 31, Balances due to Golar and its subsidiaries (e) — 395 Balances due to QPSL and its affiliates (f) 757 1,231 Amounts due to related parties 757 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 share) of its remaining shareholding interest in the common shares of the Company to EPS, it ceased to be a related party and subsequent transactions with Golar and its subsidiaries are treated as third party. b) Insurance Services – Eastern Pacific Shipping Pte. Ltd., an affiliate of QPSL, provides CoolCo with insurance and claim handling services. The charges during the year ended December 31, 2023 represent the commission paid as a percentage of the gross premium for such insurances placed. c) 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 , Kool Ice and Kool Kelvin, in exchange for a guarantee fee of 0.5% on the outstanding principal balances, which as of December 31, 2023 was $176.7 million . The compensation amou nted to $0.2 million and $0.8 million for the years ended December 31, 2023 and 2022 respectively. (d) Commitment fee – We entered into a revolving credit facility of $25.0 million from Golar, which was terminated on May 28, 2023. The facility included a fixed interest rate and commitment fee on the undrawn loan of 5% and 0.5% per annum, respectively. The commitment fee amounted to Nil and $0.1 million for the years ended December 31, 2023 and 2022 respectively. (e) 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. (f) Balances due to QPSL and its affiliates - Receivables and payables with QPSL and its affiliates as of December 31, 2023 are comprised primarily of the supervision cost capitalized in the Newbuild Vessels (See Note 13), and office rental. The balance as of December 31, 2022 primarily relates to 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) | 12 Months Ended |
Dec. 31, 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 (in thousands of $) December 31, December 31, Carrying value of vessels secured against long-term loans 1,699,288 1,893,116 |
SHARE CAPITAL AND SHARE BASED_2
SHARE CAPITAL AND SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHARE CAPITAL AND SHARE OPTIONS [Abstract] | |
Schedule of Authorized and Issued Share Capital | Our authorized and issued share capital was as follows: Authorized share capital: Successor (in thousands of $ except number of shares) December 31, 2023 December 31, 2022 400,000,000 (2022: 400,000,000) common shares of $1.00 each 400,000 400,000 Issued share capital: Successor (in thousands of $ except number of shares) 2023 2022 53,702,846 (2022: 53,688,462) common shares of $1.00 each 53,703 53,688 (number of shares) As of January 1, 53,688,462 1,010,000 Vesting RSUs 14,384 — Cancellation of Predecessor’s shares (1) — (1,000,000) Issuance of Shares to Golar (2) — 12,500,000 Issuance of shares for Private Placement (3) — 27,500,000 Issuance of shares of Second Private Placement (4) — 13,678,462 As of December 31, 53,702,846 53,688,462 (1) Represents cancellation of 1,000,000 shares for Parent's aggregated equity, upon disposal of entities to CoolCo pursuant to the Vessel SPA and ManCo SPA. (2) Represents issuance of 12,500,000 common shares in the Company amounting to $127.9 million of equity issued to Golar in connection with the transfer of vessels on each respective entity acquisition date pursuant to the Vessel SPA. (3) Represents the issuance of 27,500,000 common shares during the Private Placement in February 2022 at a price of $10.00 per share raising proceeds of $275.0 million. This was offset by issuance costs totaling $8.3 million. See Note 1. (4) Represents the issuance of 13,678,462 common shares during the Primary Offering in November 2022 for $166.0 million. |
Weighted Average Assumptions Used | The weighted average assumptions as at grant date are noted in the table below: Granted in November 2023 Granted in November 2022 Risk free interest rate 4.8 % 4.0 % Expected volatility of common stock 30.0 % 30.0 % Expected dividend yield 0.0% 0.0% Expected term of options (in years) 3 years 4 years |
Share-Based Payment Arrangement, Option, Activity | A summary of the share option activity for the year ended December 31, 2023 is presented below: Shares Weighted Weighted Options outstanding at December 31, 2022 1,088,932 $ 10.0 4 Granted during the year 74,246 $ 12.5 3 Options outstanding at December 31, 2023 1,163,178 $ 10.2 3 Options outstanding and exercisable at December 31, 2023 272,233 $ 10.0 3 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | A summary of RSUs movement for the year ended December 31, 2023 is presented below: Shares Weighted average grant date fair value per share Weighted average remaining contractual term (years) Non-vested RSUs at December 31, 2022 112,448 $ 12.4 3 Granted during the year 105,746 $ 12.5 4 Vested during the year (30,503) $ 12.5 N/A Forfeited during the year (6,863) $ 12.4 N/A Non-vested RSUs at December 31, 2023 180,828 |
BASIC AND DILUTED EARNINGS PE_2
BASIC AND DILUTED EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following reflects the net income and share data used in the basic and diluted earnings per share calculation. Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Successor Successor Predecessor Predecessor (in thousands of $, except number of shares and per share data) January 1, 2023 to December 31, 2023 Phased period from Phased period from January 1, 2021 to December 31, 2021 Net income attributable to Owners of Cool Company Ltd. / Predecessor's Parent - basic and diluted 174,729 85,742 15,038 15,866 Weighted average number of shares outstanding 53,689,683 40,451,470 1,010,000 1,010,000 Basic and diluted earnings per share (1) $ 3.25 $ 2.12 $ 14.89 $ 15.71 (1) The effects of share options and RSUs (see Note 24) were excluded from the calculation of diluted EPS because the effect was anti-dilutive. |
GENERAL - Narrative (Details)
GENERAL - Narrative (Details) - vessel | 11 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Schedule of Ownership Interests [Line Items] | ||
Financial Designation, Predecessor and Successor [Fixed List] | Successor | Predecessor |
Number of vessels managed for third parties | 17 | |
Quantum Crude Tankers Ltd. | ||
Schedule of Ownership Interests [Line Items] | ||
Number of vessels owned | 4 | |
Liquified Natural Gas Carriers | ||
Schedule of Ownership Interests [Line Items] | ||
Number of vessels owned | 11 | |
Modern Tri-Fuel Diesel Electric | Golar LNG Limited | ||
Schedule of Ownership Interests [Line Items] | ||
Number of vessels owned | 7 | |
Modern Tri-Fuel Diesel Electric | Quantum Crude Tankers Ltd. | ||
Schedule of Ownership Interests [Line Items] | ||
Number of vessels owned | 2 | |
Modern 2-Stroke | Quantum Crude Tankers Ltd. | ||
Schedule of Ownership Interests [Line Items] | ||
Number of vessels owned | 2 |
GENERAL - Acquisitions Narrativ
GENERAL - Acquisitions Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 28, 2023 USD ($) | Nov. 10, 2022 USD ($) vessel | Jun. 30, 2022 subsidiary shares | Feb. 25, 2022 vessel subsidiary | Feb. 17, 2022 USD ($) | Jan. 26, 2022 $ / shares shares | Mar. 31, 2023 carrier | Nov. 30, 2022 USD ($) $ / shares shares | Feb. 28, 2022 USD ($) $ / shares shares | Jan. 26, 2022 vessel $ / shares shares | Dec. 31, 2024 vessel | Jun. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) subsidiary $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | Nov. 30, 2022 kr / shares shares | ||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of carriers sold | carrier | 1 | |||||||||||||||||
Guarantee fee percentage | 50% | |||||||||||||||||
Debt refinanced, number of subsidiaries | subsidiary | 6 | |||||||||||||||||
Debt guarantees, number of subsidiaries | subsidiary | 2 | |||||||||||||||||
Issuance of shares (in shares) | shares | 398,990,000 | 12,500,000 | ||||||||||||||||
Common shares, par value (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | ||||||||||||
Common stock, shares authorized (in shares) | shares | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||||||
Sale of stock (in dollars per share) | kr / shares | kr 130 | |||||||||||||||||
Payments for asset acquisitions | [1] | $ 0 | $ 353,506 | $ 0 | $ 0 | |||||||||||||
Common shares, shares outstanding (in shares) | shares | 53,688,462 | 53,688,462 | 53,702,846 | 53,688,462 | 53,688,462 | |||||||||||||
EPS | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Common shares, shares outstanding (in shares) | shares | 31,254,390 | |||||||||||||||||
Golar LNG Limited | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Sale of Cool Co common stock (in shares) | shares | 8,046,154 | |||||||||||||||||
Proceeds for shares issued | $ 100,000 | |||||||||||||||||
Common shares, shares outstanding (in shares) | shares | 1,010,000 | 1,010,000 | ||||||||||||||||
CoolCo | EPS | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Ownership percentage (in percent) | 37.50% | |||||||||||||||||
CoolCo | Golar LNG Limited | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Ownership percentage (in percent) | 31.30% | |||||||||||||||||
Private Placement | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Sale of Cool Co common stock (in shares) | shares | 27,500,000 | |||||||||||||||||
Sale of stock (in dollars per share) | $ / shares | $ 10 | |||||||||||||||||
Net proceeds from the issuance of equity | $ 275,000 | |||||||||||||||||
Proceeds for shares issued | $ 266,700 | |||||||||||||||||
Second Private Placement | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Issuance of shares (in shares) | shares | 13,678,462 | |||||||||||||||||
Net proceeds from the issuance of equity | $ 170,000 | |||||||||||||||||
Proceeds for shares issued | $ 166,000 | |||||||||||||||||
Second Private Placement | EPS | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Common shares, shares outstanding (in shares) | shares | 10,789,728 | 10,789,728 | ||||||||||||||||
Senior Secured Sustainability Term Loan | Line of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||||||||
Term Loan Facility | Line of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 2% | |||||||||||||||||
Secured debt | Senior Secured Sustainability Term Loan | Line of credit | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Debt instrument, face amount | $ 570,000 | |||||||||||||||||
Secured debt | Senior Secured Sustainability Term Loan | Line of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 2.25% | 2.75% | ||||||||||||||||
Secured debt | Term Loan Facility | Line of credit | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Debt instrument, face amount | $ 520,000 | |||||||||||||||||
Revolving credit facility | Credit Facility Maturing January 2024 | Line of credit | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 25,000 | |||||||||||||||||
Interest rate | 5% | |||||||||||||||||
Commitment fee basis points | 0.50% | |||||||||||||||||
Vessel SPA | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of subsidiaries acquired | subsidiary | 9 | |||||||||||||||||
Number of subsidiaries acquired, owner of vessel | subsidiary | 8 | |||||||||||||||||
Purchase price per vessel | $ 145,000 | $ 145,000 | ||||||||||||||||
Purchase consideration | 339,600 | |||||||||||||||||
Number of vessels acquired | vessel | 8 | 8 | ||||||||||||||||
ManCo SPA | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of subsidiaries acquired | subsidiary | 4 | |||||||||||||||||
Purchase consideration | 6,600 | 6,600 | ||||||||||||||||
Vessel SPA And ManCo SPA | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Purchase consideration | 346,200 | |||||||||||||||||
Consideration, equity issued | 127,900 | 127,900 | ||||||||||||||||
Payments for asset acquisitions | $ 211,700 | $ 211,700 | ||||||||||||||||
MSA Agreement | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Purchase price per vessel | $ 234,000 | |||||||||||||||||
Purchase consideration | 662,800 | |||||||||||||||||
Payments for asset acquisitions | $ 135,200 | |||||||||||||||||
Number of vessels acquired | vessel | 4 | |||||||||||||||||
MSA Agreement | Forecast | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of vessels acquired | vessel | 2 | |||||||||||||||||
[1] Refer to 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 Thousands | 1 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||
Jun. 28, 2023 USD ($) | Nov. 10, 2022 USD ($) vessel | Jun. 30, 2022 subsidiary | Feb. 25, 2022 vessel subsidiary | Jan. 26, 2022 vessel | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Feb. 17, 2022 USD ($) | ||
Liabilities: | ||||||||||||
Payments for asset acquisitions | [1] | $ 0 | $ 353,506 | $ 0 | $ 0 | |||||||
Secured debt | Senior Secured Sustainability Term Loan | Line of credit | ||||||||||||
Liabilities: | ||||||||||||
Debt instrument, face amount | $ 570,000 | |||||||||||
Vessel SPA | ||||||||||||
Liabilities: | ||||||||||||
Number of subsidiaries acquired | subsidiary | 9 | |||||||||||
Number of vessels acquired | vessel | 8 | 8 | ||||||||||
Purchase consideration | $ 339,600 | |||||||||||
Net cash purchase consideration | 1,160,000 | |||||||||||
Purchase price per vessel | 145,000 | 145,000 | ||||||||||
Number of vessels assumed in sale and leaseback transaction | vessel | 6 | |||||||||||
MSA Agreement | ||||||||||||
Liabilities: | ||||||||||||
Number of vessels acquired | vessel | 4 | |||||||||||
Purchase consideration | $ 662,800 | |||||||||||
Net cash purchase consideration | 135,200 | |||||||||||
Purchase price per vessel | $ 234,000 | |||||||||||
Payments for asset acquisitions | 135,200 | |||||||||||
MSA Agreement | Aggregated Amounts On Acquisition | ||||||||||||
Assets Acquired | ||||||||||||
Vessels and equipment, net | 640,600 | |||||||||||
Other current and non-current assets | 2,200 | |||||||||||
Total assets acquired: | 642,800 | |||||||||||
Liabilities: | ||||||||||||
Long-term debt | 520,000 | |||||||||||
Unfavorable contracts liabilities | 0 | |||||||||||
Other liabilities | 7,700 | |||||||||||
Total liabilities assumed: | 527,700 | |||||||||||
Net assets to be acquired: | 115,100 | |||||||||||
MSA Agreement | Aggregated Amounts On Acquisition | Favorable Contract Intangible Assets | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 0 | |||||||||||
MSA Agreement | Fair Value And Other Adjustments | ||||||||||||
Assets Acquired | ||||||||||||
Vessels and equipment, net | 149,700 | |||||||||||
Other current and non-current assets | 0 | |||||||||||
Total assets acquired: | 155,100 | |||||||||||
Liabilities: | ||||||||||||
Long-term debt | 0 | |||||||||||
Unfavorable contracts liabilities | 89,300 | |||||||||||
Other liabilities | 0 | |||||||||||
Total liabilities assumed: | 89,300 | |||||||||||
Net assets to be acquired: | 65,800 | |||||||||||
MSA Agreement | Fair Value And Other Adjustments | Favorable Contract Intangible Assets | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 5,400 | |||||||||||
MSA Agreement | Fair Value Of Amounts Acquired | ||||||||||||
Assets Acquired | ||||||||||||
Vessels and equipment, net | 790,300 | |||||||||||
Other current and non-current assets | 2,200 | |||||||||||
Total assets acquired: | 797,900 | |||||||||||
Liabilities: | ||||||||||||
Long-term debt | 520,000 | |||||||||||
Unfavorable contracts liabilities | 89,300 | |||||||||||
Other liabilities | 7,700 | |||||||||||
Total liabilities assumed: | 617,000 | |||||||||||
Net assets to be acquired: | 180,900 | |||||||||||
MSA Agreement | Fair Value Of Amounts Acquired | Favorable Contract Intangible Assets | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 5,400 | |||||||||||
MSA Agreement | Excess Fair Values Over Purchase Consideration Allocation | ||||||||||||
Assets Acquired | ||||||||||||
Vessels and equipment, net | (45,700) | |||||||||||
Other current and non-current assets | 0 | |||||||||||
Total assets acquired: | (45,700) | |||||||||||
Liabilities: | ||||||||||||
Long-term debt | 0 | |||||||||||
Unfavorable contracts liabilities | ||||||||||||
Other liabilities | 0 | |||||||||||
Total liabilities assumed: | 0 | |||||||||||
Net assets to be acquired: | (45,700) | |||||||||||
MSA Agreement | Excess Fair Values Over Purchase Consideration Allocation | Favorable Contract Intangible Assets | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 0 | |||||||||||
MSA Agreement | Amounts Recognized Upon Acquisition | ||||||||||||
Assets Acquired | ||||||||||||
Vessels and equipment, net | 744,600 | |||||||||||
Other current and non-current assets | 2,200 | |||||||||||
Total assets acquired: | 752,200 | |||||||||||
Liabilities: | ||||||||||||
Long-term debt | 520,000 | 520,000 | ||||||||||
Unfavorable contracts liabilities | 89,300 | |||||||||||
Other liabilities | 7,700 | |||||||||||
Total liabilities assumed: | 617,000 | |||||||||||
Net assets to be acquired: | 135,200 | |||||||||||
Working capital adjustments | $ 7,600 | |||||||||||
MSA Agreement | Amounts Recognized Upon Acquisition | Favorable Contract Intangible Assets | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 5,400 | |||||||||||
Vessel SPA And ManCo SPA | ||||||||||||
Liabilities: | ||||||||||||
Purchase consideration | 346,200 | |||||||||||
Net debt repayments | (587,300) | |||||||||||
Less: Leases assumed | (233,700) | |||||||||||
Add: Working capital adjustments | 600 | |||||||||||
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 De-recognized On Disposal | ||||||||||||
Assets Acquired | ||||||||||||
Vessels and equipment, net | 1,387,300 | |||||||||||
Other current and non-current assets | 61,700 | |||||||||||
Total assets acquired: | 1,449,000 | |||||||||||
Liabilities: | ||||||||||||
Current portion of long-term debt | 154,500 | |||||||||||
Unfavorable contracts liabilities | 0 | |||||||||||
Other current and non-current liabilities | 643,300 | |||||||||||
Total liabilities assumed: | 797,800 | |||||||||||
Non-controlling interest | 67,400 | |||||||||||
Net assets to be acquired: | 583,800 | |||||||||||
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 | (222,200) | |||||||||||
Other current and non-current assets | 0 | |||||||||||
Total assets acquired: | (200,700) | |||||||||||
Liabilities: | ||||||||||||
Current portion of long-term debt | (4,500) | |||||||||||
Unfavorable contracts liabilities | 69,700 | |||||||||||
Other current and non-current liabilities | 0 | |||||||||||
Total liabilities assumed: | 65,200 | |||||||||||
Non-controlling interest | (100) | |||||||||||
Net assets to be acquired: | (265,800) | |||||||||||
Vessel SPA And ManCo SPA | Fair Value And Other Adjustments | Favorable Contract Intangible Assets | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 13,500 | |||||||||||
Vessel SPA And ManCo SPA | Fair Value And Other Adjustments | Assembled Workforce | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 4,500 | |||||||||||
Vessel SPA And ManCo SPA | Fair Value And Other Adjustments | Customer Relationships | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 3,500 | |||||||||||
Vessel SPA And ManCo SPA | Fair Value Of Amounts Acquired | ||||||||||||
Assets Acquired | ||||||||||||
Vessels and equipment, net | 1,165,100 | |||||||||||
Other current and non-current assets | 61,700 | |||||||||||
Total assets acquired: | 1,248,300 | |||||||||||
Liabilities: | ||||||||||||
Current portion of long-term debt | 150,000 | |||||||||||
Unfavorable contracts liabilities | 69,700 | |||||||||||
Other current and non-current liabilities | 643,300 | |||||||||||
Total liabilities assumed: | 863,000 | |||||||||||
Non-controlling interest | 67,300 | |||||||||||
Net assets to be acquired: | (318,000) | 318,000 | ||||||||||
Vessel SPA And ManCo SPA | Fair Value Of Amounts Acquired | Favorable Contract Intangible Assets | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 13,500 | |||||||||||
Vessel SPA And ManCo SPA | Fair Value Of Amounts Acquired | Assembled Workforce | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 4,500 | |||||||||||
Vessel SPA And ManCo SPA | Fair Value Of Amounts Acquired | Customer Relationships | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 3,500 | |||||||||||
Vessel SPA And ManCo SPA | Excess Purchase Consideration Allocation | ||||||||||||
Assets Acquired | ||||||||||||
Vessels and equipment, net | 27,900 | |||||||||||
Other current and non-current assets | 100 | |||||||||||
Total assets acquired: | 28,200 | |||||||||||
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: | 28,200 | 28,200 | ||||||||||
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 | 100 | |||||||||||
Vessel SPA And ManCo SPA | Excess Purchase Consideration Allocation | Customer Relationships | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 100 | |||||||||||
Vessel SPA And ManCo SPA | Amounts Recognized Upon Acquisition | ||||||||||||
Assets Acquired | ||||||||||||
Vessels and equipment, net | 1,193,000 | |||||||||||
Other current and non-current assets | 61,800 | |||||||||||
Total assets acquired: | 1,276,500 | |||||||||||
Liabilities: | ||||||||||||
Current portion of long-term debt | 150,000 | |||||||||||
Unfavorable contracts liabilities | 69,700 | |||||||||||
Other current and non-current liabilities | 643,300 | |||||||||||
Total liabilities assumed: | 863,000 | |||||||||||
Non-controlling interest | 67,300 | |||||||||||
Net assets to be acquired: | $ 346,200 | 346,200 | 346,200 | |||||||||
Vessel SPA And ManCo SPA | Amounts Recognized Upon Acquisition | Favorable Contract Intangible Assets | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 13,500 | |||||||||||
Vessel SPA And ManCo SPA | Amounts Recognized Upon Acquisition | Assembled Workforce | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | 4,600 | |||||||||||
Vessel SPA And ManCo SPA | Amounts Recognized Upon Acquisition | Customer Relationships | ||||||||||||
Assets Acquired | ||||||||||||
Intangible assets acquired | $ 3,600 | |||||||||||
ManCo SPA | ||||||||||||
Liabilities: | ||||||||||||
Number of subsidiaries acquired | subsidiary | 4 | |||||||||||
Purchase consideration | $ 6,600 | $ 6,600 | ||||||||||
[1] Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
BASIS OF PREPARATION AND SIGN_4
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Vessels | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives applied in depreciation | 30 years | 30 years | 40 years |
Residual value | $ 20 | $ 14 | |
Deferred drydocking expenditure | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives applied in depreciation | 5 years | ||
Office equipment and fittings | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives applied in depreciation | 3 years |
BASIS OF PREPARATION AND SIGN_5
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) | 1 Months Ended | 4 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Feb. 25, 2022 vessel | Jan. 26, 2022 vessel | Jun. 30, 2022 shares | Jun. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2021 USD ($) shares | Nov. 30, 2022 shares | |||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Number of entities acquired | 13 | |||||||||
Proceeds from Parent | $ | [1] | $ 0 | $ 0 | $ 56,057,000 | ||||||
Distributions to Parent | $ | $ 136,351,000 | [1] | 133,800,000 | |||||||
Percentage of useful life remaining to not qualify as sales-type lease | 25% | |||||||||
Management contract, initial term | 1 year | |||||||||
Unfavorable contract liabilities | $ | 0 | $ 7,400,000 | ||||||||
Intangible assets residual value | $ | 0 | |||||||||
Pension expense | $ | $ 600,000 | $ 700,000 | $ 1,600,000 | $ 1,200,000 | ||||||
Defined Benefit Plan Net Periodic Benefit Cost Credit Excluding Service Cost Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag | in the consolidated statements of operations | |||||||||
Defined Contribution Plan Net Periodic Benefit Cost Credit Excluding Service Cost Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag | consolidated statement of operations | |||||||||
Number of reportable segments | 1 | |||||||||
Common shares, shares outstanding (in shares) | 53,688,462 | 53,702,846 | 53,688,462 | |||||||
Common shares, shares issued (in shares) | 53,688,462 | 53,702,846 | 1,010,000 | |||||||
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 | 1,010,000 | ||||||||
Common shares, shares issued (in shares) | 1,010,000 | 1,010,000 | ||||||||
QCT | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Fair value of acquisition allocated to vessels | 100% | |||||||||
Minimum | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Management contract, short notice, term | 30 days | |||||||||
Maximum | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Management contract, short notice, term | 120 days | |||||||||
Favorable Contract Intangible Assets | Minimum | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Intangible assets remaining amortization period | 4 years | |||||||||
Favorable Contract Intangible Assets | Maximum | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Intangible assets remaining amortization period | 5 years | |||||||||
Unfavorable Contract Intangible Assets | Minimum | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Intangible assets remaining amortization period | 4 years | |||||||||
Unfavorable Contract Intangible Assets | Maximum | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Intangible assets remaining amortization period | 11 years | |||||||||
Customer Relationships | Golar LNG Limited | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Fair value of acquisition allocated to intangible assets, percentage | 0.30% | |||||||||
Customer Relationships | Maximum | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Intangible assets remaining amortization period | 1 year | |||||||||
Assembled Workforce | Golar LNG Limited | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Fair value of acquisition allocated to intangible assets, percentage | 0.40% | |||||||||
Assembled Workforce | Minimum | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Intangible assets remaining amortization period | 4 years | |||||||||
Single Combined Asset Of Vessels And Favorable/Unfavorable Charter Agreements | Golar LNG Limited | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Fair value of acquisition allocated to intangible assets, percentage | 99% | |||||||||
Software | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Intangible asset useful life | 10 years | |||||||||
Deferred drydocking expenditure | ||||||||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||||||||
Period until next anticipated drydocking | 5 years | |||||||||
[1] Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
VARIABLE INTEREST ENTITIES ("_3
VARIABLE INTEREST ENTITIES ("VIEs") - Narrative (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 vessel | Apr. 30, 2022 vessel shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2023 | Dec. 31, 2022 vessel | Feb. 17, 2022 USD ($) | |
Variable Interest Entity [Line Items] | |||||||
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 | ||||||
Secured debt | Line of credit | Senior Secured Sustainability Term Loan | |||||||
Variable Interest Entity [Line Items] | |||||||
Debt instrument, face amount | $ | $ 570,000 | ||||||
Variable interest entity | |||||||
Variable Interest Entity [Line Items] | |||||||
Desconsolidation, number of vessels | vessel | 5 | ||||||
Non-controlling interest, deconsolidation of VIEs | $ | $ 115,400 | ||||||
Number of vessels assumed in sale and leaseback transaction | vessel | 2 | 2 | 2 | ||||
Variable interest entity | Minimum | |||||||
Variable Interest Entity [Line Items] | |||||||
Lease duration | 7 years | ||||||
Variable interest entity | Maximum | |||||||
Variable Interest Entity [Line Items] | |||||||
Lease duration | 10 years |
VARIABLE INTEREST ENTITIES ("_4
VARIABLE INTEREST ENTITIES ("VIEs") - Summary of the Sale and Leaseback Arrangement (Details) - Variable interest entity - ICBCL $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Golar Kelvin | |
Variable Interest Entity [Line Items] | |
Sale value (in $ millions) | $ 204 |
Lease duration | 10 years |
First repurchase option (in $ millions) | $ 173.8 |
Net repurchase obligation at end of lease term (in $ millions) | 71 |
Golar Ice | |
Variable Interest Entity [Line Items] | |
Sale value (in $ millions) | $ 204 |
Lease duration | 10 years |
First repurchase option (in $ millions) | $ 173.8 |
Net repurchase obligation at end of lease term (in $ millions) | $ 71 |
VARIABLE INTEREST ENTITIES ("_5
VARIABLE INTEREST ENTITIES ("VIEs") - Summary of Bareboat Charters (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Variable Interest Entity [Line Items] | |
2024 | $ 1,112 |
2025 | 752 |
ICBCL | Variable interest entity | Golar Kelvin | |
Variable Interest Entity [Line Items] | |
2024 | 19,764 |
2025 | 1,674 |
ICBCL | Variable interest entity | Golar Ice | |
Variable Interest Entity [Line Items] | |
2024 | 19,764 |
2025 | $ 1,674 |
VARIABLE INTEREST ENTITIES ("_6
VARIABLE INTEREST ENTITIES ("VIEs") - Summary of assets and liabilities of lessor VIEs (Details) - USD ($) $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | ||
Assets Acquired | |||||
Restricted cash and short term deposits | $ 3,942 | $ 3,842 | |||
Liabilities: | |||||
Current portion of long-term debt and short-term debt | (180,065) | (194,413) | |||
Long-term debt | (958,237) | (866,671) | |||
Accrued expenses | (51,275) | (42,275) | |||
Other non-current liabilities | (105,722) | (90,362) | |||
Total liabilities | (1,342,548) | (1,250,363) | |||
Statement of operations: | |||||
Interest expense | [1] | $ 4,725 | 30,664 | 80,190 | $ 18,087 |
Statement of cash flows: | |||||
Net debt repayments | [2] | (498,832) | (96,724) | (203,130) | (156,364) |
Net debt receipts | [2] | 0 | 570,000 | 110,000 | 10,402 |
Financing costs paid | [2] | 0 | (7,382) | (1,892) | (475) |
Variable interest entity | |||||
Assets Acquired | |||||
Restricted cash and short term deposits | 3,435 | 3,350 | |||
Liabilities: | |||||
Current portion of long-term debt and short-term debt | (103,470) | (79,453) | |||
Accrued expenses | (34,367) | (24,827) | |||
Total liabilities | (137,837) | (104,280) | |||
Statement of operations: | |||||
Interest expense | 866 | 4,363 | 5,932 | 16,268 | |
Statement of cash flows: | |||||
Net debt repayments | 0 | (47,742) | (39,306) | (145,423) | |
Net debt receipts | 0 | 0 | 0 | 10,402 | |
Financing costs paid | $ 0 | 0 | 0 | $ (475) | |
Interest expense at contractual rates | 3,200 | 4,300 | |||
Amortization of fair value adjustments to assumed debt obligations | $ 1,200 | $ 1,600 | |||
[1]Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods.[2] Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 shares | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
SEGMENT INFORMATION - Revenues
SEGMENT INFORMATION - Revenues from External Customers (Details) - Sales revenue, net - Customer concentration risk - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
International Energy Major | |||
Revenues from external customers: | |||
Concentration risk amount | $ 106,469 | $ 14,816 | $ 0 |
Concentration risk percentage (in percent) | 31% | 7% | 0% |
International Oil and Gas Producer | |||
Revenues from external customers: | |||
Concentration risk amount | $ 43,800 | $ 7,735 | $ 0 |
Concentration risk percentage (in percent) | 13% | 4% | 0% |
Japanese Commodities Company | |||
Revenues from external customers: | |||
Concentration risk amount | $ 38,861 | $ 0 | $ 0 |
Concentration risk percentage (in percent) | 11% | 0% | 0% |
Japanese trading house | |||
Revenues from external customers: | |||
Concentration risk amount | $ 33,885 | $ 17,350 | $ 17,807 |
Concentration risk percentage (in percent) | 10% | 8% | 11% |
Singaporean trading house | |||
Revenues from external customers: | |||
Concentration risk amount | $ 30,505 | $ 38,206 | $ 40,715 |
Concentration risk percentage (in percent) | 9% | 17% | 25% |
Dutch trading house | |||
Revenues from external customers: | |||
Concentration risk amount | $ 23,199 | $ 27,670 | $ 21,577 |
Concentration risk percentage (in percent) | 7% | 13% | 13% |
European utility company | |||
Revenues from external customers: | |||
Concentration risk amount | $ 9,845 | $ 32,057 | $ 0 |
Concentration risk percentage (in percent) | 3% | 15% | 0% |
Asian trading house | |||
Revenues from external customers: | |||
Concentration risk amount | $ 6,777 | $ 30,694 | $ 7,708 |
Concentration risk percentage (in percent) | 2% | 14% | 5% |
International LNG trader | |||
Revenues from external customers: | |||
Concentration risk amount | $ 0 | $ 20,444 | $ 19,896 |
Concentration risk percentage (in percent) | 0% | 9% | 12% |
European Trading house | |||
Revenues from external customers: | |||
Concentration risk amount | $ 0 | $ 11,189 | $ 35,109 |
Concentration risk percentage (in percent) | 0% | 5% | 22% |
OTHER OPERATING AND NON-OPERA_2
OTHER OPERATING AND NON-OPERATING INCOME - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 22, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Component of Other Income (Expense) [Line Items] | ||||
Proceeds from insurance settlement | $ 4.4 | $ 5 | ||
Golar Seal | Discontinued operations, disposed of by sale | Golar Seal | ||||
Component of Other Income (Expense) [Line Items] | ||||
Consideration for sale of Golar Seal | $ 184.3 | |||
Gain on disposal | $ 42.5 |
GAINS ON DERIVATIVE INSTRUMEN_3
GAINS ON DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ITEMS, NET (Details) - USD ($) $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in fair value of derivative instruments | [1] | $ 0 | $ 8,592 | $ 7,278 | $ 0 |
Foreign exchange loss on operations | (464) | (207) | (567) | (40) | |
Financing arrangement fees and other costs, net | 1,102 | (2,154) | (1,149) | (202) | |
Other | (16) | (165) | (122) | (138) | |
Other financial items, net | 622 | (2,526) | (1,838) | (380) | |
Interest rate swap | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in fair value of derivative instruments | 0 | 8,351 | (3,306) | 0 | |
Net interest income on undesignated interest rate swaps | $ 0 | $ 241 | $ 10,584 | $ 0 | |
[1]Refer to 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 | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | ||
Components of income tax expense: | |||||
Current tax expense | $ 366 | $ 111 | $ 510 | $ 222 | |
Deferred tax expense | 19 | 0 | 46 | 0 | |
Total income tax expense | [1] | $ 385 | $ 111 | $ 556 | $ 222 |
[1]Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
INCOME TAXES - Tax Expense (Ben
INCOME TAXES - Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | ||
Income Tax Disclosure [Abstract] | |||||
Effect of movement in deferred tax balances | $ 19 | $ 0 | $ 46 | $ 0 | |
Effect of adjustments in respect of current tax in prior periods | 0 | 0 | 0 | (43) | |
Effect of taxable income in various countries | 366 | 111 | 510 | 265 | |
Total income tax expense | [1] | $ 385 | $ 111 | $ 556 | $ 222 |
[1]Refer to 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 29,048 | $ 27,100 |
Less: Accumulated amortization | (18,785) | (13,233) |
Net book value | 10,263 | 13,867 |
Current | 825 | 5,552 |
Non-current | 9,438 | 8,315 |
Favorable Contract Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Less: Accumulated amortization | (3,000) | (11,600) |
Net book value | 4,270 | |
Assembled Workforce | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,600 | 4,600 |
Less: Accumulated amortization | (1,380) | (460) |
Net book value | 3,220 | 4,140 |
Current | 0 | 920 |
Non-current | 3,220 | 3,220 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 3,600 | 3,600 |
Less: Accumulated amortization | (2,775) | (1,125) |
Net book value | 825 | 2,475 |
Current | 825 | 1,650 |
Non-current | 0 | 825 |
Contract-Based Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 18,900 | 18,900 |
Less: Accumulated amortization | (14,630) | (11,648) |
Net book value | 4,270 | 7,252 |
Current | 0 | 2,982 |
Non-current | 4,270 | $ 4,270 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,948 | |
Less: Accumulated amortization | 0 | |
Net book value | 1,948 | |
Current | 0 | |
Non-current | $ 1,948 |
INTANGIBLE ASSETS, NET - Narrat
INTANGIBLE ASSETS, NET - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Nov. 10, 2022 vessel | Jun. 30, 2022 subsidiary | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Net book value | $ 10,263 | $ 13,867 | ||
Unfavorable contract liabilities, current | 16,998 | 20,610 | ||
Unfavorable contract liabilities, noncurrent | 87,449 | 104,447 | ||
Amortization income | 17,600 | 22,300 | ||
Amortization income of unfavorable contract liabilities | 20,600 | 33,900 | ||
Accumulated amortization | 18,785 | 13,233 | ||
Intangible assets, impairment loss, cumulative amount | 0 | 0 | ||
MSA Agreement | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Number of vessels acquired | vessel | 4 | |||
ManCo SPA | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Number of subsidiaries acquired | subsidiary | 4 | |||
Favorable Contract Intangible Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Net book value | 4,270 | |||
Accumulated amortization | 3,000 | 11,600 | ||
Customer Relationships And Assembled Workforce | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | 2,600 | 1,600 | ||
Contract-Based Intangible Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Net book value | 4,270 | 7,252 | ||
Accumulated amortization | $ 14,630 | 11,648 | ||
Contract-Based Intangible Assets | Other Current Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Net book value | 3,000 | |||
Contract-Based Intangible Assets | Other Noncurrent Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Net book value | $ 4,300 |
INTANGIBLE ASSETS, NET - Estima
INTANGIBLE ASSETS, NET - Estimated Future Amortization of Favorable Contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Net book value | $ 10,263 | $ 13,867 |
Favorable Contract Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
2024 | 1,010 | |
2025 | 1,007 | |
2026 | 1,007 | |
2027 and thereafter | 1,246 | |
Net book value | $ 4,270 |
OPERATING LEASES - Minimum Cont
OPERATING LEASES - Minimum Contractual Future Revenues to be Received (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 318,444 |
2025 | 252,660 |
2026 | 173,744 |
2027 | 106,066 |
2028 and thereafter | 13,564 |
Total minimum contractual future revenues | $ 864,478 |
OPERATING LEASES - Narrative (D
OPERATING LEASES - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | |||
Vessels leased to third parties, cost | $ 1,774,600 | $ 1,922,200 | |
Vessels leased to third parties, accumulated depreciation | $ 100,200 | $ 39,300 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets | Other non-current assets |
Operating lease, ROU asset | $ 3,918 | $ 899 | $ 2,800 |
Weighted average remaining lease term | 6 years 2 months 12 days | 2 years 4 months 24 days | |
Weighted average discount rate, percent | 5.50% | 5.50% |
OPERATING LEASES - Operating Le
OPERATING LEASES - Operating Lease Income (Details) - USD ($) $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessor, Lease, Description [Line Items] | |||||
Operating lease income | $ 37,506 | $ 176,028 | $ 337,418 | $ 145,833 | |
Variable lease income / (expense) | 7,539 | 9,663 | 16,125 | ||
Variable lease income / (expense) | (217) | ||||
Total operating lease income | $ 37,289 | $ 183,567 | $ 347,081 | 161,958 | |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total operating revenues | Total operating revenues | |||
External Vessel Charter | |||||
Lessor, Lease, Description [Line Items] | |||||
Operating lease income | $ 0 | $ 0 | $ 2,600 |
OPERATING LEASES - Operating _2
OPERATING LEASES - Operating Lease Cost (Details) - USD ($) $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | ||
Lessee, Lease, Description [Line Items] | |||||
Total Operating lease cost | $ 292 | $ 830 | $ 1,412 | $ 3,744 | |
Voyage, charter, hire and commission expenses, net | [1] | $ 1,229 | $ 1,644 | $ 4,532 | 709 |
External Vessel Charter | |||||
Lessee, Lease, Description [Line Items] | |||||
Voyage, charter, hire and commission expenses, net | $ 3,000 | ||||
[1]Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
OPERATING LEASES - Maturity of
OPERATING LEASES - Maturity of Lease Liability (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 1,112 |
2025 | 752 |
2026 | 586 |
2027 | 554 |
2028 and thereafter | 1,018 |
Total minimum lease payments | $ 4,022 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) $ in Thousands | Dec. 31, 2023 USD ($) carrier subsidiary | Dec. 31, 2022 USD ($) |
Other Assets [Abstract] | ||
Prepaid expenses | $ 1,517 | $ 465 |
Other receivables | 1,895 | 3,293 |
Other current assets | $ 3,412 | $ 3,758 |
Debt guarantees, number of subsidiaries | subsidiary | 2 | |
Debt guarantees, number of carriers | carrier | 2 |
NEWBUILDINGS - Narrative (Detai
NEWBUILDINGS - Narrative (Details) $ in Millions | Jun. 28, 2023 USD ($) vessel | Dec. 31, 2023 USD ($) |
Property, Plant and Equipment [Abstract] | ||
Newbuildings, number of vessels contracted | vessel | 2 | |
Newbuildings, option price | $ 234 | |
Remaining estimated total commitments | $ 289.9 |
NEWBUILDINGS (Details)
NEWBUILDINGS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Shipyard Installments (including option exercise price) | $ 180,687 | |
Onsite Supervision Costs | 900 | |
Interest cost capitalized | 168 | |
Other Costs | 149 | |
Total Newbuildings | $ 181,904 | $ 0 |
VESSELS AND EQUIPMENT, NET - Ve
VESSELS AND EQUIPMENT, NET - Vessels and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 1,774,600 | $ 1,922,200 |
Less: Accumulated depreciation | (112,490) | (44,681) |
Total vessels and equipment, net | 1,700,063 | 1,893,407 |
Vessels | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 1,811,295 | 1,937,443 |
Office equipment and fittings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 1,258 | 645 |
Vessels, Conversion and Retrofitting | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 14,600 | 0 |
Contractual obligation | 35,500 | |
Vessels, Drydocking Cost | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 22,100 | $ 15,200 |
VESSELS AND EQUIPMENT, NET - Na
VESSELS AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 11 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 5.7 | $ 44.3 | $ 74.1 | $ 43.4 |
RESTRICTED CASH AND SHORT-TER_3
RESTRICTED CASH AND SHORT-TERM DEPOSITS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash and short-term deposits | $ 3,842 | $ 3,942 |
Less: current portion of restricted cash and short-term deposits | (3,350) | (3,435) |
Non-current restricted cash and short-term deposits | 492 | 507 |
Variable interest entity | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash and short-term deposits | 3,350 | 3,435 |
Office lease | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash and short-term deposits | $ 492 | $ 507 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Components of other non-current assets: | |||
Operating lease right-of-use-assets | $ 3,918 | $ 899 | $ 2,800 |
Investment | 884 | 0 | |
Other | 13 | 859 | |
Other non-current assets | 10,793 | 10,494 | |
Interest rate swap | |||
Components of other non-current assets: | |||
Market-to-market asset on interest rate swaps | $ 5,978 | $ 8,736 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Interest expense | $ 28,206 | $ 37,056 |
Vessel operating expenses | 7,819 | 7,688 |
Administrative expenses | 5,810 | 6,135 |
Current tax payable | 440 | 396 |
Accrued expenses | $ 42,275 | $ 51,275 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Mark-to-market swaps valuation: | ||
Operating lease, liability, current, statement of financial position [Extensible List] | Other current liabilities | Other current liabilities |
Deferred operating lease and advance charter hire revenue | $ 23,645 | $ 15,588 |
Unfavorable contract liabilities | 16,998 | 20,610 |
Current portion of operating lease liability | 1,112 | 511 |
Debt guarantee liabilities | 761 | 944 |
Other payables | 205 | 5,009 |
Nonrelated Party | ||
Mark-to-market swaps valuation: | ||
Other current liabilities | 43,654 | 43,047 |
Hygo Energy Transition Ltd | ||
Mark-to-market swaps valuation: | ||
Accounts payable | 4,900 | |
Interest rate swap | ||
Mark-to-market swaps valuation: | ||
Market-to-market liability on interest rate swaps | $ 933 | $ 385 |
DEBT - Schedule of Long-term &
DEBT - Schedule of Long-term & Short-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Total long-term debt and short-term debt | $ 1,061,084 | $ 1,138,302 |
Less: current portion of long-term debt and short-term debt | (194,413) | (180,065) |
Long-term debt | 866,671 | 958,237 |
Deferred finance charges | $ 5,563 | $ 6,186 |
DEBT - Schedule of Outstanding
DEBT - Schedule of Outstanding Gross Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
2024 | $ 196,305 | |
2025 | 76,851 | |
2026 | 76,851 | |
2027 | 409,706 | |
2028 and thereafter | 306,934 | |
Total | 1,066,647 | $ 1,144,488 |
Deferred finance charges | (5,563) | (6,186) |
Total | 1,061,084 | 1,138,302 |
VIE debt | ||
Debt Instrument [Line Items] | ||
2024 | 79,453 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 and thereafter | 0 | |
Total | 79,453 | |
Deferred finance charges | 0 | |
Total | 79,453 | |
CoolCo | ||
Debt Instrument [Line Items] | ||
2024 | 116,852 | |
2025 | 76,851 | |
2026 | 76,851 | |
2027 | 409,706 | |
2028 and thereafter | 306,934 | |
Total | 987,194 | $ 1,041,018 |
Deferred finance charges | (5,563) | |
Total | $ 981,631 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 17, 2022 |
Debt Instrument [Line Items] | |||
Total debt (gross) | $ 1,066,647 | $ 1,144,488 | |
Deferred finance charges | (5,563) | (6,186) | |
Total debt | 1,061,084 | 1,138,302 | |
Variable interest entity | |||
Debt Instrument [Line Items] | |||
Total debt (gross) | 79,453 | ||
Deferred finance charges | 0 | ||
Total debt | 79,453 | ||
CoolCo | |||
Debt Instrument [Line Items] | |||
Total debt (gross) | 987,194 | 1,041,018 | |
Deferred finance charges | (5,563) | ||
Total debt | 981,631 | ||
Line of credit | Senior Secured Sustainability Term Loan | Secured debt | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 570,000 | ||
Line of credit | Senior Secured Sustainability Term Loan | CoolCo | |||
Debt Instrument [Line Items] | |||
Total debt (gross) | 485,303 | 540,388 | |
Line of credit | Term Loan | CoolCo | |||
Debt Instrument [Line Items] | |||
Total debt (gross) | 461,891 | 500,630 | |
Line of credit | NewBuild Pre-Delivery Facility | CoolCo | |||
Debt Instrument [Line Items] | |||
Total debt (gross) | 40,000 | 0 | |
Line of credit | Golar Kelvin Facility | Variable interest entity | |||
Debt Instrument [Line Items] | |||
Total debt (gross) | 64,758 | 74,400 | |
Line of credit | Golar Ice Facility | Variable interest entity | |||
Debt Instrument [Line Items] | |||
Total debt (gross) | $ 14,695 | $ 29,070 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) $ in Thousands | 1 Months Ended | 4 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Jun. 28, 2023 USD ($) | Mar. 22, 2023 USD ($) | Nov. 10, 2022 USD ($) special_purpose_vehicle | Jun. 30, 2022 vessel | Feb. 17, 2022 USD ($) vessel | Oct. 31, 2023 | Apr. 21, 2023 | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2021 USD ($) | ||
Debt Instrument [Line Items] | ||||||||||||
Principal repayment | [1] | $ 498,832 | $ 96,724 | $ 203,130 | $ 156,364 | |||||||
Number of vessels converted | vessel | 5 | |||||||||||
Senior Secured Sustainability Term Loan | Line of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||
Senior Secured Sustainability Term Loan | Line of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.05% | |||||||||||
Senior Secured Sustainability Term Loan | Line of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.05% | |||||||||||
Term Loan Facility | Line of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2% | |||||||||||
NewBuild Pre-Delivery Facility | Line of credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term line of credit | 40,000 | |||||||||||
NewBuild Pre-Delivery Facility | Line of credit | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount, percentage of the shipyard price | 20% | |||||||||||
NewBuild Pre-Delivery Facility | Line of credit | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount, percentage of the shipyard price | 32.50% | |||||||||||
NewBuild Pre-Delivery Facility | Line of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.60% | |||||||||||
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 | |||||||||||
Principal repayment | $ 88,000 | |||||||||||
Debt instrument, face amount, increase (decrease) | $ 70,000 | |||||||||||
Long-term line of credit | 485,300 | |||||||||||
Secured debt | Senior Secured Sustainability Term Loan | Line of credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.25% | 2.75% | ||||||||||
Secured debt | Term Loan Facility | Line of credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 520,000 | |||||||||||
Long-term line of credit | $ 461,900 | |||||||||||
Debt instrument, secured, number of special purpose vehicles | special_purpose_vehicle | 4 | |||||||||||
[1] Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
OTHER NON-CURRENT LIABILITIES_2
OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Other Long-Term Liabilities [Line Items] | ||
Unfavorable contract liabilities | $ 87,449 | $ 104,447 |
Operating lease, liability, noncurrent, statement of financial position [Extensible List] | Other non-current liabilities | Other non-current liabilities |
Non-current portion of operating lease liability | $ 2,910 | $ 510 |
Others | 3 | 765 |
Other non-current liabilities | $ 90,362 | $ 105,722 |
FINANCIAL INSTRUMENTS - Interes
FINANCIAL INSTRUMENTS - Interest Rate Swap Transactions (Details) - Interest rate swap - Cash flow hedging - Designated as hedging instrument $ in Thousands | Dec. 31, 2023 USD ($) |
Derivative [Line Items] | |
Notional amount | $ 659,756 |
Minimum | |
Derivative [Line Items] | |
Fixed Interest Rates | 2.69% |
Maximum | |
Derivative [Line Items] | |
Fixed Interest Rates | 3.99% |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Non-derivatives: | |||||
Cash and cash equivalents, carrying value | [1] | $ 133,496 | $ 129,135 | $ 28,919 | $ 33,811 |
Trade accounts receivable, carrying value | 9,511 | 2,467 | |||
Current portion of long-term debt and short-term debt, carrying value | (194,413) | (180,065) | |||
Long-term debt, carrying value | (866,671) | (958,237) | |||
Derivatives: | |||||
Deferred finance charges | 5,563 | 6,186 | |||
Level 1 | Carrying value | |||||
Non-derivatives: | |||||
Cash and cash equivalents, carrying value | 133,496 | 129,135 | |||
Restricted cash and short-term deposits, carrying value | 3,842 | 3,942 | |||
Trade accounts receivable, carrying value | 9,511 | 2,467 | |||
Trade accounts payable, carrying value | (12,231) | (2,576) | |||
Level 1 | Fair value | |||||
Non-derivatives: | |||||
Cash and cash equivalents, fair value | 133,496 | 129,135 | |||
Restricted cash and short-term deposits, fair value | 3,842 | 3,942 | |||
Trade accounts receivable, fair value | 9,511 | 2,467 | |||
Trade accounts payable, fair value | (12,231) | (2,576) | |||
Level 2 | Carrying value | |||||
Non-derivatives: | |||||
Current portion of long-term debt and short-term debt, carrying value | (196,305) | (181,694) | |||
Long-term debt, carrying value | (870,342) | (962,794) | |||
Level 2 | Fair value | |||||
Non-derivatives: | |||||
Current portion of long-term debt and short-term debt, fair value | (196,305) | (181,694) | |||
Long-term debt, fair value | (870,342) | (962,794) | |||
Level 2 | Interest rate swap | Carrying value | |||||
Derivatives: | |||||
Interest rate swaps asset | 5,978 | 8,736 | |||
Interest rate swaps liability | 933 | (385) | |||
Level 2 | Interest rate swap | Fair value | |||||
Derivatives: | |||||
Interest rate swaps asset | 5,978 | 8,736 | |||
Interest rate swaps liability | $ 933 | $ (385) | |||
[1] Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
FINANCIAL INSTRUMENTS - Offsett
FINANCIAL INSTRUMENTS - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total derivative assets | ||
Gross amounts presented in the consolidated balance sheet | $ 5,978 | $ 8,736 |
Gross amounts not offset in the consolidated balance sheet subject to netting agreements | (969) | (481) |
Net amount | 5,009 | 8,255 |
Total derivative liabilities | ||
Gross amounts presented in the consolidated balance sheet | 933 | 385 |
Gross amounts not offset in the combined carve-out balance sheet subject to netting agreements | (969) | (481) |
Net amount | $ (36) | $ (96) |
RELATED PARTIES TRANSACTIONS -
RELATED PARTIES TRANSACTIONS - Transactions With Related Parties (Details) - USD ($) $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Related party transactions | $ 612 | $ (3,460) | $ (1,141) | $ 2,949 | |
Ship Management Fees Revenue | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions | 1,342 | 2,030 | 455 | 6,468 | |
Ship Management And Administrative Services Expense | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions | (730) | (4,534) | (687) | (5,001) | |
Insurance Commission | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions | 0 | 0 | (276) | 1,482 | |
Debt guarantee compensation | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions | 0 | (837) | (169) | $ (800) | 0 |
Commitment fee | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions | 0 | (119) | (20) | 0 | |
Office rental | |||||
Related Party Transaction [Line Items] | |||||
Related party transactions | $ 0 | $ 0 | $ (444) | $ 0 |
RELATED PARTIES TRANSACTIONS -A
RELATED PARTIES TRANSACTIONS -Amounts Due to Related Parties (Details) - Related Party - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Other liabilities | $ 757 | $ 1,626 |
Golar LNG Limited | ||
Related Party Transaction [Line Items] | ||
Other liabilities | 0 | 395 |
QPSL | ||
Related Party Transaction [Line Items] | ||
Other liabilities | $ 757 | $ 1,231 |
RELATED PARTIES TRANSACTIONS _2
RELATED PARTIES TRANSACTIONS - Narrative (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jan. 26, 2022 vessel | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) carrier subsidiary | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Related Party Transaction [Line Items] | ||||||
Debt guarantees, number of subsidiaries | subsidiary | 2 | |||||
Debt guarantees, number of carriers | carrier | 2 | |||||
Related party transactions | $ 612 | $ (3,460) | $ (1,141) | $ 2,949 | ||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Debt guarantees, number of subsidiaries | subsidiary | 2 | |||||
Debt guarantees, number of carriers | carrier | 2 | |||||
Maximum borrowing capacity | $ 25,000 | |||||
Interest rate | 5% | |||||
Annual commitment fee | 0.50% | |||||
Ship Management Fees Revenue | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transactions | 1,342 | 2,030 | $ 455 | 6,468 | ||
Ship Management Fees Revenue | QPSL | ||||||
Related Party Transaction [Line Items] | ||||||
Management services, number of vessels | vessel | 4 | |||||
Debt guarantee compensation | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction rate | 0.50% | |||||
Guarantor obligations, maximum exposure, undiscounted | $ 176,700 | |||||
Related party transactions | $ 0 | $ (837) | (169) | $ (800) | $ 0 | |
Commitment fee on short term loan | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transactions | $ 0 | $ 100 |
OTHER COMMITMENTS AND CONTING_3
OTHER COMMITMENTS AND CONTINGENCIES - Schedule of Assets Pledged (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Collateral amount | $ 1,699,288 | $ 1,893,116 |
SHARE CAPITAL AND SHARE BASED_3
SHARE CAPITAL AND SHARE BASED COMPENSATION - Share Capital (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) $ / shares shares | Jan. 26, 2022 $ / shares shares | Nov. 30, 2022 USD ($) $ / shares shares | Feb. 28, 2022 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Nov. 30, 2022 kr / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 | 400,000,000 | |||||
Common shares, par value (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | ||
Common stock, value, authorized | $ | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 | ||||
Common shares, shares outstanding (in shares) | 53,702,846 | 53,688,462 | 53,688,462 | 53,702,846 | 53,688,462 | 53,688,462 | ||
Common stock, value, issued | $ | $ 53,703 | $ 53,688 | $ 53,703 | $ 53,688 | ||||
Sale of stock (in dollars per share) | kr / shares | kr 130 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares outstanding, beginning of period (in shares) | 53,688,462 | |||||||
Shares issued, beginning of period (in shares) | 53,688,462 | 1,010,000 | ||||||
Restricted stock units (in shares) | 14,384 | 0 | ||||||
Cancellation of Predecessor's shares (in shares) | 0 | (1,000,000) | ||||||
Issuance of shares (in shares) | 398,990,000 | 12,500,000 | ||||||
Shares outstanding, end of period (in shares) | 53,702,846 | 53,688,462 | 53,688,462 | 53,702,846 | 53,688,462 | |||
Shares issued, end of period (in shares) | 53,702,846 | 53,688,462 | 53,702,846 | 53,688,462 | ||||
EPS | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Common shares, shares outstanding (in shares) | 31,254,390 | 31,254,390 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares outstanding, end of period (in shares) | 31,254,390 | 31,254,390 | ||||||
Percentage of common stock outstanding | 58.20% | |||||||
Golar LNG Limited | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Net proceeds from issuance of shares | $ | $ 127,900 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares (in shares) | 0 | 12,500,000 | ||||||
Public | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Common shares, shares outstanding (in shares) | 22,448,456 | 22,448,456 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares outstanding, end of period (in shares) | 22,448,456 | 22,448,456 | ||||||
Percentage of common stock outstanding | 41.80% | |||||||
Private Placement | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Net proceeds from issuance of shares | $ | $ 266,653 | |||||||
Stock issuance costs | $ | $ 8,300 | |||||||
Sale of stock (in dollars per share) | $ / shares | $ 10 | |||||||
Proceeds for shares issued | $ | $ 275,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares (in shares) | 27,500,000 | 0 | 27,500,000 | |||||
Second Private Placement | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Net proceeds from issuance of shares | $ | $ 165,982 | |||||||
Proceeds for shares issued | $ | $ 166,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares (in shares) | 13,678,462 | 0 | 13,678,462 |
SHARE CAPITAL AND SHARE BASED_4
SHARE CAPITAL AND SHARE BASED COMPENSATION - Share Options (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Nov. 30, 2023 boardMember shares | Nov. 30, 2022 shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Share options: | |||||
Options outstanding, granted in period (in shares) | 74,246 | 1,088,932 | 74,246 | ||
Number of shares upon exercise of option | 1 | ||||
Number of board members | boardMember | 2 | ||||
Options, outstanding (in shares) | 1,088,932 | 1,163,178 | 1,088,932 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures [Abstract] | |||||
Options outstanding, beginning of year (in shares) | 1,088,932 | ||||
Granted during the year | 74,246 | 1,088,932 | 74,246 | ||
Option outstanding, end of year (in shares) | 1,088,932 | 1,163,178 | 1,088,932 | ||
Options outstanding and exercisable (in shares) | 272,233 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Weighted average exercise price, options, outstanding (USD per share) | $ / shares | $ 10 | $ 10.2 | $ 10 | ||
Weighted average exercise price, options, exercises in period (USD per share) | $ / shares | 12.5 | ||||
Options outstanding and exercisable, weighted average exercise price (USD per share) | $ / shares | $ 10 | ||||
Weighted average remaining contractual term (years) | 3 years | 4 years | |||
Weighted average remaining contractual term, granted during the period (years) | 3 years | ||||
Options outstanding and exercisable, weighted average remaining contractual term (years) | 3 years | ||||
LTIP | |||||
Share options: | |||||
Award vesting period (in years) | 3 years | 4 years | |||
Lapse term | 3 years | 4 years | |||
Employee stock options | |||||
Share options: | |||||
Total unrecognized compensation cost | $ | $ 5.1 | $ 3.7 | $ 5.1 | ||
Weighted average period of recognition for unrecognized compensation cost | 3 years | ||||
Weighted average assumptions used: | |||||
Risk free interest rate | 4.80% | 4% | |||
Expected volatility of common stock | 30% | 30% | |||
Expected dividend yield | 0% | 0% | |||
Expected term of options (in years) | 3 years | 4 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Compensation cost recognized in the consolidated statement of income | $ | $ 0.2 | $ 1.7 | |||
Employee stock options | LTIP | |||||
Share options: | |||||
Number of shares authorized for grant (in shares) | 1,088,932 |
SHARE CAPITAL AND SHARE BASED_5
SHARE CAPITAL AND SHARE BASED COMPENSATION -RSUs (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award vesting period (in years) | 4 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Non vested RSU's starting balance (in shares) | 112,448 | |
Granted during the year (in shares) | 105,746 | |
Vested during the year (in shares) | (30,503) | |
Forfeited in period (in shares) | (6,863) | |
Non vested RSU's ending balance (in shares) | 180,828 | 112,448 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share [Abstract] | ||
Non vested RSU's (in dollars per share) | $ 12.4 | |
Granted during the year (in dollars per share) | $ 12.5 | |
Vested during the year (in dollars per share) | 12.5 | |
Forfeited during the year (in dollars per share) | $ 12.4 | |
Weighted average remaining contractual term (years) | 3 years | |
Weighted average remaining contractual term, granted during the period (years) | 4 years | |
Unrecognized compensation cost, restricted stock units | $ 1.9 | $ 0.2 |
Minimum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share [Abstract] | ||
Weighted average period of recognition for unrecognized compensation cost | 3 years | |
Maximum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share [Abstract] | ||
Weighted average period of recognition for unrecognized compensation cost | 4 years |
BASIC AND DILUTED EARNINGS PE_3
BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | ||
Earnings Per Share [Abstract] | |||||
Net income attributable to Owners of Cool Company Ltd. / Predecessor's Parent - basic | $ 15,038 | $ 85,742 | $ 174,729 | $ 15,866 | |
Net income attributable to Owners of Cool Company Ltd. / Predecessor's Parent - diluted | $ 15,038 | $ 85,742 | $ 174,729 | $ 15,866 | |
Weighted average number of shares outstanding, basic (in shares) | 1,010,000 | 40,451,470 | 53,689,683 | 1,010,000 | |
Weighted average number of shares outstanding, diluted (in shares) | 1,010,000 | 40,451,470 | 53,689,683 | 1,010,000 | |
Basic earnings/(loss) per share (in dollars per share) | [1] | $ 14.89 | $ 2.12 | $ 3.25 | $ 15.71 |
Diluted earnings/(loss) per share (in dollars per share) | [1] | $ 14.89 | $ 2.12 | $ 3.25 | $ 15.71 |
[1]Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods. |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Mar. 22, 2024 | Feb. 29, 2024 | Nov. 10, 2022 | |
Secured debt | Term Loan Facility | Line of credit | |||
Subsequent events: | |||
Debt instrument, face amount | $ 520 | ||
Subsequent Event | |||
Subsequent events: | |||
Cash distribution declared (in dollars per share) | $ 0.41 | ||
Subsequent Event | Secured debt | Term Loan Facility | Line of credit | |||
Subsequent events: | |||
Line of credit facility, increase in limit | $ 200 |