CoolCo reports Q3 results, merger agreement with EPS Ventures subsidiary

Cool Company Ltd. announced its Q3 2025 results, alongside the board's approval and agreement for a merger with Merger Sub, a newly formed, wholly-owned subsidiary of EPS Ventures Ltd. Under the agreement, EPS will acquire all outstanding CoolCo shares not already held by EPS for $9.65 in cash per common share. The transaction is expected to close in Q4 2025 or Q1 2026, leading to the delisting of CoolCo’s shares from the New York Stock Exchange and Euronext Growth Oslo.

Financially, CoolCo generated total operating revenues of $86.3m for Q3 2025, a slight increase from $85.5m in Q2 2025. However, net income decreased to $10.8m in Q3 from $11.9m in Q2, primarily due to higher non-recurring legal expenses. Adjusted EBITDA for Q3 stood at $52.6m, down from $56.5m in the previous quarter.

The company achieved an average Time Charter Equivalent (TCE) of $70,500 per day in Q3, up from $69,900 in Q2, with fleet utilization at 91%. CoolCo also completed drydocks for two vessels and commenced a three-year floating-rate charter. The previously announced share repurchase program has been terminated due to the merger agreement.