CoolCo Enters 14-Year Charter Party With GAIL (India) Limited For Newbuild LNG Carrier; Revenue Backlog Increased To $1.2B; Total Revenue Backlog Including Extensions To Almost $1.9B As Of March 31, 2024

Charter increases CoolCo's total revenue backlog to almost $1.9 billion

Cool Company Ltd. (NYSE:CLCO, "CoolCo" or the "Company"))) announced today that it has entered into a 14-year Time Charter Party with GAIL (India) Limited ("GAIL") for one of the Company's two newbuild LNG carriers currently under construction (the "Newbuild"). CoolCo will deliver the Newbuild to GAIL in the Gulf of Mexico, with the 14-year time charter commencing in early 2025. Investment grade and listed, GAIL is India's leading natural gas company.

The Newbuild's time charter is intended to secure the long-term supply of LNG into the fast-growing Indian market, with GAIL having the option to extend the charter by two additional years beyond the firm 14-year period. CoolCo's two newbuilds delivering during the fourth quarter of 2024 are highly efficient, state-of-the-art LNG carriers that are some of the most efficient, highest performing, and lowest-emission vessels in the global fleet. Vessel flexibility enables CoolCo to minimize delivery costs.

The time charter increases CoolCo's firm revenue backlog to more than $1.2 billion and total revenue backlog including extensions to almost $1.9 billion as of March 31, 2024.