Warm welcome to CoolCo third quarter 2022 results presentation. Let's start off on page 3, where we have the highlights. It's been a very busy quarter as I know many of you are aware. We've had activity both on the operational side, on the chartering side, and also on the deal side. Let's start with the financial highlights. The time charter equivalent reached $73,200 per day for the third quarter, which is 18% up quarter-on-quarter and 43% up year-on-year. Adjusted EBITDA reached $42.4 million for the quarter, which compares with $67 million for the full first half of 2022. On the chartering side, some of this information seems almost old now, but we announced a 12-month charter at $140,000 per day back in September, and that was a charter that started in September and shows up for one month within these results. We also announced a charter which started at the end of October, which has subsequently been confirmed as a three-year charter at $120,000 per day. Those of you who have been following us closely will remember that there was an option there that the charter had to take the vessel for 12 months at $190,000 a day. They elected to go with the three-year at $120,000. I think that's a good deal for us, and I think that is also a fair representation of the slope on the rates that we now see. Additionally, we have successfully concluded the previously announced advanced discussions on another three-year charter commencing in the first quarter of 2023 at a rate that starts at a high level and then decreases to a slightly lower level, but averages over $120,000 per day over the period. Again, an excellent rate and a nice term. On the deal front, we raised $170 million in a primary equity offering and closed the acquisition of four well specified contracted vessels on attractive terms from our largest shareholder, Eastern Pacific Shipping. We also secured no-cost options on two shipbuilding contracts for early 2025 deliveries, again from Eastern Pacific. As a result of these deals, the share count increased to 53.4 million shares, with EPS now holding 49.9% of the shares. Golar 8.3% after selling some of its shares in a secondary element to the offering, and public investors at 41.8%, which represents a 46% increase in the free float. We're already starting to see the benefits of that in terms of our share price liquidity. Those are the highlights. Let's turn to page four and the market. Well, clearly the market's still very buoyant, and we've been making the most of that to charter some of our vessels on three-year term business. You can see the higher of the two horizontal lines in the chart at $120,000 per day. That's the same kind of level that we were doing a 12-month charter for earlier this year. Really quite exceptional rates. It's also close to double the average for these kinds of vessels over the last 10 years. The market itself, as you can see from the underlying charts, is still high and it is almost plateauing off. There's not much liquidity there. Of course, based upon what might happen down the road, it could easily move up. Yeah, we are optimistic about the future and we have a couple of vessels for 2023, which we're still marketing. The interesting feature that we're seeing in this market is that we're entering into discussions on those vessels already. You know, normally you'd have a vessel coming back and you'd expect to enter into discussions on future business maybe a couple of months in advance of it being redelivered. In this market, we're entering into discussions already and that just shows how strong the market is. Turning to page five. We wanted to convert what these day rates mean into financial returns, and we've now achieved above $120,000 per day on four of our vessels, and that compares to a cash breakeven of $58,000 per day. That $58,000 per day has gone up slightly as a result of the hedging program that has been implemented and the acquisition of the new vessels that have a slightly higher level of debt than what we have on our existing fleet. Still, the margin between the 120 and the 58 is extraordinary, and it equates to a 39% free cash flow yield on equity at a 120. It's even higher at the $140,000 per day level. If you think about it, we are paying off these vessels in less than three years at those kinds of levels. We're also seeing the average for the fleet creep up. Now the implied free cash flow yield to equity on the fleet has reached 10%. Of course, that's gonna go up more as these new contracts are included in the mix. It's now higher than what it has been based upon the ten-year average as well, which is the 6% that you see there on the left. This buoyant market is for a number of reasons. The cargo values are still high. The price of LNG has come off somewhat, but it is still high. We're also now seeing elevated demand for shipping because of the need for storage. That is obviously a winter phenomenon somewhat, but it is a phenomenon that we expect to continue to drive demand. It's a reason why the charterers are prioritizing shipping coverage over subletting their vessels back into the market. The restocking of European storage is likely to prolong this year's winter season. With that in mind, our two open vessels for 2023 are well-positioned to make the most of the market. All in all, a solid story. Turning to page 6, that shows how we've added to that story. We've acquired highly attractive vessels on long-term charters to Shell. The vessels are the Kool Orca, the Kool Firn, the Kool Boreas, and the Kool Baltic. Two of them are modern TFDEs, and two of them are even more modern two-strokes. As a result of this transaction, our backlog at the time of the transaction increased by a minimum of 100%, and potentially as much as 275% if the charterer exercises its options to extend the charters, which, given the level at which the options are struck, is quite likely. We believe that makes for a compelling value proposition. The estimated annual EBITDA contribution from this fleet of assets is $81 million per year. That equates to an $18 million free cash flow to equity and an 11.2% free cash flow yield. The debt on the assets is long-term. It expires in May 2029, and it's at an attractive interest rate margin of SOFR plus 2%. This transaction doubles the CoolCo fleet size. It increases backlog considerably. It adds two strokes to the mix, and it diversifies our portfolio in terms of contract duration. I'll now hand over to John, who will talk about the acquisition, and how the acquisition was funded, get into some more details on Q3, and look forward at the backlog and availability of the CoolCo fleet going forward. Thank you, Richard. Good morning to everyone. I'm turning now to slide 7. The transaction overview. Before I go into the third quarter results and the balance sheet, I will briefly discuss this transaction, which was closed last week on November 14. As Richard mentioned, we acquired these vessels at a very attractive price of $660 million, approximately, with significant backlog revenues from a major oil and gas company. The total revenue backlog from this acquisition is approximately $380 million and including options, close to $1.2 billion. These numbers assume that all the options are exercised to their maximum. The acquisition of the four vessels is accretive from a fleet age perspective. Average fleet age drops down from 8+ years to approximately seven years. The financing was done through a $170 million primary equity raise and the assumption of an existing and amended $520 million bank facility. Approximately 50% of the primary equity raise was pre-committed by our main shareholder, EPS, and their current stake is 49.9%. The number of shares outstanding as of today is approximately 53.7 million. As Richard mentioned, the interest rate is SOFR plus a margin of 2%, which in today's market is very attractively priced. The first installment of this bank facility was on November 14 this week, for an amount of approximately $20 million, which is the reason why we show approximately $500 million in the sources and uses table. The debt was arranged with a bank syndicate of five banks, which expands our global bank universe to a solid group of ten international shipping banks, which positions us well for future debt financing. As part of the sale and purchase agreement, we also entered into an option agreement to acquire the two new build vessels, which are expected to be delivered in early 2025 at attractive valuations of $234 million each. Last week's acquisition and the option agreement demonstrate that Cool Company is in a very strong position to grow and leverage its strong relationships with shareholders and financial institutions. Turning to slide eight, the third quarter results. Provide a high level overview of the third quarter results and the balance sheet and our debt facilities. As you are aware, Cool Company is listed on the New York... Sorry, on the Euronext Growth Oslo. We're required to report on a semi-annual and full year basis. However, we will provide quarterly updates to the investor and analyst community. You will see references to predecessor and successor in the table on this slide. Predecessor results for Cool Company activity were carved out from the Golar consolidated numbers and relates to the periods prior to the various staggered acquisition dates during the first half of 2022. Successor results, on the other hand, reflect anything after these various staggered acquisition dates. The third quarter was a good quarter for us. The quarterly results represent the first full and clean quarter of all our revenues and costs for all the various companies we acquired during the first half of 2022. Time and voyage charter revenues related to our eight owned vessels were $54.7 million. We achieved a TCE rate of $73,000-$100,000, an 18% increase compared to the $62,000 per day per vessel in the second quarter of 2022, and an increase of 32% compared to the average rate of $55,500 during 2021. Vessel management fees related to the 21 third-party vessels that we manage were $3.7 million. In addition, as reported last quarter, we recognized around $7 million in non-cash revenue amortization as a result of the purchase price adjustment exercise that was done in conjunction with the February 2022 acquisition of the first 8 vessels. Our operational costs for the quarter were $11.4 million, which equates to approximately $15,500 per day per vessel. The third quarter numbers also include corporate overhead for around $1.8 million, which is in line with previous guidance, and the remainder of $1.9 million is related to the third-party vessel management expenses. As a result, during the quarter, we generated $42.4 million and improved our EBITDA, adjusted EBITDA margin to 73%, not taking into account the non-cash revenue amortization. A net income for the quarter was close to $37 million, which includes $9.5 million in mark-to-market on the interest rate hedges that were put in place during July, September and October. For the nine months year-to-date, we refer you to the table and also this morning's press release. For the full explanation of the main differences between predecessor and successor results, I refer to the previous quarter earnings call. These differences relate mainly to required fair value, fair value adjustments upon the acquisition back in February 2022. A different useful life of vessel depreciation, a different set of debt facilities when the vessels were still owned by Golar, and the carve-out of administrative expenses. From this morning's announcement, you will have noticed a charter renewal that has a step down in day rates, but blends at approximately a little above $120,000 per day. You should note that from an accounting perspective, we will report the blended rate in our quarterly revenues over the next three years. Turning to slide 9. We ended the quarter with $95 million in cash and cash equivalents. Looking at our contractual debt net of cash, this was $674 million. We ended the quarter with a net debt to cap before the recent acquisition of approximately 60%. After the acquisition, this increases to roughly 65%, but is expected to go down again as we repay the principal amounts outstanding under our debt. The average interest rates on our debt post the acquisition is approximately 5.5%. This assumes we hedge 50% of the new debt facility, which currently is unhedged. We are looking into various instruments to swap our new debt to fixed, whether this is straightforward hedges with the swap rate, interest rate caps or otherwise. You will recall from our last quarter's earnings that from a US GAAP perspective, we report our debt differently. As we report semi-annually and yearly during the fourth quarter earnings call, I will go into more depth again on the mechanics and the classification of variable interest entity debt related to our two sale and leaseback arrangements. These two non-owned VIE entities are effectively warehousing the two vessels, the Kool Ice and the Kool Kelvin, and are leasing them back to us. Turning to slide 10, the debt overview and cash breakeven. We have now hedged our entire floating rate exposure on the 570 facility. We have no maturities until early 2025 when the sale-leasebacks mature. That amount represents approximately 70% of our debt today. I'm not gonna go through each of these facilities at this point, but I will point out the cash breakeven, which is approximately $58,000 per day per vessel, which includes the acquisition vessels and the acquisition debt. Again, this breakeven number increased primarily due to the recent SOFR increases, which are tightly correlated to the Fed funds rate. The recent hedges that we entered into and the slightly higher leverage on the acquisition vessels. From now on, we expect no major increases to the cash breakeven. As we pay off our debt, it actually will come down over time because of lower interest rates. Turning to slide 11. We now have a backlog of approximately $900 million, excluding options, and $1.75 billion, including options. We have two open vessels coming off charter in 2023, sometime in April and sometime in September. This results in 17% of open days by the end of 2023 and 37% by the end of 2024, which should allow us to continue benefiting from high renewal rates. With the recent charter fixtures at levels in the $120,000 per day range, we expect the TC to go up from here during Q4 2022 and well into 2023. This concludes my comments. I'll turn it over back to Richard. Yeah, thanks. Thanks, John. Just reflecting on that bar chart, I think it shows how well-balanced the portfolio is now with a nice combination of a foundation of longer-term charters and some nearer term availability. That is, if you look at the little ships at the top of that chart, nicely spaced, and that's how we like it. But let me just summarize on page twelve, a few of the points that are listed here. I won't go through them all, but I just wanted to highlight in particular that we do have two vessels coming off in 2023, and those are subject to a really quite unprecedented level of inquiries, including for long-term charters. We're the only publicly listed LNG carrier company with material exposure to this market, and we do still believe that is a good thing. We announced recently our dividend policy, which is a variable dividend policy that allocates free cash flow to equity, primarily to the payment of a quarterly dividend. As we've shown earlier in the presentation, the cash flows are very, very strong and that's a cash flow that will be earmarked for that purpose. Lastly, in terms of activities that we're currently involved in, we previously announced that we aim to dual list by the end of this year or early next. That process is still on track. What we have here is a company that is operating in an attractive market where energy security is still a major priority. It's gonna go from the winter season into a period of restocking, which supports a stronger for longer market backdrop. The high LNG prices, of course, that also supports the earnings of modern LNG carriers, such as the ones that CoolCo owns. Longer-term fundamentals are also encouraging, given the new LNG projects which are in the pipeline and the various regulatory triggers that will see older vessels leave the fleet. On that note, I'd like to open up to questions. Heidi, if you may, please. Thank you. As a reminder to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A roster. Your first question comes from the line of Frode Mørkedal from Clarksons. Please ask your question. Thank you. Hi, guys. Hi, Frode. First question is on the $120,000 three-year charter. Is it possible to provide more details on the starting level, please? Yes. It's starting as one would expect, given what we see as a curve in the market, and it's $150, $120, 90. Sorry $150 for the first year, $120 for the second year, and 90 for the third year. Perfect. You have one vessel coming up in the second quarter. Well, are you in discussion already now on forward fixing that ship? You know, how you think about the opportunities there? Yes, we very much are. It's not always the case that you can get into conversations so early on a ship which is not delivering until April. That is a sign of the strength of the market that we are in those kinds of discussions. In a way, it all depends on price. Yeah, we're looking at various options. However, I would say that, you know, this is a market where you can achieve longer term charters for a diesel electric, which isn't always the case. You know, bearing that in mind, we maybe are prioritizing those kinds of opportunities. Can I have another question on the dividend policy. Mm. Can you provide more details on what kind of vessel upgrades you are looking at and roughly how much that would add to the cash flow given rate? Sure. The vessel upgrades are things that, of course, it makes sense to do during dry dock because you have a window where you're gonna be off hire anyway. There's no point of being off hire twice for making modifications. We are focused on that. There's actually quite a range in terms of what we can do. Some things I'd almost say are not modifications at all. They're more just putting on a high quality coat of paint, which, yeah, you'd be surprised by what a difference that makes. But at the more expensive end of the scale, reliq is something that we will look at. Of course, that's something which I think is very relevant to this market. It's one of the reasons why the two-stroke vessels are so attractive to charterers. Most two-stroke vessels have reliq installed. You know, in the market such as we see it today, where LNG is expensive, where there's a premium put on storage and flexibility, you know, reliq really does add value that we believe customers will pay for. From a price point of view, that would be about $10 million per vessel. Whether we do it on all of them, you know, we'll have to see. You know, that's at the upper end of the scale. In the middle you have options such as air lubrication systems, and then you have quite a lot of smaller modifications you can make. You know, I think the cost of those smaller ones would barely be noticed. Okay. On the reliq, would you be compensated by a higher charter rate? Yes. Yeah. That would be passed on. Yes. You know, I think when we look at this, we focus mainly on what is gonna be attractive to charterers. We aren't really in a position where we need to make these upgrades in order to satisfy the IMO regulations. You know, our ships are gonna be compliant for the foreseeable future in terms of the IMO regulations. Of course, it's nice to be environmental, and we do prioritize that. We would only make the changes if we thought we were going to get a return on those investments by way of a higher charter rate on top. Sure. Thank you very much. Thank you, Frode. Thank you. We will take our next question. The question comes from the line of Erik Hovi from Nordea. Please ask your question. Hi, Richard. Hi, John. Could you talk a bit about your appetite for further fleet growth following the EPS transaction? You have the two new two-stroke new build options. In essence, what would need to align for these to be exercised, and how do you view acquiring two-strokes versus TFDEs going forward? You talked about the two-strokes being more attractive to charterers. Yeah, thanks. Thanks for the question, Erik. I mean, I think when I refer to two-strokes being more attractive to charterers, I'm sort of saying it in the context of the reliq, which is something we can, you know, obviously fit to our existing vessels. Of course, two-strokes are a little bit more economical as well under certain conditions. You know, how much of a difference that makes depends very much on the sort of speed at which the vessel is going. You know, in this market, the speed in general is actually coming down. Maybe it's slightly less of a factor. When it comes to looking at vessels, we have sort of a framework. Of course, you know, new builds right now are on the pricey side. That's a hurdle. They're also not necessarily available until 2026, later 2026 even or 2027. This is why it's nice to have the option on the 2025 new builds. At the other end of the spectrum, we do like TFDEs still. I think, you know, like everybody, we've got a preference for the slightly larger, slightly lower boil-off ones. You know, again, you can adjust for these things in the price. Our aim is to, you know, cross that spectrum, do things that make sense at the right time and at the right price, therefore. When it comes to the options, they are options that will remain in place for at least the next until June, so at least the next seven or eight months. By that time, those vessels could well have a contract on them. The new builds market, of course, tends to be chartered out on a longer term basis well in advance of delivery. If that is the case, we'll likely find that we can finance a significant portion, if not all of that acquisition price. That's great. Thanks. The last question from me. If you could or able to comment around the change in ownership between your two largest holders. Is there any strategic significance to this impacting Cool or, you know, as you are still managing the ships for Golar here? Just any comments around that. Yeah. I mean, I think from our point of view, it's not a major change. Eastern Pacific have always been the more active of the two shareholders since the formation of CoolCo. You know, I think Carl and Golar have always been quite clear that, you know, their aim is to use this holding in order to fund FLNG activities, which of course doesn't come cheap. I don't think there's anything to read into it beyond that. We remain very close. EPS is clearly the sort of principal shareholder. You know, Golar is the founding shareholder and a big part of our history. That's how we see it. Perfect. That's very helpful. That's it for me. Thanks. Super. Thank you, Erik. Thank you. Once again, if you wish to ask a question, please press star one and one on your telephone. There seems to be no further questions at this time. Please continue. Well, thanks everybody for joining. To Heidi, thanks for moderating. It's always a pleasure to be on these calls. Thank you very much for the questions. We'll see each other next quarter.
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