EPS Announces Management Changes Following Successful Completion of Merger with CoolCo

SINGAPORE, 12 January 2026: Cool Company Ltd. (CoolCo) and Eastern Pacific Shipping (EPS) have successfully completed the previously announced merger between CoolCo and wholly owned subsidiary of EPS Ventures Ltd.

The merger was completed on 9 January 2026, following CoolCo shareholder approval and the satisfaction of all closing conditions. In connection with completion, CoolCo has applied to be delisted from the New York Stock Exchange and Euronext Growth Oslo and CoolCo shall no longer trade on such exchanges. CoolCo is now a wholly owned subsidiary of EPS Ventures Ltd. and its subsidiaries.

The completion of the merger marks an important milestone in EPS’ long-term gas strategy, integrating CoolCo fully into EPS’ gas shipping platform and strengthening the company’s position across LNG transportation and related infrastructure. EPS’ dedicated gas fleet consists of 61 vessels totaling 3.7 million deadweight tonnes, spanning ethane carriers, LPG carriers, LNG carriers, and LNG bunker vessels, positioning EPS as one of the largest and most diversified gas shipping platforms globally.

In connection with the next phase of integration, EPS and CoolCo also announced the appointment of Øystein Kalleklev as Managing Director of CoolCo and Commercial Director of EPS Gas, effective 13 January 2026. With immediate effect, Richard Tyrrell has stepped down as Chief Executive Officer of CoolCo. EPS thanks Richard for his leadership and for his significant contribution to CoolCo’s development and success as a publicly listed company.

In his dual roles, Øystein will lead CoolCo’s overall management and commercial strategy as it transitions into private ownership, while also overseeing commercial activities across EPS’ gas platform, supporting the company’s continued growth in LNG and gas shipping markets. Øystein brings more than two decades of experience across shipping, energy, and finance. He most recently served as Chief Executive Officer of both FLEX LNG and Avance Gas.

Commenting on the transaction and appointment, Cyril Ducau, Chief Executive Officer of Eastern Pacific Shipping, said “The completion of the CoolCo merger is an important milestone for EPS as we continue to develop and strengthen our gas platform. Integrating CoolCo fully into EPS allows us to align strategy, capital, and commercial execution more closely. I would also like to thank Richard Tyrrell for his leadership of CoolCo over the past four years. Under his stewardship, CoolCo evolved into a strong and established LNG shipping business, well positioned for this next chapter. We are pleased to maintain a strong relationship with Richard, drawing on his expertise for select high-value projects while he expands his broader professional portfolio. We are very pleased to welcome Øystein to the leadership team, and we look forward to his contribution as we move into the next phase of growth.”

“I am delighted to be joining CoolCo and EPS at this important moment,” adds Øystein Kalleklev. “With the merger now completed, the business has a strong platform from which to move forward. I look forward to working with the teams across CoolCo and EPS Gas to further develop the commercial strategy and create long-term value in the global gas and LNG market.”

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About Eastern Pacific Shipping

With a history spanning 60 years, Eastern Pacific Shipping Pte. Ltd. (“EPS”) is a leading shipping company that is committed to the green and technology-driven growth of the industry. Headquartered in Singapore for the past 30 years, EPS is driven by its mission to be the safe and efficient transportation provider of choice to the shipping industry. Empowering that mission is a 7,000 strong and growing workforce across sea and shore. They oversee a versatile fleet of 350 vessels and 34 million deadweight-tonnes across core segments of containership, PCTC, dry bulk, gas and tanker vessels. Following the completion of its merger with CoolCo, EPS has further strengthened its gas shipping platform. EPS’ shore team is fully integrated with in-house commercial, finance, innovation, IT, legal, manning, operations, and technical departments.