CoolCo and Eastern Pacific Shipping (EPS) have completed the merger between CoolCo and wholly owned subsidiary of EPS Ventures Ltd.
Both parties confirmed that the merger was successfully completed, with CoolCo becoming the wholly owned subsidiary of EPS Ventures Ltd. and its subsidiaries.
In connection with the merger completion on January 9, 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.
EPS confirmed the appointment of Øystein Kalleklev as managing director of CoolCo and commercial director of EPS Gas from January 13.
With immediate effect, EPS said Richard Tyrrell has stepped down as chief executive officer of CoolCo.
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.
With the transaction closed, EPS said the merger integrates CoolCo fully into EPS’ gas shipping platform and strengthens the company’s position across LNG transportation and related infrastructure.
EPS’ gas fleet consists of 61 vessels totaling 3.7 million deadweight tonnes, spanning ethane carriers, LPG carriers, LNG carriers, and LNG bunker vessels.
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,” added 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.”
