Cool Company Ltd. (CLCO) Q3 2023 Earnings Call Transcript

Cool Company Ltd. (NYSE:CLCO) Q3 2023 Earnings Conference Call November 28, 2023 8:00 AM ET

Company Participants

Richard Tyrrell - Chief Executive Officer
John Boots - Chief Financial Officer

Conference Call Participants

Frode Morkedal - Clarksons Securities
Liam Burke - B. Riley
Peter Hogan - ABG
Richard Diamond - Castlewood Capital

Operator

Good morning, ladies and gentlemen, and welcome to the CoolCo Q3 2023 Business Update Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Tuesday, November 28, 2023.

I would now like to turn the conference over to Mr. Richard Tyrrell. Please go ahead, sir.

Richard Tyrrell

Good afternoon to those in Europe or the East, and good morning to those in the West, and thank you, Laura. Welcome to CoolCo's third quarter results presentation. Well, I'll take you through the highlights and comment on how we see the current market before handing over to John, who will go through the numbers in more detail.

Please take note of the forward-looking statements on page two, before turning to page three, which provides a snapshot of the quarter and we'll get into what's behind these numbers as we move through the presentation.

Please note that the net income of $39.2 million for the quarter includes a mark-to-market gain on our interest rate swaps. It equates to an adjusted EPS of $0.52. And on this basis, I'm pleased to confirm another $0.41 per share dividend for the quarter and an outlook that continues to be positive even though winter has come late, and we're not expecting to see the exceptional conditions of last year.

Both CoolCo's backlog of almost $1.5 billion and the upside from chartering vessels on low legacy rates are in