Bermuda, November 25, 2022: Reference is made to the stock exchange notice from Cool Company Ltd. (“CoolCo” or the “Company”) on November 25, 2022 announcing that the board of directors of the Company (the “Board”) had resolved to implement a long-term incentive program for employees, management and board members of the Company and its affiliates (the "LTIP").

Pursuant to the LTIP, the Board has resolved to grant options over a total number of 1,237,423 shares and 115,000 restricted stock units to employees, management and board members of the Company (equivalent to approximately 2.25% and 0.2% of the Company's share capital, respectively), of which 11,507 restricted stock units and options over a total number of 742,454 shares were granted to primary insiders of the Company (equivalent to approximately 0.02% and 1.38% of the Company's share capital, respectively). Each share option, when exercised, carries the right to acquire one share in CoolCo, giving the right to acquire up to in aggregate 1,237,423 shares. The exercise price for the share options is $10 per share, being the offer price under the January 2022 capital raise. The share options will vest over a period of 4 years, in equal annual installments, on each of November 30, 2023, November 29, 2024, November 30, 2025, and November 30, 2026, and will lapse 10 years from the date of their grant if not exercised. The following primary insiders have been granted share options:

Peter Anker (Director) has been granted 49,497 share options. Following the grant, Peter Anker holds 100,000 shares through his wholly owned company Langebru and 49,497 share options in CoolCo.

Antoine Bonnier (Director) has been granted 49,497 share options. Following the grant, Antoine Bonnier holds 49,497 share options in CoolCo.

Johannes Boots (CFO) has been granted 3,916 restricted stock units and 123,742 share options. Following the grant, Johannes Boots holds 3,916 restricted stock units and 123,742 share options in CoolCo.

Cyril Ducau (Director) has been granted 49,497 share options. Following the grant, Cyril Ducau holds 49,497 share options in CoolCo.

Neil Glass (Director) has been granted 49,497 share options. Following the grant, Neil Glass holds 49,497 share options in CoolCo.

Richard Tyrrell (CEO) has been granted 7,591 restricted stock units and 371,227 share options. Following the grant, Richard Tyrrell holds 3,141 shares, 7,591 restricted stock units and 371,227 share options in CoolCo.

Mi Hong Yoon (Director) has been granted 49,497 share options. Following the grant, Mi Hong Yoon holds 49,497 share options in CoolCo.

Please see the enclosed forms for further details about the transactions.

CoolCo is a growth-oriented owner, operator and manager of fuel-efficient liquefied natural gas (“LNG”) carriers. Using its integrated, in-house vessel management platform, CoolCo provides charterers and third-party LNG vessel owners with modern and flexible management and transportation solutions, delivering a lesser-emitting form of energy that supports decarbonization efforts, economic growth, energy security, and improvements in quality of life. CoolCo also intends to leverage its industry relationships to make further accretive acquisitions of in-service LNGCs, and to selectively pursue newbuild opportunities.

Additional information about CoolCo can be found at www.coolcoltd.com.

For further information, please contact:

Richard Tyrrell, CEO Email: richard.tyrrell@coolcoltd.com Phone: +44 2076591111 John Boots, CFO Email: john.boots@coolcoltd.com Phone: +44 2076591111

This information is subject to the disclosure requirements in Regulation EU 596/2014 (MAR) article 19 number 3 and section 5-12 of the Norwegian Securities Trading Act.

CoolCo Primary insider notification forms

The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Dennis Jerome Duclos (the "Respondent") by Notice of Hearing dated March 23, 2022 (the "Notice of Hearing").

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