CoolCo and GAIL’s agreement is intended to secure long-term LNG supply in India’s market, with GAIL having an option to extend the 14-year agreement by another two years. (Source: Shutterstock)
LNG carrier Cool Co. Ltd. (CoolCo) entered into a 14-year agreement with India’s GAIL Ltd. to deliver two newbuild LNG carriers to GAIL in the Gulf of Mexico.
Commencing in 2025, the agreement is intended to secure long-term LNG supply in India’s market, with GAIL having the option to extend the agreement by another two years.
CoolCo said the agreement increases its firm revenue backlog to over $1.2 billion and total revenue backlog to approximately $1.9 billion as of March 31.
“The leading-edge technology and best-in-class economic and environmental performance of this newbuild LNG carrier secure GAIL’s ability to transport clean-burning LNG in a highly efficient and cost-effective manner for many years to come,” said Richard Tyrrell, CEO of CoolCo.
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