<SEC-DOCUMENT>0001140361-23-010545.txt : 20230411
<SEC-HEADER>0001140361-23-010545.hdr.sgml : 20230411
<ACCEPTANCE-DATETIME>20230307200021
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-23-010545
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cool Co Ltd.
		CENTRAL INDEX KEY:			0001944057
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2ND FLOOR, S.E. PEARMAN BUILDING
		STREET 2:		9 PAR-LA-VILLE ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM11
		BUSINESS PHONE:		441-295-4705

	MAIL ADDRESS:	
		STREET 1:		2ND FLOOR, S.E. PEARMAN BUILDING
		STREET 2:		9 PAR-LA-VILLE ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM11
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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              <div>
                <div style="text-align: center; font-size: 14pt; font-variant: small-caps;">Skadden, Arps, Slate, Meagher &amp; Flom (UK) llp</div>
              </div>
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              <div>&#160;</div>
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              <div style="text-align: center;">22 BISHOPSGATE</div>
              <div style="text-align: center;">&#160;LONDON EC2N 4BQ</div>
              <div style="text-align: center; font-size: 8pt;">________</div>
              <div style="text-align: center; font-size: 8pt;"> <br>
              </div>
              <div style="text-align: center;">TEL: (020) 7519-7000</div>
              <div style="text-align: center; color: rgb(0, 0, 0);">&#160;FAX: (020) 7519-7070</div>
              <font style="color: rgb(0, 0, 0);"> </font>
              <div style="text-align: center; color: rgb(0, 0, 0); font-size: 8pt;">&#160;www.skadden.com</div>
              <div>&#160;</div>
              <div style="text-align: center;">March 7, 2023</div>
            </td>
            <td style="width: 30%;">
              <div>&#160;
                <div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">AFFILIATE OFFICES</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">-----------</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">BOSTON</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">CHICAGO</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">HOUSTON</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">LOS ANGELES</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">NEW YORK</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">PALO ALTO</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">WASHINGTON, D.C.</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">WILMINGTON</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">-----------</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">BEIJING</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">BRUSSELS</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">FRANKFURT</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">HONG KONG</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">MUNICH</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">PARIS</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">S&#195;O PAULO</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">SEOUL</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">SHANGHAI</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">SINGAPORE</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">TOKYO</div>
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 7pt;">TORONTO</div>
                </div>
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    <br>
    <div style="text-align: justify; font-weight: bold;"><u>Via EDGAR and E-mail</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">Lily Dang</div>
    <div style="text-align: justify;">Karl Hiller</div>
    <div style="text-align: justify;">Timothy S. Levenberg</div>
    <div style="text-align: justify;">Karina Dorin</div>
    <div style="text-align: justify;">U.S. Securities and Exchange Commission</div>
    <div style="text-align: justify;">100 F Street, NE<br>
      Washington, D.C. 20549</div>
    <div style="text-align: justify;">Mail Stop 4546</div>
    <div>&#160;</div>
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          <td style="width: 27pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">RE:</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Cool Company Ltd.<br>
              Registration Statement on Form 20-F Filed February 14, 2023<br>
              File No. 001-41625</div>
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    <div>&#160;</div>
    <div style="text-align: justify;">Ladies and Gentlemen:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">On behalf of Cool Company Ltd. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221; or &#8220;<font style="font-weight: bold;">CoolCo</font>&#8221;), enclosed is a copy of Amendment No. 1 to the Registration
      Statement on Form 20-F (the &#8220;<font style="font-weight: bold;">Amendment</font>&#8221;) as publicly filed with the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">Commission</font>&#8221;) on the date hereof. The Registration Statement
      includes changes as compared to the above-referenced Registration Statement on Form 20-F (File No. 001-41625) filed with the Commission on February 14, 2023 (the &#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221;).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The changes reflected in the Amendment include those made in response to the comments of the staff of the Commission (the &#8220;<font style="font-weight: bold;">Staff</font>&#8221;) set forth in the Staff&#8217;s
      letter of March 3, 2023 (the &#8220;<font style="font-weight: bold;">Comment Letter</font>&#8221;). The Amendment also includes other changes that are intended to update the information contained therein.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Set forth below are the Company&#8217;s responses to the Staff&#8217;s comments. The headings and paragraph numbers of this letter correspond to the headings and paragraph numbers contained in the Comment Letter
      and, to facilitate the Staff&#8217;s review, we have reproduced the text of the Staff&#8217;s comments in italics below. Capitalized terms used but not defined herein have the meanings given to them in the Amendment. All references to page numbers and captions
      (other than those in the Staff&#8217;s comments) correspond to the page numbers and captions in the Amendment.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <font style="font-size: 7pt;"><br>
      </font></div>
    <div style="font-family: 'Times New Roman',Times,serif; text-align: center; text-indent: 0px;"><font style="font-size: 7pt;">SKADDEN, ARPS, SLATE, MEAGHER &amp; FLOM (UK) LLP, A LIMITED LIABILITY PARTNERSHIP REGISTERED<br>
        UNDER THE LAWS OF THE STATE OF DELAWARE, IS AUTHORISED AND REGULATED BY THE SOLICITORS REGULATION AUTHORITY UNDER REFERENCE NUMBER 80014.<br>
        A LIST OF THE FIRM&#8217;S PARTNERS IS OPEN TO INSPECTION AT THE ABOVE ADDRESS.</font><br>
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    <div style="text-align: justify; font-style: italic; font-weight: bold;"> <font style="font-weight: normal; font-style: normal;">U.S. Securities and Exchange Commission<br>
        March 7, 2023<br>
        Page 2<br>
      </font></div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;"><font style="font-weight: normal; font-style: normal;"> </font><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Registration Statement on Form 20-F</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;"><u>Interim Financial Statements &#8211; Cool Company Limited</u></div>
    <div style="text-align: justify; font-weight: bold;"><u>Note 2 &#8211; Basis of Preparation and Summary of Significant Accounting Policies, page F-42</u></div>
    <div style="text-align: justify; font-weight: bold;"><u> <br>
      </u></div>
    <div>
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              <div style="text-align: left; color: #000000; font-style: italic; font-weight: bold;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000; font-style: italic; font-weight: bold; text-indent: 0px;">We note that you have made some revisions to the interim equity statement on page F-38 in response to prior comment 5, reflecting some combinations or
                recharacterizations of amounts while retaining the roll-forward approach, in reconciling between the predecessor and successor accounts. Please further revise your statement to address the following points.</div>
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      <div> <br>
      </div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3c4a12daac44eb2955820dca35cc0ca" cellpadding="0" cellspacing="0">

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              <div style="text-align: left; margin-left: 18pt; color: #000000; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">The statement reflects both misplaced and missing single and double underscores, which should be used to indicate wherever summations are being made, to partition between the
                group and the group total, and to indicate where final totals are being presented.</div>
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      <div> <br>
      </div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04631b23b69e4f639adc592dfa679dcb" cellpadding="0" cellspacing="0">

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              <div style="text-align: left; margin-left: 18pt; color: #000000; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">You have used footnotes 3, 4 and 5 to indicate the number of shares associated with certain transactions, although your notations do not fully reconcile to the ending balance
                expressed in footnote 6. Tell us how you considered presenting a separate column within the statement to report share activity alongside the associated monetary details as an alternative to commentary in the footnotes, and revise as
                necessary to include the missing details.</div>
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      <div> <br>
      </div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca7725140f684d7e8c473af581804230" cellpadding="0" cellspacing="0">

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              <div style="text-align: left; margin-left: 18pt; color: #000000; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please clarify whether the adjustments identified as &#8220;Deconsolidation of lessor VIEs&#8221; are similar to the adjustments for &#8220;Cancellation of Parent&#8217;s equity,&#8221; in representing
                adjustments that are necessary to record the disposition from the standpoint of Golar LNG and to reconcile between the predecessor and successor entities, and if so reposition the first of these so that both line items follow the &#8220;Combined
                carve-out predecessor balance upon disposal&#8221; line item, and preceding the accounts and activity that pertain to the successor.</div>
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      <div> <br>
      </div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf3721458e8094856a28bb0f5b9ef4f08" cellpadding="0" cellspacing="0">

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              <div style="text-align: left; margin-left: 18pt; color: #000000; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">As the amounts in the line item &#8220;Consolidated successor balance upon acquisition&#8221; appears to be limited to the recognition of the minority interest by the successor, please
                choose a caption that is more clearly representational of the amounts.</div>
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      <div> <br>
      </div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zedb03386832d476b82b1b4e306ee8725" cellpadding="0" cellspacing="0">

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              <div style="text-align: left; margin-left: 18pt; color: #000000; font-style: italic; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please include a line item to represent the equity accounts of the successor just prior to the acquisition.</div>
            </td>
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;"><u>Response</u>:</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;"><font style="font-weight: bold;">Comment: </font>The statement reflects both misplaced and missing single and double underscores, which should be used to indicate wherever summations are being
      made, to partition between the group and the group total, and to indicate where final totals are being presented.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">In response to the Staff&#8217;s comment, the Company has updated the single and double underscores on page F-38 of the Amendment to appropriately indicate wherever summations are being made, partition between the group and
      the group total and indicate where final totals are being presented.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;"><font style="font-weight: bold;">Comment: </font>You have used footnotes 3, 4 and 5 to indicate the number of shares associated with certain transactions, although your notations do not fully
      reconcile to the ending balance expressed in footnote 6. Tell us how you considered presenting a separate column within the statement to report share activity alongside the associated monetary details as an alternative to commentary in the footnotes,
      and revise as necessary to include the missing details.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">In response to the Staff&#8217;s comment, the Company has included a separate column within the statement of changes in equity to present the movement in number of issued common shares to reconcile the share activity between
      the Predecessor period and the Successor period, including the cancellation of 1,000,000 shares for Parent&#8217;s aggregated equity, the issuance of 27,500,000 common shares as part of the Private Placement during February 2022 and the issuance of
      12,500,000 common shares in the Company to Golar in connection with the transfer of vessels on each respective entity acquisition date pursuant to the Vessel SPA as described in footnotes 3,4 and 5 respectively. The Company notes that the number of
      shares issued during the Predecessor period were 1,010,000 out of which 1,000,000 were cancelled and 10,000 shares were retained by Golar that transferred into the Successor period. Taking into account the cancellation of shares and further issuances
      of common shares as part of Private Placement and to Golar during the Successor period, the total balance of 40,010,000 issued common shares as of September 30, 2022 reconciles to the ending balance expressed in footnote 6.<br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;"><font style="font-weight: bold;">Comment: </font>Please clarify whether the adjustments identified as &#8220;Deconsolidation of lessor VIEs&#8221; are similar to the adjustments for &#8220;Cancellation of Parent&#8217;s
      equity,&#8221; in representing adjustments that are necessary to record the disposition from the standpoint of Golar LNG and to reconcile between the predecessor and successor entities, and if so reposition the first of these so that both line items follow
      the &#8220;Combined carve-out predecessor balance upon disposal&#8221; line item, and preceding the accounts and activity that pertain to the successor.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">In response to the Staff&#8217;s comment, the Company would like to clarify that out of the predecessor&#8217;s seven sale and leaseback arrangements, only two sale and leaseback arrangements &#8211; those secured by the <font style="font-style: italic;">Golar Ice</font> and<font style="font-style: italic;"> Golar Kelvin</font> &#8211; were assumed by us. For the remaining five sale and leaseback arrangements, Golar LNG exercised its option to repurchase the <font style="font-style: italic;">Golar Snow</font>, <font style="font-style: italic;">Golar Glacier</font>, <font style="font-style: italic;">Golar Seal</font>, <font style="font-style: italic;">Golar Crystal</font> and <font style="font-style: italic;">Golar Bear</font> prior to the disposal of the respective entities that are the disponent owners of these vessels. After exercising the repurchase option, Golar no longer had a controlling financial interest in the Lessor VIEs, and
      therefore, upon closing of the repurchase option, Golar deconsolidated the Lessor VIEs from its financial results. Therefore, the adjustments identified as &#8220;<font style="font-style: italic;">Deconsolidation of lessor VIEs</font>&#8221; are presented before
      computing the combined carve-out Predecessor equity balance upon disposal. The combined carve-out Predecessor balance upon disposal is then eliminated, except for the non-controlling interest relating to the Lessor SPV&#8217;s of <font style="font-style: italic;">Golar Ice</font> and <font style="font-style: italic;">Golar Kelvin<font style="font-style: normal;">, and presented as &#8220;Cancellation of Parent&#8217;s equity.&#8221; As we believe the adjustments identified as &#8220;Deconsolidation of lessor VIEs&#8221; are
          not similar to the adjustments for &#8220;Cancellation of Parent&#8217;s equity&#8221; in representing adjustments that are necessary to record the disposition from the standpoint of Golar LNG and to reconcile between the &#8220;Combined carve-out predecessor balance
          upon disposal&#8221; and &#8220;Combined carve-out equity balance prior to acquisition&#8221; we did not reposition such entries. <br>
          <br>
        </font>&#160;</font><br>
    </div>
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    <div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;"> <font style="font-weight: normal; font-style: normal;">U.S. Securities and Exchange Commission<br>
          March 7, 2023<br>
          Page 3<br>
        </font></div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;"><font style="font-weight: normal; font-style: normal;">&#160;</font></div>
    </div>
    <div style="text-align: justify; font-style: italic;"><font style="font-weight: bold;">Comment: </font>As the amounts in the line item &#8220;Consolidated successor balance upon acquisition&#8221; appears to be limited to the recognition of the minority interest
      by the successor, please choose a caption that is more clearly representational of the amounts.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">In response to the Staff&#8217;s comment, the Company has updated the caption on page F-38 as &#8220;Combined carve-out equity balance prior to acquisition&#8221; to more clearly represent such amounts, including the share capital
      reflecting par value of 10,000 shares retained by Golar as noted above and minority interest transferred to the Successor period.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;"><font style="font-weight: bold;">Comment: </font>Please include a line item to represent the equity accounts of the successor just prior to the acquisition.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">In response to the Staff&#8217;s comment and as noted above, the Company has included a line item entitled &#8220;Consolidated successor equity balance upon acquisition&#8221; on page F-38 which represent only the equity accounts of the
      successor just prior to the various acquisitions and recognition of non-controlling interest upon acquisition.<br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;">* * *</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Please contact me at +44 20 7519 7183 or via email at james.mcdonald@skadden.com should you require further information.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">
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              <div>&#160;</div>
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              <div style="margin: 0px 0px 0px 0px; text-align: justify; text-indent: 0px;">Very truly yours,</div>
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            <td rowspan="1" style="width: 50.00%;">&#160;</td>
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              <div style="margin: 0px 0px 0px 0px; text-align: justify; text-indent: 0px;">/s/ James A. McDonald</div>
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              <div>&#160;</div>
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              <div style="margin: 0px 0px 0px 0px; text-align: justify; text-indent: 0px;">James A. McDonald</div>
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              <div style="text-align: justify;">Richard Tyrrell, Chief Executive Officer, Cool Company Ltd.</div>
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                <div style="text-indent: 0px;">Johannes P. Boots, Chief Financial Officer, Cool Company Ltd.</div>
                <div style="text-indent: 0px;">Sarah Choudhry, General Counsel, Cool Company Ltd.</div>
                <div style="text-indent: 0px;">Raquel Fox, Partner, Skadden, Arps, Slate, Meagher &amp; Flom LLP</div>
                <div style="text-indent: 0px;">Andrew D. Smyth, Partner, Ernst &amp; Young LLP</div>
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