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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2011
RELATED PARTY TRANSACTIONS [Abstract] |
RELATED PARTY TRANSACTIONS |
29. | RELATED PARTY TRANSACTIONS
Net (expenses) income (due to) from related parties:
(in thousands of $) |  | 2011 |  |  | 2010 |  |  | 2009 |
Frontline Ltd. and subsidiaries ("Frontline") (a) |  |  | (972 | ) |  |  | (984 | ) |  |  | (261 | )
Seatankers Management Company Limited ("Seatankers") (a) |  |  | (64 | ) |  |  | (62 | ) |  |  | (82 | )
Ship Finance AS ("Ship Finance") (a) |  |  | 190 |  |  |  | 161 |  |  |  | 195 |
Bluewater Gandria (b) |  |  | 125 |  |  |  | - |  |  |  | - |
Golar Wilhelmsen (b) |  |  | (2,816 | ) |  |  | - |  |  |  | - |
World Shipholding (c) |  |  | (2,302 | ) |  |  | (532 | ) |  |  | - |
Receivables (payables) from related parties:
(in thousands of $) |  |  | 2011 |  |  |  | 2010 |
World Shipholding |  |  |  |  |  |  |  |
- Loan (c) |  |  | (80,000 | ) |  |  | (10,000 | )
- Other (d) |  |  | (21,134 | ) |  |  | - |
Frontline |  |  | 181 |  |  |  | (278 | )
Seatankers |  |  | (44 | ) |  |  | (62 | )
Ship Finance |  |  | 48 |  |  |  | 124 |
Bluewater Gandria |  |  | 125 |  |  |  | - |
|  |  | (100,824 | ) |  |  | (10,216 | )
| a) | Net expense/income from Frontline, Seatankers and Ship Finance comprise fees for management support, corporate and insurance administrative services, net of income from supplier rebates and income from the provision of serviced offices and facilities. Receivables and payables with related parties comprise primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when the Company pays an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Frontline, Seatankers and Ship Finance and World Shipholding are each subject to significant influence or the indirect control of Trusts established by our chairman, John Fredriksen, for the benefit of his immediate family.
| b) | As of December 31, 2011 the Company had a 50% and 60% equity interests in Bluewater Gandria and Golar Wilhelmsen, respectively, which it accounts for using the equity method (see note 11). The charges to Bluewater relate to agency fees. While Golar Wilhelmsen recharges management fees in relation to provision of technical and ship management services.
| c) | World Shipholding revolving credit facility - In June 2009, the Company entered into an $80 million revolving credit facility with the Company's major shareholder, World Shipholding. The interest was fixed at 8% per annum with a commitment fee of 0.75% on any undrawn amounts available under the facility. The facility was due to expire in June 2011. In March 2011, the outstanding balance under the facility of $10 million was repaid. In April 2011, the Company entered into a new $80 million revolving credit facility with a company related to World Shipholding. The facility bears interest at LIBOR plus 3.5% together with a commitment fee of 0.75% of any undrawn portion of the credit facility (see note 23 for detail).
For each of the years ended December 31, 2011, 2010 and 2009, included within net expenses due to World Shipholding, include loan interest and commitment fees of $1.9 million, $0.3 million and $nil, respectively. As of December 31, 2011, World Shipholding, which is indirectly controlled by Trusts established by John Fredriksen for the benefit of his immediate family, owned 46% (2010: 45.80%) of Golar.
| d) | Unpaid dividends to World Shipholding – As of December 31, 2011, $21.1 million was outstanding in respect of unpaid dividends relating to the second and third quarters of 2011. The interest incurred on the unpaid dividends was $0.1 million for the year ended December 31, 2011.
Dividends to non-controlling interests
(in thousands of $) |  | 2011 |  |  | 2010 |  |  | 2009 |
Faraway Maritime Shipping Company |  |  | 2,400 |  |  |  | 3,120 |  |  |  | 1,360 |
Golar Partners |  |  | 10,132 |  |  |  | - |  |  |  | - |
|  |  | 12,532 |  |  |  | 3,120 |  |  |  | 1,360 |
Faraway Maritime Shipping Company owns the vessel, the Golar Mazo. Golar holds a 60% equity interest in the Company, with the remaining 40% interest held by CPC Corporation, Taiwan. In April 2011, the Company's ownership of its subsidiary, Golar Partners reduced to 65% following the completion of its IPO (see note 26). Accordingly, since its IPO, Golar Partners has made quarterly distributions of which $10.1 million were declared and paid in 2011 to non-controlling interests. Refer to note 26 for discussion of transactions relating to the Company's listed subsidiaries.

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- Definition The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 3A -Section 04 -Paragraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 57 -Paragraph 1-4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph k Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864 + Details
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