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VESSELS UNDER CAPITAL LEASES, NET
 12 Months Ended
Dec. 31, 2011
VESSELS UNDER CAPITAL LEASES, NET [Abstract]  
VESSELS UNDER CAPITAL LEASES, NET
16.           VESSELS UNDER CAPITAL LEASES, NET

(in thousands of $)
 
2011
 
 
2010
 
Cost
 
 
600,395
 
 
 
599,671
 
Accumulated depreciation and amortization
 
 
(98,491
)
 
 
(84,005
)
Net book value
 
 
501,904
 
 
 
515,666
 

As of December 31, 2011 and 2010, the Company operated three vessels under capital leases. These leases are in respect of a refinancing transaction undertaken during 2003, a lease financing transaction during 2004 and another in 2005, as described in note 24.

Drydocking costs of $9.9 million and $9.1 million are included in the cost amounts above as of December 31, 2011 and 2010, respectively.  Accumulated amortization of those costs at December 31, 2011 and 2010 were $4.9 million and $5.2 million respectively.

Depreciation and amortization expense for vessels under capital leases for the years ended December 31, 2011, 2010 and 2009 was $16.6 million, $ 16.1 million and $45.9 million, respectively