XML 91 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
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.