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BUSINESS ACQUISITION (Tables) | 12 Months Ended
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Dec. 31, 2012
Business Combinations [Abstract] |
Details of purchase consideration, net assets aquired and goodwill | Details of the purchase consideration, the net assets acquired and goodwill are as follows:
(in thousands of $) |  |  | January 18, 2012 |
Fair value of previously held 50% equity interest (a) |  |  | 19,500 |
Purchase consideration - cash |  |  | 19,500 |
Total assumed acquisition consideration |  |  | 39,000 |
Less: Fair value of net assets acquired: |  |  |
Vessel and equipment, net | 40,000 |  |  |
Inventories | 931 |  |  |
Cash | 62 |  |  |
Prepayments | 40 |  |  |
Other liabilities | (100 | ) |  |
Subtotal |  |  | (40,933 | )
Gain on bargain purchase of Bluewater Gandria |  |  | (1,933 | )
Aquisition impact on income statement | The impact on the statement of operations of the acquisition of Bluewater Gandria is as follows:
(in thousands of $) |  |  |
Gain on remeasurement (a) |  |  | 2,356 |
Gain on bargain |  |  | 1,933 |
Less: Acquisition related costs |  |  | (205 | )
Total gain on acquisition of Bluewater Gandria |  |  | 4,084 |
As a result of acquiring the remaining 50% equity interest, we recognized a gain on bargain purchase as the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired. We performed an assessment of the fair values of the assets acquired, liabilities assumed and consideration transferred. The assessment confirmed our gain on bargain purchase. a) Remeasurement of equity investment in Bluewater Gandria
Remeausrement of equity method investment | On January 18, 2012, the Company remeasured its previously held 50% equity interest in Bluewater Gandria to its fair value as set forth in the table below:
(in thousands of $) |  |  | Equity investment in Bluewater Gandria |
Fair value of previously held 50% equity interest |  |  | 19,500 |
Less: Carrying value at acquisition date |  |  | (17,144 | )
Gain on remeasurement of equity interest |  |  | 2,356 |
The fair value of the Company's previously held investment in Bluewater Gandria was assumed to be equal to the purchase price of $19.5 million paid to Bluewater in respect of its 50% share in the joint venture. b) Revenue and profit contributions

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 51 -Subparagraph a -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph F4 -Subparagraph e -Appendix F Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 52 -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. + Details
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