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BUSINESS ACQUISITION (Tables) | 12 Months Ended
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Dec. 31, 2013
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 of the Bluewater Gandria 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, we remeasured our 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 our 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 our 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 Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 2: 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=25497992&loc=d3e1486-128463 + Details
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