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Asset Under Development | 6 Months Ended
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Jun. 30, 2015
Research and Development [Abstract] |
Asset Under Development | ASSET UNDER DEVELOPMENT
(in thousands of $) | June 30, 2015 |  | December 31, 2014 |
Purchase price installments / Shipyard costs | 408,965 |  | 344,386 |
Interest costs capitalized | 1,704 |  | 443 |
Other costs capitalized | 703 |  | 376 |
| 411,372 |  | 345,205 |
In May 2014, we entered into agreements for the conversion of the Hilli to a FLNGV. The primary contract was entered into with Keppel. Following the payment of the initial milestone installment, these agreements became fully effective on July 2, 2014. The Hilli w as delivered to Keppel in Singapore to undergo her conversion in September 2014. We expect the conversion will require 31 months to complete, followed by expected mobilization to a project for full commissioning. Accordingly, the carrying value of the Hilli of $31.0 million, has been reclassified from "Vessels and equipment, net" to "Asset under development". The total estimated conversion and vessel and site commissioning cost for the Hilli, is approximately $1.3 billion. Additional interest costs capitalized in connection with the Hilli conversion for the six months ended June 30, 2015 were $1.3 million. As at June 30, 2015, the estimated timing of the firm outstanding payments in connection with the Hilli conversion are as follows:
(in thousands of $) |
Payable within 6 months to December 31, 2015 | 121,678
Payable within 12 months to December 31, 2016 | 185,068
Payable within 12 months to December 31, 2017 | 198,674
| 505,420

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