As of December 31, 2019, we leased eight vessels (December 31, 2018: eight vessels) from VIEs as part of sale and leaseback agreements, of which four were with ICBC Finance Leasing Co. Ltd ("ICBCL") entities, one with a China Merchants Bank Co. Ltd ("CMBL") entity, one with a CCB Financial Leasing Corporation Limited ("CCBFL") entity, one with a COSCO Shipping entity and one with a China State Shipbuilding Corporation entity ("CSSC") entity. Each of the ICBCL, CMBL, CCBFL, COSCO Shipping and CSSC entities are wholly-owned, newly formed special purpose vehicles ("Lessor SPVs"). In each of these transactions, we sold our vessel and then subsequently leased back the vessel on a bareboat charter for a term of ten years. We have options to repurchase each vessel at fixed predetermined amounts during their respective charter periods and an obligation to repurchase each vessel at the end of the 10 year lease period.

While we do not hold any equity investments in the above SPVs, we have determined that we have a variable interest in these SPVs and that these lessor entities, that own the vessels, are VIEs. Based on our evaluation of the agreements, we have concluded that we are the primary beneficiary of these VIEs and, accordingly, these lessor VIEs are consolidated into our financial results. We did not record any gains or losses from the sale of these vessels as they continued to be reported as vessels at their original costs in our consolidated financial statements at the time of each transaction. Similarly, the effect of the bareboat charter arrangement is eliminated upon consolidation of the lessor SPV. The equity attributable to the respective lessor VIEs are included in non-controlling interests in our consolidated financial statements. As of December 31, 2019 and 2018, the respective vessels are reported under "Vessels and equipment, net" in our consolidated balance sheets.

Vessel

Effective from

Lessor

Sales value (in $ millions)

Lease duration

First repurchase option (in $ millions)

Date of first repurchase option

Net repurchase obligation at end of lease term
(in $ millions)

End of lease term

Golar Glacier

October 2014

ICBCL

204.0

10 years

173.8

October 2019⁽¹⁾

116.7

October 2024

Golar Kelvin

January 2015

ICBCL

204.0

10 years

173.8

January 2020 ⁽¹⁾

116.7

January 2025

Golar Snow

January 2015

ICBCL

204.0

10 years

173.8

January 2020 ⁽¹⁾

116.7

January 2025

Golar Ice

February 2015

ICBCL

204.0

10 years

173.8

February 2020 ⁽¹⁾

116.7

February 2025

Golar Tundra

November 2015

CMBL

254.6

10 years

168.7

November 2018⁽¹⁾

51.3

November 2025

Golar Seal

March 2016

CCBFL

203.0

10 years

132.8

March 2018⁽¹⁾

63.4

March 2026

Golar Crystal

March 2017

COSCO

187.0

10 years

97.3

March 2020 ⁽¹⁾

50.0

March 2027

Hilli

June 2018

CSSC

1,200.0

10 years

633.2

June 2023

300.0

June 2028


(in thousands of $)	2020	2021	2022	2023	2024	2025+
Golar Glacier	17,147	17,100	17,100	17,100	12,884	—
Golar Kelvin	17,147	17,100	17,100	17,100	15,695	—
Golar Snow	17,147	17,100	17,100	17,100	15,695	—
Golar Ice	17,147	17,100	17,100	17,100	17,147	1,452
Golar Tundra ⁽¹⁾	19,808	18,963	18,150	17,348	16,566	13,199
Golar Seal	13,717	13,717	13,717	13,754	13,717	13,717
Golar Crystal⁽¹⁾	11,058	10,979	10,935	10,877	10,827	24,067
Hilli ⁽¹⁾	112,959	109,101	105,244	101,479	97,528	290,361


(in thousands of $)	Golar Glacier	Golar Kelvin	Golar Snow	Golar Ice	Golar Tundra	Golar Seal	Golar Crystal	Hilli	2019	2018
Assets									Total	Total
Restricted cash and short-term deposits (see note 12)	28	1,481	1,481	1,471	—	3,470	4,881	22,135	34,947	176,428

Liabilities
Debt:
Current portion of long-term debt and short-term debt ⁽¹⁾	127,166	147,025	127,695	100,799	10,764	—	6,625	442,931	963,005	646,513
Long-term interest bearing debt - non-current portion ⁽¹⁾	—	—	—	—	94,120	100,359	84,145	338,500	617,124	1,200,774
	127,166	147,025	127,695	100,799	104,884	100,359	90,770	781,431	1,580,129	1,847,287

The most significant impact of the lessor VIE's operations on our consolidated statements of income and consolidated statements of cash flows, for the years ended December 31, 2019, 2018 and 2017 are as follows:


(in thousands of $)	2019	2018	2017
Statement of income
Interest expense	69,373	61,502	37,383

Statement of cash flows
Net debt repayments	(410,737)	(299,776)	(60,549)
Net debt receipts	144,278	1,061,000	112,000

In 2018, we and affiliates of Keppel Shipyard Limited ("Keppel") and Black & Veatch Corporation ("B&V") (together, the "Sellers"), completed the sale ("Hilli Disposal") to Golar Partners of common units (the "Hilli Common Units") in our


(in thousands of $)			December 31, 2018
Net loss attributable to stockholders of Golar LNG Limited			(231,428)
Transfer to the non-controlling interests: increase in Golar LNG Limited’s paid-in capital for sale of 1096 Hilli Common Units in July 2018			304,468
Changes from net income attributable to stockholders of Golar LNG Limited and transfers to non-controlling interests			73,040

Concurrent with the closing of the Hilli Disposal, we entered into the Amended and Restated Limited Liability Company Agreement of Hilli LLC (the "LLC Agreement") on July 12, 2018. The ownership interests in Hilli LLC are represented by three classes of units: the Hilli Common Units, the Series A Special Units and the Series B Special Units. After the Hilli Disposal, the ownership structure of Hilli LLC is as follows:


	Percentage ownership interest
	Common Units		Series A Special Units		Series B Special Units
Golar LNG Limited	44.6	%	89.1	%	89.1	%
Golar Partners	50.0	%	—	%	—	%
Keppel	5.0	%	10.0	%	10.0	%
B&V	0.4	%	0.9	%	0.9	%

We are the managing member of Hilli LLC and are responsible for all operational, management and administrative decisions relating to Hilli LLC’s business. We have retained sole control over the most significant activities and the greatest exposure to variability in residual returns and expected losses from the Hilli and, as a result, management has concluded that Hilli LLC is a VIE and that we are the primary beneficiary. As such, we continue to consolidate both Hilli LLC and Hilli Corp.

All three classes of ownership interests in Hilli LLC have certain participating and protective rights. We reflect Keppel and B&V’s ownership in Hilli LLC’s Series A Special Units and Series B Special Units as non-controlling interests in our financial statements.

The LLC Agreement provides that within 60 days after the end of each quarter (commencing with the quarter ending September 30, 2018), we, in our capacity as the managing member of Hilli LLC, shall determine the amount of Hilli LLC’s available cash and appropriate reserves (including cash reserves for future maintenance capital expenditures, working capital and other matters), and Hilli LLC shall make a distribution to the unitholders of Hilli LLC (the "Hilli Unitholders") of the available cash, subject to such reserves. Hilli LLC shall make distributions to the Hilli Unitholders when, as and if declared by us; provided, however, that no distributions may be made on the Hilli Common Units on any distribution date unless Series A Distributions (defined below) and Series B Distributions (defined below) for the most recently ended quarter and any accumulated Series A Distributions and Series B Distributions in arrears for any past quarter have been or contemporaneously are being paid or provided for.

The Series A Special Units rank senior to the Hilli Common Units and on par with the Series B Special Units. Upon termination of the LTA, Hilli LLC has a right to redeem the Series A Special Units from legally available funds at a redemption price of $1 (per Series A Special Unit) plus any unpaid distributions. There are no conversion features on the Series A Special Units. "Series A Distributions" reflect all incremental cash receipts by Hilli Corp during such quarter when Brent Crude prices rise above $60 per barrel with contractually defined adjustments.

The Series B Special Units rank senior to the Hilli Common Units and on par with the Series A Special Units. There are no conversion or redemption features on the Series B Special Units. Incremental returns generated from future vessel expansion capacity (currently uncontracted and excluding the exercise of additional capacity under the existing LTA) include cash receipts and contractually defined adjustments. Of such vessel expansion capacity distributions ("Series B Distributions"):

Distributions attributable to Hilli Common Unitholders are not declared until any accumulated Series A Special Units and Series B Special Units distributions have been paid. As discussed above, Hilli Common Unitholders are entitled to receive a pro rata share of 5% of the vessel expansion capacity distributions.

Hilli LLC is an entity where the economic results are allocated based on the LLC Agreement rather than relative ownership percentages. This is due to the different classes of equity within the Hilli LLC entity, as discussed above (Hilli Common Units, Series A Special Units, Series B Special Units). As the LLC Agreement is a substantive contractual arrangement that specifies the allocation of cash proceeds, management has allocated the results of the Hilli LLC entity based on this.

The main assumption made in the above exercise was to make certain assumptions about the allocation of non-cash components. Specifically, the unrealized mark-to-market movement in the oil derivative instrument is allocated to the Series A Special Unit holders only as they are the only unit holders who benefit from the oil-linked revenues, and the cost of the Hilli asset is allocated between the Hilli Common Unit holders and the Series B Special Unit holders. This split follows the allocation of cash revenues associated with the capacity of the asset to the Hilli Common Unit holders and the Series B Special Unit holders.


(in thousands of $)	2019	2018
Statement of income
Liquefaction services revenue	218,096	127,625
Realized and unrealized (losses)/gains on the oil derivative instrument	(26,001)	16,767

Statement of cash flows
Net debt repayments	(243,513)	(30,300)
Net debt receipts	129,454	—

In April 2019, Gimi MS Corporation ("Gimi MS") entered into a Subscription Agreement with First FLNG Holdings Pte. Ltd. ("First FLNG Holdings"), an indirect wholly-owned subsidiary of Keppel Capital, in respect to First FLNG Holdings' participation in a 30% share of FLNG Gimi. Gimi MS will construct, own and operate FLNG Gimi and First FLNG Holdings

subscribed for 30% of the total issued ordinary share capital of Gimi MS for a subscription price equivalent to 30% of the project cost. Under the Subscription Agreement, Gimi MS may call for cash from the shareholders for any future funding requirements and shareholders are required to contribute to such cash calls up to a defined cash call contribution. As of December 31, 2019, the initial subscription and subsequent cash calls amounted to $105.3 million.

Concurrent with the closing of the sale of the common units, we have determined that (i) Gimi MS is a VIE, (ii) we are the primary beneficiary and retain sole control over the most significant activities and the greatest exposure to variability in residual returns and expected losses from the Gimi. Thus Gimi MS continues to be consolidated into our financial statements.