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Related Party Transactions (Tables) | 6 Months Ended
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Jun. 30, 2020
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions | Net revenues: The transactions with Golar Partners and its subsidiaries for the six months ended June 30, 2020 and 2019 consisted of the following:
| Six months ended June 30, |
(in thousands of $) | 2020 | 2019
Management and administrative services revenue (a) | 3,947 |  | 4,747 |
Ship management fees revenue (b) | 2,632 |  | 2,230 |
Interest income on short-term loan (c) | 285 |  | — |
Total | 6,864 |  | 6,977 |
Receivables/(payables): The balances with Golar Partners and its subsidiaries as of June 30, 2020 and December 31, 2019 consisted of the following:
(in thousands of $) | June 30, 2020 | December 31, 2019
Balances due from/(to) Golar Partners and its subsidiaries (c) | 5,801 |  | (2,708) |
Methane Princess lease security deposit (d) | (1,934) |  | (2,253) |
Total | 3,867 |  | (4,961) |
a)Management and administrative services revenue - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management Limited ("Golar Management"), a wholly-owned subsidiary of Golar, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management’s costs and expenses incurred in connection with providing these services. Where external service providers costs are incurred by us on behalf of Golar Partners, these are recharged at cost. Golar Partners may terminate the agreement by providing 120 days written notice. b)Ship management fees - Golar and certain of its affiliates charge ship management fees to Golar Partners for the provision of technical and commercial management of Golar Partners' vessels. Each of Golar Partners’ vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by Golar Management. Golar Partners may terminate these agreements by providing 30 days written notice. c)Balances due from/(to) Golar Partners and its subsidiaries/Interest income on short-term loan - Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees, interest expense and expenses for management, advisory and administrative services and may include working capital adjustments with respect to disposals to the Partnership, as well as charterhire expenses. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Partners, including ship management and administrative service fees due to us. In May 2020, we provided a revolving credit facility of $25.0 million, of which $15.0 million was drawn down and repaid in June 2020. The facility was unsecured and bears interest at a rate of LIBOR plus a margin of 5.0%. In February 2020, we loaned $25.0 million with interest of LIBOR plus 5.0%, of which $20.0 million and $5.0 million was repaid in March 2020 and April 2020, respectively. During the six months ended June 30, 2020, we received interest of $0.3 million. d)Methane Princess Lease security deposit - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to the Methane Princess Lease. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement. Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess Lease. Net revenues: The transactions with Golar Power and its affiliates for the six months ended June 30, 2020 and 2019 consisted of the following:
| Six months ended June 30, |
(in thousands of $) | 2020 | 2019
Management and administrative services revenue | 2,667 |  | 3,011 |
Ship management fees income | 831 |  | 606 |
Debt guarantee compensation (a) | 605 |  | 633 |
Total | 4,103 |  | 4,250 |
Payables: The balances with Golar Power and its affiliates as of June 30, 2020 and December 31, 2019 consisted of the following:
(in thousands of $) | June 30, 2020 | December 31, 2019
Trading balances due to Golar Power and affiliates (b) | (7,117) |  | (6,829) |
Total | (7,117) |  | (6,829) |
a)Debt guarantee compensation - In connection with the closing of the formation of the joint venture Golar Power with Stonepeak, Golar Power entered into agreements to compensate Golar in relation to certain debt guarantees relating to Golar Power and its subsidiaries. This compensation amounted to an aggregate of $0.6 million for each of the six months ended June 30, 2020 and 2019. b)Trading balances - Receivables and payables with Golar Power and its subsidiaries are comprised primarily of unpaid management fees, charterhire expenses, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances owing to or due from Golar Power and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Power, including ship management and administrative service fees due to us. Receivables: The balances with OneLNG and its subsidiaries as of June 30, 2020 and December 31, 2019 consisted of the following:
(in thousands of $) | June 30, 2020 | December 31, 2019
Balances due from OneLNG (a) | 707 |  | 707 |
Total | 707 |  | 707 |
a)Balances due from OneLNG - Receivables with One LNG and its subsidiaries comprise primarily of unpaid management fees, charterhire expenses, advisory, administrative services and payment on behalf of a related party. Balances due from OneLNG are unsecured and interest free. Net (expenses)/revenue: The transactions with other related parties for the six months ended June 30, 2020 and 2019 consisted of the following:
| Six months ended June 30, |
(in thousands of $) | 2020 | 2019
The Cool Pool (a) | — |  | 39,666 |
Magni Partners (b) | (565) |  | (17) |
Borr Drilling (c) | 135 |  | — |
2020 Bulkers (d) | (32) |  | — |
Total | (462) |  | 39,649 |
Receivables: The balances with other related parties as of June 30, 2020 and December 31, 2019 consisted of the following:
(in thousands of $) | June 30, 2020 | December 31, 2019
Magni Partners (b) | 81 |  | 88 |
Borr Drilling (c) | 686 |  | 542 |
2020 Bulkers (d) | 207 |  | 265 |
Total | 974 |  | 895 |
a) The Cool Pool - On July 8, 2019 GasLog's vessel charter contracts had concluded and withdrew their participation from the Cool Pool. Following Gaslog's departure, we assumed sole responsibility for the management of the Cool Pool and consolidate the Cool Pool. From point of consolidation, the Cool Pool ceased to be a related party. The table below summarizes our net earnings (impacting each line item in our consolidated statement of operations) generated from our participation in the Cool Pool:
| Six months ended June 30, |
(in thousands of $) | 2020 | 2019
Time and voyage charter revenues | — |  | 43,332 |
Time charter revenues - collaborative arrangement | — |  | 23,359 |
Voyage, charterhire and commission expenses | — |  | (8,092) |
Voyage, charterhire and commission expenses - collaborative arrangement | — |  | (18,933) |
Net income from the Cool Pool | — |  | 39,666 |
b) Magni Partners - Tor Olav Trøim is the founder of, and partner in, Magni Partners (Bermuda) Limited ("Magni Partners"), a privately held Bermuda company, and is the ultimate beneficial owner of the company. Receivables and payables from Magni Partners comprise primarily of the cost (without mark-up) or part cost of personnel employed by Magni Partners who have provided advisory and management services to Golar. These costs do not include any payment for any services provided by Tor Olav Trøim himself. c) Borr Drilling - Tor Olav Trøim is the founder, and director of Borr Drilling, a Bermuda company listed on the Oslo and Nasdaq stock exchanges. Receivables comprise primarily of management and administrative services provided by our Bermuda corporate office. d) 2020 Bulkers - 2020 Bulkers is a related party by virtue of common directorships. Receivables comprise primarily of management and administrative services provided by our Bermuda corporate office.

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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