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BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Schedule of price risk derivatives | The realized and unrealized (loss)/ gain on the oil derivative instrument is as follows:
(in thousands of $) | Year Ended December 31,
| 2020 | 2019 | 2018
Realized gain on oil derivative instrument | 2,539 |  | 13,089 |  | 26,737 |
Unrealized loss on oil derivative instrument | (45,100) |  | (39,090) |  | (9,970) |
| (42,561) |  | (26,001) |  | 16,767 |
Schedule of useful lives applied in depreciation | Useful lives applied in depreciation are as follows:
Vessels (excluding converted FSRU and FLNG) | 40 years
Vessels - converted FSRU | 20 years from conversion date
Vessels - FLNG | 30 years from conversion date
Drydocking expenditure | 5 years
Deferred drydocking expenditure - FLNG | 20 years
Mooring equipment - FLNG | 8 years
Office equipment and fittings | 3 to 6 years
| Year Ended December 31, 2020
(in thousands of $) | Vessels and equipment | Mooring equipment | Drydocking expenditure | Office equipment | Total
Cost |  |  |  |  |
As of January 1 | 3,429,317 |  | 45,771 |  | 140,738 |  | 8,398 |  | 3,624,224 |
Additions | 3,282 |  | — |  | 3,713 |  | 161 |  | 7,156 |
Transfer to asset under development (1) | (127,620) |  | — |  | — |  | — |  | (127,620) |
Write-offs (2) | (6,125) |  | — |  | (6,500) |  | (393) |  | (13,018) |
As of December 31 | 3,298,854 |  | 45,771 |  | 137,951 |  | 8,166 |  | 3,490,742 |
Depreciation, amortization and impairment |  |  |  |  |
As of January 1 | (434,396) |  | (9,106) |  | (16,434) |  | (3,739) |  | (463,675) |
Charge for the year (3) | (87,383) |  | (5,714) |  | (13,080) |  | (1,283) |  | (107,460) |
Transfer to asset under development (1) | 50,448 |  | — |  | — |  |  | 50,448 |
Write-offs (2) | 6,125 |  | — |  | 6,500 |  | 393 |  | 13,018 |
As of December 31 | (465,206) |  | (14,820) |  | (23,014) |  | (4,629) |  | (507,669) |
Net book value as at December 31, 2020 | 2,833,648 |  | 30,951 |  | 114,937 |  | 3,537 |  | 2,983,073 |
| Year Ended December 31, 2019
(in thousands of $) | Vessels and equipment | Mooring equipment | Drydocking expenditure | Office equipment | Total
Cost |  |  |  |  |
As of January 1 | 3,447,464 |  | 45,771 |  | 133,316 |  | 11,497 |  | 3,638,048 |
Additions | 6,268 |  | — |  | 29,557 |  | 159 |  | 35,984 |
Write-offs (2) | (24,415) |  | — |  | (22,135) |  | (3,258) |  | (49,808) |
As of December 31 | 3,429,317 |  | 45,771 |  | 140,738 |  | 8,398 |  | 3,624,224 |
Depreciation, amortization and impairment |  |  |  |  |
As of January 1 | (331,477) |  | (3,392) |  | (26,039) |  | (5,761) |  | (366,669) |
Charge for the year (3) | (93,084) |  | (5,714) |  | (12,530) |  | (1,236) |  | (112,564) |
Impairment (4) | (34,250) |  | — |  | — |  | — |  | (34,250) |
Write-offs (2) | 24,415 |  | — |  | 22,135 |  | 3,258 |  | 49,808 |
As of December 31 | (434,396) |  | (9,106) |  | (16,434) |  | (3,739) |  | (463,675) |
Net book value as at December 31, 2019 | 2,994,921 |  | 36,665 |  | 124,304 |  | 4,659 |  | 3,160,549 |
(1) Upon LNG Croatia's entry to the shipyard in January 2020 for her conversion to a FSRU, we have reclassified the carrying value of the vessel and its associated accumulated depreciation to “Asset under development” (note 15) (2) Write-offs relates to fully depreciated and amortized assets. (3) Depreciation and amortization charge for the years ended December 31, 2020 and 2019, excludes $0.5 million and, $0.5 million respectively, of amortization charged to non-current assets in relation to the Cameroon License fee. (4) In March 2019, we entered into a number of contracts relating to the conversion and subsequent disposal of the LNG Croatia (note 15), which triggered an impairment assessment as it was considered probable to be disposed of significantly before the end of its useful economic life. This resulted in an impairment charge of $34.3 million.

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