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BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
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,
202020192018
Realized gain on oil derivative instrument2,539 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 expenditure5 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 equipmentMooring equipmentDrydocking expenditureOffice equipmentTotal
Cost
As of January 13,429,317 45,771 140,738 8,398 3,624,224 
Additions3,282 — 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 313,298,854 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, 20202,833,648 30,951 114,937 3,537 2,983,073 
Year Ended December 31, 2019
(in thousands of $)

Vessels and equipmentMooring equipmentDrydocking expenditureOffice equipmentTotal
Cost
As of January 13,447,464 45,771 133,316 11,497 3,638,048 
Additions6,268 — 29,557 159 35,984 
Write-offs (2)
(24,415)— (22,135)(3,258)(49,808)
As of December 313,429,317 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, 20192,994,921 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.