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RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Transactions with existing related parties
Net revenues/(expenses): The transactions with other related parties for the years ended December 31, 2021, 2020 and 2019 consisted of the following:
(in thousands of $)202120202019
ECGS (1)
1,482 — — 
Avenir LNG (2)
468 980 — 
Borr Drilling (3)
348 384 542 
2020 Bulkers (4)
111 45 265 
Magni Partners (5)
(189)(606)(858)
The Cool Pool (6)
— — 39,666 
Total2,220 803 39,615 

Receivables: The balances with other related parties as of December 31, 2021 and 2020 consisted of the following:
(in thousands of $)20212020
Avenir LNG (2)
3,225 980 
Borr Drilling (3)
149 936 
Magni Partners (5)
81 81 
2020 Bulkers (4)
29 51 
Total3,484 2,048 

(1) We chartered Golar Ice to ECGS during the year ended December 31, 2021.

(2) Avenir LNG entered into agreements to compensate Golar in relation to the provision of certain debt guarantees relating to Avenir LNG and its subsidiaries. This compensation amounted to an aggregate of $0.5 million, $1.0 million and $nil for the years ended December 31, 2021, 2020 and 2019, respectively. In October 2021, we provided a one year revolving shareholder loan of $5.3 million to Avenir, of which $1.8 million was drawn as of December 31, 2021. The facility bears a fixed interest rate of 5% per annum. As of December 31, 2021, we have an interest receivable and commitment fee receivable on the undrawn portion of the loan of $15.3 thousand and $12.3 thousand, respectively.

(3) 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.

(4) 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.

(5) Magni Partners - Tor Olav Trøim is the founder of, and partner in, Magni Partners (Bermuda) Limited, 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.
(6) 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 the point of consolidation, the Cool Pool ceased to be a related party.
Summary of net earnings
The table below summarizes our net earnings (impacting each line item in our consolidated statement of operation) generated from our participation in the Cool Pool:

(in thousands of $)2019
Time and voyage charter revenues43,332 
Time charter revenues - collaborative arrangement23,359 
Voyage, charterhire expenses and commission expenses(8,092)
Voyage, charterhire and commission expenses - collaborative arrangement(18,933)
Net income from the Cool Pool39,666 
Schedule of related party transactions
Net revenues: The transactions with Golar Partners and its subsidiaries for the period from January 1, 2021 to April 15, 2021 and for the years ended December 31, 2020 and 2019 consisted of the following:
(in thousands of $)Period ended April 15, 2021
Year Ended December 31, 2020
Year Ended December 31, 2019
Management and administrative services revenue (1)
1,717 7,941 9,645 
Ship management fees revenue (2)
2,251 5,263 4,460 
Interest income on short-term loan (3)
18 317 109 
Total3,986 13,521 14,214 

Receivables (payables): The balances with Golar Partners and subsidiaries as of December 31, 2021 and 2020 consisted of the following:
(in thousands of $)20212020
Balances due to Golar Partners and its subsidiaries (3)
— (1,133)
Methane Princess lease security deposit movements (4)
— 349 
Total— (784)

(1) 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. Golar Partners may terminate the agreement by providing 120 days written notice.

(2) 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.

(3) Interest income on short-term loan, balances due(to)/from Golar Partners and its subsidiaries - Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees and expenses for management, advisory and administrative services, dividends in respect of the Hilli Common Units and other related party arrangements including the short term loan and Hilli disposal. 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. 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.
During the year ended December 31, 2020, we loaned a total of $45.0 million with interest of LIBOR plus a margin of 5.0% to Golar Partners. The loan was fully repaid, including interest of $0.3 million during the year ended December 31, 2020.

In November 2019, we loaned $15.0 million to Golar Partners, with interest of LIBOR plus 5.0%. The loan was fully repaid, including interest of $0.1 million, in December 2019.

(4) Methane Princess lease security deposit movements - 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 a lease for the Methane Princess. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the predecessor Omnibus Agreement which terminated on April 15, 2021.

Under the predecessor omnibus agreement, we provided a $11.4 million tax indemnification guarantee to Golar Partners in connection with the Methane Princess finance lease which was voluntarily terminated contemporaneously with closing of the GMLP Merger (note 29) where we paid $8.6 million and $0.8 million to the lessor and Golar Partners respectively, and released the remaining liability to the income statement (note 14).
The transactions with Hygo and its subsidiaries for the period from January 1, 2021 to April 15, 2021 and for the years ended December 31, 2020 and 2019 consisted of the following:
(in thousands of $)Period ended April 15, 2021Year Ended December 31, 2020Year Ended December 31, 2019
Management and administrative services revenue2,051 5,281 5,904 
Ship management fees income904 1,780 1,210 
Debt guarantee compensation (1)
676 3,826 693 
Other (2)
— — (2)
Total3,631 10,887 7,805 
Payables: The balances with Hygo and its subsidiaries as of December 31, 2021 and 2020 consisted of the following:
(in thousands of $)20212020
Balances due to Hygo and subsidiaries (2)
— (11,222)

(1) Debt guarantee compensation - In connection with the closing of the Hygo and Stonepeak transaction, Hygo entered into agreements to compensate Golar in relation to certain debt guarantees (as further described under the subheading “Guarantees and other”) relating to Hygo and subsidiaries. The compensation amounted to $0.7 million, $3.8 million and $0.7 million income for the period from January 1, 2021 to April 15, 2021 and for the years ended December 31, 2020 and 2019, respectively.

(2) Balances due to Hygo and subsidiaries - Receivables and payables with Hygo and its subsidiaries are comprised primarily of unpaid management fees, 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. Balances owing to or due from Hygo and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. In December 2019, we loaned $7.0 million to Hygo, with interest of LIBOR plus 5.0%. The loan was fully repaid, including interest, in December 2019.
Receivables: The balances with OneLNG and its subsidiaries as of December 31, 2021 and 2020 consisted of the following:
(in thousands of $)20212020
Balances due from OneLNG (1)
— 64 

(1) Balances due from OneLNG - Receivables with One LNG and its subsidiaries comprise primarily of unpaid advisory, administrative services and payment on behalf of a related party. Balances due from OneLNG are unsecured and interest free.