XML 56 R50.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Related Party Transactions (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions | Net revenues: The transactions as a result of the CoolCo Disposal for the six months ended June 30, 2022 consisted of the following:
| Six months ended June 30,
(in thousands of $) | 2022
Management and administrative services revenue (1) | 1,160 |
Ship management fees revenue (2) | 1,249 |
Debt guarantee compensation (3) | 279 |
Commitment fee (4) | 54 |
Total | 2,742 |
(1) Management and administrative services revenue – Golar Management Limited (“Golar Management”), a wholly-owned subsidiary of Golar, and Golar Management (Bermuda) Ltd, entered into the CoolCo TSA pursuant to which we provided corporate administrative services to CoolCo. On June 30, 2022, upon completion of the CoolCo Disposal, the CoolCo TSA was replaced by the CoolCo ASA. (2) Ship management fees – We provided commercial and technical management to the LNG carriers that had been disposed under existing management agreements, however the CoolCo TSA revised the annual management fee payable to us per vessel. On June 30, 2022, upon completion of the CoolCo Disposal, the ship management agreements terminated. (3) Debt guarantee compensation – We agreed to remain as the guarantor of the payment obligations of two of the disposed subsidiaries' debt relating to two LNG carriers, Golar Ice and Golar Kelvi n, in exchange for a guarantee fee of 0.5% on the outstanding principal balances, which as of June 30, 2022 is $226.9 million. The compensation amounted to $0.3 million for the six months ended June 30, 2022. (4) Commitment fee – We advanced a two year revolving credit facility of $25.0 million to CoolCo, which remains undrawn as of June 30, 2022. The facility bears a fixed interest rate and commitment fee on the undrawn loan of 5% and 0.5% per annum, respectively. The commitment fee amounted to $0.1 million for the six months ended June 30, 2022. Receivables: The balances with CoolCo and its subsidiaries as of June 30, 2022 consisted of the following:
(in thousands of $) | June 30, 2022
Balance due from CoolCo and subsidiaries (5) | 3,221 |
(5) Balances due from CoolCo and its subsidiaries - Amounts due to/from CoolCo and its subsidiaries are comprised primarily of unpaid management servic es, amounts arising from the results of CoolCo's vessels participating in the Cool Pool, short term loan and other related arrangements. Payables and receivables are generally settled quarterly in arrears. Balances owing to or due from CoolCo and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. Net (expenses)/revenue: The transactions with other related parties for the six months ended June 30, 2022 and 2021 consisted of the following:
| Six months ended June 30,
(in thousands of $) | 2022 | 2021
Avenir LNG (1) | 148 |  | 234 |
Magni Partners (2) | (9) |  | (172) |
ECGS (3) | — |  | 1,482 |
Borr Drilling (4) | — |  | 167 |
2020 Bulkers (5) | — |  | 53 |
Total | 139 |  | 1,764 |
Receivables: The balances with other related parties as of June 30, 2022 and December 31, 2021 consisted of the following:
(in thousands of $) | June 30, 2022 | December 31, 2021
Avenir LNG (1) | 3,374 |  | 3,225 |
Magni Partners (2) | 81 |  | 81 |
Borr Drilling | — |  | 149 |
2020 Bulkers | — |  | 29 |
Total | 3,455 |  | 3,484 |
(1) Avenir LNG Limited (“Avenir”) entered into agreements to compensate Golar in relation to the provision of certain debt guarantees relating to Avenir and its subsidiaries. This compensation amounted to $0.1 million and $0.2 million for the six months ended June 30, 2022 and 2021, respectively. In October 2021, we advanced a one year revolving shareholder loan of $5.3 million to Avenir, of which $1.8 million was drawn as of June 30, 2022. The facility bears a fixed interest rate of 5% per annum. Interest and commitment fee receivable on the undrawn portion of the loan amounted to $44.0 thousand and $35.0 thousand for the six months ended June 30, 2022, respectively. (2) 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. (3) We chartered the Golar Ice to Eqyptian Company for Gas Services S.A.E. (“ECGS”) during the six months ended June 30, 2021. There was no comparable transaction in the same period in 2022. (4) Borr Drilling - Tor Olav Trøim is the founder, and director of Borr Drilling Limited (“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. Effective from January 2022, Borr Drilling ceased to be a related party. (5) 2020 Bulkers - Receivables comprise primarily of management and administrative services provided by our Bermuda corporate office. Effective from January 2022, 2020 Bulkers Ltd. (“2020 Bulkers”) ceased to be a related party. Net revenues: The transactions with Golar Partners and its subsidiaries for the period January 1, 2021 to April 15, 2021 consisted of the following:
| Period January 1, 2021 to April 15, 2021
(in thousands of $) | 2021
Management and administrative services revenue | 1,717 |
Ship management fees revenue | 2,251 |
Interest income on short-term loan | 18 |
Total | 3,986 |
Net revenues: The transactions with Hygo and its affiliates for the period January 1, 2021 to April 15, 2021 consisted of the following:
| Period January 1, 2021 to April 15, 2021
(in thousands of $) | 2021
Management and administrative services revenue | 2,051 |
Ship management fees income | 904 |
Debt guarantee compensation | 676 |
Total | 3,631 |

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration