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Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Reconciliation of net profit / (loss) to adjusted EBITDA

A reconciliation of net income to Adjusted EBITDA for the nine months ended September 30, 2023 and 2022 is as follows:

(in thousands of $)			2023			2022
Net income			28,221			871,987
Income taxes			1,538			282
Income before income taxes			29,759			872,269
Depreciation and amortization			37,500			39,280
Impairment of long-lived assets (1)			5,021			76,155
Unrealized loss/(gain) on oil and gas derivative instruments (note 7)			157,749			(361,972)
Realized and unrealized mark-to-market losses/(gains) on investment in listed equity securities (note 8)			62,308			(346,497)
Other non-operating income, net (note 8)			(9,823)			(11,267)
Interest income			(34,827)			(4,013)
Interest expense			1,107			15,589
Gains on derivative instruments, net (note 9)			(9,315)			(73,330)
Other financial items, net (note 9)			1,057			3,243
Net losses/(income) from equity method investments (note 16)			1,279			(12,996)
Net (income)/loss from discontinued operations (note 11)			(293)			79,111
Adjusted EBITDA			241,522			275,572

(1) In May 2023, we entered into an agreement for the sale and recycling of the Gandria (“Gandria SPA”) with Last Voyage, DMCC (the “Buyer”) for net consideration of $15.2 million, of which $2.3 million was received in advance in May 2023 (note 19). The Buyer agreed to purchase the Gandria (including vessel and onboard equipment) for demolition and recycling which will take place at a ship recycling facility in India. In late May 2023, the held for sale presentation criteria was met, and we reclassified the Gandria, previously reported in our FLNG segment as held-for-sale and remeasured the vessel and onboard equipment to the lower of her carrying value and fair value less estimated costs to sell, recognizing an impairment charge of $5.0 million.

In May 2022, entry into a sale and purchase agreement (the “Arctic SPA”) with SNAM RETE Gas S.p.A (part of “Snam”) changed the expected recovery of Golar Arctic’s carrying amount from continued use in operations over her remaining useful life, to recovery from sale, and was considered an indicator of impairment. The revised future estimated cash flows were less than her carrying amount on June 30, 2022 and an impairment charge of $76.2 million was recognized, reflecting an adjustment to her fair value (based on average broker valuations at date of measurement and represents the exit price in the principal LNG carrier sales market).

Segment reporting Information

			Nine months ended September 30, 2023
(in thousands of $)			FLNG			Corporate and other (1)			Shipping			Total results from continuing operations
Statement of Operations:
Total operating revenues			172,985			29,576			16,189			218,750
Vessel operating expenses			(49,238)			(14,483)			(4,148)			(67,869)
Voyage, charterhire and commission expenses			(450)			(19)			(681)			(1,150)
Administrative expenses			(446)			(26,000)			(13)			(26,459)
Project development (expenses)/income			(3,193)			(35,289)			29			(38,453)
Realized gain on oil and gas derivative instruments, net (note 7)			146,387			—			—			146,387
Other operating income			2,499			7,817			—			10,316
Adjusted EBITDA			268,544			(38,398)			11,376			241,522
Net (losses)/income from equity method investments (note 16)			—			(3,593)			2,314			(1,279)

(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.

Balance Sheet:			September 30, 2023
(in thousands of $)			FLNG			Corporate and other			Shipping			Segment assets from continuing operations			Assets held for sale			Total assets
Total assets			3,050,146			919,294			49,426			4,018,866			14,979			4,033,845
Equity method investments (note 16)			—			45,340			—			45,340			—			45,340

			Nine months ended September 30, 2022
(in thousands of $)			FLNG			Corporate and other (1)			Shipping			Total results from continuing operations
Statement of Operations:
Total operating revenues			178,314			26,070			4,216			208,600
Vessel operating expenses			(43,380)			(4,861)			(5,676)			(53,917)
Voyage, charterhire and commission expenses			(450)			(25)			(1,699)			(2,174)
Administrative (expenses)/income			(22)			(30,644)			65			(30,601)
Project development (expenses)/income			(2,917)			1,586			—			(1,331)
Realized gain on oil and gas derivative instruments, net (note 7)			154,696			—			—			154,696
Other operating income			299			—			—			299
Adjusted EBITDA			286,540			(7,874)			(3,094)			275,572
Net income from equity method investments (note 16)			—			12,996			—			12,996

(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.

Balance Sheet:			December 31, 2022
(in thousands of $)			FLNG			Corporate and other			Shipping			Segment assets from continuing operations			Assets held for sale			Total assets
Total assets			2,815,552			1,410,587			52,700			4,278,839			721			4,279,560
Equity method investments (note 16)			—			48,669			55,439			104,108			—			104,108

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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