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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment information |
6. | SEGMENT INFORMATION
We provide three distinct services and operate in the following three reportable segments: “FLNG”, “Corporate and other” and “Shipping” and our key performance indicator is Adjusted EBITDA. A reconciliation of net (loss)/income to Adjusted EBITDA for the years ended December 31, 2023, 2022 and 2021 is as follows:
(in thousands of $) | 2023 | 2022 | 2021
Net (loss)/income | (2,850) |  | 939,057 |  | 560,615 |
Income tax (expense)/ benefit | 1,870 |  | (438) |  | 1,440 |
(Loss)/income before income taxes | (980) |  | 938,619 |  | 562,055 |
Depreciation and amortization | 50,294 |  | 51,712 |  | 55,362 |
Impairment of long-lived assets (note 19) | 5,021 |  | 76,155 |  | — |
Unrealized loss/(gain) on oil and gas derivative instruments, net (note 8) | 284,658 |  | (288,977) |  | (179,891) |
Realized and unrealized mark-to-market losses/(gains) on our investment in listed equity securities (note 9) | 62,308 |  | (400,966) |  | 295,777 |
Other non-operating (income)/loss (note 9) | (9,823) |  | (11,916) |  | 66,027 |
Interest income | (46,061) |  | (12,225) |  | (128) |
Interest expense, net | — |  | 19,286 |  | 34,486 |
Losses/(gains) on derivative instruments, net (note 10) | 7,227 |  | (71,497) |  | (24,348) |
Other financial items, net (note 10) | 900 |  | 5,380 |  | (693) |
Net loss/(income) from equity method investments (note 17) | 2,520 |  | (19,041) |  | (1,080) |
Net (income)/loss from discontinued operations (note 14) | (293) |  | 76,450 |  | (625,389) |
Adjusted EBITDA | 355,771 |  | 362,980 |  | 182,178 |
Our three distinct reportable segments are as follows: •FLNG – This segment includes our operations of FLNG vessels or projects. We convert LNG carriers into FLNG vessels or build new FLNG vessels and subsequently contract them to third parties. We currently have one operational FLNG, the FLNG Hilli, and one FLNG moored at the GTA field offshore Mauritania and Senegal, the FLNG Gimi (note 18). •Corporate and other – This segment includes our vessel management, floating storage and regasification unit (“FSRU”) services for third parties, administrative services to affiliates and third parties, our corporate overhead costs and other strategic investments. •Shipping – This segment includes our operations of the transportation of LNG carriers. We currently have one operational LNG carrier, the Golar Arctic (note 13).
| Year Ended December 31, 2023
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 245,418 |  | 35,086 |  | 17,925 |  | 298,429 |
Vessel operating expenses | (65,748) |  | (19,248) |  | (6,153) |  | (91,149) |
Voyage, charterhire and commission expenses, net | (583) |  | (19) |  | (1,581) |  | (2,183) |
Administrative expenses | (417) |  | (33,031) |  | (14) |  | (33,462) |
Project development expenses | (4,151) |  | (34,909) |  | (70) |  | (39,130) |
Realized gain on oil and gas derivative instruments (note 8) | 199,907 |  | — |  | — |  | 199,907 |
Other operating income (notes 7, 8 and 19) | 15,542 |  | 7,817 |  | — |  | 23,359 |
Adjusted EBITDA | 389,968 |  | (44,304) |  | 10,107 |  | 355,771 |
Net (losses)/income from equity method investments (note 17) | — |  | (4,834) |  | 2,314 |  | (2,520) |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
Balance Sheet: | December 31, 2023
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total |  |
Total assets | 3,160,457 |  | 866,088 |  | 57,442 |  | 4,083,987 |  |  |
Equity method investments (note 17) | — |  | 53,982 |  | — |  | 53,982 |  |  |
Capital expenditures (notes 18, 19 and 20) | 568,485 |  | 4,406 |  | 8,492 |  | 581,383 |  |  |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
| Year Ended December 31, 2022
(in thousands of $) | FLNG | Corporate and other (2) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues (1) | 214,825 |  | 43,230 |  | 9,685 |  | 267,740 |
Vessel operating expenses | (58,583) |  | (6,578) |  | (7,641) |  | (72,802) |
Voyage, charterhire and commission expenses/(income) | (600) |  | (34) |  | (1,810) |  | (2,444) |
Administrative expenses | 22 |  | (38,224) |  | 102 |  | (38,100) |
Project development income/(expenses) | (5,335) |  | (2,637) |  | (45) |  | (8,017) |
Realized gain on oil and gas derivative instruments (note 8) | 232,020 |  | - | - | 232,020 |
Other operating losses | (15,417) |  | - | - | (15,417) |
Adjusted EBITDA | 366,932 |  | (4,243) |  | 291 |  | 362,980 |
Net (losses)/income from equity method investments (note 17) | — |  | (5,193) |  | 24,234 |  | 19,041 |
(1) Total operating revenues under the FLNG segment includes $0.9 million revenue from a FLNG study (note 7). (2) 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 (1) | Shipping | Segment assets from continuing operations | Assets held for sale | Total
Total assets | 2,815,552 |  | 1,410,587 |  | 52,700 |  | 4,278,839 |  | 721 |  | 4,279,560 |
Equity method investments (note 17) | — |  | 48,669 |  | 55,439 |  | 104,108 |  | — |  | 104,108 |
Capital expenditures (note 18) | 301,292 |  | — |  | 2,901 |  | 304,193 |  | — |  | 304,193 |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
| Year Ended December 31, 2021
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 221,020 |  | 27,777 |  | 11,476 |  | 260,273 |
Vessel operating expenses | (51,195) |  | (12,119) |  | (1,052) |  | (64,366) |
Voyage, charterhire and commission expenses | (600) |  | 166 |  | (235) |  | (669) |
Administrative expenses (2) | (241) |  | (34,913) |  | (157) |  | (35,311) |
Project development expenses | (3,171) |  | 507 |  | 143 |  | (2,521) |
Realized gain on oil and gas derivative instruments (note 8) | 24,772 |  | — |  | — |  | 24,772 |
Adjusted EBITDA | 190,585 |  | (18,582) |  | 10,175 |  | 182,178 |
Net income from equity method investments (note 17) | — |  | 1,080 |  | — |  | 1,080 |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments. (2) Included within the “Corporate and other” “administrative expenses” is $0.5 million of redundancy costs from an overhead streamlining exercise following the completion of the sale of our investments in Golar Partners and Hygo to NFE, (the “GMLP Merger” and “Hygo Merger”, respectively) (note 14). Revenues from external customers For the years ended December 31, 2023, 2022 and 2021, revenues from the following customer accounted for over 10% of our total operating revenues:
(in thousands of $) | 2023 | 2022 | 2021
Perenco and SNH (1) | 245,418 |  | 82 | % | 213,970 |  | 80 | % | 221,020 |  | 85 | %
(1) LTA with Perenco Cameroon S.A. (“Perenco”) and Société Nationale des Hydrocarbures (“SNH”), (together, the “Customer”) in relation to the FLNG Hilli (note 7). The revenue from external customers above excludes vessel and other management fees from related parties (note 28). Geographic data The following geographical data presents our revenues and total assets associated with the FLNG Hilli, while operating under the LTA in Cameroon. Our CODM do not evaluate our performance according to geographical region. Cameroon
| Year Ended December 31,
(in thousands of $) | 2023 | 2022 | 2021
Liquefaction services revenue | 245,418 |  | 213,970 |  | 221,020 |
| December 31,
(in thousands of $) | 2023 | 2022 | 2021
Total assets | 1,256,193 |  | 1,559,158 |  | 1,408,444 |
Following disposal of most of our LNG carriers, we have limited revenue from time and voyage charters. As of December 31, 2023, our fleet includes a single LNG carrier, Golar Arctic. The charterer controls the routes of LNG carriers, which are generally worldwide.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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