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VESSELS AND EQUIPMENT, NET | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Vessels and equipment, net |
19. | VESSELS AND EQUIPMENT, NET
(in thousands of $) | Vessels and equipment | Mooring equipment | Deferred Drydocking expenditure | Office equipment and fittings | Total
Cost |  |  |  |  |
As of January 1, 2023 | 1,374,607 |  | 45,771 |  | 109,094 |  | 7,341 |  | 1,536,813 |
Additions | — |  | — |  | 8,492 |  | 1,934 |  | 10,426 |
Disposals (1) | (44,044) |  | — |  | — |  | — |  | (44,044) |
Write-offs (2) | — |  | — |  | (9,094) |  | (3,382) |  | (12,476) |
As of December 31, 2023 | 1,330,563 |  | 45,771 |  | 108,492 |  | 5,893 |  | 1,490,719 |
Depreciation, amortization and impairment |  |  |  |  |
As of January 1, 2023 | (336,055) |  | (25,906) |  | (32,011) |  | (5,788) |  | (399,760) |
Charge for the year (3) | (38,166) |  | (5,544) |  | (5,264) |  | (828) |  | (49,802) |
Disposals (1) | 29,065 |  | — |  | — |  | — |  | 29,065 |
Write-offs (2) | — |  | — |  | 9,094 |  | 3,382 |  | 12,476 |
Impairment (1) | (5,021) |  | — |  | — |  | — |  | (5,021) |
As of December 31, 2023 | (350,177) |  | (31,450) |  | (28,181) |  | (3,234) |  | (413,042) |
Net book value as of December 31, 2023 | 980,386 |  | 14,321 |  | 80,311 |  | 2,659 |  | 1,077,677 |
(in thousands of $) | Vessels and equipment | Mooring equipment | Deferred Drydocking expenditure | Office equipment and fittings | Total
Cost |  |  |  |  |
As of January 1, 2022 | 1,374,607 |  | 45,771 |  | 109,094 |  | 7,264 |  | 1,536,736 |
Additions | — |  | — |  | — |  | 77 |  | 77 |
As of December 31, 2022 | 1,374,607 |  | 45,771 |  | 109,094 |  | 7,341 |  | 1,536,813 |
Depreciation, amortization and impairment |  |  |  |  |
As of January 1, 2022 | (223,999) |  | (20,363) |  | (22,767) |  | (5,188) |  | (272,317) |
Charge for the year (3) | (39,449) |  | (5,543) |  | (5,696) |  | (600) |  | (51,288) |
Impairment (4) | (72,607) |  | — |  | (3,548) |  | — |  | (76,155) |
As of December 31, 2022 | (336,055) |  | (25,906) |  | (32,011) |  | (5,788) |  | (399,760) |
Net book value as of December 31, 2022 | 1,038,552 |  | 19,865 |  | 77,083 |  | 1,553 |  | 1,137,053 |
(1) In May 2023, we entered into an agreement for the sale and recycling of the Gandria (“Gandria SPA”) with Last Voyage, DMCC, for net consideration of $15.2 million. 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. Concurrently, the held for sale presentation criteria was met and a remeasurement of the vessel and onboard equipment to lower of her carrying value and fair value less estimated costs to sell was performed, resulting in an impairment charge of $5.0 million recognized during the year ended December 31, 2023. Before the held for sale presentation criteria was met, the Gandria was previously reported in our FLNG segment. The Gandria SPA was completed on November 1, 2023, resulting in a loss on disposal of $0.5 million recognized in “Other Operating gain/(loss)”, in the consolidated statements of operations (note 6). (2) Write-offs relates to fully depreciated or fully amortized assets. (3) Depreciation and amortization charges for the years ended December 31, 2023 and 2022, excludes $0.5 million and, $0.5 million respectively, of amortization charges in relation to the Cameroon license fee. (4) Entry into the Arctic SPA 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. As the revised future estimated cash flows were less than her carrying amount, an impairment charge of $76.2 million was recognized during the year ended December 31, 2022, reflecting an adjustment to her fair value (based on average broker valuation at date of measurement and represents the exit price in the principal LNG carrier sales market). The Golar Arctic is currently within our Shipping segment. As of December 31, 2023, we performed our annual vessel impairment assessment and determined that the Golar Arctic’s market valuation of $44.3 million is less than its carrying value of $50.4 million. However, based on the estimated future undiscounted cash flows of the Golar Arctic which is significantly greater than its carrying value, no impairment was recognized. Market values are determined using reference to average broker values provided by independent brokers. Broker values are considered an estimate of the market value for the purpose of determining whether an impairment trigger exists. Broker values are commonly used and accepted by our lenders in relation to determining compliance with relevant covenants in applicable credit facilities for the purpose of assessing security quality. Since vessel values can be volatile, our estimates of market value may not be indicative of either the current or future prices we could obtain if we sold any of the vessels. In addition, the determination of estimated market values may involve considerable judgment, given the illiquidity of the second-hand markets for these types of vessels.

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