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SEGMENT INFORMATION
 12 Months Ended
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 $)202320222021
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 amortization50,294 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 EBITDA355,771 362,980 182,178 

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)
ShippingTotal results from continuing operations
Statement of Operations:
Total operating revenues245,418 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 EBITDA389,968 (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 assets3,160,457 866,088 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)
ShippingTotal 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 EBITDA366,932 (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)
ShippingSegment assets from continuing operationsAssets held for saleTotal
Total assets2,815,552 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)
ShippingTotal results from continuing operations
Statement of Operations:
Total operating revenues221,020 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 EBITDA190,585 (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 $)202320222021
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 $)202320222021
Liquefaction services revenue245,418 213,970 221,020 
December 31,
(in thousands of $)202320222021
Total assets1,256,193 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.