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EQUITY METHOD INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Participation percentages, carrying amounts and components of non-consolidated investees

At December 31, 2023 and 2022, we have the following participation in investments that are recorded using the equity method:

			2023			2022
Avenir LNG Limited (“Avenir”)			23.5		%	23.5		%
Logística e Distribuição de Gás S.A. (“LOGAS”)			58.0		%	—		%
Egyptian Company for Gas Services S.A.E (“ECGS”)			50.0		%	50.0		%
Aqualung Carbon Capture AS (“Aqualung”)			4.4		%	4.4		%
MGAS Comercializadora de Gás Natural Ltda. (“MGAS”)			51.0		%	—		%
CoolCo			—		%	8.3		%

The carrying amounts of our equity method investments as of December 31, 2023 and 2022 are as follows:

(in thousands of $)			2023			2022
Avenir			35,729			41,790
LOGAS			9,261			—
ECGS			5,237			4,503
Aqualung			2,244			2,376
MGAS			1,511			—
CoolCo			—			55,439
Total equity method investments			53,982			104,108

The components of our equity method investments are as follows:

(in thousands of $)			2023			2022
Balance as of January 1,			104,108			52,215
Additions			9,678			129,662
Net (losses)/income			(2,520)			19,041
Guarantees			(751)			1,708
Employee stock compensation			—			127
Share of other comprehensive losses			(488)			(797)
Net proceeds from disposal			(56,045)			(97,848)
Balance as of December 31,			53,982			104,108

Summarized unaudited financial information of our material equity method investments shown on a 100% basis are as follows:

						December 31, 2023
(in thousands of $)						ECGS			Avenir						LOGAS
Balance Sheet
Current assets						34,834			25,447						8,458
Non-current assets						72			264,124						8,462
Current liabilities						(22,925)			(39,182)						(1,846)
Non-current liabilities						(931)			(128,171)						(243)
Statement of Operations
Revenue						50,690			72,786						11,353
Net income/(loss)						881			(19,377)						1,876

			December 31, 2022
(in thousands of $)			CoolCo			ECGS			Avenir
Balance Sheet
Current assets			145,338			36,504			34,028
Non-current assets			1,912,723			97			270,177
Current liabilities			(278,589)			(25,501)			(69,509)
Non-current liabilities			(1,063,959)			(931)			(92,694)
Statement of Operations
Revenue			256,434			58,680			62,875
Net income/(loss)			110,744			713			(16,217)

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- References

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- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

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