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Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment information 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 income to Adjusted EBITDA for the nine months ended September 30, 2024 and 2023 is as follows:
(in thousands of $)20242023
Net income65,756 28,221 
Income taxes
486 1,538 
Income before income taxes66,242 29,759 
Depreciation and amortization39,884 37,500 
Impairment of long-lived assets
— 5,021 
Unrealized loss on oil and gas derivative instruments (note 7)
87,593 157,749 
Realized and unrealized mark-to-market losses on investment in listed equity securities
(note 8)
— 62,308 
Other non-operating income, net (note 8)— (9,823)
Interest income(27,484)(34,827)
Interest expense— 1,107 
Loss/(gain) on derivative instruments, net (note 9)
8,646 (9,315)
Other financial items, net (note 9)3,164 1,057 
Net losses from equity method investments (note 15)
3,287 1,279 
Net income from discontinued operations
— (293)
Adjusted EBITDA181,332 241,522 

Our three distinct reportable segments are as follows:
•FLNG – This segment includes the operations of our 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, undergoing commissioning activities. We recently entered into an EPC agreement for our third FLNG vessel, the MKII FLNG (note 14).
•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 the transportation operations of our LNG carriers.

Nine months ended September 30, 2024
(in thousands of $)FLNG
Corporate and other (1)
ShippingTotal results from continuing operations
Statement of Operations:
Total operating revenues168,563 17,042 8,850 194,455 
Vessel operating expenses
(62,496)(17,596)(8,767)(88,859)
Voyage, charterhire and commission expenses, net
— (33)(4,336)(4,369)
Administrative expenses
(1,005)(18,970)(25)(20,000)
Project development expenses
(3,634)(3,846)(1)(7,481)
Realized gain on oil and gas derivative instruments, net (note 7)
107,586 — — 107,586 
Adjusted EBITDA209,014 (23,403)(4,279)181,332 
Net losses from equity method investments (note 15)
— (3,287)— (3,287)
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.

Balance Sheet:September 30, 2024
(in thousands of $)FLNGCorporate and otherShippingTotal assets
Total assets (1)
3,325,919 875,052 132,003 4,332,974 
Equity method investments (note 15)
— 48,738 — 48,738 
(1) In March 2024, we acquired the Fuji LNG, the donor vessel for Mark II FLNG for $77.5 million and consequently reclassified the deposit of $15.5 million from “Other non-current assets” (note 16) to “Vessels and equipment, net”. The Fuji LNG is currently presented under the Shipping segment as she is currently trading as an LNG carrier.

Nine months ended September 30, 2023
(in thousands of $)FLNG
Corporate and other (1)
ShippingTotal results from continuing operations
Statement of Operations:
Total operating revenues172,985 29,576 16,189 218,750 
Vessel operating expenses
(49,238)(14,483)(4,148)(67,869)
Voyage, charterhire and commission expenses, net
(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 (note 5)
2,499 7,817 — 10,316 
Adjusted EBITDA268,544 (38,398)11,376 241,522 
Net (loss)/income from equity method
investments (note 15)
— (3,593)2,314 (1,279)
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
Balance Sheet:December 31, 2023
(in thousands of $)FLNGCorporate and otherShippingTotal assets
Total assets3,160,457 866,088 57,442 4,083,987 
Equity method investments (note 15)
— 53,982 — 53,982