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Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Reconciliation of net profit / (loss) to 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 $)			2024			2023
Net income			65,756			28,221
Income taxes			486			1,538
Income before income taxes			66,242			29,759
Depreciation and amortization			39,884			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 EBITDA			181,332			241,522

Segment reporting Information

			Nine months ended September 30, 2024
(in thousands of $)			FLNG			Corporate and other (1)			Shipping			Total results from continuing operations
Statement of Operations:
Total operating revenues			168,563			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 EBITDA			209,014			(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 $)			FLNG			Corporate and other			Shipping									Total 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)			Shipping			Total results from continuing operations
Statement of Operations:
Total operating revenues			172,985			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 EBITDA			268,544			(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 $)			FLNG			Corporate and other			Shipping									Total assets
Total assets			3,160,457			866,088			57,442									4,083,987
Equity method investments (note 15)			—			53,982			—									53,982

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

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-Name Accounting Standards Codification
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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