XML 368 R49.htm IDEA: XBRL DOCUMENT
v3.25.1

SEGMENT INFORMATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Reconciliation of net income/(loss) to Adjusted EBITDA | Reconciliations of net income/(loss) to Adjusted EBITDA for the years ended December 31, 2024, 2023 and 2022 are as follows:
(in thousands of $) | 2024 | 2023 | 2022
Net income/(loss) | 80,793 |  | (2,850) |  | 939,057 |
Income tax (benefit)/expense | (18) |  | 1,870 |  | (438) |
Income/(loss) before income taxes | 80,775 |  | (980) |  | 938,619 |
Depreciation and amortization | 53,526 |  | 50,294 |  | 51,712 |
Impairment of long-lived assets (note 19) | 22,933 |  | 5,021 |  | 76,155 |
Unrealized loss/(gain) on oil and gas derivative instruments, net (note 8) | 101,862 |  | 284,658 |  | (288,977) |
Realized and unrealized mark-to-market losses/(gains) on our investment in listed equity securities (note 9) | — |  | 62,308 |  | (400,966) |
Other non-operating loss/(income), net (note 9) | 7,000 |  | (9,823) |  | (11,916) |
Interest income | (37,350) |  | (46,061) |  | (12,225) |
Interest expense, net | — |  | — |  | 19,286 |
(Gains)/losses on derivative instruments, net (note 10) | (65) |  | 7,227 |  | (71,497) |
Other financial items, net (note 10) | 4,317 |  | 900 |  | 5,380 |
Net loss/(income) from equity method investments (note 17) | 7,502 |  | 2,520 |  | (19,041) |
Net (income)/loss from discontinued operations (note 14) | — |  | (293) |  | 76,450 |
Adjusted EBITDA | 240,500 |  | 355,771 |  | 362,980 |
Segment reporting information |
| Year Ended December 31, 2024
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 224,959 |  | 23,067 |  | 12,346 |  | 260,372 |
Vessel operating expenses (2) | (82,284) |  | (22,644) |  | (11,840) |  | (116,768) |
Voyage, charterhire and commission expenses, net | — |  | (33) |  | (4,782) |  | (4,815) |
Administrative expenses (3) | (1,269) |  | (26,210) |  | (26) |  | (27,505) |
Project development expenses (4) | (7,258) |  | (5,082) |  | (1) |  | (12,341) |
Realized gain on oil and gas derivative instruments (note 8) | 141,088 |  | — |  | — |  | 141,088 |
Other operating income | 469 |  | — |  | — |  | 469 |
Adjusted EBITDA | 275,705 |  | (30,902) |  | (4,303) |  | 240,500 |
Net loss from equity method investments (note 17) | — |  | (7,502) |  | — |  | (7,502) |
Balance Sheet: | December 31, 2024
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total |  |
Total assets (5) | 3,623,417 |  | 639,159 |  | 105,101 |  | 4,367,677 |  |  |
Equity method investments (note 17) | — |  | 43,665 |  | — |  | 43,665 |  |  |
Capital expenditures (note 18, 19 and 20) (2) | 529,263 |  | 6,060 |  | 63,158 |  | 598,481 |  |  |
| Year Ended December 31, 2023
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 245,418 |  | 35,086 |  | 17,925 |  | 298,429 |
Vessel operating expenses (2) | (65,748) |  | (19,248) |  | (6,153) |  | (91,149) |
Voyage, charterhire and commission expenses, net | (583) |  | (19) |  | (1,581) |  | (2,183) |
Administrative expenses (3) | (417) |  | (33,031) |  | (14) |  | (33,462) |
Project development expenses (4) | (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 and 19) | 15,542 |  | 7,817 |  | — |  | 23,359 |
Adjusted EBITDA | 389,968 |  | (44,304) |  | 10,107 |  | 355,771 |
Net (loss)/income from equity method investments (note 17) | — |  | (4,834) |  | 2,314 |  | (2,520) |
Balance Sheet: | December 31, 2023
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total
Total assets | 3,160,457 |  | 866,088 |  | 57,442 |  | 4,083,987 |
Equity method investments (note 17) | — |  | 53,982 |  | — |  | 53,982 |
Capital expenditures (note 18, 19 and 20) | 568,485 |  | 4,406 |  | 8,492 |  | 581,383 |
| Year Ended December 31, 2022
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues (6) | 214,825 |  | 43,230 |  | 9,685 |  | 267,740 |
Vessel operating expenses (2) | (58,583) |  | (6,578) |  | (7,641) |  | (72,802) |
Voyage, charterhire and commission expenses, net | (600) |  | (34) |  | (1,810) |  | (2,444) |
Administrative expenses (3) | 22 |  | (38,224) |  | 102 |  | (38,100) |
Project development expenses (4) | (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 EBITDA | 366,932 |  | (4,243) |  | 291 |  | 362,980 |
Net income from equity method investments (note 17) | — |  | (5,193) |  | 24,234 |  | 19,041 |
Balance Sheet: | December 31, 2022 |  |
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations | Assets held for sale | Total results from continuing operations
Total assets | 2,815,552 |  | 1,410,587 |  | 52,700 |  | 4,278,839 |  | 721 |  | 4,279,560 |
Equity method investments | — |  | 48,669 |  | 55,439 |  | 104,108 |  | — |  | 104,108 |
Capital expenditures | 301,292 |  | — |  | 2,901 |  | 304,193 |  | — |  | 304,193 |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue segments. (2) Includes crew, repairs and maintenance, spares, stores and consumables and insurance costs. (3) Includes employee compensation and benefits, audit and accounting fees, legal fees and other corporate costs, which are managed centrally under our “Corporate and other” segment. (4) Includes costs incurred for early-stage development activities, feasibility studies, and business development efforts for projects not yet at Final Investment Decision (“FID”). (5) In March 2024, we acquired the Fuji LNG, the donor vessel for MKII FLNG for $77.5 million and consequently the deposit of $15.5 million was reclassified from “Other non-current assets” to “Vessels and equipment, net”. Upon completion of the acquisition, the vessel's cost and drydocking expenditures incurred during the year were presented under the “Shipping” segment as she was trading as an LNG carrier. (6) Total operating revenues under the FLNG segment includes $0.9 million revenue from a FLNG study.
Revenue by major customer | For the years ended December 31, 2024, 2023 and 2022, revenues from the following customer accounted for over 10% of our total operating revenues:
(in thousands of $) | 2024 | 2023 | 2022
Perenco and SNH (1) | 224,959 |  | 86 | % | 245,418 |  | 82 | % | 213,970 |  | 80 | %
(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).
Revenue by geographic area | The following geographical data presents our revenues and total assets associated with the FLNG Hilli, while operating under the LTA in Cameroon. Our CODM does not evaluate our operating segments according to geographical region or by asset. Cameroon
| Year Ended December 31,
(in thousands of $) | 2024 | 2023 | 2022
Liquefaction services revenue | 224,959 |  | 245,418 |  | 213,970 |
| December 31,
(in thousands of $) | 2024 | 2023 | 2022
Total assets | 1,168,629 |  | 1,256,193 |  | 1,559,158 |

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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration