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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment information |
6. | SEGMENT INFORMATION
We report our financial results under three reportable segments: “FLNG”, “Corporate and other” and “Shipping”. These segments are distinguishable components of our business, each engaging in revenue-generating activities, incurring expenses, and facing unique risks and rewards. Our operating segments align with our reportable segments. Our Board of Directors (the “Board”) serves as our chief operating decision maker (“CODM”) and is responsible for allocating resources to and assessing the performance of each operating segment based on 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 |
Our three distinct reportable and operating segments are as follows: •FLNG – This segment includes our operation 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, one FLNG moored at the GTA field offshore Mauritania and Senegal, the FLNG Gimi, which is undergoing commissioning activities and one FLNG undergoing early stages of conversion, the MKII FLNG (note 18). •Corporate and other – This segment includes our vessel management including 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 LNG carrier transportation operations.
| 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. Revenues from external customers 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). 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 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 |
As of December 31, 2024, we have limited revenue from time and voyage charters. Our LNG carrier fleet includes two LNG carriers, Golar Arctic and Fuji LNG. The charterer controls the routes of LNG carriers, which are generally worldwide.

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- Definition The entire disclosure for reporting segments including data and tables. 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