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ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of disposal groups, including discontinued operations | The net income/(loss) from discontinued operations for the year ended December 31, 2022 are as follows:
| Year Ended December 31, 2022
(in thousands of $) | CoolCo | TundraCo |  | Total
(Loss)/income from discontinued operations | (194,500) |  | 4,880 |  |  | (189,620) |
Gain on disposal | (10,060) |  | 123,230 |  |  | 113,170 |
Net (loss)/income from discontinued operations | (204,560) |  | 128,110 |  |  | (76,450) |
The following table contains the financial statement line-items presented as discontinued operations following the CoolCo Disposal:
| Period ended January 1, 2023 to May 1, 2023 | Year ended December 31, 2022
(in thousands of $)
Time and voyage charter revenues | — |  | 37,289 |
Vessel and other management fees | 262 |  | 1,815 |
Vessel operating expenses | — |  | (8,466) |
Voyage, charterhire and commission expenses | — |  | (1,229) |
Administrative expenses | 57 |  | 1,906 |
Project development expenses | — |  | (62) |
Depreciation and amortization | (20) |  | (5,807) |
Impairment of long-lived assets (1) | — |  | (218,349) |
Other operating income | — |  | 4,374 |
Operating income/(loss) | 299 |  | (188,529) |
Interest income | — |  | 4 |
Interest expense, net | — |  | (4,725) |
Other financial items, net | (18) |  | (799) |
Pretax income/(loss) from discontinued operations | 281 |  | (194,049) |
Income taxes | (15) |  | (451) |
Income/(loss) from discontinued operations | 266 |  | (194,500) |
Gain/(loss) on CoolCo Disposal (2) | 27 |  | (10,060) |
Net income/(loss) from discontinued operations | 293 |  | (204,560) |
(1) Impairment of long-lived assets relates to the impairment charge on the held for sale vessels recognized in accordance with ASC 360 Property, plant and equipment, following their classification as held-for-sale. (2) During the year ended December 31, 2022, we recognized a loss on the CoolCo Disposal of $10.1 million. This is comprised of carrying values of the assets and liabilities disposed of $355.4 million, partially offset by the proceeds received of $218.2 million cash consideration and 12.5 million shares of CoolCo valued at $127.1 million (based on the respective share price on the phased completion dates). The following table contains the financial statement line-items presented as discontinued operations following TundraCo's Disposal for the period ended May 31, 2022 as follows:
| Period ended January 1, 2022 to May 31, 2022
(in thousands of $) |
Time and voyage charter revenues | 27,776 |
Vessel operating expenses | (5,119) |
Voyage, charterhire and commission expenses | (10,004) |
Administrative expenses | (16) |
Depreciation and amortization | (2,955) |
Operating income | 9,682 |
Interest expense, net | (4,649) |
Other financial items, net | (153) |
Pretax income from discontinued operations | 4,880 |
Income taxes | — |
Income from discontinued operations | 4,880 |
Gain on disposal of discontinued operations (1) | 123,230 |
Net income from discontinued operations | 128,110 |
(1) Gain on TundraCo Disposal comprised of (i) cash proceeds received of $352.5 million, (ii) a partially offset by the net asset value of Golar LNG NB 13 Corporation of $229.0 million and (iii) related fees incurred in relation to disposal of $0.3 million.

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