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SEGMENT INFORMATION
 12 Months Ended
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 $)202420232022
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 amortization53,526 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 EBITDA240,500 355,771 362,980 
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)
ShippingTotal results from continuing operations
Statement of Operations:
Total operating revenues224,959 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 EBITDA275,705 (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)
ShippingTotal 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 EBITDA389,968 (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)
ShippingTotal
Total assets3,160,457 866,088 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)
ShippingTotal 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 EBITDA366,932 (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 assets2,815,552 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 $)202420232022
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 $)202420232022
Liquefaction services revenue224,959 245,418 213,970 

December 31,
(in thousands of $)202420232022
Total assets1,168,629 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.