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PENSIONS (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Components of net periodic benefit cost

The components of net periodic benefit costs are as follows:

			Year ended December 31,
(in thousands of $)			2024			2023			2022
Service cost			(27)			(33)			(75)
Interest cost			(1,481)			(1,622)			(1,087)
Expected return on plan assets			426			427			254
Recognized actuarial loss			(1,331)			(307)			(774)
Net periodic benefit cost			(2,413)			(1,535)			(1,682)

Reconciliation of benefit obligation

The change in projected benefit obligation and plan assets and reconciliation of funded status for the years ended December 31, 2024 and 2023 are as follows:

(in thousands of $)			2024			2023
Reconciliation of benefit obligation:
Benefit obligation at January 1			33,433			34,078
Service cost			27			33
Interest cost			1,481			1,622
Actuarial (gain)/loss (1)			(219)			246
Foreign currency exchange rate changes			(137)			383
Benefit payments			(2,952)			(2,929)
Projected benefit obligation at December 31			31,633			33,433

(1) Actuarial gain is sensitive to changes in key actuarial assumptions specifically discount rates, mortality rates and assumed future salary increases.

Reconciliation of fair value of plan assets

The accumulated benefit obligation at December 31, 2024 and 2023 was $31.6 million and $33.2 million, respectively.

(in thousands of $)			2024			2023
Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1			9,962			9,809
Actual return on plan assets			(1,028)			433
Employer contributions			2,290			2,175
Foreign currency exchange rate changes			(130)			474
Benefit payments			(2,952)			(2,929)
Fair value of plan assets at December 31			8,142			9,962

Reconciliation of funded status

Employer contributions and benefits paid under the pension plans include $2.3 million and $2.2 million paid from employer assets for the years ended December 31, 2024 and 2023, respectively.

Our defined benefit pension plan is comprised of two schemes as follows:

			December 31, 2024									December 31, 2023
(in thousands of $)			UK Scheme			Marine Scheme			Total			UK Scheme			Marine Scheme			Total
Fair value of benefit obligation			(7,888)			(23,745)			(31,633)			(7,597)			(25,836)			(33,433)
Fair value of plan assets (including annuity policy)			7,924			218			8,142			9,331			631			9,962
Funded (unfunded) status at end of year			36			(23,527)			(23,491)			1,734			(25,205)			(23,471)

Asset allocation of retirement schemes

The fair value of our plan assets, by category, as of December 31, 2024 and 2023 are as follows:

(in thousands of $)			2024			2023
Annuity policy			7,924			—
Equity securities			—			9,331
Cash			218			631
			8,142			9,962

The asset allocation for our Marine scheme at December 31, 2024 and 2023, by asset category are as follows:

Marine scheme			2024 (%)			2023 (%)
Cash			100			100
Total			100			100

The asset allocation for our UK scheme at December 31, 2024 and 2023, by asset category are as follows:

UK scheme			2024 (%)			2023 (%)
Annuity policy			99			—
Equity			—			99
Cash			1			1
Total			100			100

Expected contributions to pension schemes

During the year ended December 31, 2024, we had made the following contributions to the schemes as follows:

(in thousands of $)			UK scheme			Marine scheme
Employer contributions			171			2,119

Expected pension disbursements

We are expected to make the following pension disbursements as follows:

Year ending December 31,			UK scheme			Marine scheme
(in thousands of $)
2025			500			2,500
2026			400			2,400
2027			415			2,300
2028			425			2,200
2029			440			2,100
2030 - 2034			2,900			9,000

Weighted average assumptions used

The weighted average assumptions used to determine the benefit obligation for our defined benefit pension plans for the years ended December 31 are as follows:

			2024			2023
Discount rate			5.10		%	4.63		%
Rate of compensation increase			2.48		%	2.47		%

The weighted average assumptions used to determine the net periodic benefit cost for our defined benefit pension plans for the years ended December 31 are as follows:

			2024			2023
Discount rate			5.12		%	4.64		%
Expected return on plan assets			4.31		%	4.31		%
Rate of compensation increase			2.55		%	2.54		%

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