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Variable Interest Entities ("VIEs") | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities ("VIEs") | VARIABLE INTEREST ENTITIES (“VIEs”) 9.1 Lessor VIE As of September 30, 2025 and December 31, 2024, we leased one vessel from CSSC (Hong Kong) Shipping Entity Limited (“CSSC entity”) as part of a sale and leaseback agreement. The CSSC entity is a wholly-owned, special purpose vehicle. We sold our vessel, the FLNG Hilli and then subsequently leased back the vessel on a bareboat charter. We have an option to repurchase the vessel at a fixed predetermined amount during its charter period and an obligation to repurchase the vessel at the end of the vessel’s lease period. A summary of our payment obligations (excluding the repurchase option and obligation) under the bareboat charter with the lessor VIE as of September 30, 2025, is shown below:
(in thousands of $) | 2025 (1) | 2026 | 2027 | 2028 | 2029 | 2030+
Hilli (2) | 19,594 | 77,040 | 74,173 | 71,138 | 68,187 | 201,309
(1) For the three months ending December 31, 2025. (2) The payment obligations above include contractual capital and variable rental payments due under the lease. The assets and liabilities of the lessor VIE that most significantly impact our unaudited consolidated balance sheet as of September 30, 2025 and December 31, 2024, are as follows:
(in thousands of $) | September 30, 2025 | December 31, 2024
Assets |  |
Restricted cash and short-term deposits | 16,581 |  | 17,472 |
Liabilities (2) |  |
Accrued expenses | (26,269) |  | (12,244) |
Other non-current liabilities (note 18) | (184,000) |  | (184,000) |
Debt: |  |
Current portion of long-term debt and short-term debt (1) | (253,793) |  | (278,551) |
Long-term debt (1) | — |  | (33,432) |
Total debt | (253,793) |  | (311,983) |
(1) Where applicable, these balances are net of deferred finance charges. (2) The creditors of the lessor VIE have no recourse to the general credit of Golar. The most significant impact of the lessor VIE’s operations on our unaudited consolidated statements of operations and unaudited consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 are as follows:
| Nine months ended September 30,
(in thousands of $) | 2025 | 2024
Statement of operations |  |
Other financial items, net (note 8) | 1,824 |  | 4,373 |
Interest expense | 11,260 |  | 15,076 |
Statement of cash flows |  |
Net debt repayments | (60,282) |  | (63,404) |
9.2 Golar Hilli LLC On December 23, 2024, we repurchased all remaining non-controlling interest in Hilli LLC, acquiring 134 Hilli Common Units, 268 Series A Special Units and 268 Series B Special Units from affiliates of Seatrium Limited (“Seatrium”, formerly known as Keppel Shipyard Limited) and Black & Veatch Corporation (“B&V”). Following our 100% ownership of Hilli LLC, the entity ceased to be a VIE but we continue to consolidate as a Voting Interest Entity. Summarized financial information of Hilli LLC The most significant impact of the lessor VIE’s operations on our unaudited consolidated statements of operations and unaudited consolidated statements of cash flows for the nine months ended September 30, 2024 are as follows:
| Nine months ended September 30,
(in thousands of $) | 2024
Statement of operations |
Liquefaction services revenue | 168,563 |
Realized and unrealized gain/(loss) on oil and gas derivative instruments | 19,993 |
Statement of cash flows |
Net debt repayments | (63,404) |
Cash dividends paid | (7,935) |
9.3 Gimi MS Corporation Following the closing of the sale of 30% of the common shares of Gimi MS to First FLNG Holdings (“FFH”) in April 2019, we determined that (i) Gimi MS is a VIE and (ii) we are the primary beneficiary and retain sole control over the most significant activities and the greatest exposure to variability in residual returns and expected losses from the FLNG Gimi. Thus, Gimi MS continues to be consolidated into our financial statements. Summarized financial information of Gimi MS The assets and liabilities of Gimi MS that most significantly impact our unaudited consolidated balance sheets are as follows:
(in thousands of $) | September 30, 2025 | December 31, 2024
Balance sheet |  |
Current assets | 319,624 |  | 139,911 |
Non-current assets | 1,658,166 |  | 1,795,646 |
Current liabilities | (97,861) |  | (186,149) |
Non-current liabilities | (598,427) |  | (602,819) |
The most significant impact of Gimi MS VIE’s operations on our unaudited consolidated statements of operations and unaudited consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 are as follows:
| Nine months ended September 30,
(in thousands of $) | 2025 | 2024
Statement of operations |  |
Sales-type lease revenue | 46,925 |  | — |
Vessel management fees and other revenues | 25,144 |  | — |
Other non-operating income | 29,981 |  | — |
Statement of cash flows |  |
Additions to asset under development | 189,944 |  | 142,582 |
Capitalized financing costs | — |  | (921) |
Net debt repayments | (43,750) |  | (14,583) |
Proceeds from subscription of equity interest | 21,020 |  | 40,491 |

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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