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TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS | TRADE ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS
(in thousands of $) | 2024 |  | 2023 |
Trade accounts receivable |  |  |
Trade receivables from charterers | 36,821 |  |  | 41,190 |
Total trade accounts receivable | 36,821 |  |  | 41,190 |
Other current assets |  |  |
Amounts due from vessel and rig managers | 25,374 |  |  | 14,117 |
Reimbursable amounts due from charterers | 15,899 |  |  | 5,434 |
Collateral deposits on swap agreements | 4,990 |  |  | — |
Taxes receivable | 4,817 |  |  | 3,341 |
EU ETS allowances held or receivable | 9,259 |  |  | — |
Deferred costs | — |  |  | 4,492 |
Other | 5,671 |  |  | 1,883 |
Total other current assets | 66,010 |  |  | 29,267 |
Trade accounts receivable Trade accounts receivable are presented net of the allowances for doubtful debts and expected credit losses. The allowance for expected credit losses relating to trade accounts receivable was $0.1 million as of December 31, 2024 (December 31, 2023: $15.0 thousand). As of December 31, 2024, the Company has no reason to believe that any remaining amount included in trade accounts receivable will not be recovered through due process or negotiation. (See also Note 27: Allowance for Expected Credit Losses). Other current assets Other current assets, include amounts due from vessel and rig managers, reimbursable amounts due from customers, and claims receivable, which are presented net of the allowance for expected credit losses. The allowance for expected credit losses relating to other current assets was $1.2 million as of December 31, 2024 (December 31, 2023: $0.8 million). (See also Note 27: Allowance for Expected Credit Losses). Collateral deposits exist on our interest rate and cross currency swaps. Further amounts may be called upon during the term of the swaps if interest rates or currency rates move adversely. Also see Note 16: Other Long Term Assets. As outlined in Note 2: Accounting Policies, the Company was subject to the EU ETS regulations effective January 1, 2024, which applies to emissions from vessels performing voyages that originate, terminate, or occur within an EU port. In accordance with its charter agreements, the Company receives EUAs from charterers when a vessel is directed to perform an EU-regulated voyage. As of December 31, 2024, the Company had $9.3 million of EU ETS allowances recorded in Other current assets reflecting EUAs received in hand and EUA receivables from charterers. The Company did not purchase any EUAs during the year ended December 31, 2024. Deferred costs at December 31, 2023 are fulfillment costs related to a Hercules drilling contract which was completed in 2024. Refer to Note 8: Revenue from Contracts with Customers.

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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