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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair values of derivative instruments designated and not designated as cash flow hedges | The following tables present the fair values of the Company's derivative instruments that were designated as cash flow hedges and qualified as part of a hedging relationship, and those that were not designated:
(in thousands of $) | 2024 |  | 2023
Designated derivative instruments -short-term assets: |  |  |
Interest rate swaps | — |  |  | 4,333 |
Non-designated derivative instruments -short-term assets: |  |  |
Interest rate swaps | 121 |  |  | 284 |
Total derivative instruments -short-term assets | 121 |  |  | 4,617 |
Designated derivative instruments -long-term assets: |  |  |
Interest rate swaps | 1,631 |  |  | 2,357 |
Cross currency interest rate swaps | 2,212 |  |  | — |
Non-designated derivative instruments -long-term assets: |  |  |
Interest rate swaps | 11,515 |  |  | 11,251 |
Cross currency interest rate swaps | 165 |  |  | — |
Total derivative instruments - long-term assets | 15,523 |  |  | 13,608 |
(in thousands of $) | 2024 |  | 2023
Designated derivative instruments -short-term liabilities: |  |  |
Cross currency swaps | — |  |  | 11,845 |
Non-designated derivative instruments -short-term liabilities: |  |  |
Cross currency swaps | 14,884 |  |  | 85 |
Commodity swaps | — |  |  | 436 |
Total derivative instruments - short-term liabilities | 14,884 |  |  | 12,366 |
Designated derivative instruments -long-term liabilities: |  |  |
Interest rate swaps | 103 |  |  | — |
Cross currency swaps | — |  |  | 8,965 |
Total derivative instruments - long-term liabilities | 103 |  |  | 8,965 |
Schedule of swaps related to interest rate risk management | The summary below includes all interest rate swap transactions, involving the payment of fixed rates, in exchange for SOFR plus applicable credit adjustment spreads, most of which are hedges against specific loans. The fixed interest rate below includes the impact of credit adjustment spreads.
Notional Principal (in thousands of $) | Trade date | Maturity date | Fixed interest rate
$100,000 (remaining at $100,000) | August 2019 | August 2029 | 1.2% - 1.3%
$46,053 (remaining at $46,053) | April 2020 | January 2025 | 0.2%
$81,600 (remaining at $81,600) | November 2024 | November 2029 | 3.9%
$78,735 (reducing to $59,557) | November 2024 | August 2029 | 3.9%
$113,739 (reducing to $42,285) | December 2024 | December 2029 | 3.7% - 3.8%
$59,604 (reducing to $13,564) | December 2024 | January 2030 | 4.1%
The summary below includes all currency swap transactions, involving the payment of fixed interest in U.S. dollars in exchange for NIBOR plus a margin in Norwegian kroner, some of which are hedges against the NOK750 million senior unsecured bonds due 2029.
Notional Principal | Trade date | Maturity date | Fixed interest rate (payable) | Margin on NIBOR leg (receivable)
NOK750 million ($69.4 million) | September 2024 | September 2029 | 6.4% - 6.5% | 3.3 | %
Schedule of swaps related to foreign currency risk management |
Principal Receivable | Principal Payable | Trade date | Maturity date
NOK600 million | US$67.5 | million | January 2020 | January 2025
NOK750 million | US$69.4 | million | September 2024 | September 2029
Schedule of carrying value and estimated fair value of financial assets and liabilities | The carrying value and estimated fair value of the Company's financial assets and liabilities as of December 31, 2024, and 2023, are as follows:
|  | 2024 |  | 2024 |  | 2023 |  | 2023
(in thousands of $) |  | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Non-derivatives: |  |  |  |  |  |  |  |
Equity Securities |  | 3,736 |  |  | 3,736 |  |  | 5,104 |  |  | 5,104 |
NOK700 million senior unsecured floating rate bonds due 2024 |  | — |  |  | — |  |  | 68,426 |  |  | 68,919 |
NOK600 million senior unsecured floating rate bonds due 2025 |  | — |  |  | — |  |  | 58,089 |  |  | 59,181 |
7.25% senior unsecured sustainability linked bonds due 2026 |  | 150,000 |  |  | 150,975 |  |  | 150,000 |  |  | 146,310 |
8.875% senior unsecured sustainability linked bonds due 2027 |  | 150,000 |  |  | 154,737 |  |  | 150,000 |  |  | 152,820 |
8.25% senior unsecured sustainability linked bonds due 2028 |  | 145,200 |  |  | 149,874 |  |  | — |  |  | — |
NOK750 million senior unsecured floating rate bonds due 2029 |  | 63,592 |  |  | 63,778 |  |  | — |  |  | — |
Derivatives: |  |  |  |  |  |  |  |
Interest rate/ currency/ commodity swap contracts – short-term receivables |  | 121 |  |  | 121 |  |  | 4,617 |  |  | 4,617 |
Interest rate/ currency/ commodity swap contracts – long-term receivables |  | 15,523 |  |  | 15,523 |  |  | 13,608 |  |  | 13,608 |
Interest rate/ currency/ commodity swap contracts – short-term payables |  | 14,884 |  |  | 14,884 |  |  | 12,366 |  |  | 12,366 |
Interest rate/ currency swap/ commodity contracts – long-term payables |  | 103 |  |  | 103 |  |  | 8,965 |  |  | 8,965 |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | The above fair values of financial assets and liabilities as of December 31, 2024, are measured as follows:
|  |  | Fair value measurements using
| December 31, 2024 |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
(in thousands of $) |  |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Equity securities | 3,736 |  |  | 3,736 |  |  |  |  |
Interest rate/ currency/ commodity swap contracts – short-term receivables | 121 |  |  |  |  | 121 |  |  |
Interest rate/ currency/ commodity swap contracts - long-term receivables | 15,523 |  |  |  |  | 15,523 |  |  |
Total assets | 19,380 |  |  | 3,736 |  |  | 15,644 |  |  | — |
Liabilities: |  |  |  |  |  |  |
7.25% senior unsecured sustainability linked bonds due 2026 | 150,975 |  |  | 150,975 |  |  |  |  |
8.875% senior unsecured sustainability linked bonds due 2027 | 154,737 |  |  | 154,737 |  |  |  |  |
8.25% senior unsecured sustainability linked bonds due 2028 | 149,874 |  |  | 149,874 |  |  |  |  |
NOK750 million senior unsecured floating rate bonds due 2029 | 63,778 |  |  | 63,778 |  |  |  |  |
Interest rate/ currency/ commodity swap contracts – short-term payables | 14,884 |  |  |  |  | 14,884 |  |  |
Interest rate/ currency/ commodity swap contracts – long-term payables | 103 |  |  |  |  | 103 |  |  |
Total liabilities | 534,351 |  |  | 519,364 |  |  | 14,987 |  |  | — |
The above fair values of financial assets and liabilities as of December 31, 2023, were measured as follows:
|  |  | Fair value measurements using
| December 31, 2023 |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
(in thousands of $) |  |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Equity securities | 5,104 |  |  | 5,104 |  |  |  |  |
Interest rate/ currency/ commodity swap contracts – short-term receivables | 4,617 |  |  |  |  | 4,617 |  |  |
Interest rate/ currency/ commodity swap contracts – long-term receivables | 13,608 |  |  |  |  | 13,608 |  |  |
Total assets | 23,329 |  |  | 5,104 |  |  | 18,225 |  |  | — |
Liabilities: |  |  |  |  |  |  |
NOK700 million senior unsecured floating rate bonds due 2024 | 68,919 |  |  | 68,919 |  |  |  |  |
NOK600 million senior unsecured floating rate bonds due 2025 | 59,181 |  |  | 59,181 |  |  |  |  |
7.25% senior unsecured sustainability linked bonds due 2026 | 146,310 |  |  | 146,310 |  |  |  |  |
8.875% senior unsecured sustainability linked bonds due 2027 | 152,820 |  |  | 152,820 |  |  |  |  |
Interest rate/ currency/ commodity swap contracts – short-term payables | 12,366 |  |  |  |  | 12,366 |  |  |
Interest rate/ currency/ commodity swap contracts – long-term payables | 8,965 |  |  |  |  | 8,965 |  |  |
Total liabilities | 448,561 |  |  | 427,230 |  |  | 21,331 |  |  | — |
Schedules of concentration of risk, by customer | There is also a concentration of revenue risk with the below customers:
Charterer | Number of Vessels /rigs chartered as of December 31, 2024 | % of consolidated operating revenues (Year ended December 31, 2024) | Number of Vessels /rigs chartered as of December 31, 2023 | % of consolidated operating revenues (Year ended December 31, 2023)
Maersk A/S (“Maersk”) | 14 | 23 | % | 16 | 28 | %
ConocoPhillips Skandinavia AS ("ConocoPhillips") | 1 | 7 | % | 1 | 10 | %

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