XML 43 R24.htm IDEA: XBRL DOCUMENT
v3.25.1

VESSELS UNDER FINANCE LEASE, NET | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
VESSELS UNDER FINANCE LEASE, NET | VESSELS UNDER FINANCE LEASE, NET Movements in the year ended December 31, 2024 summarized as follows:
(in thousands of $) | Cost | Accumulated Depreciation | Vessels under Finance Lease, net
Balance as of December 31, 2023 | 777,939 |  | (204,485) |  | 573,454 |
Depreciation | — |  | (31,192) |  | (31,192) |
Reclassification to 'Vessels, Rigs and Equipment, net' | (777,939) |  | 235,677 |  | (542,262) |
Balance as of December 31, 2024 | — |  | — |  | — |
As of December 31, 2023, seven vessels were accounted for as vessels under finance lease. The vessels were leased back for an original term ranging from six to 11 years, with options to purchase each vessel after six years. During the year ended December 31, 2024, the Company exercised the purchase options to buy back all seven vessels which were accounted for as vessels under finance lease and their carrying value of $542.3 million was reclassified to "Vessels, Rigs and Equipment, net". Total depreciation expense for vessels under finance lease amounted to $31.2 million for the year ended December 31, 2024 and is included in depreciation in the consolidated statements of operations. (December 31, 2023: $41.3 million; December 31, 2022: $41.3 million).

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration