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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of fair values of derivative instruments designated and not designated as cash flow hedges | The following table presents 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 $) | June 30, 2025 |  | December 31, 2024
Non-designated derivative instruments - short-term assets: |  |  |
Interest rate swaps | — |  |  | 121 |
Total derivative instruments - short-term assets | — |  |  | 121 |
Designated derivative instruments - long-term assets: |  |  |
Interest rate swaps | — |  |  | 1,631 |
Cross currency interest rate swaps | 6,085 |  |  | 2,212 |
Non-designated derivative instruments - long-term assets: |  |  |
Interest rate swaps | 8,648 |  |  | 11,515 |
Cross currency interest rate swaps | 490 |  |  | 165 |
Total derivative instruments - long-term assets | 15,223 |  |  | 15,523 |
(in thousands of $) | June 30, 2025 |  | December 31, 2024
Non-designated derivative instruments - short-term liabilities: |  |  |
Cross currency swaps | — |  |  | 14,884 |
Total derivative instruments - short-term liabilities | — |  |  | 14,884 |
Designated derivative instruments - long-term liabilities: |  |  |
Interest rate swaps | 5,080 |  |  | 103 |
Non-designated derivative instruments - long-term liabilities: |  |  |
Interest rate swaps | 1,449 |  |  | — |
Total derivative instruments - long-term liabilities | 6,529 |  |  | 103 |
Derivative Instruments, Gain (Loss) | Movements in the Consolidated Statement of Operations are summarized as follows:
| Six months ended
(in thousands of $) | June 30, 2025 |  | June 30, 2024
Net (loss)/gain in fair value movements of non-designated derivatives | (4,183) |  |  | 1,555 |
Net cash movement on non-designated derivatives and swap settlements | 1,621 |  |  | 2,975 |
Total cash movement and valuation (loss)/gain on non-designated derivatives | (2,562) |  |  | 4,530 |
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 June 30, 2025 and December 31, 2024 are as follows:
| June 30, 2025 |  | December 31, 2024
(in thousands of $) | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Non-derivatives: |  |  |  |  |  |  |
Equity securities | 2,859 |  |  | 2,859 |  |  | 3,736 |  |  | 3,736 |
7.25% senior unsecured sustainability-linked bonds due 2026 | 150,000 |  |  | 150,750 |  |  | 150,000 |  |  | 150,975 |
8.875% senior unsecured sustainability-linked bonds due 2027 | 150,000 |  |  | 153,375 |  |  | 150,000 |  |  | 154,737 |
8.25% senior unsecured sustainability-linked bonds due 2028 | 147,600 |  |  | 150,552 |  |  | 145,200 |  |  | 149,874 |
NOK750 million senior unsecured floating rate bonds due 2029 | 74,391 |  |  | 74,510 |  |  | 63,592 |  |  | 63,778 |
7.75% senior unsecured sustainability-linked bonds due 2030 | 144,400 |  |  | 144,581 |  |  | — |  |  | — |
Derivatives: |  |  |  |  |  |  |
Interest rate/ currency/ commodity swap contracts - short-term receivables | — |  |  | — |  |  | 121 |  |  | 121 |
Interest rate/ currency/ commodity swap contracts - long-term receivables | 15,223 |  |  | 15,223 |  |  | 15,523 |  |  | 15,523 |
Interest rate/ currency/ commodity swap contracts - short-term payables | — |  |  | — |  |  | 14,884 |  |  | 14,884 |
Interest rate/ currency/ commodity swap contracts - long-term payables | 6,529 |  |  | 6,529 |  |  | 103 |  |  | 103 |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | The fair values of financial assets and liabilities as of June 30, 2025, were measured as follows:
|  |  | Fair value measurements using
(in thousands of $) | June 30, 2025 |  | Quoted Prices in Active Markets for identical Assets/Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Equity securities | 2,859 |  |  | 2,859 |  |  |  |  |
Interest rate/ currency/ commodity swap contracts, long-term receivables | 15,223 |  |  |  |  | 15,223 |  |  |
Total assets | 18,082 |  |  | 2,859 |  |  | 15,223 |  |  | — |
Liabilities: |  |  |  |  |  |  |
7.25% senior unsecured sustainability-linked bonds due 2026 | 150,750 |  |  | 150,750 |  |  |  |  |
8.875% senior unsecured sustainability-linked bonds due 2027 | 153,375 |  |  | 153,375 |  |  |  |  |
8.25% senior unsecured sustainability-linked bonds due 2028 | 150,552 |  |  | 150,552 |  |  |  |  |
NOK750 million senior unsecured floating rate bonds due 2029 | 74,510 |  |  | 74,510 |  |  |  |  |
7.75% senior unsecured sustainability-linked bonds due 2030 | 144,581 |  |  | 144,581 |  |  |  |  |
Interest rate/ currency/ commodity swap contracts, long-term payables | 6,529 |  |  |  |  | 6,529 |  |  |
Total liabilities | 680,297 |  |  | 673,768 |  |  | 6,529 |  |  | — |

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