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FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

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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Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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