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RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended
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Dec. 31, 2014
Related Party Transactions [Abstract] |
Schedule of leasing transactions with Ship Finance | A summary of leasing transactions with Ship Finance during the years ended December 31, 2014, 2013 and 2012 is as follows:
(in thousands of $) | 2014 |  |  | 2013 |  |  | 2012 |
Charter hire paid (principal and interest): continuing operations | 123,225 |  |  | 150,891 |  |  | 161,840 |
Charter hire paid (principal and interest): discontinued operations | — |  |  | 434 |  |  | 14,492 |
Lease termination fees (expense) income: continuing operations | — |  |  | (5,204 | ) |  | 22,766 |
Lease termination fees expense: discontinued operations | — |  |  | — |  |  | (24,543 | )
Contingent rental expense: continuing operations | 32,663 |  |  | — |  |  | 20,020 |
Contingent rental expense: discontinued operations | — |  |  | — |  |  | 32,156 |
Remaining lease obligation | 593,998 |  |  | 726,717 |  |  | 875,670 |
Schedule of net amounts earned (incurred) from related parties excluding Ship Finance | A summary of net amounts earned (incurred) from related parties, excluding the Ship Finance lease related balances above, for the years ended December 31, 2014, 2013 and 2012 are as follows:
(in thousands of $) | 2014 |  |  | 2013 |  |  | 2012 |
Seatankers Management Co. Ltd | 2,320 |  |  | 1,416 |  |  | 1,009 |
Golar LNG Limited | 1,631 |  |  | 2,119 |  |  | 1,820 |
Ship Finance International Limited | 6,281 |  |  | 5,094 |  |  | 4,261 |
Golden Ocean Group Limited | 5,393 |  |  | 3,166 |  |  | 5,566 |
Bryggegata AS | (2,013 | ) |  | (1,982 | ) |  | (1,455 | )
Arcadia Petroleum Limited | 646 |  |  | 7,962 |  |  | 5,423 |
Seadrill Limited | 2,348 |  |  | 1,475 |  |  | 2,574 |
Archer Limited | 466 |  |  | 410 |  |  | 390 |
Deep Sea Supply Plc | 149 |  |  | 69 |  |  | 41 |
Aktiv Kapital ASA | — |  |  | 40 |  |  | 21 |
Orion Tankers Ltd | — |  |  | — |  |  | 343 |
Frontline 2012 Ltd | 10,102 |  |  | 7,410 |  |  | (4,004 | )
North Atlantic Drilling Ltd | 1,128 |  |  | 60 |  |  | — |
CalPetro Tankers (Bahamas I) Limited | 80 |  |  | 54 |  |  | 51 |
CalPetro Tankers (Bahamas II) Limited | 80 |  |  | 54 |  |  | 51 |
CalPetro Tankers (IOM) Limited | 80 |  |  | 54 |  |  | 51 |
Windsor group | 287 |  |  | — |  |  | — |
Knightsbridge Shipping Limited | 2,341 |  |  | — |  |  | — |
Schedule of related party receivables | A summary of short term balances due from related parties as at December 31, 2014 and 2013 is as follows:
(in thousands of $) | 2014 |  |  | 2013 |
Receivables |  |  |
Ship Finance International Limited | 3,444 |  |  | 2,272 |
Seatankers Management Co. Ltd | 320 |  |  | 394 |
Archer Ltd | 100 |  |  | 8 |
Golar LNG Limited | — |  |  | 942 |
Northern Offshore Ltd | 13 |  |  | 13 |
Golden Ocean Group Limited | 1,490 |  |  | 1,219 |
Seadrill Limited | 557 |  |  | 1,478 |
Frontline 2012 Ltd | 3,672 |  |  | 2,860 |
CalPetro Tankers (Bahamas I) Limited | — |  |  | 14 |
CalPetro Tankers (Bahamas II) Limited | — |  |  | 14 |
CalPetro Tankers (IOM) Limited | — |  |  | 14 |
Deep Sea Supply Plc | 61 |  |  | 4 |
Aktiv Kapital Ltd | — |  |  | 6 |
Arcadia Petroleum Limited | 124 |  |  | 174 |
North Atlantic Drilling Ltd | 817 |  |  | 75 |
Knightsbridge Shipping Limited | 2,039 |  |  | — |
| 12,637 |  |  | 9,487 |
Schedule of Related Party Payables | A summary of short term balances due to related parties as at December 31, 2014 and 2013 is as follows:
(in thousands of $) | 2014 |  |  | 2013 |
Payables |  |  |
Ship Finance International Limited | (45,244 | ) |  | (8,528 | )
Seatankers Management Co. Ltd | (343 | ) |  | (506 | )
Golar LNG Limited | — |  |  | (155 | )
Golden Ocean Group Limited | (914 | ) |  | (1,047 | )
Frontline 2012 Ltd | (3,048 | ) |  | (1,183 | )
Knightsbridge Shipping Limited | (320 | ) |  | — |
Windsor group | (5,844 | ) |  | — |
| (55,713 | ) |  | (11,419 | )
Schedule related party payables, non current | The long term related party balance at December 31, 2014 is as follows:
(in thousands of $) |
7.254% loan note payable due 2021 and 2022 | 78,616 |
7.25% loan note payable due 2022 and 2023 | 48,385 |
Loan note repayments | (6,018 | )
Total loan note | 120,983 |
Less: current portion of loan note (included in short term related party balance) | (11,031 | )
| 109,952 |
Schedule of related party payables, repayable non current | The note balance at December 31, 2014 is repayable as follows:
(in thousands of $) |
Year ending December 31, |
2015 | 11,031 |
2016 | 14,070 |
2017 | 15,107 |
2018 | 16,197 |
2019 | 17,366 |
Thereafter | 47,212 |
| 120,983 |

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