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RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
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