Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document and entity information: | ' |
Entity Registrant Name | 'GOLAR LNG LTD |
Entity Central Index Key | '0001207179 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 80,579,295 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating revenues | ' | ' | ' |
Time charter revenues | $90,558 | $409,593 | $299,848 |
Vessel and other management fees | 9,270 | 752 | 0 |
Total operating revenues | 99,828 | 410,345 | 299,848 |
Operating expenses | ' | ' | ' |
Vessel operating expenses | 43,750 | 86,672 | 62,872 |
Voyage and charter-hire expenses | 14,259 | 9,853 | 6,042 |
Administrative expenses | 22,952 | 25,013 | 33,679 |
Depreciation and amortization | 36,871 | 85,524 | 70,286 |
Impairment of long-term assets | 500 | 500 | 500 |
Total operating expenses | 118,332 | 207,562 | 173,379 |
Gain on sale of Golar Maria | 65,619 | 0 | 0 |
Other operating gains and losses | 0 | -27 | -5,438 |
Operating income (loss) | 47,115 | 202,756 | 121,031 |
Other non-operating income (expense) | ' | ' | ' |
Gain on loss of control | 0 | 853,996 | 0 |
Gain on business acquisition | 0 | 4,084 | 0 |
Investment Income, Dividend | 30,960 | 0 | 0 |
Other non-operating expenses (income) | -3,355 | -151 | 541 |
Total other non-operating income | 27,605 | 857,929 | 541 |
Financial income (expenses) | ' | ' | ' |
Interest income | 3,549 | 2,819 | 1,757 |
Interest expense | 0 | -31,924 | -25,773 |
Other financial items, net | 38,219 | -13,763 | -29,086 |
Net financial income (expenses) | 41,768 | -42,868 | -53,102 |
Income before equity in net earnings (losses) of affiliates and income taxes | 116,488 | 1,017,817 | 68,470 |
Income taxes | 3,404 | -2,765 | 1,705 |
Equity in net earnings (losses) of affiliates | 15,821 | -609 | -1,900 |
Net income (loss) | 135,713 | 1,014,443 | 68,275 |
Net income attributable to non-controlling interests | 0 | -43,140 | -21,625 |
Net income attributable to Golar LNG Ltd | $135,713 | $971,303 | $46,650 |
Per common share amounts: | ' | ' | ' |
Earnings - Basic (in dollars per share) | $1.69 | $12.09 | $0.62 |
Earnings - Diluted (in dollars per share) | $1.59 | $11.66 | $0.62 |
Cash dividends declared and paid (in dollars per share) | $1.35 | $1.93 | $1.13 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Unrealized net loss on qualifying cash flow hedging instruments | ($1,822) | ($6,832) | ($19,462) | |||
COMPREHENSIVE INCOME | ' | ' | ' | |||
Net income | 135,713 | 1,014,443 | 68,275 | |||
Other comprehensive income (loss): | ' | ' | ' | |||
Gains (losses) associated with pensions, net of tax | 5,078 | -2,323 | -3,139 | |||
Unrealized net gain on qualifying cash flow hedging instruments (1) | 5,010 | [1] | 1,547 | [1] | 1,024 | [1] |
Unrealized gain on investments in available-for-sale securities | 1,885 | 5,911 | 0 | |||
Other comprehensive income (loss) | 11,973 | 5,135 | -2,115 | |||
Comprehensive income | 147,686 | 1,019,578 | 66,160 | |||
Comprehensive income attributable to: | ' | ' | ' | |||
Stockholders of Golar LNG Limited | 147,686 | 978,532 | 43,636 | |||
Non-controlling interests | 0 | 41,046 | 22,524 | |||
Comprehensive income | 147,686 | 1,019,578 | 66,160 | |||
Cash flow hedging | Accumulated Other Comprehensive Income (Loss) [Member] | Designated as Hedging Instrument | Swap | ' | ' | ' | |||
Unrealized net loss on qualifying cash flow hedging instruments | $900 | $0 | $0 | |||
[1] | (1) Includes share of net gain of $0.9 million, $nil and $nil on qualifying cash flow hedging instruments held by an affiliate for the years ended December 31, 2013, 2012 and 2011, respectively. Refer to note 32. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $125,347 | $424,714 |
Restricted cash and short-term investments | 23,432 | 1,551 |
Trade accounts receivable | 81 | 385 |
Other receivables, prepaid expenses and accrued income | 14,574 | 5,309 |
Amounts due from related parties | 6,311 | 5,915 |
Inventories | 11,951 | 2,051 |
Total current assets | 181,696 | 439,925 |
Long-term assets | ' | ' |
Restricted cash | 3,111 | 0 |
Investment in available-for-sale securities | 267,352 | 353,034 |
Investments in affiliates | 350,918 | 367,656 |
Cost method investments | 204,172 | 198,524 |
Newbuildings | 767,525 | 435,859 |
Vessels and equipment, net | 811,715 | 573,615 |
Deferred charges | 24,484 | 4,064 |
Other non-current assets | 54,248 | 6,769 |
Amounts due from related parties | 0 | 34,953 |
Total assets | 2,665,221 | 2,414,399 |
Current liabilities | ' | ' |
Current portion of long-term debt | 30,784 | 14,400 |
Trade accounts payable | 12,728 | 10,203 |
Accrued expenses | 22,787 | 20,413 |
Amounts due to related parties | 363 | 4,037 |
Other current liabilities | 23,912 | 38,006 |
Total current liabilities | 90,574 | 87,059 |
Long-term liabilities | ' | ' |
Long-term debt | 636,244 | 490,506 |
Long-term debt due to related parties | 50,000 | 0 |
Other long-term liabilities | 84,266 | 72,515 |
Total liabilities | 861,084 | 650,080 |
Commitments and Contingencies (see note 34 and 35) | ' | ' |
EQUITY | ' | ' |
Share capital 80,579,295 common shares of $1.00 each issued and outstanding (2012: 80,503,364) | 80,580 | 80,504 |
Additional paid-in capital | 656,018 | 654,042 |
Contributed surplus | 200,000 | 200,000 |
Accumulated other comprehensive loss | -6,757 | -18,730 |
Retained earnings | 874,296 | 848,503 |
Total stockholders' equity | 1,804,137 | 1,764,319 |
Total liabilities and equity | $2,665,221 | $2,414,399 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
EQUITY | ' | ' |
Common shares, shares issued (in shares) | 80,579,295 | 80,503,364 |
Common shares, shares outstanding (in shares) | 80,579,295 | 80,503,364 |
Common shares, par value (in dollars per share) | $1 | $1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating activities | ' | ' | ' | |||
Net income | $135,713 | $1,014,443 | $68,275 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | |||
Depreciation and amortization | 36,871 | 85,524 | 70,286 | |||
Amortization of financing costs and debt guarantee | 1,120 | 1,900 | 1,484 | |||
Equity in net (earnings) losses of affiliates | -15,821 | 609 | 1,900 | |||
Gain on disposal of Golar Maria (including amortization of deferred gain) | -65,619 | 0 | 0 | |||
Gain on loss of control | 0 | 853,996 | 0 | |||
Gain on business acquisition | 0 | 4,084 | 0 | |||
Loss on disposal of fixed assets | 0 | 151 | 0 | |||
Dividend income from available-for-sale and cost investments recognized in operating income | -30,960 | 0 | 0 | |||
Proceeds from dividends received | 64,198 | 125 | 0 | |||
Loss (gain) on disposal of available-for-sale securities | 754 | 0 | -541 | |||
Gain on sale of high yield bond in Golar Partners | -841 | 0 | 0 | |||
Compensation cost related to stock options | 500 | 1,357 | 1,970 | |||
Net foreign exchange (gain) losses | -277 | 11,905 | 1,669 | |||
Amortization of deferred tax benefits on intra-group transfers | 3,487 | 7,257 | 6,687 | |||
Impairment of long-term assets | 500 | 500 | 500 | |||
Drydocking expenditure | -4,248 | -20,939 | -19,773 | |||
Interest element included in obligations under capital leases | 0 | 401 | 898 | |||
Trade accounts receivable | 304 | 2,256 | 5,245 | |||
Inventories | -10,137 | 167 | 2,479 | |||
Prepaid expenses, accrued income and other assets | -50,877 | -7,600 | -3,721 | |||
Trade accounts payable | 2,525 | -520 | -12,804 | |||
Accrued expenses | 3,349 | 10,668 | 8,082 | |||
Other current liabilities (1) | 658 | [1] | -779 | [1] | -2,250 | [1] |
Net cash provided by operating activities | 67,722 | 233,810 | 116,608 | |||
Amounts due from/to related companies | 3,497 | -1,021 | -404 | |||
Investing activities | ' | ' | ' | |||
Additions to vessels and equipment | -802 | -97,228 | -99,082 | |||
Additions to newbuildings | -733,353 | -245,759 | -190,100 | |||
Investment in subsidiary, net of cash acquired | 0 | -19,438 | 0 | |||
Cash effect of the deconsolidation of Golar Partners | 0 | -85,467 | 0 | |||
Vendor refinancing - loan repayment from Golar Partners | 0 | 155,000 | 0 | |||
Investment in affiliates | 0 | 0 | -4,152 | |||
Proceeds from disposal of investments in available-for-sale securities | 99,210 | 0 | 901 | |||
Payments to Acquire Available-for-sale Securities | -12,400 | -173 | 0 | |||
Payments to Acquire Investments | -5,649 | 0 | 0 | |||
Short-term loan granted to third party | -11,960 | 0 | 0 | |||
Repayment of short-term loan granted to third party | 2,469 | 0 | 0 | |||
Proceeds of sale of Golar maria to Golar Partners | 119,927 | 0 | 0 | |||
Proceeds from sale of high yield bond | 34,483 | 0 | 0 | |||
Short-term loan to Golar Partners | -20,000 | 0 | 0 | |||
Repayment of short-term loan granted to Golar Partners | 20,000 | 0 | 0 | |||
Proceeds from disposal of fixed assets | 0 | 40 | 0 | |||
Restricted cash and short-term investments | -24,992 | 2,325 | -6,211 | |||
Net cash used in investing activities | -533,067 | -290,700 | -298,644 | |||
Financing activities | ' | ' | ' | |||
Proceeds from short-term debt | 0 | 0 | 23,600 | |||
Proceeds from long-term debt (including related parties) | 306,358 | 642,241 | 80,000 | |||
Repayments of obligations under capital leases | 0 | -6,288 | -6,054 | |||
Repayments of long-term debt (including related parties) | -9,400 | -325,166 | -105,750 | |||
Repayments of short-term debt | 0 | 0 | -23,600 | |||
Financing costs paid | -22,612 | -7,842 | 0 | |||
Cash dividends paid | -108,976 | -175,904 | -65,022 | |||
Non-controlling interest dividends | 0 | -32,082 | -12,532 | |||
Proceeds from exercise of share options (including disposal of treasury shares) | 608 | 2,613 | 13,845 | |||
Proceeds from issuance of equity in Golar Partners to non-controlling interests | 0 | 317,119 | 287,795 | |||
Acquisition of non-controlling interests | 0 | 0 | -108,050 | |||
Net cash provided by financing activities | 165,978 | 414,691 | 84,232 | |||
Net (decrease) increase in cash and cash equivalents | -299,367 | 357,801 | -97,804 | |||
Cash and cash equivalents at beginning of period | 424,714 | 66,913 | 164,717 | |||
Cash and cash equivalents at end of period | 125,347 | 424,714 | 66,913 | |||
Cash paid during the year for: | ' | ' | ' | |||
Interest paid, net of capitalized interest | 0 | 35,798 | 30,727 | |||
Income taxes paid | $1,322 | $1,671 | $2,426 | |||
[1] | (1) Includes accretion of discount on convertible bonds of $4.7 million, $4.0 million and $nil for the years ended December 31, 2013, 2012 and 2011, respectively. |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Accretion of interest on bond | $4.70 | $4 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | NR Satu | Golar Grand | Share Capital | Share Capital | Share Capital | Treasury Shares | Treasury Shares | Treasury Shares | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Contributed Surplus | Contributed Surplus | Contributed Surplus | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Earnings | Accumulated Earnings | Accumulated Earnings | Noncontrolling Interest | Noncontrolling Interest | Noncontrolling Interest |
In Thousands, unless otherwise specified | NR Satu | Golar Grand | NR Satu | Golar Grand | NR Satu | Golar Grand | NR Satu | Golar Grand | NR Satu | Golar Grand | NR Satu | Golar Grand | NR Satu | Golar Grand | ||||||||||
Balance at Dec. 31, 2010 | $599,322 | ' | ' | $67,808 | ' | ' | ($2,280) | ' | ' | $100,285 | ' | ' | $200,000 | ' | ' | ($33,311) | ' | ' | $78,086 | ' | ' | $188,734 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 68,275 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 46,650 | ' | ' | 21,625 | ' | ' |
Grant of share options | 1,970 | ' | ' | 0 | ' | ' | 0 | ' | ' | 1,970 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' |
Dividends | -86,156 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | -86,156 | ' | ' | 0 | ' | ' |
Incorporation costs | 40 | ' | ' | 0 | ' | ' | 0 | ' | ' | 40 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' |
Non-controlling interest dividend | -12,532 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | -12,532 | ' | ' |
Acquisition of non-controlling interests | -112,545 | ' | ' | 11,604 | ' | ' | 0 | ' | ' | 3,853 | ' | ' | 0 | ' | ' | 1,377 | ' | ' | 0 | ' | ' | -129,379 | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 287,783 | ' | ' | 0 | ' | ' | 0 | ' | ' | 183,010 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 104,773 | ' | ' |
Other comprehensive income (loss) | -2,115 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | -3,014 | ' | ' | 0 | ' | ' | 899 | ' | ' |
Impact of transfer of Golar Freeze, NR Satu and Grand to Golar Partners | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 96,732 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -96,732 | ' | ' |
Exercise of share options (including disposal of treasury shares) | 11,778 | ' | ' | 825 | ' | ' | 2,280 | ' | ' | 12,493 | ' | ' | 0 | ' | ' | 0 | ' | ' | -4,487 | ' | ' | 667 | ' | ' |
Balance at Dec. 31, 2011 | 755,820 | ' | ' | 80,237 | ' | ' | 0 | ' | ' | 398,383 | ' | ' | 200,000 | ' | ' | -34,948 | ' | ' | 34,093 | ' | ' | 78,055 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,014,443 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 971,303 | ' | ' | 43,140 | ' | ' |
Grant of share options | 1,357 | ' | ' | 0 | ' | ' | 0 | ' | ' | 1,357 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 24,979 | ' | ' | 0 | ' | ' | 0 | ' | ' | 24,979 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' |
Exercise of share options | 2,613 | ' | ' | 267 | ' | ' | 0 | ' | ' | 4,470 | ' | ' | 0 | ' | ' | 0 | ' | ' | -2,124 | ' | ' | 0 | ' | ' |
Dividends | -154,769 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | -154,769 | ' | ' | 0 | ' | ' |
Non-controlling interest dividend | -32,082 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | -32,082 | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 317,119 | ' | ' | 0 | ' | ' | 0 | ' | ' | 50,753 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 266,366 | ' | ' |
Other comprehensive income (loss) | 5,135 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 7,229 | ' | ' | 0 | ' | ' | -2,094 | ' | ' |
Impact of transfer of Golar Freeze, NR Satu and Grand to Golar Partners | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 85,781 | 88,319 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | -85,781 | -88,319 |
Deconsolidation of Golar Partners | 170,296 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 8,989 | ' | ' | 0 | ' | ' | 179,285 | ' | ' |
Balance at Dec. 31, 2012 | 1,764,319 | ' | ' | 80,504 | ' | ' | 0 | ' | ' | 654,042 | ' | ' | 200,000 | ' | ' | -18,730 | ' | ' | 848,503 | ' | ' | 0 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 135,713 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 135,713 | ' | ' | 0 | ' | ' |
Grant of share options | 500 | ' | ' | 0 | ' | ' | 0 | ' | ' | 500 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' |
Exercise of share options | 608 | ' | ' | 76 | ' | ' | 0 | ' | ' | 1,476 | ' | ' | 0 | ' | ' | 0 | ' | ' | -944 | ' | ' | 0 | ' | ' |
Dividends | -108,976 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | -108,976 | ' | ' | 0 | ' | ' |
Other comprehensive income (loss) | 11,973 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 11,973 | ' | ' | 0 | ' | ' | 0 | ' | ' |
Balance at Dec. 31, 2013 | $1,804,137 | ' | ' | $80,580 | ' | ' | $0 | ' | ' | $656,018 | ' | ' | $200,000 | ' | ' | ($6,757) | ' | ' | $874,296 | ' | ' | $0 | ' | ' |
GENERAL
GENERAL | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
GENERAL | ' | |
1 | GENERAL | |
Golar LNG Limited (the "Company" or "Golar") was incorporated in Hamilton, Bermuda on May 10, 2001 for the purpose of acquiring the liquefied natural gas ("LNG") shipping interests of Osprey Maritime Limited ("Osprey"), which was owned by World Shipholding Limited ("World Shipholding"). As of December 31, 2013, World Shipholding owned 45.61% (2012: 45.71%) of Golar. | ||
As of December 31, 2013, we own and operate a fleet of seven LNG carriers and operate Golar LNG Partner LP's ("Golar Partners" or the "Partnership") fleet of eight LNG carriers and Floating Storage Regasification Units ("FSRUs"). | ||
We are listed solely on the Nasdaq under the symbol: GLNG. | ||
As used herein and unless otherwise required by the context, the terms "Golar", the "Company", "we", "our" and words of similar import refer to Golar or anyone or more of its consolidated subsidiaries, or to all such entities. | ||
Golar LNG Partners LP ("Golar Partners" or the "Partnership") | ||
Golar Partners is our former subsidiary, which is an owner and operator of FSRUs and LNG carriers under long-term charters (defined as five years or longer from the date of the dropdown). In April 2011, we completed the initial public offering ("IPO") of Golar Partners and its listing on the Nasdaq stock exchange. As a result of the offering, our ownership interest was reduced to 65.4% (including our 2% general partner interest). Since its IPO, Golar Partners has completed further follow-on equity offerings, such that as of December 31, 2013, our ownership interest has decreased to 41.4% (2012: 54.1%) (see note 29). | ||
Under the provisions of the partnership agreement, the general partner irrevocably delegated the authority to the Partnership's board of directors to have the power to oversee and direct the operations of, manage and determine the strategies and policies of the Partnership. During the period from the IPO in April 2011 until the time of Golar Partners' first AGM on December 13, 2012, we retained the sole power to appoint, remove and replace all members of Golar Partners' board of directors. From the first Golar Partners' Annual General Meeting ("AGM"), the majority of the board members became electable by the common unitholders and accordingly, from this date, we no longer retain the power to control the board of Golar Partners. As a result, from December 13, 2012, Golar Partners has been considered as an affiliate entity and not as our controlled subsidiary (see note 5). |
ACCOUNTING_POLICIES
ACCOUNTING POLICIES | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
ACCOUNTING POLICIES | ' | |
2 | ACCOUNTING POLICIES | |
Basis of accounting | ||
The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. | ||
Principles of consolidation | ||
Investments in companies in which we directly or indirectly hold more than 50% of the voting control are consolidated in the financial statements, as well as certain variable interest entities in which the Company is deemed to be subject to a majority of the risk of loss from the variable interest entity's activities or entitled to receive a majority of the entity's residual returns, or both. All inter-company balances and transactions are eliminated. The non-controlling interests of subsidiaries were included in the Consolidated Balance Sheets and Statements of Operations as "Non-controlling interests". | ||
A variable interest entity, or VIE, is defined by the accounting standard as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. A party that is a variable interest holder is required to consolidate a VIE if the holder has both (a) the power to direct the activities that most significantly impact the entity's economic performance and (b) the obligation to absorb losses that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. | ||
Business combinations of subsidiaries are accounted for under the acquisition method. On acquisition, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (i.e. bargain purchase) is credited to the statement of operations in the period of acquisition. The consideration transferred for an acquisition is measured at fair value of the consideration given. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The results of subsidiary undertakings are included from the date of acquisition. | ||
Investments in affiliates | ||
Affiliates are entities over which we generally have between 20% and 50% of the voting rights, or over which we have significant influence, but over which we do not exercise control, or have the power to control the financial and operational policies. Investments in these entities are accounted for by the equity method of accounting. This also extends to entities in which we hold a majority ownership interest, but we do not control, due to the participating rights of non-controlling interests. Under this method, we record an investment in the common stock (or “in-substance common stock”) of an affiliate at cost (or fair value if a consequence of deconsolidation), and adjust the carrying amount for our share of the earnings or losses of the affiliate subsequent to the date of the investment and report the recognized earnings or losses in income. Dividends received from an affiliate in connection with their common stock interest reduce the carrying amount of the investment. The excess, if any, of the purchase price over book value of our investments in equity method affiliates is included in the consolidated balance sheet as "Investment in Affiliates". When our share of losses in an affiliate equals or exceeds its interest, we do not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. See note 14 for list of entities accounted for under the equity method. | ||
We recognize gains and losses in earnings for the issuance of shares by our affiliates, provided that the issuance of such shares qualifies as a sale of such shares. No gains and losses are recognized upon the issuance of common units of Golar Partners to third parties as the equity method of accounting is only applied to our holding in the subordinated units of Golar Partners. | ||
Revenue and expense recognition | ||
Revenues include minimum lease payments under time charters, fees for repositioning vessels as well as the reimbursement of certain vessel operating and drydocking costs. Revenues generated from time charters, which we classify as operating leases, are recorded over the term of the charter as service is provided. However, we do not recognize revenue if a charter has not been contractually committed to by a customer and ourselves, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. | ||
Reimbursement for drydocking costs is recognized evenly over the period to the next drydocking, which is generally between two to five years. Repositioning fees (which are included in time charter revenue) received in respect of time charters are recognized at the end of the charter when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee will be recognized evenly over the term of the charter. Where a vessel undertakes multiple single voyage time charters, revenue is recognized, including the repositioning fee if fixed and determinable, on a discharge-to-discharge basis. Under this basis, revenue is recognized evenly over the period from departure of the vessel from its last discharge port to departure from the next discharge port. For arrangements where operating costs are borne by the charterer on a pass through basis, the pass through of operating costs is reflected in revenue and expenses. | ||
Revenues generated from management fees are recorded rateably over the term of the contract as services are provided. | ||
Under time charters, voyage expenses are generally paid by our customers. Voyage related expenses, principally fuel, may also be incurred when positioning or repositioning the vessel before or after the period of time charter and during periods when the vessel is not under charter or is offhire, for example when the vessel is undergoing repairs. These expenses are recognized as incurred. | ||
Revenue includes amounts receivable from loss of hire insurance, which is recognized on an accruals basis, to the value of $nil, $2.1 million and $0.4 million for each of the years ended December 31, 2013, 2012 and 2011, respectively. | ||
Vessel operating expenses, which are recognized when incurred, include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses and third party management fees. | ||
Cash and cash equivalents | ||
We consider all demand and time deposits and highly liquid investments with original maturities of three months or less to be equivalent to cash. | ||
Restricted cash and short-term investments | ||
Restricted cash and short-term investments consist of bank deposits which may only be used to settle certain pre-arranged loan and bid bonds in respect of tenders for projects we have entered into. We consider all short-term investments as held to maturity. These investments are carried at amortized cost. We place our short-term investments primarily in fixed term deposits with high credit quality financial institutions. | ||
Inventories | ||
Inventories, which are comprised principally of fuel, lubricating oils and ship spares, are stated at the lower of cost or market value. Cost is determined on a first-in, first-out basis. | ||
Newbuildings | ||
Newbuilds are stated at cost. All pre-delivery costs incurred during the construction of newbuilds, including purchase installments, interest, supervision and technical costs, are capitalized. Newbuilds are not depreciated until the vessel is available for use. | ||
Interest costs capitalized in connection with the newbuildings for the years ended December 31, 2013, 2012 and 2011 were $22.5 million, $10.3 million and $3.6 million, respectively. | ||
Vessels and equipment | ||
Vessels and equipment are stated at cost less accumulated depreciation. The cost of vessels and equipment less the estimated residual value is depreciated on a straight-line basis over the assets' remaining useful economic lives. Depreciation includes depreciation on all owned vessels and amortization of vessels accounted for as capital leases. | ||
Refurbishment costs incurred during the period are capitalized as part of vessels and equipment and depreciated over the vessels' remaining useful economic lives. Refurbishment costs are costs that appreciably increase the capacity, or improve the efficiency or safety of vessels and equipment. Drydocking expenditures are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally between two and five years. For vessels that are newly built or acquired, we have adopted the "built-in overhaul" method of accounting. The built-in overhaul method is based on the segregation of vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals to reflect the different useful lives of the components of the assets. The estimated cost of the drydocking component is amortized until the date of the first drydocking following acquisition, upon which the cost is capitalized and the process is repeated. | ||
Vessel reactivation costs incurred on vessels leaving lay-up include both costs of a capital and expense nature. The capital costs include the addition of new equipment or modifications to the vessel which enhance or increase the operational efficiency and functionality of the vessel. These expenditures are capitalized and depreciated over the remaining useful life of the vessel. Expenditures of a routine repairs and maintenance nature, that do not improve the operating efficiency or extend the useful lives of the vessels are expensed as incurred as mobilization costs. | ||
Useful lives applied in depreciation are as follows: | ||
Vessels | 40 to 50 years | |
Deferred drydocking expenditure | two to five years | |
Office equipment and fittings | three to six years | |
Interest costs capitalized in connection with the retrofitting of vessels into FSRUs for the years ended December 31, 2013, 2012 and 2011 were $nil, $1.8 million and $1.9 million, respectively. | ||
Vessels under capital lease | ||
Historically, we have leased certain vessels under agreements that were accounted for as capital leases. Obligations under capital leases were carried at the present value of future minimum lease payments. The accounting policies relating to the asset balance, such as depreciation and drydocking expenditure followed those described under "Vessels and equipment". Interest expense was calculated at a constant rate over the term of the lease. Certain of our capital leases were 'funded' via long term cash deposits which closely matched the lease liability. | ||
As of December 31, 2013 and 2012, we did not lease any vessels under capital leases. Accordingly, following the deconsolidation of Golar Partners, the drydocking costs and accumulated amortization were $nil in each of the years ended December 31, 2013 and 2012. | ||
Depreciation and amortization expense for vessels under capital leases for the years ended December 31, 2013, 2012 and 2011 was $nil, $15.8 million and $16.6 million, respectively. | ||
Interest costs capitalized | ||
Interest costs are expensed as incurred except for interest costs that are capitalized. Interest is capitalized on all qualifying assets that require a period of time to get them ready for their intended use. Qualifying assets consist of vessels under construction and includes vessels undergoing conversion into FSRUs for our own use. The interest capitalized is calculated using the rate of interest on the loan to fund the expenditure or our weighted average cost of borrowings where appropriate, over the term period from commencement of the newbuilding and conversion work until substantially all the activities necessary to prepare the assets for its intended use are complete. | ||
Deferred credit from capital leases | ||
Income derived from the sale of subsequently leased assets is deferred and amortized in proportion to the amortization of the leased assets. Amortization of deferred income is offset against depreciation and amortization expense in the Consolidated Statement of Operations. | ||
Impairment of long-term assets | ||
We continually monitor events and changes in circumstances that could indicate carrying amounts of long-term assets may not be recoverable. When such events or changes in circumstances are present, we assess the recoverability of long-term assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. | ||
During 2013, we considered the softening in the LNG shipping market and the current operating losses of our vessels in lay-up as potential indicators of impairment of these three vessels. We assessed potential impairment of the three vessels we currently have in lay-up by comparing the expected discounted cash flows based on assumption that these vessels, in conjunction with our Front End Engineering Design study (FEED), will be converted and operated as FLNGVs. We compared these discounted cash flows to the respective carrying values and concluded there was no impairment of these vessels as of December 31, 2013. | ||
Deferred charges | ||
Costs associated with long-term financing, including debt arrangement fees, are deferred and amortized over the term of the relevant loan. Amortization of deferred loan costs is included in "Other financial items" in the Consolidated Statement of Operations. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. | ||
Trade receivables | ||
Trade receivables are presented net of allowances for doubtful balances. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. | ||
Investment in available-for-sale securities | ||
We classify our existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses excluded from earnings and reported directly in stockholders' equity as a component of other comprehensive income (loss) unless a gain is realized upon the sale of these units or an unrealized loss is considered "other-than-temporary," in which case it is transferred to the statement of operations. Management evaluates securities for other than temporary impairment ("OTTI") on a periodic basis. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the investee, and (3) the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value. | ||
Cost-method investments | ||
Cost-method investments are initially recorded at cost and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | ||
Derivatives | ||
We use derivatives to reduce market risks associated with our operations. We use interest rate swaps for the management of interest rate risk exposure. The interest rate swaps effectively convert a portion of our debt from a floating to a fixed rate over the life of the transactions without an exchange of underlying principal. | ||
We seek to reduce our exposure to fluctuations in foreign exchange rates through the use of foreign currency forward contracts. | ||
All derivative instruments are initially recorded at cost as either assets or liabilities in the accompanying Consolidated Balance Sheet and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. Where the fair value of a derivative instrument is a net liability, the derivative instrument is classified in "Other current liabilities" in the Consolidated Balance Sheet. Where the fair value of a derivative instrument is a net asset, the derivative instrument is classified in "Other non-current assets" in the Consolidated Balance Sheet, except if the current portion is a liability, in which case the current portion is included in "Other current liabilities." The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and also qualifies for hedge accounting. The Company hedge accounts for certain of its interest rate swap arrangements designated as cash flow hedges. For derivative instruments that are not designated or do not qualify as hedges under the guidance, the changes in fair value of the derivative financial instrument are recognized each period in current earnings in "Other financial items". | ||
When a derivative is designated as a cash flow hedge, we formally document the relationship between the derivative and the hedged item. This documentation includes the strategy risk and risk management for undertaking the hedge and the method that will be used to assess effectiveness of the hedge. If the derivative is an effective hedge, changes in the fair value are initially recorded as a component of accumulated other comprehensive income in equity. The ineffective portion of the hedge is recognized immediately in earnings, as are any gains or losses on the derivative that are excluded from the assessment of hedge effectiveness. We do not apply hedge accounting if we determine that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold or repaid. | ||
In the periods when the hedged items affect earnings, the associated fair value changes on the hedged derivatives are transferred from equity to the corresponding earnings line item on the settlement of a derivative. The ineffective portion of the change in fair value of the derivative financial instrument is immediately recognized in earnings. If a cash flow hedge is terminated and the originally hedged item is still considered probable of occurring, the gains and losses initially recognized in equity remain there until the hedged item impacts earnings at which point they are transferred to the corresponding earnings line item (i.e. interest expense). If the hedged items are no longer probable of occurring, amounts recognized in equity are immediately reclassified to earnings. | ||
Cash flows from derivative instruments that are accounted for as cash flow hedges are classified in the same category as the cash flows from the items being hedged. Cashflows from economic hedges are classified in the same category from the items subject to the economic hedging relationship. | ||
LNG trading | ||
We trade in physical cargoes, futures, swaps and options, all of which are traded on and recognized in liquid markets. Purchases and sales are recognized on the trade date. Open trading positions are stated at fair value based on closing market price on the balance sheet date. The market values of open positions are shown in debtors if positive or creditors if negative. Realized and unrealized gains and losses are recognized in current earnings in "Other operating gains and losses". The gross transaction value of energy trading contracts that were physically settled for the years ending December 31, 2013, 2012 and 2011, was $nil, $nil and $2.0 million profit, respectively. | ||
Contracts to buy and sell physical cargoes for future delivery settled on the bill of lading date are recognized at their fair value at the balance sheet date. | ||
Foreign currencies | ||
Our functional currency is the U.S. dollar as the majority of the revenues are received in U.S. dollars and a majority of our expenditures are made in U.S. dollars. Our reporting currency is U.S. dollars. | ||
Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet date. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction and translation gains or losses are included in the Consolidated Statements of Operations. | ||
Provisions | ||
In the ordinary course of business, we are subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, will provide for a contingent loss in the financial statements if the contingency had occurred at the date of the financial statements and the likelihood of loss was probable and the amount can be reasonably estimated. If we determine that the reasonable estimate of the loss is a range and there is no best estimate within the range, we will provide the lower amount within the range. See note 35, "Other Commitments and Contingencies" for further discussion. | ||
Fair value measurements | ||
We account for fair value measurement in accordance with the Accounting Standards Codification ("ASC") guidance using fair value to measure assets and liabilities. The guidance provides a single definition of fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities. | ||
Stock-based compensation | ||
In accordance with the guidance on "Share Based Payment", we are required to expense the fair value of stock options issued to employees over the period the options vest. We amortize stock-based compensation for awards on a straight-line basis over the period during which the employee is required to provide service in exchange for the reward - the requisite service (vesting) period. No compensation cost is recognized for stock options for which employees do not render the requisite service. The fair value of employee share options is estimated using the Black-Scholes option-pricing model. | ||
Earnings per share | ||
Basic earnings per share ("EPS") is computed based on the income available to common stockholders and the weighted average number of shares outstanding for basic EPS. Treasury shares are not included in the calculation. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments. Such potentially dilutive common shares are excluded when the effect would be to increase earnings per share or reduce a loss per share. | ||
Pensions | ||
Defined benefit pension costs, assets and liabilities requires adjustment of the significant actuarial assumptions annually to reflect current market and economic conditions. Our accounting policy states that full recognition of the funded status of defined benefit pension plans is to be included within our balance sheet. The pension benefit obligation is calculated by using a projected unit credit method. | ||
Defined contribution pension costs represent the contributions payable to the scheme in respect of the accounting period and are recorded in the Consolidated Statement of Operations. | ||
Operating leases | ||
Initial direct costs (those directly related to the negotiation and consummation of the lease) are deferred and allocated to earnings over the lease term. Rental income and expense are amortized over the lease term on a straight-line basis. | ||
Income taxes | ||
Income taxes are based on a separate return basis. The guidance on "Accounting for Income Taxes" prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. | ||
Deferred tax assets and liabilities are recognized principally for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization of the deferred income tax asset is dependent on generating sufficient taxable income in future years. | ||
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on the tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Income tax relating to items recognized directly in the statement of comprehensive income is recognized in the statement of changes in equity and not in the statement of operations. | ||
Gain on issuance of shares by subsidiaries | ||
We recognize a gain or loss when a subsidiary issues its stock to third parties at a price per share in excess or below its carrying value resulting in a reduction in our ownership interest in the subsidiary. The gain or loss is recorded in the line "Additional paid-in capital". | ||
Gain on disposal of a subsidiary to Golar Partners | ||
We recognize a gain upon disposal of a subsidiary to Golar Partners at the time of sale and defers an element of the gain based on our holding in the subordinated units in Golar Partners measured at the date of dropdown. The gain is deferred under "Other long-term liabilities" and released to income over the remaining useful life of the vessel or until it is sold. | ||
Segment reporting | ||
A segment is a distinguishable component of the business that is engaged in business activities from which we earn revenues and incur expenses whose operating results are regularly reviewed by the chief operating decision maker, and which are subject to risks and rewards that are different from those of other segments. We have identified two reportable industry segments: vessel operations and LNG trading. | ||
Treasury shares | ||
Treasury shares are recognized as a separate component of equity at cost. Upon subsequent disposal of treasury shares, any consideration is recognized directly in equity. | ||
Convertible bonds | ||
In accordance with ASC 470-20 "Debt with conversion and other options", we account for debt instruments with convertible features in accordance with the details and substance of the instruments at the time of their issuance. For convertible debt instruments issued at a substantial premium to equivalent instruments without conversion features, or those that may be settled in cash upon conversion, it is presumed that the premium or cash conversion option represents an equity component. | ||
Accordingly, we determine the carrying amounts of the liability and equity components of such convertible debt instruments by first determining the carrying amount of the liability component by measuring the fair value of a similar liability that does not have an equity component. The carrying amount of the equity component representing the embedded conversion option is then determined by deducting the fair value of the liability component from the total proceeds from the issue. The resulting equity component is recorded, with a corresponding offset to debt discount which is subsequently amortized to interest cost using the effective interest method over the period the debt is expected to be outstanding as an additional non-cash interest expense. Transaction costs associated with the instrument are allocated pro-rata between the debt and equity components. | ||
For conventional convertible bonds which do not have a cash conversion option or where no substantial premium is received on issuance, it may not be appropriate to split the bond into the liability and equity components. | ||
Guarantees | ||
Guarantees issued by us, excluding those that are guaranteeing our own performance, are recognized at fair value at the time that the guarantees are issued, or upon the deconsolidation of a subsidiary, as in the case of Golar Partners (see note 5) and reported in "other long-term liabilities." A liability for the fair value of the obligation undertaken in issuing the guarantee is recognized. If it becomes probable that we will have to perform under a guarantee, we will recognize an additional liability if the amount of the loss can be reasonably estimated. The recognition of fair value is not required for certain guarantees such as the parent's guarantee of a subsidiary's debt to a third party. For those guarantees excluded from the above guidance requiring the fair value recognition provision of the liability, financial statement disclosures of such items are made. | ||
Use of estimates | ||
The preparation of financial statements in accordance with U.S. GAAP requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
SUBSIDIARIES
SUBSIDIARIES | 12 Months Ended | ||
Dec. 31, 2013 | |||
SUBSIDIARIES [Abstract] | ' | ||
SUBSIDIARIES | ' | ||
3 | SUBSIDIARIES | ||
The following table lists our significant subsidiaries and their purpose as at December 31, 2013. Unless otherwise indicated, we own a 100% controlling interest in each of the following subsidiaries. | |||
Name | Jurisdiction of Incorporation | Purpose | |
Golar LNG 1460 Corporation | Marshall Islands | Owns Golar Viking | |
Golar LNG 2216 Corporation | Marshall Islands | Owns Golar Arctic | |
Golar Management Limited | United Kingdom | Management company | |
Golar GP LLC – Limited Liability Company | Marshall Islands | Holding company | |
Golar LNG Energy Limited | Bermuda | Holding company | |
Golar Gimi Limited | Marshall Islands | Owns Gimi | |
Golar Hilli Limited | Marshall Islands | Owns Hilli | |
Bluewater Gandria N.V. | Netherlands | Owns and Operates Golar Gandria | |
Golar Hull M2021 Corporation | Marshall Islands | Owns Hull 2021 (Golar Seal) | |
Golar Hull M2022 Corporation | Marshall Islands | Owns Hull 2022 (Golar Crystal) | |
Golar Hull M2023 Corporation | Marshall Islands | Owns Hull 2023 (Golar Penguin) | |
Golar Hull M2024 Corporation | Marshall Islands | Owns Hull 2024 (Golar Eskimo) | |
Golar Hull M2026 Corporation | Marshall Islands | Owns Hull 2026 (Golar Celsius) | |
Golar Hull M2027 Corporation | Marshall Islands | Owns Hull 2027 (Golar Bear) | |
Golar Hull M2031 Corporation | Marshall Islands | Owns Hull 2031 (Golar Igloo) | |
Golar Hull M2047 Corporation | Marshall Islands | Owns Hull 2047 (Golar Snow) | |
Golar Hull M2048 Corporation | Marshall Islands | Owns Hull 2048 (Golar Ice) | |
Golar LNG NB10 Corporation | Marshall Islands | Owns Hull S658 (Golar Glacier) | |
Golar LNG NB11 Corporation | Marshall Islands | Owns Hull S659 (Golar Kelvin) | |
Golar LNG NB12 Corporation | Marshall Islands | Owns Hull 2055 (Golar Frost) | |
Golar LNG NB13 Corporation | Marshall Islands | Owns Hull 2056 (Golar Tundra) | |
RECENTLY_ISSUED_ACCOUNTING_STA
RECENTLY ISSUED ACCOUNTING STANDARDS | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
RECENTLY ISSUED ACCOUNTING STANDARDS | ' | |
4 | RECENTLY ISSUED ACCOUNTING STANDARDS | |
Adoption of new accounting standards | ||
In December 2011, the Financial Accounting Standards Board ("FASB") amended guidance on disclosures about offsetting assets and liabilities. The amendments require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The amendments will enhance disclosures required by U.S. GAAP by requiring improved information about financial instruments and derivative instruments that are either offset or subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with U.S. GAAP. This information will enable users of an entity's financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of set-off associated with certain financial instruments and derivative instruments in the scope of this update. The amendments were required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The amendment resulted in additional disclosures in our consolidated financial statements included herein. | ||
In July 2012, the FASB amended disclosure requirements relating to testing indefinite-lived intangible assets for impairment. The amendments no longer require entities to disclose the quantitative information about significant unobservable inputs used in fair value measurements categorized within Level 3 of the fair value hierarchy that relate to the financial accounting and reporting for an indefinite-lived intangible asset after its initial recognition. The amendment is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The amendment did not have a material impact on our consolidated financial statements. | ||
In October 2012, the FASB amended several disclosure requirements of the FASB Accounting Standards Codification relating to investments, consolidation, accounting changes and error corrections, inventory, retirement benefits for defined benefit plans, financial instruments and balance sheet. The amendments are effective for fiscal periods beginning after December 15, 2012. The amendment did not have a material impact on our consolidated financial statements. | ||
In February 2013, further guidance was provided relating to the reporting of the effects on net income of significant amounts reclassified out of each component of accumulated other comprehensive income. Under the updated guidance, the effects on net income of significant amounts reclassified out of each component of accumulated other comprehensive income shall be shown, in one location, either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The amendment resulted in additional disclosures in our consolidated financial statements included herein. | ||
In July 2013, the FASB amended ASC Topic 815 permitting the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to U.S. Treasury interest rates and the London Interbank Offered Rate. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments shall be applied prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The Company did not enter into any qualifying new or redesignated hedging relationships after July 17, 2013 up to the date of these consolidated financial statements and the adoption of this guidance did not have a material effect in our consolidated financial statements. | ||
New accounting standards not yet adopted | ||
In February 2013, the FASB issued guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, including debt arrangements, other contractual obligations and settled litigation and judicial rulings. The guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the impact of the adoption of this amended guidance in the financial statements. | ||
In July 2013, the FASB issued guidance for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists to provide guidance on the presentation of unrecognized tax benefits. The guidance requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the impact of the adoption of this amended guidance in the financial statements. |
DECONSOLIDATION_OF_GOLAR_PARTN
DECONSOLIDATION OF GOLAR PARTNERS (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Deconsolidation [Abstract] | ' | |||||||||||
Deconsolidation of Golar Partners | ' | |||||||||||
5 | DECONSOLIDATION OF GOLAR PARTNERS | |||||||||||
Under the provisions of the partnership agreement, the general partner irrevocably delegated the authority to the Partnership's board of directors to have the power to oversee and direct the operations of, manage and determine the strategies and policies of Golar Partners. During the period from Golar Partner's IPO in April 2011 until the time of its first AGM on December 13, 2012, Golar retained the sole power to appoint, remove and replace all members of Golar Partner's board of directors. From the first AGM, majority of the board members became electable by the common unitholders and accordingly, from this date we no longer retain the power to control the board of directors. As a result, from December 13, 2012, Golar Partners has been considered as an affiliate entity and not as our controlled subsidiary. | ||||||||||||
On December 13, 2012, based on the equity method, we recorded an investment in Golar Partners of $362.8 million, which represents the fair value of our subordinated units (in-substance common stock) held on the deconsolidation date. On the same date, we calculated a gain on loss of control of $854.0 million. The gain on loss of control is calculated as follows: | ||||||||||||
(in thousands of $) | As of deconsolidation date (December 13, 2012) | |||||||||||
Fair value of investment in Golar Partners (a) | 900,926 | |||||||||||
Carrying value of the non-controlling interest in Golar Partners | 179,285 | |||||||||||
Subtotal | 1,080,211 | |||||||||||
Less: | ||||||||||||
Carrying value of Golar Partner's net assets | 238,409 | |||||||||||
Guarantees issued to Golar Partners (c) | 23,266 | |||||||||||
Accumulated other comprehensive loss relating to Golar Partners (d) | 8,989 | |||||||||||
Deferred tax benefit on intra-group transfers of long-term assets (f) | (44,449 | ) | ||||||||||
Gain on loss of control of Golar Partners | 853,996 | |||||||||||
(a) Fair value of investment in Golar Partners | ||||||||||||
Our residual interest in Golar Partners as of December 13, 2012 comprised of the following: | ||||||||||||
(in thousands of $) | As of December 13, 2012 | |||||||||||
Common units (i) | 346,950 | |||||||||||
General Partner units and Incentive Distribution Rights ("IDRs") (ii) | 191,177 | |||||||||||
Subordinated units (iii) | 362,799 | |||||||||||
900,926 | ||||||||||||
As of December 31, 2013, the carrying value of our total investment in Golar Partners is $809.0 million (2012: $906.1 million). | ||||||||||||
(i) Common units (available-for-sale securities) | ||||||||||||
As of December 13, 2012, we held 11.8 million common units representing 32.6% of the common units in issue, as a class. Our holding in the voting common units of Golar Partners have been accounted for under the guidance for available-for-sale securities on the basis that during the subordination period the common units have preferential dividend and liquidation rights. Accordingly, these securities are carried at fair value and any unrealized gains and losses on these securities are reflected directly in equity unless a gain is realized upon sale of these units or an unrealized loss is considered "other-than-temporary", in which case it is transferred to the statement of operations. Dividends received from its common units in Golar Partners during the subordination period will be recorded in the consolidated statement of operations in the line item "Dividend income". | ||||||||||||
(ii) General Partner units and IDRs | ||||||||||||
Our 2% general partner interest and 100% of the incentive distribution rights (IDRs) in Golar Partners have been accounted for as cost-method investments on the basis that the general partner interests have preferential liquidation and dividend rights during the subordination period. | ||||||||||||
Our interest in the general partner units have been recorded at their fair value as of December 13, 2012, based on the share price of the publicly traded common units of Golar Partners but adjusted for restrictions over their transferability and reduction in voting rights. The fair value of the IDRs as of December 13, 2012 was determined using a Monte Carlo simulation method. This simulation was performed within the Black Scholes option pricing model then solved via an iterative process by applying the Newton-Raphson method for the fair value of the IDRs, such that the price of a unit output by the Monte Carlo simulation equalled the price observed in the market. The method took into account the historical volatility, dividend yield as well as the share price of the units as of the deconsolidation date. | ||||||||||||
(iii) Subordinated units | ||||||||||||
As of December 13, 2012, we held 15.9 million units representing 100% of the subordinated units. Our holding in the subordinated units of Golar Partners have been accounted for under the equity method on the basis that the subordinated units are considered to be, in-substance, common stock for accounting purposes. The fair value on December 13, 2012, was determined based on the quoted market price of the listed common units as of the deconsolidation date but discounted principally for their non-tradability and subordinated dividend and liquidation rights during the subordination period. The subordination period will end on the satisfaction of various tests as prescribed in the Partnership Agreement, but will not end before March 31, 2016, except with our removal as the general partner. Upon the expiration of the subordination period, the subordinated units will convert into common units subject to passing certain conditions. | ||||||||||||
(b) Accounting for basis difference | ||||||||||||
The investment in Golar Partners recorded under the equity method included our share of the basis difference between the fair value and the underlying book value of Golar Partners' assets at the deconsolidation date. | ||||||||||||
(in thousands of $) | Book value | Fair value | Basis difference | Golar's share of the basis difference | ||||||||
100% | 100% | 100% | 24.8%* | |||||||||
Vessels and equipment and vessels under capital leases (i) | 1,192,779 | 1,687,162 | 494,383 | 122,591 | ||||||||
Charter agreements (ii) | — | 508,631 | 508,631 | 126,124 | ||||||||
Goodwill (iii) | — | 445,100 | 445,100 | 110,371 | ||||||||
1,192,779 | 2,640,893 | 1,448,114 | 359,086 | |||||||||
*Our share of the basis difference is with reference to our holding in the subordinated units only. | ||||||||||||
The basis difference has been accounted for as follows: | ||||||||||||
(i) The basis difference assigned to vessels and equipment is being depreciated over the remaining estimated useful lives of the vessels and is recorded as a component of "Equity in net earnings (losses) of affiliates". | ||||||||||||
(ii) The basis difference relating to the charter agreements is being amortized over the remaining term of the charters and is recorded as a component of "Equity in net earnings (losses) of affiliates". | ||||||||||||
(iii) For the assigned goodwill, we will recognize our share of any impairment charge recorded by Golar Partners and consider the effect, if any, of the impairment on the assigned goodwill. | ||||||||||||
(c) Guarantees | ||||||||||||
In accordance with ASC 460, the guarantees we issued in respect of Golar Partners and its subsidiaries were fair valued as of the deconsolidation date of December 13, 2012. As of December 13, 2012, the fair value of the guarantees amounted to a liability of $23.3 million which is recorded in "Other long-term liabilities" and comprised of the following items: | ||||||||||||
(in thousands of $) | As of December 13, 2012 | |||||||||||
Debt guarantees | 4,548 | |||||||||||
Golar Grand Option | 7,217 | |||||||||||
Methane Princess tax lease indemnity | 11,500 | |||||||||||
23,265 | ||||||||||||
The debt guarantees we issued to third party banks were in respect of certain secured debt facilities relating to Golar Partners and its subsidiaries. The liability is being amortized over the remaining term of the respective debt facilities with the credit being recognized in "Other financial items". | ||||||||||||
The Golar Grand Option was issued in connection with the disposal of the Golar Grand to Golar Partners in November 2012. The fair value of the Golar Grand Option was determined by discounting the difference between the guaranteed charter rate per the Option agreement less the estimated market rate at the end of the initial lease term (See note 33(d)). | ||||||||||||
The Methane Princess tax lease indemnity of $11.5 million is based on the termination sum as of December 13, 2012, less the associated security deposit, but factoring in the timing and likelihood of an early termination (see note 33). | ||||||||||||
The carrying value of these guarantees as of December 31, 2013 and 2012 was $22.4 million and $23.3 million, respectively (see note 27). | ||||||||||||
(d) Golar Partners' accumulated other comprehensive income | ||||||||||||
The accumulated other comprehensive loss of $9.0 million in relation to Golar Partners was released to the consolidated statement of operations on deconsolidation. | ||||||||||||
(e) Deconsolidation-related expenses | ||||||||||||
Deconsolidation related expenses amounting to $0.4 million were included in administrative expenses in the consolidated statement of operations for the year ended December 31, 2012. | ||||||||||||
(f) Deferred tax benefits on intra-group transfers of long-term assets | ||||||||||||
The deferred tax benefits on intra-group transfers of long-term assets amounting to $44.4 million arose from transactions between controlled entities in respect of vessels owned by Golar Partners: the Golar Freeze, the Golar Spirit and the NR Satu. Upon the deconsolidation of Golar Partners, the unamortized balance of $44.4 million was released and recognized as part of the gain on loss of control. |
DISPOSAL_OF_A_SUBSIDIARY_Notes
DISPOSAL OF A SUBSIDIARY (Notes) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Disposal of Subsidiary [Abstract] | ' | ||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||
6 | DISPOSAL OF A SUBSIDIARY | ||
In February 2013, we sold our interest in the company that owns and operates the Golar Maria to Golar Partners. | |||
(in thousands of $) | Golar Maria | ||
Cash consideration received (1) | 127,900 | ||
Carrying value of the assets sold to Golar Partners | (45,630 | ) | |
Gain on disposal | 82,270 | ||
Deferred gain on sale (note 27) | (17,114 | ) | |
Gain recognized on sale of Golar Maria | 65,156 | ||
The gain from the sale of the Golar Maria was $82.3 million of which $65.2 million had been recognized at the time of the sale in the Consolidated Statements of Operation under "Gain on disposal of Golar Maria (including amortization of deferred gain)". The remaining $17.1 million which represents profit based on our holding in the subordinated units in Golar Partners measured as of the date of the dropdown has been deferred under "Other long-term liabilities" (see note 27) and is being released to income over the remaining useful life of the vessel or until it is sold. As of December 31, 2013, the unamortized portion of the gain is $16.7 million. | |||
(1) The cash consideration comprised of $215.0 million for the vessel less the assumed bank debt and interest rate swap liability $89.5 million and $3.1 million, respectively, plus purchase price adjustments of $5.5 million. |
BUSINESS_ACQUISITION_Notes
BUSINESS ACQUISITION (Notes) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Business Combinations [Abstract] | ' | |||||
Business Acquisition | ' | |||||
7 | BUSINESS COMBINATION | |||||
On January 18, 2012, we acquired the remaining 50% equity interest in our joint venture, Bluewater Gandria, which owns the LNG carrier, the Golar Gandria for $19.5 million. Bluewater Gandria is a company pursuing opportunities to develop offshore LNG FSRU projects. Since the Golar Gandria’s acquisition, although it was initially reactivated, it was then subsequently placed into lay-up again in April 2013. The vessel is earmarked for conversion to a floating liquefied natural gas vessel ("FLNGV"). | ||||||
Details of the purchase consideration, the net assets acquired and goodwill are as follows: | ||||||
(in thousands of $) | 18-Jan-12 | |||||
Fair value of previously held 50% equity interest (a) | 19,500 | |||||
Purchase consideration - cash | 19,500 | |||||
Total assumed acquisition consideration | 39,000 | |||||
Less: Fair value of net assets acquired: | ||||||
Vessel and equipment, net | 40,000 | |||||
Inventories | 931 | |||||
Cash | 62 | |||||
Prepayments | 40 | |||||
Other liabilities | (100 | ) | ||||
Subtotal | (40,933 | ) | ||||
Gain on bargain purchase of Bluewater Gandria | (1,933 | ) | ||||
The impact on the statement of operations of the acquisition of Bluewater Gandria is as follows: | ||||||
(in thousands of $) | ||||||
Gain on remeasurement (a) | 2,356 | |||||
Gain on bargain | 1,933 | |||||
Less: Acquisition related costs | (205 | ) | ||||
Total gain on acquisition of Bluewater Gandria | 4,084 | |||||
As a result of acquiring the remaining 50% equity interest, we recognized a gain on bargain purchase of the Bluewater Gandria as the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired. We performed an assessment of the fair values of the assets acquired, liabilities assumed and consideration transferred. The assessment confirmed our gain on bargain purchase. | ||||||
a) Remeasurement of equity investment in Bluewater Gandria | ||||||
On January 18, 2012, we remeasured our previously held 50% equity interest in Bluewater Gandria to its fair value as set forth in the table below: | ||||||
(in thousands of $) | Equity investment in Bluewater Gandria | |||||
Fair value of previously held 50% equity interest | 19,500 | |||||
Less: Carrying value at acquisition date | (17,144 | ) | ||||
Gain on remeasurement of equity interest | 2,356 | |||||
The fair value of our previously held investment in Bluewater Gandria was assumed to be equal to the purchase price of $19.5 million paid to Bluewater in respect of our 50% share in the joint venture. | ||||||
b) Revenue and profit contributions | ||||||
Since the acquisition date, the business has contributed revenues of $nil and a net loss of $14.6 million to our results for the period from January 18, 2012 to December 31, 2012. Had Bluewater Gandria been consolidated from January 1, 2012, it would have contributed revenues of $nil and a net loss of $15.3 million. | ||||||
Bluewater Gandria’s statement of operations presented a net loss of $0.7 million for the year ended December 31, 2011. This comprised mainly of general and administrative expenses and other minimal operating expenses. This was principally due to the vessel being in lay-up throughout 2011. As a result, we have evaluated that had the business combination been consummated as of January 1, 2011, Bluewater Gandria's pro forma revenue and net income effect for the year ended December 31, 2011 would be immaterial and thus has not been presented here. |
SEGMENTAL_INFORMATION
SEGMENTAL INFORMATION | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
SEGMENTAL INFORMATION | ' | ||||||||||||||||||
8 | SEGMENTAL INFORMATION | ||||||||||||||||||
We own and operate LNG carriers and operate FSRUs and provide these services under time charters under varying periods, and trades in physical and future LNG contracts. Our reportable segments consist of the primary services it provides. Although our segments are generally influenced by the same economic factors, each represents a distinct product in the LNG industry. There have not been any intersegment sales during the periods presented. Segment results are evaluated based on net income. The accounting principles for the segments are the same as for our consolidated financial statements. Indirect general and administrative expenses are allocated to each segment based on estimated use. | |||||||||||||||||||
The split of the organization of the business into two segments was based on differences in management structure and reporting, economic characteristics, customer base, asset class and contract structure. As of December 31, 2013, we operate in the following two segments: | |||||||||||||||||||
• | Vessel Operations – We own and subsequently charter out LNG carriers on fixed terms to customers. | ||||||||||||||||||
• | LNG Trading – Provides physical and financial risk management in LNG and gas markets for its customers around the world. Activities include structured services to outside customers, arbitrage service as well as proprietary trading. | ||||||||||||||||||
The LNG trading operations meets the definition of an operating segment as the business is a financial trading business and its financial results are reported directly to the chief operating decision maker. The LNG trading segment is a distinguishable component of the business from which we earn revenues and incur expenses and whose operating results are regularly reviewed by the chief operating decision maker, and which is subject to risks and rewards different from the vessel operations segment. | |||||||||||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||||||||||||
Vessel operations | LNG | Total | Vessel | LNG | Total | Vessel | LNG | Total | |||||||||||
Trading | operations | Trading | operations | Trading | |||||||||||||||
Time charter revenues | 90,558 | — | 90,558 | 409,593 | — | 409,593 | 299,848 | — | 299,848 | ||||||||||
Vessel and other management fees | 9,270 | — | 9,270 | 752 | — | 752 | — | — | — | ||||||||||
Vessel and voyage operating expenses | (58,009 | ) | — | (58,009 | ) | (96,525 | ) | — | (96,525 | ) | (68,914 | ) | — | (68,914 | ) | ||||
Administrative expenses | (22,816 | ) | (136 | ) | (22,952 | ) | (23,973 | ) | (1,040 | ) | (25,013 | ) | (26,988 | ) | (6,691 | ) | (33,679 | ) | |
Impairment of long-term assets | (500 | ) | — | (500 | ) | (500 | ) | — | (500 | ) | (500 | ) | — | (500 | ) | ||||
Depreciation and amortization | (36,562 | ) | (309 | ) | (36,871 | ) | (85,187 | ) | (337 | ) | (85,524 | ) | (69,814 | ) | (472 | ) | (70,286 | ) | |
Other operating gains and losses | — | — | — | — | (27 | ) | (27 | ) | — | (5,438 | ) | (5,438 | ) | ||||||
Gain on disposal of Golar Maria (including amortization of deferred gain) | 65,619 | — | 65,619 | — | — | — | — | — | — | ||||||||||
Operating income (loss) | 47,560 | (445 | ) | 47,115 | 204,160 | (1,404 | ) | 202,756 | 133,632 | (12,601 | ) | 121,031 | |||||||
Other non-operating income (loss) | 27,605 | — | 27,605 | 858,080 | (151 | ) | 857,929 | 541 | — | 541 | |||||||||
Net financial income (expenses) | 41,768 | — | 41,768 | (42,864 | ) | (4 | ) | (42,868 | ) | (52,593 | ) | (509 | ) | (53,102 | ) | ||||
Income taxes | 3,404 | — | 3,404 | (2,765 | ) | — | (2,765 | ) | 1,705 | — | 1,705 | ||||||||
Equity in net earnings (losses) of affiliates | 15,821 | — | 15,821 | (609 | ) | — | (609 | ) | (1,900 | ) | — | (1,900 | ) | ||||||
Net income (loss) | 136,158 | (445 | ) | 135,713 | 1,016,002 | (1,559 | ) | 1,014,443 | 81,385 | (13,110 | ) | 68,275 | |||||||
Non-controlling interests | — | — | — | (43,140 | ) | — | (43,140 | ) | (21,625 | ) | — | (21,625 | ) | ||||||
Net income attributable to Golar LNG Ltd | 136,158 | (445 | ) | 135,713 | 972,862 | (1,559 | ) | 971,303 | 59,760 | (13,110 | ) | 46,650 | |||||||
Total assets | 2,664,953 | 268 | 2,665,221 | 2,413,564 | 835 | 2,414,399 | 2,230,006 | 2,628 | 2,232,634 | ||||||||||
Investment in affiliates | 350,918 | — | 350,918 | 367,656 | — | 367,656 | 22,529 | — | 22,529 | ||||||||||
Capital Expenditures | 734,155 | — | 734,155 | 342,987 | — | 342,987 | 289,182 | — | 289,182 | ||||||||||
Revenues from external customers | |||||||||||||||||||
During December 31, 2013, our vessels operated under time charters with four main charterers: Gdf Suez, a major Japanese trading company, Eni S.p.A and the BG Group. Prior to the deconsolidation of Golar Partners in December 2012, during December 31, 2012 and 2011, the vast majority of our vessel operations operated under time charters with seven main charterers: Petrobras, Dubai Supply Authority, Pertamina, Qatar Gas Transport Company, BG Group plc, Shell and PT Nusantara Regas. Gdf Suez is a power, natural gas and energy services company headquartered in France. Eni S.pA is an Italian integrated energy company. Petrobras is a Brazilian energy company. Dubai Supply Authority is a government entity which is the sole supplier of natural gas to the Emirates. Pertamina is the state-owned oil and gas company of Indonesia. Qatar Gas Transport Company is a Qatari-listed shipping company established by the State of Qatar. Both BG Group Plc and Shell are headquartered in the United Kingdom. PT Nusantara Regas is a joint venture company of Pertamina and Perusahaan Gas Negara, an Indonesian company engaged in the transport and distribution of natural gas in Indonesia. | |||||||||||||||||||
In time charters, the charterer, not the Company, controls the choice of which routes our vessel will serve. These routes can be worldwide as determined by the charterers, except for the FSRUs, which operate at specific locations where the charterers are based. Accordingly, our management, including the chief operating decision maker, do not evaluate our performance either according to customer or geographical region. | |||||||||||||||||||
In the years ended December 31, 2013, 2012 and 2011, revenues from the following customers accounted for over 10% of our consolidated time charter revenues: | |||||||||||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||||||||||||
Gdf Suez Gas | 10,015 | 11 | % | 22,326 | 5 | % | 4,931 | 2 | % | ||||||||||
Major Japanese trading Company | 47,744 | 53 | % | 38,992 | 9 | % | — | — | % | ||||||||||
Eni Spa | 8,912 | 10 | % | 2,480 | 1 | % | — | — | % | ||||||||||
Petrobras* | — | — | % | 90,321 | 22 | % | 93,741 | 31 | % | ||||||||||
Dubai Supply Authority* | — | — | % | 45,951 | 11 | % | 47,054 | 16 | % | ||||||||||
Pertamina* | — | — | % | 35,455 | 9 | % | 37,829 | 13 | % | ||||||||||
Qatar Gas Transport Company* | — | — | % | 23,006 | 6 | % | 35,461 | 12 | % | ||||||||||
BG Group plc* | 13,114 | 14 | % | 96,179 | 23 | % | 25,101 | 8 | % | ||||||||||
PT Nusantara Regas* | — | — | % | 38,789 | 9 | % | — | — | |||||||||||
Geographical segment data | |||||||||||||||||||
The following geographical data presents our revenues with respect only to our FSRUs, operating under long-term charters, at specific locations. LNG vessels operate on a worldwide basis and are not restricted to specific locations. | |||||||||||||||||||
Revenues (in thousands of $) | 2013 | 2012 | 2011 | ||||||||||||||||
Brazil* | — | 90,321 | 93,741 | ||||||||||||||||
United Arab Emirates* | — | 45,951 | 47,054 | ||||||||||||||||
Indonesia* | — | 38,789 | — | ||||||||||||||||
* A substantial portion of these revenues for the years ended December 31, 2012 and 2011 pertain to vessels owned by Golar Partners and its subsidiaries which were deconsolidated from December 13, 2012. | |||||||||||||||||||
We have not presented geographical data of our fixed assets, as we did not own any FSRUs as of December 31, 2013 and 2012. |
IMPAIRMENT_OF_LONGTERM_ASSETS
IMPAIRMENT OF LONG-TERM ASSETS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
IMPAIRMENT OF LONG-TERM ASSETS [Abstract] | ' | ||||||||
IMPAIRMENT OF LONG-TERM ASSETS | ' | ||||||||
9 | IMPAIRMENT OF LONG-TERM ASSETS | ||||||||
Impairment of long-term assets as at December 31, 2013, 2012 and 2011 are as follows: | |||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||
FSRU conversion parts (see note 23) | 500 | 500 | 500 | ||||||
We continually monitor events and changes in circumstances that could indicate carrying amounts of long-term assets may not be recoverable. | |||||||||
The impairment charge arising on the FSRU conversion parts of $0.5 million for each of the years ended December 31, 2013, 2012 and 2011, refers to the unutilized parts originally ordered for the Golar Spirit FSRU retrofitting following changes to the original project specification. These assets are classified within our Vessel Operations segment. |
OTHER_FINANCIAL_ITEMS_NET
OTHER FINANCIAL ITEMS, NET | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
OTHER FINANCIAL ITEMS, NET [Abstract] | ' | ||||||||
OTHER FINANCIAL ITEMS, NET | ' | ||||||||
10 | OTHER FINANCIAL ITEMS, NET | ||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||
Mark-to-market adjustment for interest rate swap derivatives (see note 32) | 56,461 | 1,223 | (10,057 | ) | |||||
Interest rate swap cash settlements (see note 32) | (10,626 | ) | (12,258 | ) | (14,201 | ) | |||
Mark-to-market adjustment for foreign currency derivatives (see note 32) | 719 | 6,485 | (1,417 | ) | |||||
Foreign exchange (loss) gain on capital lease obligations and related restricted cash, net | — | (5,645 | ) | 182 | |||||
Financing arrangement fees and other costs | (5,632 | ) | (1,766 | ) | (930 | ) | |||
Amortization of deferred financing costs and debt guarantee | (1,120 | ) | (1,900 | ) | (1,484 | ) | |||
Foreign exchange (loss) gain on operations | (1,583 | ) | 94 | (945 | ) | ||||
Other | — | 4 | (234 | ) | |||||
38,219 | (13,763 | ) | (29,086 | ) | |||||
Financing arrangement fees and other costs of $5.6 million in 2013 arose mainly from ongoing commitment fees as a result of our execution of a $1.125 billion financing agreement to fund eight of our newbuild vessels. The foreign exchange (loss) gain on capital leases and related restricted cash in 2012 and 2011 arose as a result of the retranslation of the capital lease obligations and related restricted cash securing those obligations. The capital leases and related restricted cash form part of Golar Partners and therefore from December 13, 2012, have been deconsolidated from our balance sheet. |
TAXATION
TAXATION | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
TAXATION | ' | ||||||||
11 | TAXATION | ||||||||
The components of income tax (credit) expense are as follows: | |||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||
Current tax (credit) expense: | |||||||||
U.K. | (27 | ) | 2,101 | 2,733 | |||||
Indonesia | — | 6,828 | — | ||||||
Brazil | — | 1,002 | 1,363 | ||||||
Total current tax (credit) expense | (27 | ) | 9,931 | 4,096 | |||||
Deferred tax expense: | |||||||||
U.K. | 110 | 91 | 886 | ||||||
Amortization of tax benefit arising on intra-group transfers of long-term assets (see note 27) | (3,487 | ) | (7,257 | ) | (6,687 | ) | |||
Total income tax (credit) expense | (3,404 | ) | 2,765 | (1,705 | ) | ||||
Bermuda | |||||||||
Under current Bermuda law, we are not required to pay income taxes or other taxes (other than duty on goods imported into Bermuda and payroll tax in respect of any Bermuda-resident employees). We have received written assurance from the Minister of Finance in Bermuda that, in the event of any such taxes being imposed, we will be exempted from taxation until March 31, 2035. | |||||||||
United States | |||||||||
Pursuant to the Internal Revenue Code of the United States (the "Code"), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets certain requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country which grants an equivalent exemption from income taxes to U.S. citizens and U.S. corporations and must be more than 50% owned by individuals who are residents, as defined, in such country or another foreign country that grants an equivalent exemption to U.S. citizens and U.S. corporations. The management of the company believes that we satisfied these requirements and therefore by virtue of the above provisions, we were not subject to tax on our U.S. source income. | |||||||||
Reconciliation between the income tax expense resulting from applying either the U.S. Federal or Bermudan statutory income tax rate and the reported income tax expense has not been presented herein as it would not provide additional useful information to users of the consolidated financial statements as our net income is subject to neither Bermuda nor U.S. tax. | |||||||||
United Kingdom | |||||||||
Current taxation of $nil, $2.1 million and $2.7 million for the years ended December 31, 2013, 2012 and 2011, respectively, relates to taxation of the operations of our United Kingdom subsidiaries, which includes amounts paid by one of our U.K. subsidiary's branch offices in Oslo. Taxable revenues in the U.K. are generated by our U.K. subsidiary companies and are comprised of management fees received from Golar group companies as well as revenues from the operation of three of Golar's vessels. These vessels are sub-leased from other non-U.K Golar companies. As at December 31, 2013, the statutory rate in the U.K. was 23%. | |||||||||
As at December 31, 2013, the 2013 U.K. income tax returns have not been filed. Accordingly, once filed, the tax years 2009 to 2013 remain open for examination by the U.K. tax authorities. | |||||||||
We record deferred income taxes to reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We recorded deferred tax assets of $0.4 million and $0.5 million as of December 31, 2013 and 2012, respectively which have been classified as non-current and included within other long-term assets (see note 23). These assets relate to differences for depreciation and net operating losses carried forward. | |||||||||
Indonesia | |||||||||
Current taxation charge of $nil, $6.8 million and $nil for the years ended December 31, 2013, 2012, and 2011, respectively, refers to taxation levied on the operations of Golar Partners' Indonesian subsidiary for the periods prior to deconsolidation of Golar Partners in December 2012. The tax exposure in Indonesia was mitigated by revenue due under the charter. | |||||||||
Brazil | |||||||||
Current taxation charge of $nil, $1.0 million and $1.4 million for the years ended December 31, 2013, 2012 and 2011, respectively, refers to taxation levied on Golar Partners' Brazilian operations. | |||||||||
Other jurisdictions | |||||||||
No tax has been levied on income derived from our subsidiaries registered in Liberia, the Marshall Islands and the British Virgin Islands. | |||||||||
Deferred income tax assets are summarized as follows: | |||||||||
(in thousands of $) | 2013 | 2012 | |||||||
Deferred tax assets, gross and net | 421 | 531 | |||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
12 | EARNINGS PER SHARE | |||||||||||
Basic earnings per share ("EPS") are calculated with reference to the weighted average number of common shares outstanding during the year. Treasury shares are not included in the calculation. The computation of diluted EPS for the years ended December 31, 2013, 2012 and 2011, assumes the conversion of potentially dilutive instruments. | ||||||||||||
The components of the numerator for the calculation of basic and diluted EPS are as follows: | ||||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||||
Net income attributable to Golar LNG Ltd stockholders – basic | 135,713 | 971,303 | 46,650 | |||||||||
Add: Interest expense on convertible bonds | — | 11,358 | — | |||||||||
Net income attributable to Golar LNG Ltd stockholders - diluted | 135,713 | 982,661 | 46,650 | |||||||||
The components of the denominator for the calculation of basic and diluted EPS are as follows: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Basic earnings per share: | ||||||||||||
Weighted average number of common shares outstanding | 80,530 | 80,324 | 74,707 | |||||||||
Diluted earnings per share: | ||||||||||||
Weighted average number of common shares outstanding | 80,530 | 80,324 | 74,707 | |||||||||
Effect of dilutive share options | 381 | 380 | 326 | |||||||||
Effect of dilutive convertible bonds | 4,545 | 3,539 | — | |||||||||
Common stock and common stock equivalents | 85,456 | 84,243 | 75,033 | |||||||||
Earnings per share are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic | $ | 1.69 | $ | 12.09 | $ | 0.62 | ||||||
Diluted | $ | 1.59 | $ | 11.66 | $ | 0.62 | ||||||
OPERATING_LEASES
OPERATING LEASES | 12 Months Ended | ||
Dec. 31, 2013 | |||
Leases [Abstract] | ' | ||
OPERATING LEASES | ' | ||
13 | OPERATING LEASES | ||
Rental income | |||
The minimum contractual future revenues to be received on time charters in respect of vessels owned and operated as of December 31, 2013, were as follows: | |||
Year ending December 31, | Total | ||
(in thousands of $) | |||
2014 | 50,188 | ||
2015 | 11,413 | ||
Total | 61,601 | ||
The cost and accumulated depreciation of vessels leased to third parties at December 31, 2013 and 2012 were $190.4 million and $29.3 million, and $620.0 million and $141.2 million, respectively. | |||
Rental expense | |||
We are committed to making rental payments under operating leases for office premises. The future minimum rental payments under our non-cancellable operating leases are as follows: | |||
Year ending December 31, | Total | ||
(in thousands of $) | |||
2014 | 374 | ||
2015 | 381 | ||
2016 | 381 | ||
2017 | 381 | ||
2018 | 256 | ||
Total minimum lease payments | 1,773 | ||
Total rental expense for operating leases was $0.7 million, $0.7 million and $1.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
INVESTMENTS_IN_AFFILIATES
INVESTMENTS IN AFFILIATES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
INVESTMENTS IN AFFILIATES | ' | ||||||||||||
14 | INVESTMENTS IN AFFILIATES | ||||||||||||
At December 31, 2013 and 2012, we have the following participation in investments that are recorded using the equity method: | |||||||||||||
2013 | 2012 | ||||||||||||
Golar Partners (1) (2) | 25.4 | % | 29.9 | % | |||||||||
Egyptian Company for Gas Services S.A.E ("ECGS") | 50 | % | 50 | % | |||||||||
Golar Wilhelmsen Management AS ("Golar Wilhelmsen") | 60 | % | 60 | % | |||||||||
(1) Golar Partners and its subsidiaries were included in our consolidated financial statements until December 13, 2012, following its first AGM upon which the majority of directors were elected by the common unitholders, Golar Partners was deconsolidated and our interests in the subordinated units were accounted for under the equity method from that date (see note 5 for further details). | |||||||||||||
(2) We held a 41.4% (2012: 54.1%) ownership in Golar Partners as of December 31, 2013. However the 25.4% (2012: 29.9%) interest refers only to our interests in the subordinated units which are subject to the equity method accounting. | |||||||||||||
The carrying amounts of our investments in our equity method investments as at December 31, 2013 and 2012 are as follows: | |||||||||||||
(in thousands of $) | 2013 | 2012 | |||||||||||
Golar Partners | 344,858 | 362,064 | |||||||||||
ECGS | 5,782 | 5,592 | |||||||||||
Golar Wilhelmsen | 278 | — | |||||||||||
Equity in net assets of affiliates | 350,918 | 367,656 | |||||||||||
The components of equity in net assets of non-consolidated affiliates are as follows: | |||||||||||||
(in thousands of $) | 2013 | 2012 | |||||||||||
Cost | 374,729 | 374,729 | |||||||||||
Dividend | (33,363 | ) | (125 | ) | |||||||||
Equity in net earnings (losses) of other affiliates | 8,698 | (6,948 | ) | ||||||||||
Share of other comprehensive income in affiliate | 854 | — | |||||||||||
Equity in net assets of affiliates | 350,918 | 367,656 | |||||||||||
Quoted market prices for ECGS and Golar Wilhelmsen are not available because these companies are not publicly traded. We hold various interests in Golar Partners (common units, subordinated units, general partner units and IDRs), however as discussed in detail in note 5, only the Company's interests in subordinated units have been accounted for under the equity method which are not listed but were initially fair valued as of the date of deconsolidation on December 13, 2012 (see note 5). | |||||||||||||
Golar Partners | |||||||||||||
Golar Partners is an owner and operator of FSRUs and LNG carriers under long-term charters. As of December 31, 2013, it had a fleet of eight vessels managed by the Company (2012: seven vessels). | |||||||||||||
In April 2011, we completed the IPO of Golar Partners and listed it on the Nasdaq Stock Exchange. | |||||||||||||
During the period from the IPO in April 2011 until the time of Golar Partner's first AGM on December 13, 2012, we retained the sole power to appoint, remove and replace all members of Golar Partners' board of directors. From the first AGM, the majority of the board members became electable by the common unitholders and, accordingly, from this date we no longer retain the power to control the board of directors. As a result, from December 13, 2012, Golar Partners has been considered as an affiliate entity and not as our controlled subsidiary (see note 5). | |||||||||||||
As of December 31, 2013, the carrying amount of the investment in Golar Partners (subordinated units) accounted for under the equity method was $344.9 million (2012: $362.1 million). Refer to note 5 for details of deconsolidation including determining the initial fair value of the investment in Golar Partners and the treatment of the basis difference. | |||||||||||||
Dividends received for the year ended December 31, 2013 in relation to our investments in Golar Partner's subordinated units amounted to $32.7 million. | |||||||||||||
ECGS | |||||||||||||
In December 2005, we entered into an agreement with The Egyptian Natural Gas Holding Company, or EGAS, and HK Petroleum Services to establish a jointly owned company ECGS, to develop hydrocarbon businesses in Egypt and in particular LNG related businesses. In March 2006, we acquired 0.5 million common shares in ECGS at a subscription price of $1 per share. This represents a 50% interest in the voting rights of ECGS. ECGS is jointly owned and operated together with other third parties. Therefore we have adopted the equity method of accounting for our 50% investment in ECGS, as we consider we have joint significant influence. In December 2011, ECGS called up its remaining share capital amounting to $7.5 million. Of this, we paid $3.75 million to maintain our 50% equity interest. | |||||||||||||
Dividends received for each of the years ended December 31, 2013 and 2012 were $0.5 million and $0.1 million, respectively. | |||||||||||||
Golar Wilhelmsen | |||||||||||||
During 2010 Golar Management Ltd and Wilhelmsen Ship Management AS ("WSM") incorporated a Norwegian private limited company with the name "Golar Wilhelmsen Management AS" or Golar Wilhelmsen. The purpose is to build an organization specialized in the technical management of gas carriers. The company's focus shall be LNG carriers, FSRUs, floating LNG terminals and other gas carrying vessels which will initially include both our and Golar Partners' fleet of vessels and eventually vessels from third parties. WSM has for some time served as the technical manager for our vessels. In September 2010, we entered into new ship management agreements with Golar Wilhelmsen for our fleet, cancelling our previous arrangements. | |||||||||||||
Both we and WSM have joint control over the operational and financial policies of Golar Wilhelmsen. Accordingly, we have adopted the equity method of accounting for our interest in Golar Wilhelmsen as we consider we have joint significant influence by virtue of significant participating rights of the non-controlling interest, WSM. | |||||||||||||
Summarized financial information of the affiliated undertakings shown on a 100% basis are as follows: | |||||||||||||
(in thousands of $) | December 31, 2013 | 31-Dec-12 | |||||||||||
Golar Wilhelmsen | ECGS | Golar Partners | Golar Wilhelmsen | ECGS | Golar Partners | ||||||||
Balance Sheet | |||||||||||||
Current assets | 4,422 | 38,365 | 136,379 | 7,690 | 31,853 | 107,370 | |||||||
Non-current assets | 6 | 156 | 1,584,840 | — | 1,368 | 1,403,604 | |||||||
Current liabilities | 3,312 | 25,934 | 241,072 | 7,667 | 20,859 | 169,717 | |||||||
Non-current liabilities | 400 | 1,183 | 910,020 | — | 1,183 | 1,099,713 | |||||||
Non-controlling interest | — | — | 70,777 | — | — | 71,858 | |||||||
Statement of Operations | |||||||||||||
Revenue | 5,957 | 75,309 | 329,190 | 4,245 | 61,769 | 286,630 | |||||||
Net income (loss) | 695 | 1,318 | 150,819 | (494 | ) | 849 | 127,141 | ||||||
TRADE_ACCOUNTS_RECEIVABLE
TRADE ACCOUNTS RECEIVABLE | 12 Months Ended | |
Dec. 31, 2013 | ||
Receivables [Abstract] | ' | |
TRADE ACCOUNTS RECEIVABLE | ' | |
15 | TRADE ACCOUNTS RECEIVABLE | |
Trade accounts receivable are presented net of allowances for doubtful accounts. The provision for doubtful debts was $nil for both the years ended December 31, 2013 and 2012, respectively. |
OTHER_RECEIVABLES_PREPAID_EXPE
OTHER RECEIVABLES, PREPAID EXPENSES AND ACCRUED INCOME | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
OTHER RECEIVABLES, PREPAID EXPENSES AND ACCRUED INCOME [Abstract] | ' | |||||
OTHER RECEIVABLES, PREPAID EXPENSES AND ACCRUED INCOME | ' | |||||
16 | OTHER RECEIVABLES, PREPAID EXPENSES AND ACCRUED INCOME | |||||
(in thousands of $) | 2013 | 2012 | ||||
Prepaid expenses | 1,236 | 1,318 | ||||
Other receivables | 12,968 | 3,991 | ||||
Corporation tax receivable | 370 | — | ||||
14,574 | 5,309 | |||||
As of December 31, 2013, included in other receivables is a short-term loan of $9.1 million provided to one of our partners in the Douglas Channel project. The loan is secured, repayable on demand and earns interest at 12%. We believe that the carrying amount of this short-term loan is recoverable (see note 35). |
NEWBUILDINGS
NEWBUILDINGS | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
NEWBUILDINGS [Abstract] | ' | |||||
NEWBUILDINGS | ' | |||||
17 | NEWBUILDINGS | |||||
(in thousands of $) | 2013 | 2012 | ||||
Purchase price installments | 718,851 | 418,062 | ||||
Interest costs capitalized | 30,825 | 13,897 | ||||
Other costs capitalized | 17,849 | 3,900 | ||||
767,525 | 435,859 | |||||
As at December 31, 2013, we have commitments for newbuilding contracts to construct eight LNG carriers and three FSRUs at a total contract cost of $2.4 billion of which $1.6 billion remains outstanding. See note 34 for the expected timing of the remaining installments to be paid. | ||||||
Other capitalized costs include site supervision and other miscellaneous construction costs. | ||||||
We took delivery of two newbuilds in October 2013. Upon delivery of both vessels, their total cost of $404.5 million was transferred to vessels and equipment (note 18). |
VESSELS_AND_EQUIPMENT_NET
VESSELS AND EQUIPMENT, NET | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Property, Plant and Equipment [Abstract] | ' | |||||
VESSELS AND EQUIPMENT, NET | ' | |||||
18 | VESSELS AND EQUIPMENT, NET | |||||
(in thousands of $) | 2013 | 2012 | ||||
Cost | 1,043,439 | 771,945 | ||||
Accumulated depreciation | (231,724 | ) | (198,330 | ) | ||
Net book value | 811,715 | 573,615 | ||||
As at December 31, 2013, we owned seven (2012: six) vessels. The increase in vessels and equipment is due to the delivery of two newbuildings in October 2013, partially offset by the sale of the Golar Maria to Golar Partners in February 2013. | ||||||
Drydocking costs of $33.1 million and $34.2 million are included in the cost amounts above as of December 31, 2013 and 2012, respectively. Accumulated amortization of those costs as of December 31, 2013 and 2012 were $18.9 million and $12.9 million, respectively. | ||||||
Depreciation and amortization expense for each of the years ended December 31, 2013, 2012 and 2011 was $36.9 million, $70.3 million and $54.3 million, respectively. | ||||||
As at December 31, 2013 and 2012, included in the above amounts is office equipment with a net book value of $1.7 million and $1.8 million, respectively. | ||||||
As at December 31, 2013 and 2012, vessels with a net book value of $700.7 million and $432.9 million, respectively, were pledged as security for certain debt facilities (see note 35). |
DEFERRED_CHARGES
DEFERRED CHARGES | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' |
DEFERRED CHARGES | '19.DEFERRED CHARGESDeferred charges represent financing costs, principally bank fees that are capitalized and amortized to other financial items over the life of the debt instrument.B B If a loan is repaid early any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid.B B The deferred charges are comprised of the following amounts:(in thousands of $)2013B 2012Debt arrangement fees and other deferred financing charges27,845B 6,335Accumulated amortization(3,361)B (2,271)B 24,484B 4,064The increase in debt arrangement fees and other deferred finance charges for the year ended December 31, 2013 relate to the financing costs in respect of the $1.125 billion financing facility entered by the Company in July 2013 to fund eight of the newbuildings. Amortization of deferred charges for the years ended DecemberB 31, 2013, 2012 and 2011 was $2.0 million, $1.9 million and $1.5 million, respectively. |
RESTRICTED_CASH_AND_SHORTTERM_
RESTRICTED CASH AND SHORT-TERM INVESTMENTS | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
RESTRICTED CASH AND SHORT-TERM INVESTMENTS [Abstract] | ' | |||||
RESTRICTED CASH AND SHORT-TERM INVESTMENTS | ' | |||||
20 | RESTRICTED CASH AND SHORT-TERM INVESTMENTS | |||||
Our restricted cash and short-term investment balances are as follows: | ||||||
(in thousands of $) | 2013 | 2012 | ||||
Total restricted cash | 26,543 | 1,551 | ||||
Less: Amounts included in short-term restricted cash and short-term investments | 23,432 | 1,551 | ||||
Long-term restricted cash | 3,111 | — | ||||
As of December 31, 2013, our restricted cash relates to Performance and Delivery Bonds (the "Bonds") for our FSRU contracts in Kuwait and Jordan, respectively. | ||||||
We issued the Bonds to the charterer to guarantee against our failure to meet our obligations as specified in the contract. The Bonds are usually valid for the duration of the contract or in the case of the Delivery Bond until the vessel is delivered. | ||||||
The Bonds are currently all cash collateralized but we have the option to restructure these as non-cash backed although this may result in additional fees. | ||||||
Restricted cash does not include minimum consolidated cash balances of $25.0 million (see note 26) required to be maintained as part of the financial covenants in some of our loan facilities, as these amounts are included in "Cash and cash equivalents". |
INVESTMENTS_IN_AVAILABLEFORSAL
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES (Notes) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES | ' | |||||
21 | INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES | |||||
(in thousands of $) | 2013 | 2012 | ||||
Golar Partners (see note 5) | 267,352 | 352,861 | ||||
GasLog | — | 173 | ||||
267,352 | 353,034 | |||||
The investment in Golar Partners represents its interest in the common units only, which includes an unrealized gain of $7.8 million as of December 31, 2013 (2012: $5.9 million). In December 2013, we sold part of our interest in the common units of Golar Partners for total proceeds of $99.2 million. | ||||||
GasLog, which is listed on the New York Stock Exchange, is an owner, operator and manager of LNG carriers. We sold our interest in Gaslog in November 2013 for total proceeds of $0.3 million and resulting in a gain of $0.1 million. | ||||||
Both the sale of part of our interest in the common units of Golar Partners and GasLog were sold at the fair value of these securities on the date of sale. |
COST_METHOD_INVESTMENTS_Notes
COST METHOD INVESTMENTS (Notes) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Cost Method Investments Disclosure [Abstract] | ' | |||||
COST METHOD INVESTMENTS | ' | |||||
22 | COST METHOD INVESTMENTS | |||||
(in thousands of $) | 2013 | 2012 | ||||
Golar Partners | 196,825 | 191,177 | ||||
OLT Offshore LNG Toscana S.p.A ("OLT–O") | 7,347 | 7,347 | ||||
204,172 | 198,524 | |||||
Our investment in Golar Partners was $196.8 million, which relates only to our interests in the general partner units and IDR interests which were measured initially at fair value on the deconsolidation date, December 13, 2012 (see note 5). We made further contributions of $5.6 million to Golar Partners in connection with Golar Partners 2013 equity offerings. | ||||||
Dividends received for the year ended December 31, 2013 in relation to our investments in Golar Partners' general partner units and IDRs amounted to $6.0 million. | ||||||
OLT-O is an Italian incorporated unlisted company, which is involved in the construction, development, operation and maintenance of an FSRU terminal to be situated off the Livorno coast of Italy. As at December 31, 2013, our investment in OLT-O was $7.3 million amounting to a 2.7% interest in OLT–O's issued share capital. |
OTHER_NONCURRENT_ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
OTHER NON-CURRENT ASSETS [Abstract] | ' | |||||
OTHER NON-CURRENT ASSETS | ' | |||||
23 | OTHER NON-CURRENT ASSETS | |||||
(in thousands of $) | 2013 | 2012 | ||||
Deferred tax asset (see note 11) | 421 | 531 | ||||
Mark-to-market interest rate swaps valuation (see note 32) | 46,827 | — | ||||
Other long-term assets | 7,000 | 6,238 | ||||
54,248 | 6,769 | |||||
Other long-term assets include unutilized parts originally ordered for the Golar Spirit FSRU retrofitting following changes to the original project specification. Of these parts $8.4 million have been used internally for both the retrofitting of the NR Satu and to a lesser extent the Golar Freeze in 2009. Since acquisition, we have recognized total impairment charges of $4.5 million (see note 9). As of December 31, 2013 and 2012, the carrying value of these parts was $2.5 million and $3.0 million, respectively. |
ACCRUED_EXPENSES
ACCRUED EXPENSES | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Payables and Accruals [Abstract] | ' | |||||
ACCRUED EXPENSES | ' | |||||
24 | ACCRUED EXPENSES | |||||
(in thousands of $) | 2013 | 2012 | ||||
Vessel operating and drydocking expenses | 6,890 | 8,248 | ||||
Administrative expenses | 6,105 | 8,070 | ||||
Interest expense | 9,792 | 3,094 | ||||
Provision for taxes | — | 1,001 | ||||
22,787 | 20,413 | |||||
Vessel operating and drydocking expense related accruals are composed of vessel operating expenses including direct vessel operating costs associated with operating a vessel, such as crew wages, vessel supplies, routine repairs, maintenance, drydocking, lubricating oils, insurances and management fees for the provision of commercial and technical management services. | ||||||
Administrative expense related accruals are composed of general overhead, including personnel costs, legal and professional fees, costs associated with project development, property costs and other general expenses. |
OTHER_CURRENT_LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
OTHER CURRENT LIABILITIES [Abstract] | ' | |||||
OTHER CURRENT LIABILITIES | ' | |||||
25 | OTHER CURRENT LIABILITIES | |||||
(in thousands of $) | 2013 | 2012 | ||||
Deferred drydocking, operating cost and charterhire revenue | 7,724 | 8,040 | ||||
Mark-to-market interest rate swaps valuation (see note 32) | 11,401 | 26,472 | ||||
Mark-to-market currency swaps valuation (see note 32) | 729 | 94 | ||||
Current portion of the deferred tax benefit arising on intra-group transfer of long-term assets (see note 27) | 3,487 | 3,156 | ||||
Other | 571 | 244 | ||||
23,912 | 38,006 | |||||
DEBT
DEBT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
DEBT | ' | |||||||
26 | DEBT | |||||||
(in thousands of $) | 2013 | 2012 | ||||||
Total long-term debt due to third parties | 667,028 | 504,906 | ||||||
Total long-term debt due to related parties | 50,000 | — | ||||||
Total long-term debt (including related parties) | 717,028 | 504,906 | ||||||
Less: current portion of long-term debt due to third parties and related parties | (30,784 | ) | (14,400 | ) | ||||
Long-term debt (including related parties) | 686,244 | 490,506 | ||||||
The outstanding debt as of December 31, 2013 is repayable as follows: | ||||||||
Year ending December 31, | ||||||||
(in thousands of $) | ||||||||
2014 | 30,784 | |||||||
2015 | 161,993 | |||||||
2016 | 25,763 | |||||||
2017 | 94,563 | |||||||
2018 | 284,395 | |||||||
2019 and thereafter | 119,530 | |||||||
Total | 717,028 | |||||||
Our debt is denominated in U.S. dollars and bears floating interest rates. The weighted average interest rate for the years ended December 31, 2013 and 2012 was 3.45% and 3.97%, respectively. | ||||||||
As of December 31, 2013 and 2012, the margins we pay under our loan agreements (excluding our convertible bonds which do not have a margin) are over and above LIBOR at a fixed or floating rate range from to 0.70% to 3.0% and 0.70% to 0.95%, respectively. | ||||||||
At December 31, 2013 and 2012, our debt was as follows: | ||||||||
(in thousands of $) | 2013 | 2012 | Maturity date | |||||
World Shipholding revolving credit facility (a related party) | 50,000 | — | 2015 | |||||
Golar Maria facility | — | 89,525 | 2014 | |||||
Golar Arctic facility | 91,250 | 96,250 | 2015 | |||||
Golar Viking facility | 86,400 | 90,800 | 2017 | |||||
Convertible bonds | 233,020 | 228,331 | 2017 | |||||
$1.125 billion facility: | ||||||||
- Golar Seal facility | 127,935 | — | 2018/2025* | |||||
- Golar Celsius facility | 128,423 | — | 2018/2025* | |||||
717,028 | 504,906 | |||||||
*The commercial loan facility matures in 2018 and the term loan tranches mature in 2025. | ||||||||
World Shipholding revolving credit facility (a related party) | ||||||||
In April 2011, we entered into an $80.0 million revolving credit facility with a company related to our major shareholder, World Shipholding. In January 2012, February 2012 and May 2012, the revolving credit facility was amended to $145.0 million, $250.0 million and $120.0 million, respectively without any further changes to the original terms of the facility. In July 2012, the facility was repaid in full with the proceeds received from the sale of the companies that own and operate the NR Satu to Golar Partners. In May 2013, the margin on the facility was amended from 3.5% to 3.0%. As of December 31, 2013, we had $50.0 million of borrowings under this facility. The facility is unsecured and bears interest at LIBOR plus 3.0% together with a commitment fee of 0.75% on any undrawn portion of the credit facility. The facility is available until September 2015, when all amounts must be repaid. | ||||||||
Golar Maria facility | ||||||||
In April 2006, we entered into a $120.0 million secured loan facility with a bank for the purpose of financing the Golar Maria. The facility bears floating interest rate of LIBOR plus a margin of 0.95% and is repayable in quarterly installments and had an initial term of five years. In March 2008, the facility was restructured to lower the margin and to extend the term of the facility to December 2014. In February 2013, in connection with the sale of our equity interest in the company that owns and operates the Golar Maria, Golar Partners assumed liability for this facility, the balance of which was $89.5 million on the transaction date (see note 6). | ||||||||
Golar Arctic facility | ||||||||
In January 2008, we entered into a secured loan facility for an amount of $120.0 million, for the purpose of financing the purchase of the Golar Arctic, which we refer to as the Golar Arctic facility. The facility bears interest at LIBOR plus a margin and is repayable in quarterly installments over a term of seven years with a final balloon payment of $86.3 million due in January 2015. | ||||||||
Golar Viking | ||||||||
In January 2005, we entered into a $120.0 million secured loan facility with a bank for the purpose of financing the newbuilding, the Golar Viking. This facility was refinanced in August 2007 for an amount of $120.0 million. | ||||||||
The structure of the Golar Viking facility is such that the bank loaned funds of $120 million to Golar, which we then re-loaned to a newly created entity of the bank, ("Investor Bank"). With the proceeds, Investor Bank then subscribed for preference shares in a Golar group company. Another Golar company issued a put option in respect of the preference shares. The effect of these transactions is that Investor Bank is required to pay fixed interest to us. The interest payments to us by Investor Bank are contingent upon receipt of these preference dividends. In the event these dividends are not paid, the preference dividends will accumulate until such time as there are sufficient cash proceeds to settle all outstanding arrearages. Applying ASC 810 to this arrangement, we have concluded that we are the primary beneficiary of Investor Bank and accordingly have consolidated it into our group. At December 31, 2013, the Consolidated Balance Sheet and Consolidated Statement of Operations includes Investor Bank's net assets of $nil and net income of $nil, respectively, due to elimination on consolidation, of accounts and transactions arising between us and the Investor Bank. | ||||||||
The Golar Viking facility accrues floating interest at a rate of LIBOR plus a margin of 0.70%. The loan has a term of 10 years and is repayable in quarterly installments with a final balloon payment of $71.0 million due in August 2017. The loan is secured by a mortgage on this vessel. | ||||||||
Convertible Bonds | ||||||||
In March 2012, we completed a private placement offering for convertible bonds, for gross proceeds of $250.0 million. Accordingly, on inception we recognized a liability of $221.9 million and an equity portion of $25.0 million. The liability component is recorded at its present value (discounted using an equivalent borrowing rate which does not include the conversion option) and the accretion from its initial discounted value to par. The equity component is valued as the residual of par less the liability value. The impact of this treatment over the life of the instrument is to increase the interest charge to a "normalized" interest rate as the discount on the liability unwinds over the period to settlement. The secured convertible bonds mature in March 2017 when the holder may convert the bonds into our common shares or redeem at 100% of the principal amount. The convertible bonds have an annual coupon rate of 3.75% which is payable quarterly in arrears and have a conversion price of $55.0. We declared dividends of $1.35 and $1.60 for the years ended December 31, 2013 and 2012, respectively. The conversion price was adjusted from $52.29 to $50.28 effective on December 4, 2013. | ||||||||
We have a right to redeem the bonds at par plus accrued interest, provided that 90% or more of the bonds issued shall have been redeemed or converted to shares. Accordingly, if the bonds were converted, 4,972,155 shares would be issued if the bonds were converted at the conversion price of $50.28 as at December 31, 2013. | ||||||||
The bond may be converted to our ordinary shares by the holders at any time starting on the forty-first business day of the issuance until the tenth business day prior to March 7, 2017. | ||||||||
$1.125 billion facility | ||||||||
In July 2013, we entered into a $1.125 billion facility to fund eight of our newbuildings. The facility bears interest at LIBOR plus a margin. The facility is divided into three tranches, with the following general terms: | ||||||||
Tranche | Amount | Proportion of facility | Term of loan from date of drawdown | Repayment terms | ||||
K-Sure | $449.0 million | 40% | 12 years | Six-monthly installments | ||||
KEXIM | $450.0 million | 40% | 12 years | Six-monthly installments | ||||
Commercial | $226.0 million | 20% | 5 years | Six-monthly installments, unpaid balance to be refinanced after 5 years | ||||
The K-Sure Tranche, is funded by a consortium of lenders of which 95% is guaranteed by a Korean Trade Insurance Corporation (or K-Sure) policy; the KEXIM tranche is funded by the Export Import Bank of Korea (or KEXIM). Repayments under the K-Sure and KEXIM tranches are due semi-annually with a 12 year repayment profile. The commercial tranche is funded by a syndicate of banks and is for a term of five years from date of drawdown with a final balloon payment of $131.0 million depending on drawdown dates on certain vessels. In the event the commercial tranche is not refinanced prior to the end of the five years, KEXIM has an option to demand repayment of the balance outstanding under the KEXIM tranche. | ||||||||
The facility is further divided into vessel-specific tranches dependent upon delivery and drawdown, with each borrower being the subsidiary owning the respective vessel. Upon delivery of a newbuild, we have the ability to drawdown on the facility. On drawdown, the vessel will become secured against the facility. We drew down a total of $256.3 million in connection with the delivery of the Golar Seal and the Golar Celsius in October 2013. Accordingly, as of December 31, 2013, the remaining balance available to drawdown is $868.7 million in respect of the remaining six newbuilds yet to be delivered. A commitment fee is chargeable on any undrawn portion of this facility. | ||||||||
Debt restrictions | ||||||||
Certain of our debt are collateralized by ship mortgages and, in the case of some debt, pledges of shares by each guarantor subsidiary. The existing financing agreements impose operating and financing restrictions which may significantly limit or prohibit, among other things, our ability to incur additional indebtedness, create liens, sell capital shares of subsidiaries, make certain investments, engage in mergers and acquisitions, purchase and sell vessels, enter into time or consecutive voyage charters or pay dividends without the consent of the lenders. In addition, lenders may accelerate the maturity of indebtedness under financing agreements and foreclose upon the collateral securing the indebtedness upon the occurrence of certain events of default, including a failure to comply with any of the covenants contained in the financing agreements. Many of our debt agreements contain certain covenants, which require compliance with certain financial ratios. Such ratios include equity ratio covenants and minimum free cash restrictions. With regards to cash restrictions, we have covenanted to retain at least $25.0 million of cash and cash equivalents on a consolidated group basis. In addition, there are cross default provisions in most of our and Golar Partners loan and lease agreements. | ||||||||
In April 2013, Golar Partners received waivers relating to the requirement under the Golar LNG Partners credit facility and the Golar Freeze facility relating to change of control over the Partnership. Following the grant of such waivers, in order to permanently resolve this issue, the loan facilities affected by the loss of control which contained the change of control provisions were amended in June 2013. As of December 31, 2013, Golar Partners was in compliance with all covenants. |
OTHER_LONGTERM_LIABILITIES
OTHER LONG-TERM LIABILITIES | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
OTHER LONG-TERM LIABILITIES [Abstract] | ' | |||||
OTHER LONG-TERM LIABILITIES | ' | |||||
27 | OTHER LONG-TERM LIABILITIES | |||||
(in thousands of $) | 2013 | 2012 | ||||
Deferred gain on sale of Golar Maria (see note 6) | 16,660 | — | ||||
Tax benefits on intra-group transfers of long-term assets | 5,204 | 9,022 | ||||
Pension obligations (see note 28) | 35,645 | 40,097 | ||||
Guarantees issued to Golar Partners (see note 5) | 22,369 | 23,265 | ||||
Other | 4,388 | 131 | ||||
84,266 | 72,515 | |||||
Tax benefits arising on intra-group transfers of long-term assets arose from transactions between controlled entities in respect of two vessels, the Gimi and Hilli that generated a permanent tax benefit for us. The tax benefits are being amortized through the tax line of the statement of operations over the remaining useful lives of the vessels (see note 11). |
PENSIONS
PENSIONS | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||
PENSIONS | ' | |||||||||||||||||
28 | PENSIONS | |||||||||||||||||
Defined contribution scheme | ||||||||||||||||||
We operate a defined contribution scheme. The pension cost for the period represents contributions payable by us to the scheme. The charge to net income for the years ended December 31, 2013, 2012 and 2011 was $0.5 million, $0.8 million and $0.8 million, respectively. | ||||||||||||||||||
In respect of our Norwegian employees of which there were 10 (2012: 10) as of December 31, 2013, we are required by Norwegian law to contribute into a multi-employer early retirement plan for the private sector. Accordingly, we, as a participant in a multi-employer plan recognize as net pension cost the required contribution for the period and recognize as a liability any unpaid contributions required for the period. | ||||||||||||||||||
The total contributions to our defined contribution scheme were as follows: | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||||||||||
Employers' contributions | 533 | 570 | 397 | |||||||||||||||
Defined benefit schemes | ||||||||||||||||||
We have two defined benefit pension plans both of which are closed to new entrants but which still cover certain of our employees. Benefits are based on the employee's years of service and compensation. Net periodic pension plan costs are determined using the Projected Unit Credit Cost method. Our plans are funded by us in conformity with the funding requirements of the applicable government regulations. Plan assets consist of both fixed income and equity funds managed by professional fund managers. | ||||||||||||||||||
We use a measurement date of December 31 for our pension plans. | ||||||||||||||||||
The components of net periodic benefit costs are as follows: | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||||||||||
Service cost | 468 | 429 | 459 | |||||||||||||||
Interest cost | 2,159 | 2,361 | 2,729 | |||||||||||||||
Expected return on plan assets | (918 | ) | (920 | ) | (1,168 | ) | ||||||||||||
Recognized actuarial loss | 1,415 | 1,273 | 985 | |||||||||||||||
Net periodic benefit cost | 3,124 | 3,143 | 3,005 | |||||||||||||||
The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic pension benefit cost during the year ended December 31, 2014 is $1.0 million. | ||||||||||||||||||
The change in benefit obligation and plan assets and reconciliation of funded status as of December 31 are as follows: | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||||||||||
Reconciliation of benefit obligation: | ||||||||||||||||||
Benefit obligation at January 1 | 54,291 | 52,430 | ||||||||||||||||
Service cost | 468 | 429 | ||||||||||||||||
Interest cost | 2,159 | 2,361 | ||||||||||||||||
Actuarial (gain) loss | (3,513 | ) | 3,890 | |||||||||||||||
Foreign currency exchange rate changes | 164 | 509 | ||||||||||||||||
Benefit payments | (3,005 | ) | (5,328 | ) | ||||||||||||||
Benefit obligation at December 31 | 50,564 | 54,291 | ||||||||||||||||
The accumulated benefit obligation at December 31, 2013 and 2012 was $48.9 million and $52.2 million, respectively. | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||||||||||
Reconciliation of fair value of plan assets: | ||||||||||||||||||
Fair value of plan assets at January 1 | 14,194 | 14,846 | ||||||||||||||||
Actual return on plan assets | 1,127 | 1,807 | ||||||||||||||||
Employer contributions | 2,426 | 2,434 | ||||||||||||||||
Foreign currency exchange rate changes | 177 | 435 | ||||||||||||||||
Benefit payments | (3,005 | ) | (5,328 | ) | ||||||||||||||
Fair value of plan assets at December 31 | 14,919 | 14,194 | ||||||||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||||||||||
Projected benefit obligation | (50,564 | ) | (54,291 | ) | ||||||||||||||
Fair value of plan assets | 14,919 | 14,194 | ||||||||||||||||
Funded status (1) | (35,645 | ) | (40,097 | ) | ||||||||||||||
Employer contributions and benefits paid under the pension plans include $2.4 million paid from employer assets for each of the years ended December 31, 2013 and 2012. | ||||||||||||||||||
(1) Our plans are composed of two plans that are both underfunded as at December 31, 2013 and 2012. | ||||||||||||||||||
The details of these plans are as follows: | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||
UK Scheme | Marine Scheme | Total | UK Scheme | Marine Scheme | Total | |||||||||||||
(in thousands of $) | ||||||||||||||||||
Projected benefit obligation | (10,256 | ) | (40,308 | ) | (50,564 | ) | (9,718 | ) | (44,573 | ) | (54,291 | ) | ||||||
Fair value of plan assets | 9,622 | 5,297 | 14,919 | 8,486 | 5,708 | 14,194 | ||||||||||||
Funded status at end of year | (634 | ) | (35,011 | ) | (35,645 | ) | (1,232 | ) | (38,865 | ) | (40,097 | ) | ||||||
The fair value of our plan assets, by category, as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||||||||||
Equity securities | 9,666 | 9,520 | ||||||||||||||||
Debt securities | 3,172 | 3,007 | ||||||||||||||||
Cash | 2,081 | 1,667 | ||||||||||||||||
14,919 | 14,194 | |||||||||||||||||
Our plan assets are primarily invested in funds holding equity and debt securities, which are valued at quoted market price. These plan assets are classified within Level 1 of the fair value hierarchy. | ||||||||||||||||||
The amounts recognized in accumulated other comprehensive income consist of: | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||||||||||
Net actuarial loss | 12,731 | 17,809 | ||||||||||||||||
The actuarial loss recognized in the other comprehensive income is net of tax of $0.1 million, $0.3 million, and $0.4 million for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||
The asset allocation for our Marine scheme at December 31, 2013 and 2012, and the target allocation for 2013, by asset category are as follows: | ||||||||||||||||||
Marine scheme | Target allocation 2014 (%) | 2013 (%) | 2012 (%) | |||||||||||||||
Equity | 30-65 | 30-65 | 30-65 | |||||||||||||||
Bonds | Oct-50 | Oct-50 | Oct-50 | |||||||||||||||
Other | 20-40 | 20-40 | 20-40 | |||||||||||||||
Total | 100 | 100 | 100 | |||||||||||||||
The asset allocation for our UK scheme at December 31, 2013 and 2012, and the target allocation for 2014, by asset category are as follows: | ||||||||||||||||||
UK scheme | Target allocation 2014 (%) | 2013 (%) | 2012 (%) | |||||||||||||||
Equity | 70 | 71 | 72.5 | |||||||||||||||
Bonds | 30 | 29 | 22.5 | |||||||||||||||
Cash | — | — | 5 | |||||||||||||||
Total | 100 | 100 | 100 | |||||||||||||||
Our investment strategy is to balance risk and reward through the selection of professional investment managers and investing in pooled funds. | ||||||||||||||||||
We are expected to make the following contributions to the schemes during the year ended December 31, 2014, as follows: | ||||||||||||||||||
(in thousands of $) | UK scheme | Marine scheme | ||||||||||||||||
Employer contributions | 660 | 1,800 | ||||||||||||||||
We are expected to make the following pension disbursements as follows: | ||||||||||||||||||
(in thousands of $) | UK scheme | Marine scheme | ||||||||||||||||
2014 | 330 | 3,000 | ||||||||||||||||
2015 | 330 | 3,000 | ||||||||||||||||
2016 | 330 | 3,000 | ||||||||||||||||
2017 | 330 | 3,000 | ||||||||||||||||
2018 | 330 | 3,000 | ||||||||||||||||
2019 - 2023 | 1,649 | 15,000 | ||||||||||||||||
The weighted average assumptions used to determine the benefit obligation for our plans for the years ended December 31 are as follows: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Discount rate | 4.8 | % | 4.1 | % | ||||||||||||||
Rate of compensation increase | 2.71 | % | 2.96 | % | ||||||||||||||
The weighted average assumptions used to determine the net periodic benefit cost for our plans for the years ended December 31 are as follows: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Discount rate | 4.1 | % | 4.1 | % | ||||||||||||||
Expected return on plan assets | 6.75 | % | 6.75 | % | ||||||||||||||
Rate of compensation increase | 2.96 | % | 2.52 | % | ||||||||||||||
The overall expected long-term rate of return on assets assumption used to determine the net periodic benefit cost for our plans for the years ending December 31, 2013 and 2012 is based on the weighted average of various returns on assets using the asset allocation as at the beginning of 2013 and 2012. For equities and other asset classes, we have applied an equity risk premium over ten year governmental bonds. |
EQUITY_OFFERINGS_OF_SUBSIDIARI
EQUITY OFFERINGS OF SUBSIDIARIES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
EQUITY OFFERINGS OF SUBSIDIARIES [Abstract] | ' | |||||||||||||||||||
EQUITY OFFERINGS/TRANSACTIONS WITH LISTED SUBSIDIARIES | ' | |||||||||||||||||||
29 | EQUITY OFFERINGS/TRANSACTIONS WITH LISTED SUBSIDIARIES OR AFFILLIATES | |||||||||||||||||||
Golar Partners | ||||||||||||||||||||
The following table summarizes the issuances of common units of Golar Partners: | ||||||||||||||||||||
Public Offering | ||||||||||||||||||||
Date | Number of Common Units Issued1 | Number of Common Units Issued to the Company | Offering Price | Gross Proceeds (in thousands of $)2 | Net Proceeds (in thousands of $) | Company's Ownership in Golar Partners after the Offering3 | ||||||||||||||
April 2011 (IPO) | 13,800,000 | 9,327,254 | $ | 22.5 | 310,500 | 287,795 | 65.4 | % | ||||||||||||
Jul-12 | 6,325,000 | 969,305 | $ | 30.95 | 188,485 | 187,138 | 57.5 | % | ||||||||||||
Nov-12 | 4,300,000 | 1,524,590 | $ | 30.5 | 131,150 | 129,981 | 54.1 | % | ||||||||||||
Jan-13 | 3,900,000 | 416,947 | $ | 29.74 | 115,986 | 115,224 | 50.9 | % | ||||||||||||
Dec-13 | 5,100,000 | — | $ | 29.1 | 148,410 | 147,313 | 41.4 | % | ||||||||||||
1 Pertains to common units issued by Golar Partners to the public. | ||||||||||||||||||||
2 Gross and net proceeds from Golar Partners' public offering (excluding proceeds received from Golar's participation in the concurrent private placement). | ||||||||||||||||||||
3 Includes our general partner interest in Golar Partners. | ||||||||||||||||||||
The following table summarizes the sale of our vessel interests to Golar Partners since its IPO: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(in millions of $) | Golar Maria | Golar Grand | NR Satu | Golar Freeze | ||||||||||||||||
Sales price | 127.9 | 176.8 | 388 | 231.3 | ||||||||||||||||
Less: Net assets transferred | (45.6 | ) | (43.1 | ) | (255.7 | ) | (65.5 | ) | ||||||||||||
Excess of sales price over net assets transferred | 82.3 | 133.7 | 132.3 | 165.8 | ||||||||||||||||
Additions to Golar's stockholders' equity and noncontrolling interest | — | 88.3 | 85.8 | 96.7 | ||||||||||||||||
The transactions involving the Golar Grand, NR Satu and the Golar Freeze were deemed to be concluded between entities under common control, accordingly, no gain or loss was recognized by the Company. | ||||||||||||||||||||
As the Partnership is no longer considered to be our controlled entity, the transaction involving the sale of Golar Maria is not accounted for as a transfer of equity interest between entities under common control. Accordingly, we have recognized a gain on disposal of the Golar Maria (see note 6). | ||||||||||||||||||||
Golar Freeze | ||||||||||||||||||||
On October 19, 2011, we sold our 100% ownership interest in certain subsidiaries which own and operate the Golar Freeze and hold the secured bank debt to Golar Partners. The purchase consideration was $330.0 million for the vessel and $9.0 million of working capital adjustments net of the assumed bank debt of $108.0 million, resulting in total purchase consideration of approximately $231.3 million of which $222.3 million was financed by vendor financing provided by us. | ||||||||||||||||||||
NR Satu | ||||||||||||||||||||
On July 19, 2012, we sold our equity interests in certain subsidiaries which own and operate the NR Satu to Golar Partners. The purchase consideration was $385.0 million for the vessel and working capital adjustments of $3.0 million, resulting in total purchase consideration of approximately $388.0 million of which $230.0 million was financed from the proceeds of the July 2012 equity offering and $155.0 million vendor financing provided by us. | ||||||||||||||||||||
Golar Grand | ||||||||||||||||||||
On November 8, 2012, we sold our equity interests in subsidiaries which lease and operate the Golar Grand. The purchase consideration was $265.0 million for the vessel and working capital adjustments of $2.6 million, net of the assumed capital lease obligation of $90.8 million, resulting in total purchase consideration of $176.8 million which was principally financed from the proceeds of the November 2012 equity offering. | ||||||||||||||||||||
Golar Maria | ||||||||||||||||||||
On February 7, 2013, we sold our equity interests in the company which owns and operates the LNG carrier Golar Maria. The purchase consideration was $215.0 million for the vessel, working capital adjustments of $5.5 million, the fair value of the interest rate swap liability of $3.1 million less the assumed bank debt of $89.5 million, resulting in total purchase consideration of $127.9 million which was financed from the proceeds of Golar Partners' January 2013 equity offering. | ||||||||||||||||||||
Golar LNG Energy Limited ("Golar Energy") | ||||||||||||||||||||
In August 2009, we completed a private placement offering of our subsidiary, Golar Energy for 59.8 million new common shares at a price of $2 per share, for net proceeds of $115.4 million. As a result of the offering our ownership in Golar Energy was reduced to 68%. | ||||||||||||||||||||
In mid 2011, the Company in a series of piecemeal acquisitions acquired an additional 92.3 million shares, representing a 38.9% interest in Golar Energy, to bring its ownership interest to 100%. Of the 92.3 million shares acquired, 70.3 million (76%), were exchanged for newly issued shares in Golar, where the seller received one share in Golar for every 6.06 Golar Energy shares held, thereby increasing the Company's share capital by $11.6 million and share premium by $340 million. The new Golar shares were effectively issued for $30.30 per share. The remaining Golar Energy shares were acquired at a price of approximately $5 per share. As a result of these transactions, non-controlling interest of $129.4 million was eliminated and the difference between the non-controlling interest and consideration paid was recognized as a reduction in additional paid in capital of $336.2 million. On July 4, 2011, Golar Energy was delisted from the Norwegian stock exchange, Oslo Axess. | ||||||||||||||||||||
In connection with the above transactions described above, in May 2011, the remaining outstanding 5.4 million options in Golar Energy were canceled and exchanged for options in Golar. |
SHARE_CAPITAL_AND_SHARE_OPTION
SHARE CAPITAL AND SHARE OPTIONS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
SHARE CAPITAL AND SHARE OPTIONS [Abstract] | ' | ||||||||
SHARE CAPITAL AND SHARE OPTIONS | ' | ||||||||
30 | SHARE CAPITAL AND SHARE OPTIONS | ||||||||
Our ordinary shares are listed on the Nasdaq Stock Exchange. We delisted from the Oslo Stock Exchange on August 30, 2012. | |||||||||
As at December 31, 2013 and 2012, our authorized and issued share capital is as follows: | |||||||||
Authorized share capital: | |||||||||
(in thousands of $, except per share data) | 2013 | 2012 | |||||||
100,000,000 common shares of $1.00 each | 100,000 | 100,000 | |||||||
Issued share capital: | |||||||||
(in thousands of $, except per share data) | 2013 | 2012 | |||||||
80,579,295 outstanding issued common shares of $1.00 each (2012: 80,503,364) | 80,580 | 80,504 | |||||||
We issued 0.1 million and 0.3 million common shares upon the exercise of stock options in December 31, 2013 and 2012, respectively. In addition, a further 11.6 million shares were issued in 2011 in relation to the acquisition of the non-controlling interest in Golar Energy. | |||||||||
Treasury shares | |||||||||
In November 2007, our board of directors approved the buyback of up to a maximum of 1.0 million shares in the Company. As at December 31, 2013, a further 0.3 million shares in the Company maybe repurchased. The holding of treasury shares was held in connection with our share options plans. | |||||||||
The number of treasury shares held by us is as follows: | |||||||||
(Number of shares in thousands) | 2013 | 2012 | 2011 | ||||||
At January 1 | — | — | 150 | ||||||
Disposed of during the year | — | — | (150 | ) | |||||
At December 31 | — | — | — | ||||||
Share options | |||||||||
Golar share options | |||||||||
In July 2001, our board of directors approved the grant of options to eligible employees to acquire an aggregate 2.0 million shares in the Company. In July 2001, we granted 0.4 million share options to certain directors and officers. The options vested in July 2002, and have a ten year term. As of December 31, 2013, these options have all been exercised. | |||||||||
In February 2002, our board of directors approved the Golar LNG Limited Share Option Scheme ("Golar Scheme"). The Golar Scheme permits the board of directors, at its discretion, to grant options to acquire shares in the Company to employees and directors of the Company or its subsidiaries. Options granted under the scheme will vest at a date determined by the board at the date of the grant. The options granted under the plan to date have five year terms and vest equally over a period of three to four years. There is no maximum number of shares authorized for awards of equity share options, and either authorized unissued shares or treasury shares in the Company may be used to satisfy exercised options. | |||||||||
In connection with the delisting of Golar Energy, previously granted options for 5.4 million shares in Golar Energy were cancelled in May 2011 and concurrently replaced with 0.9 million new options in Golar. There were no changes in the terms of the options except that the exchange of shares was equal to one Golar share for every 6.06 Golar Energy share. This was accounted for as a modification of previous awards of equity instruments. However, we recorded no difference between the total incremental cost of the original and modified options as the fair value of the options modified was below the fair value of the original options granted. | |||||||||
As at December 31, 2013, 2012 and 2011, the number of options outstanding in respect of Golar shares was 0.5 million, 0.6 million and 0.8 million, respectively. | |||||||||
Golar Energy share options | |||||||||
In August 2009, the board of directors of our subsidiary, Golar Energy approved the Golar LNG Energy Share option Scheme ("Energy Scheme"). The terms of the Energy Scheme follow that of the Golar Scheme. | |||||||||
In June 2011, in connection with the delisting of Golar Energy, previously granted options for 5.4 million shares in Golar Energy were cancelled and concurrently replaced with new options in Golar (as discussed above). Accordingly, as of December 31, 2013, 2012 and 2011, there were nil options outstanding under the Energy Scheme. | |||||||||
The fair value of each option award is estimated on the grant date or modification date using the Black-Scholes option pricing model. The weighted average assumptions used are noted in the table below: | |||||||||
2013 | 2012 | 2011 | |||||||
Risk free interest rate | 2 | % | 2 | % | 1.8 | % | |||
Expected volatility of common stock | 56.9 | % | 56.9 | % | 53.2 | % | |||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||
Expected life of options (in years) | 2.6 years | 2.6 years | 2.6 years | ||||||
The assumption for expected future volatility is based primarily on an analysis of historical volatility of our common stock. We use the simplified method for making estimates as to the expected term of options, based on the vesting period of the award and represents the period of time that options granted are expected to be outstanding. The dividend yield has been estimated at 0.0% as the exercise price of the options, granted in 2006 and later, are reduced by the value of dividends, declared and paid on a per share basis. | |||||||||
A summary of option activity (including Golar Energy options prior to cancellation in May 2011) as at December 31, 2013, 2012 and 2011, and changes during the years then ended are presented below: | |||||||||
(in thousands of $, except per share data) | Shares | Weighted average exercise price | Weighted average remaining contractual term | ||||||
(In '000s) | (years) | ||||||||
Options outstanding at December 31, 2010 | 7,279 | $ | 2.96 | 2 | |||||
Exercised during the year | (1,604 | ) | $ | 7.46 | |||||
Forfeited during the year | (285 | ) | $ | 5.43 | |||||
Options exchanged | |||||||||
- Golar Energy options exchanged and cancelled | (5,438 | ) | $ | 1.95 | |||||
- Golar LNG options issued | 897 | $ | 11.84 | ||||||
Options outstanding at December 31, 2011 | 849 | $ | 10.11 | 1.2 | |||||
Exercised during the year | (267 | ) | $ | 1.54 | |||||
Forfeited during the year | (1 | ) | $ | 8.54 | |||||
Options outstanding at December 31, 2012 | 581 | $ | 7.86 | 0.8 | |||||
Exercised during the year | (76 | ) | $ | 8.01 | |||||
Forfeited during the year | (7 | ) | $ | 6.58 | |||||
Options outstanding at December 31, 2013 | 498 | $ | 6.36 | 0.3 | |||||
Options exercisable at: | |||||||||
December 31, 2013 | 409 | $ | 6.5 | 0.1 | |||||
December 31, 2012 | 323 | $ | 8.46 | 0.3 | |||||
December 31, 2011 | 299 | $ | 9.94 | 0.3 | |||||
The exercise price of all options except for those issued in 2001, is reduced by the amount of the dividends declared and paid; the above figures for options granted, exercised and forfeited show the average of the prices at the time of granting, exercising and forfeiting of the options, and for options outstanding at the beginning and end of the year, the average of the reduced option prices is shown. | |||||||||
The intrinsic value of share options exercised in the years ended December 31, 2013, 2012 and 2011 was $2.2 million, $6.3 million and $14.9 million, respectively. | |||||||||
As at December 31, 2013, the intrinsic value of share options that were both outstanding and exercisable was $14.9 million (2012: $16.8 million). | |||||||||
The total fair value of share options vested in the years ended December 31, 2013, 2012 and 2011 was $3.8 million, $4.8 million and $6.3 million, respectively. | |||||||||
Compensation cost of $0.5 million, $1.4 million and $2.0 million has been recognized in the Consolidated Statement of Operations for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
As of December 31, 2013, the total unrecognized compensation cost amounted to $0.2 million (2012: $0.6 million) relating to options outstanding is expected to be recognized over a weighted average period of 0.3 years. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | ||||||||||
31 | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||
Accumulated Other Comprehensive Loss | |||||||||||
As at December 31, 2013 and 2012, our accumulated other comprehensive loss balances consisted of the following components: | |||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||||
Unrealized net loss on qualifying cash flow hedging instruments | (1,822 | ) | (6,832 | ) | (19,462 | ) | |||||
Unrealized gain on available-for-sale securities | 7,796 | 5,911 | — | ||||||||
Losses associated with pensions, net of tax recoveries of $0.2 million (2012: $0.3 million) | (12,731 | ) | (17,809 | ) | (15,486 | ) | |||||
Accumulated other comprehensive loss | (6,757 | ) | (18,730 | ) | (34,948 | ) | |||||
The components of accumulated other comprehensive income (loss) consisted of the following: | |||||||||||
Gain (losses) on available-for-sale securities | Pension and post retirement benefit plan adjustments | Gains (losses) on cash flow hedges | Share of affiliates comprehensive income | Total Accumulated comprehensive Income (loss) | |||||||
Balance at December 31, 2010 | — | (12,347 | ) | (20,964 | ) | — | (33,311 | ) | |||
Other comprehensive (loss) income before reclassification | — | (3,139 | ) | 1,502 | — | (1,637 | ) | ||||
Net current-period other comprehensive (loss) income | — | (3,139 | ) | 1,502 | — | (1,637 | ) | ||||
Balance at December 31, 2011 | — | (15,486 | ) | (19,462 | ) | — | (34,948 | ) | |||
Other comprehensive income (loss) before reclassification | 5,911 | (2,323 | ) | 3,641 | — | 7,229 | |||||
Amount reclassified from accumulated other comprehensive income | — | — | 8,989 | — | 8,989 | ||||||
Net current-period other comprehensive income (loss) | 5,911 | (2,323 | ) | 12,630 | — | 16,218 | |||||
Balance at December 31, 2012 | 5,911 | (17,809 | ) | (6,832 | ) | — | (18,730 | ) | |||
Other comprehensive income before reclassification | 12,680 | 5,078 | 4,148 | 854 | 22,760 | ||||||
Amount reclassified from accumulated other comprehensive (loss) income | (10,795 | ) | — | 8 | — | (10,787 | ) | ||||
Net current-period other comprehensive income | 1,885 | 5,078 | 4,156 | 854 | 11,973 | ||||||
Balance at December 31, 2013 | 7,796 | (12,731 | ) | (2,676 | ) | 854 | (6,757 | ) | |||
The amounts reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2013 and 2012 consisted of the following: | |||||||||||
Details of Accumulated other comprehensive income components | Amounts reclassified from accumulated other comprehensive income | Affected line item in the statement of operations | |||||||||
2013 | 2012 | ||||||||||
Gains on available-for sale securities: | |||||||||||
Available-for-sale securities (Golar Partners) | (10,710 | ) | — | Other non-operating income | |||||||
Available-for-sale securities (Gaslog) | (85 | ) | — | Other non-operating income | |||||||
(10,795 | ) | — | |||||||||
(Gains) losses on cash flow hedges: | |||||||||||
Foreign currency swap | (718 | ) | — | Other financial items | |||||||
Interest rate swap | (1,644 | ) | — | Other financial items | |||||||
Interest rate swap | 2,370 | — | Gain on sale of Golar Maria | ||||||||
Interest rate swap | — | 3,925 | Gain on loss of control | ||||||||
Cross-currency swap | — | 5,064 | Gain on loss of control | ||||||||
8 | 8,989 | ||||||||||
Total reclassifications for the period | (10,787 | ) | 8,989 | ||||||||
There are no amounts reclassified from the accumulated other comprehensive income to our statement of operations for the year ended December 31, 2011. |
FINANCIAL_INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
32 | FINANCIAL INSTRUMENTS | |||||||||||||||||
Interest rate risk management | ||||||||||||||||||
In certain situations, we may enter into financial instruments to reduce the risk associated with fluctuations in interest rates. We have entered into swaps that convert floating rate interest obligations to fixed rates, which from an economic perspective hedge the interest rate exposure. We do not hold or issue instruments for speculative or trading purposes. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts; however we do not anticipate non-performance by any of our counterparties. | ||||||||||||||||||
We manage our debt portfolio with interest rate swap agreements in U.S. dollars to achieve an overall desired position of fixed and floating interest rates. We hedge account for certain of our interest rate swap arrangements designated as cash flow hedges. The net gains and losses have been reported in a separate component of accumulated other comprehensive income to the extent the hedges are effective. The amount recorded in accumulated other comprehensive income will subsequently be reclassified into earnings in the same period as the hedged items affect earnings. As at December 31, 2013, we do not expect any material amounts to be reclassified from accumulated other comprehensive income to earnings during the next twelve months. | ||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011 we recognized a net gain of $ 0.5 million, and net losses of $0.5 million and $0.6 million, respectively, in earnings relating to the ineffective portion of our interest rate swap agreements designated as hedges. | ||||||||||||||||||
As of December 31, 2013, we have entered into the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below. The summary also includes those that are designated as cash flow hedges: | ||||||||||||||||||
Instrument | Notional value | Maturity Dates | Fixed Interest Rates | |||||||||||||||
(in thousands of $) | ||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||
Receiving floating, pay fixed | 128,021 | 2015 | 3.57% to 4.52% | |||||||||||||||
As of December 31, 2012, our interest rate swaps had a total notional amount of $180.1 million with maturity dates between 2014 and 2015 and fixed interest rates ranging from 3.57% to 4.52%. | ||||||||||||||||||
As of December 31, 2013, the notional principal amount of the debt outstanding subject to such swap agreements was $128.0 million (2012: $180.1 million). | ||||||||||||||||||
The effect of cash flow hedging relationships relating to swap agreements on the consolidated statements of operations is as follows: | ||||||||||||||||||
(in thousands of $) | Effective portion (Loss)/gain reclassified from Accumulated Other Comprehensive Loss | Ineffective Portion | ||||||||||||||||
Derivatives designated as hedging instruments location | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||
Interest rate swaps | (1,644 | ) | — | — | 542 | (535 | ) | (632 | ) | |||||||||
Other financial items, net | ||||||||||||||||||
Interest rate swaps | 2,370 | — | — | — | — | — | ||||||||||||
Gain on sale of Maria, net | ||||||||||||||||||
The effect of cash flow hedging relationships relating to interest rate swap agreements to the consolidated statements of changes in equity is as follows: | ||||||||||||||||||
(in thousands of $) | Amount of gain recognized in other comprehensive income on derivative (effective portion) | |||||||||||||||||
Derivatives designated as hedging instruments | 2013 | 2012 | 2011 | |||||||||||||||
Interest rate swaps | 4,147 | 1,547 | 1,024 | |||||||||||||||
As of December 31, 2013, our accumulated other comprehensive loss included $2.7 million of unrealized losses on interest rate swap agreements designated as cash flow hedges and $0.9 million of unrealized gain being our share of Golar Partners other comprehensive income on swap agreements designated as cash flow hedges. | ||||||||||||||||||
As of December 31, 2013, we do not expect any material amounts to be reclassified from accumulated other comprehensive income to earnings during the next twelve months. | ||||||||||||||||||
Foreign currency risk | ||||||||||||||||||
The majority of the vessels' gross earnings are receivable in U.S. dollars. The majority of our transactions, assets and liabilities are denominated in U.S. dollars, our functional currency. However, we incur expenditure in other currencies. There is a risk that currency fluctuations will have a negative effect on the value of our cash flows. | ||||||||||||||||||
In October 2012, Golar Partners issued NOK denominated senior unsecured bonds in which we also participated. In order to hedge our exposure, we entered into a currency swap that converted our NOK bonds to USD in a fixed rate. The swap hedged the full amount of the NOK bonds. In November 2013, we sold our participation in Golar Partner's high yield bonds, accordingly, the currency swap was also terminated in January 2014. | ||||||||||||||||||
Fair values | ||||||||||||||||||
We recognize our fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on reliability of inputs used to determine fair value as follows: | ||||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets and liabilities; | ||||||||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; | ||||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||||||||||||||||
There have been no transfers between different levels in the fair value hierarchy during the year. | ||||||||||||||||||
Fair value | 2013 | 2013 | 2012 | 2012 | ||||||||||||||
(in thousands of $) | Hierarchy(1) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Non-Derivatives: | ||||||||||||||||||
Cash and cash equivalents | Level 1 | 125,347 | 125,347 | 424,714 | 424,714 | |||||||||||||
Restricted cash and short-term investments | Level 1 | 26,543 | 26,543 | 1,551 | 1,551 | |||||||||||||
Investment in available-for-sale securities | Level 1 | 267,352 | 267,352 | 353,034 | 353,034 | |||||||||||||
Cost method investments | Level 3 | 204,172 | 218,647 | 198,524 | 200,747 | |||||||||||||
Amounts due from Golar Partners | Level 1 | — | — | 34,953 | 36,109 | |||||||||||||
Long-term debt – convertible bond (1) | Level 1 | 233,020 | 254,063 | 228,331 | 251,250 | |||||||||||||
Long-term debt – floating (1) | Level 1 | 434,008 | 434,008 | 276,575 | 276,575 | |||||||||||||
Long-term debt - due to related party (1) | Level 1 | 50,000 | 50,000 | — | — | |||||||||||||
Derivatives: | ||||||||||||||||||
Interest rate swaps asset (2) (3) | Level 2 | 46,827 | 46,827 | — | — | |||||||||||||
Interest rate swaps liability (2) | Level 2 | 11,401 | 11,401 | 26,472 | 26,472 | |||||||||||||
Foreign currency swaps liability | Level 2 | 729 | 729 | 94 | 94 | |||||||||||||
(1) Our debt obligations are recorded at amortized cost in the consolidated balance sheet. | ||||||||||||||||||
(2) Derivative liabilities are captured within other current liabilities and derivative assets are captured within long-term assets on the balance sheet. | ||||||||||||||||||
(3) The fair value/carrying value of interest rate swap agreements that qualify and are designated as a cash flow hedge as at December 31, 2013 and 2012, was $5.3 million (with a notional value of $128.0 million) and $12.9 million (with a notional value of $180.1 million), respectively. The expected maturity of these interest rate agreements is from January 2015 to April 2015. | ||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument. | ||||||||||||||||||
The carrying amounts of accounts receivable, accounts payable, accrued liabilities and working capital facilities approximate fair values because of the short maturity of those instruments. | ||||||||||||||||||
The carrying value of cash and cash equivalents, which are highly liquid, is a reasonable estimate of fair value. | ||||||||||||||||||
The estimated fair value for restricted cash and short-term investments is considered to be equal to the carrying value since restricted cash bears variable interest rates which are reset on a quarterly basis and short-term investments are placed for periods of less than six months. | ||||||||||||||||||
The carrying amount of the investment in available-for-sale ("AFS") securities reported in the balance sheet represents unrealized gains and losses on these securities, which are recognized directly in equity unless a gain is realized upon sale of these units or an unrealized loss is considered "other than temporary" in which case it is transferred to the statement of operations. The basis of valuation of the investment in AFS securities is at market value. | ||||||||||||||||||
The carrying value of cost method investments refers to our holdings in Golar Partners (representing the general partner units and IDRs which were measured at fair value as of the deconsolidation date December 13, 2012 (see note 5)) and OLT‑O. As at December 31, 2013, we did not identify any events or changes in circumstances that would indicate the carrying values of our investments in Golar Partners and OLT-O were not recoverable. The fair value of our general partner units was based on the share price of the publicly traded common units of Golar Partners adjusted for restrictions over the transferability and reduction in voting rights. While the fair value of the IDRs was determined using a Monte Carlo simulation method. Refer to note 5 for further details. | ||||||||||||||||||
For our investment in OLT-O, as we have no established method of determining the fair value of this investment, we did not estimate the fair value of this investment as at December 31, 2013. | ||||||||||||||||||
The amounts due from Golar Partners refers to our participation in the high yield bonds issued by Golar Partners in October 2012. As of December 31, 2012, we estimated the fair value of our participation in the high yield bond on its quoted price. In November 2013, we sold our participation. | ||||||||||||||||||
The estimated fair value for the liability component of the unsecured convertible bonds is based on the quoted market price as at the balance sheet date. | ||||||||||||||||||
The estimated fair values for both the floating long-term debt and long-term debt to a related party are considered to be equal to the carrying values since they bear variable interest rates, which are reset on a quarterly or six-monthly basis. | ||||||||||||||||||
The estimated fair value of the financial guarantees is considered to be equal to the carrying amount. The financial guarantees were fair valued as of the deconsolidation date, December 13, 2012 (see note 5). We did not identify any material changes in the fair value of the financial guarantees as at December 31, 2013. | ||||||||||||||||||
The fair value of our derivative instruments is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates, closing quoted market prices and our creditworthiness and that of our counterparties. The mark-to-market gain or loss of our interest rate and foreign currency swaps that are not designated as hedges for accounting purposes is reported in the statement of operations caption "other financial items, net" (see note 10). | ||||||||||||||||||
The fair value measurement of a liability must reflect the non-performance of the entity. Therefore, the impact of our credit worthiness has also been factored into the fair value measurement of the derivative instruments in a liability position. | ||||||||||||||||||
The credit exposure of interest rate swap agreements is represented by the fair value of contracts with a positive value at the end of each period, reduced by the effects of master netting arrangements. It is our policy to enter into master netting agreements with counterparties to derivative financial instrument contracts, which give us the legal right to discharge all or a portion of the amounts owed to the counterparty by offsetting them against amounts that the counterparty owes to us. | ||||||||||||||||||
The following table summarizes the fair value of derivative instruments on a gross basis recorded in our consolidated balance sheets as of December 31, 2013 and 2012: | ||||||||||||||||||
Balance sheet classification | 2013 | 2012 | ||||||||||||||||
(in thousands of $) | ||||||||||||||||||
Asset Derivatives | ||||||||||||||||||
Interest rate swaps not designated as hedges | Other non-current assets | 46,827 | — | |||||||||||||||
Liability Derivatives | ||||||||||||||||||
Interest rate swaps designated as hedges | Other current liabilities | 6,072 | 12,950 | |||||||||||||||
Interest rate swaps not designated as hedges | Other current liabilities | 5,329 | 13,522 | |||||||||||||||
Foreign currency swap not designated as hedge | Other current liabilities | 729 | 94 | |||||||||||||||
Total liability derivatives | 12,130 | 26,566 | ||||||||||||||||
We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of December 31, 2013 and 2012 would be adjusted as detailed in the following table: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gross amounts presented in the consolidated balance sheet | Gross amounts not offset in the consolidated balance sheet subject to netting agreements | Net amount | Gross amounts presented in the consolidated balance sheet | Gross amounts not offset in the consolidated balance sheet subject to netting agreements | Net amount | |||||||||||||
(in thousands of $) | ||||||||||||||||||
Total asset derivatives | 46,827 | (4,327 | ) | 42,500 | — | — | — | |||||||||||
Total liability derivatives | 12,130 | (4,327 | ) | 7,803 | 26,566 | — | 26,566 | |||||||||||
Assets measured at Fair Value on a Non-recurring Basis | ||||||||||||||||||
We recorded an impairment loss of $0.5 million, $0.5 million and $0.5 million in 2013, 2012 and 2011, respectively. The impairment loss refers to the unutilized parts originally ordered for the Golar Spirit FSRU retrofitting following changes to the original project specification. As at December 31, 2013, these parts were measured at an estimated fair value of $2.5 million, which was determined using level two inputs being the carrying cost of these parts less the impairment loss, which was calculated based on the estimated market value of these parts. | ||||||||||||||||||
Concentrations of risk | ||||||||||||||||||
There is a concentration of credit risk with respect to cash and cash equivalents to the extent that substantially all of the amounts are carried with Nordea Bank of Finland PLC, DNB Bank ASA and Citi Bank. However, we believe this risk is remote. | ||||||||||||||||||
We have a substantial equity investment in our former subsidiary, Golar Partners, that from December 13, 2012 is considered as our affiliate and not our controlled subsidiary. As of December 31, 2013, our ownership interest was 41.4% and the aggregate value of the investments recorded in our balance sheet as of December 31, 2013 was $809.0 million being the aggregate of our ownership interest (common, subordinated and general partner interests) plus IDRs. Accordingly, the value of our investment and the income generated from Golar Partners is subject to specific risks associated with its business. Golar Partners operates in the same business as us and as of December 31, 2013 had a fleet of eight vessels as managed by us operating under medium to long-term charters with a concentrated number of charterers; BG Group, Petrobras, Pertamina, DUSUP, Nusantara Regas and Eni. | ||||||||||||||||||
There is a concentration of supplier risk with respect to our remaining eleven newbuilds (two having been delivered in October 2013) of which nine are currently under construction by Samsung Heavy Industries Co Ltd ("Samsung") and two currently under construction by Hyundai Samho Heavy Industries Co., Ltd ("Hyundai") as at December 31, 2013. However, we believe this risk is remote as Samsung and Hyundai are global leaders in the shipbuilding sector. As is typical with newbuilding contracts, we have entered into refund guarantee agreements with several banks. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Related Party Transactions [Abstract] | ' | |||||||||
RELATED PARTY TRANSACTIONS | ' | |||||||||
33 | RELATED PARTY TRANSACTIONS | |||||||||
a) Transactions with Golar Partners and subsidiaries: | ||||||||||
Net revenues: Prior to the deconsolidation of Golar Partners, the following revenues presented below were largely eliminated upon consolidation of Golar Partners for the periods through to December 13, 2012: | ||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||
Transactions with Golar Partners and subsidiaries: | ||||||||||
Management and administrative services fees income (i) | 2,569 | 2,876 | * | 1,576 | ||||||
Ship management fees income (ii) | 6,701 | 4,222 | * | 4,146 | ||||||
Interest income on vendor financing loan - Golar Freeze (iii) | — | 11,921 | 3,085 | |||||||
Interest income on vendor financing loan - NR Satu (iv) | — | 4,737 | * | — | ||||||
Interest income on high-yield bonds (v) | 1,972 | 575 | * | — | ||||||
Interest income on Golar Energy loan (vi) | — | 829 | — | |||||||
Total | 11,242 | 25,160 | 8,807 | |||||||
*The net effect to our consolidated statement of operations for the year ended December 31, 2012 was an aggregate income of $1.5 million. | ||||||||||
Receivables (payables): The balances with Golar Partners and subsidiaries as of December 31, 2013 and 2012 consisted of the following: | ||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||
Trading balances due to Golar and affiliates (vii) | 5,989 | 2,031 | ||||||||
Methane Princess Lease security deposit movements (viii) | (4,257 | ) | — | |||||||
High-yield bonds (v) | — | 34,953 | ||||||||
1,732 | 36,984 | |||||||||
(i) Management and administrative services agreement - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management, a wholly-owned subsidiary of ours, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management’s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice. | ||||||||||
(ii) Ship management fees - Golar and certain of its affiliates charged ship management fees to Golar Partners for the provision of technical and commercial management of the vessels. Each of Golar Partners’ vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by certain affiliates of Golar, including Golar Management and Golar Wilhelmsen AS ("Golar Wilhelmsen"), a partnership that is jointly controlled by Golar and by Wilhelmsen Ship Management (Norway) AS. | ||||||||||
(iii) Vendor financing loan - Golar Freeze - In October 2011, in connection with the sale of the Golar Freeze, we entered into a financing loan agreement with Golar Partners for an amount of $222.3 million. The facility was unsecured and bore interest at a fixed rate of 6.75% per annum payable quarterly. The loan was non-amortizing with a final balloon payment of $222.3 million due in October 2014. The loan was repaid in October 2012. | ||||||||||
(iv) Vendor financing loan - NR Satu - In July 2012, in connection with the sale of the NR Satu, we entered into a financing loan agreement with Golar Partners for an amount of $175.0 million. Of this amount, $155.0 million was drawn down in July 2012. A further $20.0 million was available for drawdown until July 2015. The facility was unsecured and bore interest at a fixed rate of 6.75% per annum payable quarterly. The loan was non-amortizing with a final balloon payment for the amount drawn down due within three years from the date of draw down. The loan was repaid in December 2012. | ||||||||||
(v) High-yield bonds - In October 2012, Golar Partners completed the issuance of NOK1,300.0 million in senior unsecured bonds that mature in October 2017. The aggregate principal amount of the bonds is equivalent to approximately $227.0 million. Of this amount, approximately $35.0 million, was issued to us. We sold our participation on the high yield bond in November 2013. | ||||||||||
(vi) Golar Energy loan - In January 2012, Golar LNG (Singapore) Pte. Ltd. ("Golar Singapore"), the subsidiary which holds the investment in PTGI, drew down $25.0 million on its loan agreement entered into in December 2011 with Golar Energy. The loan was unsecured, repayable on demand and bore interest at the rate of 6.75% per annum payable on a quarterly basis. In connection with the acquisition of the subsidiaries that own and operate the NR Satu, all amounts payable to Golar Energy by the subsidiaries acquired by Golar Partners, including Golar Singapore, were extinguished. | ||||||||||
(vii) Trading balances - Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Partners, including ship management and administrative service fees due to us. | ||||||||||
(viii) Methane Princess Lease security deposit movements - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to the Methane Princess Lease. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement (see below). Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess Lease. | ||||||||||
Other transactions: | ||||||||||
a) $20 million revolving credit facility: On April 13, 2011, we entered into a $20.0 million revolving credit facility with Golar Partners. In May 2013, Golar Partners drew down $20 million from the facility which it subsequently repaid in December 2013. As of December 31, 2013, Golar Partners has $20.0 million available under this facility to draw down. This facility matures in 2015 and is unsecured and interest-free. | ||||||||||
b) Dividends to non-controlling interests: | ||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||
Faraway Maritime Shipping Company | — | 1,800 | 2,400 | |||||||
Golar Partners | — | 30,282 | 10,132 | |||||||
— | 32,082 | 12,532 | ||||||||
Faraway Maritime Shipping Company owns the vessel, the Golar Mazo. Golar Partners held a 60% equity interest in the company, with the remaining 40% interest held by CPC Corporation, Taiwan. | ||||||||||
In April 2011, following the IPO of our former subsidiary, Golar Partners, our ownership interest fell to 65.4%. Our interest was further diluted as a result of follow-on equity offerings in 2012 and 2013, such that, our ownership interest as of December 31, 2013 stands at 41.4%. Since December 13, 2012, Golar Partners has been considered an affiliate entity and not as our controlled subsidiary. | ||||||||||
Since its IPO in April 2011, Golar Partners has declared and paid quarterly distributions totalling $63.7 million, $47.3 million and $19.1 million to us for each of the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||
c) Disposals to Golar Partners: Since Golar Partners' IPO in April 2011, we have disposed of equity interests in certain subsidiaries which own or lease and operate the Golar Freeze, the NR Satu and the Golar Grand to Golar Partners. These transactions were deemed to be concluded between entities under common control and, thus the gain on disposal was recorded as an equity transaction (see note 29). In February 2013, we disposed of our interest in the subsidiary which owns and operates the Golar Maria. Since the Partnership is no longer considered to be our controlled entity, this transaction was not accounted for as a transfer of equity interests under common control. Accordingly, we recognized a gain on disposal of Golar Maria (see note 6). | ||||||||||
In December 2013, we entered into an agreement to sell our interest in the company that owns and operates the Golar Igloo for the price of $310.0 million subject to certain closing conditions. The sale was completed in March 2014 (see note 36). | ||||||||||
d) Golar Grand option: In connection with the disposal of the Golar Grand in November 2012, we entered into an Option Agreement with Golar Partners. Under the Option Agreement, in the event BG does not extend their charter for the vessel for an additional three years, Golar Partners has an option to require us to charter-in the Golar Grand under a time charter expiring in October 2017. | ||||||||||
e) Payment under Omnibus Agreement: During the year, Golar Partners incurred expenses of $3.3 million which was indemnified by the Company as part of the Omnibus Agreement. This was recognized in our statement of operations as "other non-operating expense". | ||||||||||
Indemnifications and guarantees: | ||||||||||
f) Tax lease indemnifications: Under the Omnibus Agreement, we have agreed to indemnify Golar Partners in the event of any liabilities in excess of scheduled or final settlement amounts arising from the Methane Princess leasing arrangement and the termination thereof. | ||||||||||
In addition, to the extent Golar Partners incurs any liabilities as a consequence of a successful challenge by the U.K. Revenue Authorities with regard to the initial tax basis of the transactions relating to any of the U.K. tax leases or in relation to the lease restructuring terminations in 2010, we have agreed to indemnify Golar Partners. | ||||||||||
The maximum possible amount in respect of the tax lease indemnification is unknown as the determination of this amount is dependent on our intention of terminating this lease and the various market factors present at the point of termination. As of December 31, 2013, we recognized a liability of $11.5 million in respect of the tax lease indemnification to Golar Partners (see note 5) representing the fair value at deconsolidation (2012: $11.5 million). | ||||||||||
g) Environmental and other indemnifications: Under the Omnibus Agreement, we have agreed to indemnify Golar Partners until April 13, 2016, against certain environmental and toxic tort liabilities with respect to the assets that we contributed or sold to Golar Partners to the extent they arose prior to the time they were contributed or sold. However, claims are subject to a deductible of $0.5 million and an aggregate cap of $5.0 million. | ||||||||||
In addition, pursuant to the Omnibus Agreement, we agreed to indemnify Golar Partners for any defects in title to the assets contributed or sold to Golar Partners and any failure to obtain, prior to April 13, 2011, certain consents and permits necessary to conduct Golar Partner's business, which liabilities arise within three years after the closing of its IPO on April 13, 2011. | ||||||||||
h) Performance guarantees: We issued performance guarantees to third party charterers in connection with the Time Charter Party agreements entered into with the vessel operating entities who are now subsidiaries of Golar Partners. These performance guarantees relate to the Golar Spirit, the Golar Freeze, the Methane Princess, the Golar Winter and the Golar Mazo. | ||||||||||
The maximum potential exposure in respect of the performance guarantees issued by the Company is unknown as these matters cannot be absolutely determined. The likelihood of triggering the performance guarantees is remote based on the past performance of both our combined fleet. | ||||||||||
i) Debt guarantee: The debt guarantees were issued by us to third party banks in respect of certain secured debt facilities relating to Golar Partners and subsidiaries. The liability is being amortized over the remaining term of the respective debt facilities with the credit recognized in "Other financial items". | ||||||||||
As of December 31, 2013, we guaranteed $533.5 million of Golar Partners' long-term debt and capital lease obligations, net of restricted cash. All of the facilities and lease obligations guaranteed by Golar are secured on specific vessels. As of December 31, 2013, these vessels have higher market values than the carrying amounts of the facilities and capital lease obligation to which the vessels are secured against. | ||||||||||
j) Legal claim: Refer to discussion in note 35 - NR Satu related claim. | ||||||||||
Omnibus Agreement | ||||||||||
In connection with the IPO of Golar Partners, we entered into an Omnibus Agreement with Golar Partners governing, among other things, when we and Golar Partners may compete against each other as well as rights of first offer on certain FSRUs and LNG carriers. Under the Omnibus Agreement, Golar Partners and its subsidiaries agreed to grant a right of first offer on any proposed sale, transfer or other disposition of any vessel it may own. Likewise, we agreed to grant a similar right of first offer to Golar Partners for any vessel under a charter for five or more years, that it may own. These rights of first offer will not apply to a (a) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any current or future charter or other agreement with a charter party or (b) merger with or into, or sale of substantially all of the assets to, an unaffiliated third-party. In addition, the Omnibus Agreement provides for certain indemnities to Golar Partners in connection with the assets transferred from us. | ||||||||||
b) Net income (expenses) from (due to) other related parties (excluding Golar Partners): | ||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||
Frontline Ltd. and subsidiaries ("Frontline") (i) | 49 | (325 | ) | (972 | ) | |||||
Seatankers Management Company Limited ("Seatankers") (i) | (45 | ) | 31 | (64 | ) | |||||
Ship Finance AS ("Ship Finance") (i) | 207 | 4 | 190 | |||||||
Bluewater Gandria (ii) | — | — | 125 | |||||||
Golar Wilhelmsen (iii) | (4,899 | ) | (3,169 | ) | (2,816 | ) | ||||
World Shipholding (iv) | (976 | ) | (2,961 | ) | (2,302 | ) | ||||
(Payables to) receivables from related parties (excluding Golar Partners): | ||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||
World Shipholding | ||||||||||
- Loan (iv) | (50,000 | ) | — | |||||||
Frontline | (60 | ) | (143 | ) | ||||||
Seatankers | 91 | (12 | ) | |||||||
Ship Finance | 2 | 2 | ||||||||
Seadrill Limited ("Seadrill") | (74 | ) | — | |||||||
(50,041 | ) | (153 | ) | |||||||
i. We transact business with the following parties, being companies in which World Shipholding and companies associated with World Shipholding have a significant interest: Frontline, Ship Finance, Seatankers and Seadrill. Net expense/income from Frontline, Seatankers and Ship Finance comprise fees for management support, corporate and insurance administrative services, net of income from supplier rebates and income from the provision of serviced offices and facilities. Receivables and payables with related parties comprise primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. | ||||||||||
ii. Bluewater Gandria - In January 2012, we acquired the remaining 50% in our joint venture, Bluewater Gandria, which owns the vessel, the Gandria, for a total consideration of $19.5 million. As a result of this transaction, Bluewater Gandria is now our wholly-owned subsidiary. Refer to note 7 for further details of the acquisition. The charges to Bluewater for the year ended December 31, 2011 related to agency fees. | ||||||||||
iii. As of December 31, 2013, we held a 60% ownership interest in Golar Wilhelmsen, which we account for using the equity method (see note 14). Golar Wilhelmsen recharges management fees in relation to provision of technical and ship management services. | ||||||||||
iv. World Shipholding revolving credit facility - In April 2011, we entered into an $80.0 million revolving credit facility with a company related to our major shareholder, World Shipholding. In January, February and May of 2012, the revolving credit facility was amended to $145.0 million, $250.0 million and $120.0 million, respectively, without any further changes to the original terms of the facility. In July 2012, the facility was repaid in full with the proceeds received from the sale of the companies that own and operate the NR Satu to Golar Partners. In May 2013, the margin on the facility was amended from 3.5% to 3.0%. As of December 31, 2013, we had $50.0 million of borrowings under this facility. The facility is unsecured and bears interest at LIBOR plus 3.0% together with a commitment fee of 0.75% on any undrawn portion of the credit facility. | ||||||||||
For each of the years ended December 31, 2013, 2012 and 2011, included within net expenses due to World Shipholding, include loan interest and commitment fees of $1.0 million, $0.8 million, and $1.9 million respectively. |
CAPITAL_COMMITMENTS
CAPITAL COMMITMENTS | 12 Months Ended | ||
Dec. 31, 2013 | |||
CAPITAL COMMITMENTS [Abstract] | ' | ||
CAPITAL COMMITMENTS | ' | ||
34 | CAPITAL COMMITMENTS | ||
Newbuilding Contracts | |||
Between 2011 and 2012, we entered into newbuilding contracts for the construction of ten LNG carriers and three FSRUs for a total cost of approximately $2.7 billion. As of December 31, 2013, following the delivery of two LNG carriers in 2013, eleven vessels remain to be delivered. All but one are scheduled to be delivered in 2014, with the final delivery timed for 2015 subject to the outcome of negotiations with Samsung to delay delivery of certain vessels. As of December 31, 2013, $1.6 billion remains to be paid in respect of these vessels. | |||
As at December 31, 2013, the estimated timing of the installment payments for these newbuildings are due to be paid as follows: | |||
(in thousands of $) | |||
Payable within 12 months to December 31, 2014 | 1,495,385 | ||
Payable within 12 months to December 31, 2015 | 152,220 | ||
1,647,605 | |||
OTHER_COMMITMENTS_AND_CONTINGE
OTHER COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
OTHER COMMITMENTS AND CONTINGENCIES | ' | |||||
35 | OTHER COMMITMENTS AND CONTINGENCIES | |||||
Assets Pledged | ||||||
(in thousands of $) | December 31, 2013 | December 31, 2012 | ||||
Book value of vessels secured against long-term loans and capital leases | 700,726 | 432,867 | ||||
Other Contractual Commitments and contingencies | ||||||
Insurance | ||||||
We insure the legal liability risks for our shipping activities with Gard and Skuld. Both are mutual protection and indemnity associations. As a member of a mutual association, we are subject to calls payable to the associations based on our claims record in addition to the claims records of all other members of the association. A contingent liability exists to the extent that the claims records of the members of the association in the aggregate show significant deterioration, which results in additional calls on the members. | ||||||
Tax lease benefits | ||||||
The benefits under lease financings are derived primarily from tax depreciation assumed to be available to lessors as a result of their investment in the vessels. In the event of any adverse tax changes or a successful challenge by the U.K. Revenue authorities with regard to the initial tax basis of the transactions, or in relation to the lease restructuring and subsequent terminations we have entered into in 2010 or in the event of an early termination of our remaining leases, we may be required to make additional payments to the U.K. vessel lessors or the U.K. revenue authorities which could adversely affect our earnings and financial position. We would be required to return all or a portion of, or in certain circumstances significantly more than, the upfront cash benefits that we have received or accrued over time, together with fees that were incurred in respect of our lease financing transactions including the restructuring and subsequent termination transactions or post additional security or make additional payments to the U.K. vessel lessors. Six U.K. tax leases we entered into during 2003 were structured so that a cash benefit was received up front (in total a gross amount before deduction of fees of approximately £41 million British pounds). Of these six leases we have since terminated five, with one lease remaining, being that of the Methane Princess lease. Pursuant to the deconsolidation of Golar Partners in 2012, Golar Partners is no longer considered a controlled entity but an affiliate and therefore the capital lease obligation relating to this remaining U.K. tax lease is not consolidated into our balance sheet as of December 31, 2013. | ||||||
Under the indemnity provisions of the Omnibus Agreement or the respective share purchase agreements, we have agreed to indemnify Golar Partners in the event of any liabilities in excess of scheduled or final scheduled amounts arising from the Methane Princess leasing arrangement and the termination thereof. | ||||||
In addition, to the extent Golar Partners incurs any liabilities as a consequence of a successful challenge by the U.K. Revenue Authorities with regard to the initial tax basis of the transactions relating to any of the U.K. tax leases or in relation to the lease restructuring and terminations in 2010, we have agreed to indemnify Golar Partners. | ||||||
Legal proceedings and claims | ||||||
We may, from time to time, be involved in legal proceedings and claims that arise in the ordinary course of business. A provision will be recognized in the financial statements only where we believe that a liability will be probable and for which the amounts are reasonably estimable, based upon the facts known prior to the issuance of the financial statements. | ||||||
NR Satu related claim | ||||||
PT Golar Indonesia, a subsidiary of Golar Partners that is both the owner and operator of the NR Satu, has been notified of a claim that may be filed against it by PT Rekayasa, a subcontractor of the charterer, PT Nusantara Regas, claiming that Golar Partners and its subcontractor caused damage to the pipeline in connection with the FSRU conversion of the NR Satu and the related mooring. As of the current date, no suit has been filed and both we and Golar Partners are of the view that, were the claim to be filed with the Indonesian authorities, any resolution could potentially take years. We both continue to believe we have meritorious defences against these claims, however, we are currently involved in compromise settlement discussions with the other parties. An estimate of the compromise settlement amount is between $2 million and $4.8 million. Golar Partners considers it probable that any loss suffered will be recoverable from its subcontractor who is also a party to these settlement discussions. As part of the disposal of the NR Satu in July 2012 by us, we have also agreed to indemnify Golar Partners against any non-recoverable losses. | ||||||
Golar Viking related claim | ||||||
In January 2011, Qatar Gas Trading Company Limited ("Nakilat") chartered the Golar Viking from the us for a period of 15 months. In April 2012, the time charter party agreement was terminated early. On February 15, 2013, Nakilat formally commenced arbitration proceedings against Golar claiming damages of $20.9 million for breach of contract, including that of early termination of the charter. We believe that we have strong arguments to defend ourself against any such claims, accordingly, as of December 31, 2013, have not recorded any provision. Given the proceedings have only commenced and with the arbitration hearing timed for late 2014, it is possible that the outcome of the arbitration proceedings may result in a loss of anything up to a maximum of $20.9 million. | ||||||
Douglas Channel LNG Assets Partnership claim | ||||||
In May 2013, we provided a short-term loan of $12.0 million to Douglas Channel LNG Assets Partnership ("DCLAP") as part of the potential FLNG project in Douglas Channel, British Columbia. The General Partner of DCLAP is a company wholly owned by LNG Partner LLC ("LNGP"). The loan had a maturity date of September 30, 2013 and is secured by a general security agreement over the pipeline transportation capacity on the pipeline system that delivers natural gas to the area where the FLNG project is intended to operate. In September 2013, LNGP filed for bankruptcy. We have also since commenced legal proceedings against LNGP seeking to have a receiver appointed over the secured assets. Of the $12.0 million short-term loan, $2.5 million has been repaid to date. We believe that we have strong arguments regarding our claim and the outstanding loan is recoverable, accordingly, as of December 31, 2013, has not recorded any provision against the outstanding loan receivable. | ||||||
Other | ||||||
In December 2005, we signed a shareholders' agreement in connection with the setting up of a jointly owned company to be named Egyptian Company for Gas Services S.A.E ("ECGS"), which was to be established to develop hydrocarbon business and in particular LNG related business in Egypt. As at December 31, 2013, we had a commitment to pay $1.0 million to a third party, contingent upon the conclusion of a material commercial business transaction by ECGS as consideration for work performed in connection with the setting up and incorporation of ECGS. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events [Abstract] | ' | |
SUBSEQUENT EVENTS | ' | |
36 | SUBSEQUENT EVENTS | |
In February 2014, we declared a dividend of $0.45 per share in respect of the quarter ended December 31, 2013 and paid in March 2014. In addition, Golar Partners made a final cash distribution of $0.52 per unit in February 2014 in respect of the quarter ended December 31, 2013, of which we received $14.7 million of dividend income in relation to our common, subordinated and general partner units and IDRs held at the record date. | ||
In February 2014, we executed a four ship sale and leaseback transaction with ICBL Finance Leasing Co. Ltd ("ICBCL"). The financing structure will fund 90% of the shipyard purchase price of each newbuilding. | ||
In February 2014, we took delivery of the FSRU, the Golar Igloo. On March 28, 2014, we completed our sale of our equity interest in the company that owns and operates the Golar Igloo to Golar Partners for the price of $310.0 million for the vessel (including charter) less the assumed $161.3 million of bank debt, the fair value of the interest rate swap asset of $3.3 million plus other purchase price adjustments and paid us the remaining balance in cash using the proceeds of our equity offering in December 2013. |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of accounting | ' | |
Basis of accounting | ||
The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. | ||
Principles of consolidation | ||
Investments in companies in which we directly or indirectly hold more than 50% of the voting control are consolidated in the financial statements, as well as certain variable interest entities in which the Company is deemed to be subject to a majority of the risk of loss from the variable interest entity's activities or entitled to receive a majority of the entity's residual returns, or both. All inter-company balances and transactions are eliminated. The non-controlling interests of subsidiaries were included in the Consolidated Balance Sheets and Statements of Operations as "Non-controlling interests". | ||
A variable interest entity, or VIE, is defined by the accounting standard as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. A party that is a variable interest holder is required to consolidate a VIE if the holder has both (a) the power to direct the activities that most significantly impact the entity's economic performance and (b) the obligation to absorb losses that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. | ||
Business combinations | ' | |
Business combinations of subsidiaries are accounted for under the acquisition method. On acquisition, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (i.e. bargain purchase) is credited to the statement of operations in the period of acquisition. The consideration transferred for an acquisition is measured at fair value of the consideration given. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The results of subsidiary undertakings are included from the date of acquisition. | ||
Investments in affiliates | ' | |
Investments in affiliates | ||
Affiliates are entities over which we generally have between 20% and 50% of the voting rights, or over which we have significant influence, but over which we do not exercise control, or have the power to control the financial and operational policies. Investments in these entities are accounted for by the equity method of accounting. This also extends to entities in which we hold a majority ownership interest, but we do not control, due to the participating rights of non-controlling interests. Under this method, we record an investment in the common stock (or “in-substance common stock”) of an affiliate at cost (or fair value if a consequence of deconsolidation), and adjust the carrying amount for our share of the earnings or losses of the affiliate subsequent to the date of the investment and report the recognized earnings or losses in income. Dividends received from an affiliate in connection with their common stock interest reduce the carrying amount of the investment. The excess, if any, of the purchase price over book value of our investments in equity method affiliates is included in the consolidated balance sheet as "Investment in Affiliates". When our share of losses in an affiliate equals or exceeds its interest, we do not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. See note 14 for list of entities accounted for under the equity method. | ||
Revenue and expense recognition | ' | |
Revenue and expense recognition | ||
Revenues include minimum lease payments under time charters, fees for repositioning vessels as well as the reimbursement of certain vessel operating and drydocking costs. Revenues generated from time charters, which we classify as operating leases, are recorded over the term of the charter as service is provided. However, we do not recognize revenue if a charter has not been contractually committed to by a customer and ourselves, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. | ||
Reimbursement for drydocking costs is recognized evenly over the period to the next drydocking, which is generally between two to five years. Repositioning fees (which are included in time charter revenue) received in respect of time charters are recognized at the end of the charter when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee will be recognized evenly over the term of the charter. Where a vessel undertakes multiple single voyage time charters, revenue is recognized, including the repositioning fee if fixed and determinable, on a discharge-to-discharge basis. Under this basis, revenue is recognized evenly over the period from departure of the vessel from its last discharge port to departure from the next discharge port. For arrangements where operating costs are borne by the charterer on a pass through basis, the pass through of operating costs is reflected in revenue and expenses. | ||
Revenues generated from management fees are recorded rateably over the term of the contract as services are provided. | ||
Under time charters, voyage expenses are generally paid by our customers. Voyage related expenses, principally fuel, may also be incurred when positioning or repositioning the vessel before or after the period of time charter and during periods when the vessel is not under charter or is offhire, for example when the vessel is undergoing repairs. These expenses are recognized as incurred. | ||
Cash and cash equivalents | ' | |
Cash and cash equivalents | ||
We consider all demand and time deposits and highly liquid investments with original maturities of three months or less to be equivalent to cash. | ||
Restricted cash and short-term investments | ' | |
Restricted cash and short-term investments | ||
Restricted cash and short-term investments consist of bank deposits which may only be used to settle certain pre-arranged loan and bid bonds in respect of tenders for projects we have entered into. We consider all short-term investments as held to maturity. These investments are carried at amortized cost. We place our short-term investments primarily in fixed term deposits with high credit quality financial institutions. | ||
Inventories | ' | |
Inventories | ||
Inventories, which are comprised principally of fuel, lubricating oils and ship spares, are stated at the lower of cost or market value. Cost is determined on a first-in, first-out basis. | ||
Newbuildings | ' | |
Newbuildings | ||
Newbuilds are stated at cost. All pre-delivery costs incurred during the construction of newbuilds, including purchase installments, interest, supervision and technical costs, are capitalized. Newbuilds are not depreciated until the vessel is available for use. | ||
Vessels and equipment | ' | |
Vessels and equipment | ||
Vessels and equipment are stated at cost less accumulated depreciation. The cost of vessels and equipment less the estimated residual value is depreciated on a straight-line basis over the assets' remaining useful economic lives. Depreciation includes depreciation on all owned vessels and amortization of vessels accounted for as capital leases. | ||
Refurbishment costs incurred during the period are capitalized as part of vessels and equipment and depreciated over the vessels' remaining useful economic lives. Refurbishment costs are costs that appreciably increase the capacity, or improve the efficiency or safety of vessels and equipment. Drydocking expenditures are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally between two and five years. For vessels that are newly built or acquired, we have adopted the "built-in overhaul" method of accounting. The built-in overhaul method is based on the segregation of vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals to reflect the different useful lives of the components of the assets. The estimated cost of the drydocking component is amortized until the date of the first drydocking following acquisition, upon which the cost is capitalized and the process is repeated. | ||
Vessel reactivation costs incurred on vessels leaving lay-up include both costs of a capital and expense nature. The capital costs include the addition of new equipment or modifications to the vessel which enhance or increase the operational efficiency and functionality of the vessel. These expenditures are capitalized and depreciated over the remaining useful life of the vessel. Expenditures of a routine repairs and maintenance nature, that do not improve the operating efficiency or extend the useful lives of the vessels are expensed as incurred as mobilization costs. | ||
Useful lives applied in depreciation are as follows: | ||
Vessels | 40 to 50 years | |
Deferred drydocking expenditure | two to five years | |
Office equipment and fittings | three to six years | |
Interest costs capitalized | ' | |
Interest costs capitalized | ||
Interest costs are expensed as incurred except for interest costs that are capitalized. Interest is capitalized on all qualifying assets that require a period of time to get them ready for their intended use. Qualifying assets consist of vessels under construction and includes vessels undergoing conversion into FSRUs for our own use. The interest capitalized is calculated using the rate of interest on the loan to fund the expenditure or our weighted average cost of borrowings where appropriate, over the term period from commencement of the newbuilding and conversion work until substantially all the activities necessary to prepare the assets for its intended use are complete. | ||
Deferred credit from capital leases | ' | |
Deferred credit from capital leases | ||
Income derived from the sale of subsequently leased assets is deferred and amortized in proportion to the amortization of the leased assets. Amortization of deferred income is offset against depreciation and amortization expense in the Consolidated Statement of Operations. | ||
Impairment of long-term assets | ' | |
Impairment of long-term assets | ||
We continually monitor events and changes in circumstances that could indicate carrying amounts of long-term assets may not be recoverable. When such events or changes in circumstances are present, we assess the recoverability of long-term assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. | ||
Deferred charges | ' | |
Deferred charges | ||
Costs associated with long-term financing, including debt arrangement fees, are deferred and amortized over the term of the relevant loan. Amortization of deferred loan costs is included in "Other financial items" in the Consolidated Statement of Operations. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. | ||
Trade receivables | ' | |
Trade receivables | ||
Trade receivables are presented net of allowances for doubtful balances. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. | ||
Investment in available-for-sale securities | ' | |
Investment in available-for-sale securities | ||
We classify our existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses excluded from earnings and reported directly in stockholders' equity as a component of other comprehensive income (loss) unless a gain is realized upon the sale of these units or an unrealized loss is considered "other-than-temporary," in which case it is transferred to the statement of operations. Management evaluates securities for other than temporary impairment ("OTTI") on a periodic basis. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the investee, and (3) the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value. | ||
Cost-method investments | ' | |
Cost-method investments | ||
Cost-method investments are initially recorded at cost and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | ||
Derivatives | ' | |
Derivatives | ||
We use derivatives to reduce market risks associated with our operations. We use interest rate swaps for the management of interest rate risk exposure. The interest rate swaps effectively convert a portion of our debt from a floating to a fixed rate over the life of the transactions without an exchange of underlying principal. | ||
We seek to reduce our exposure to fluctuations in foreign exchange rates through the use of foreign currency forward contracts. | ||
All derivative instruments are initially recorded at cost as either assets or liabilities in the accompanying Consolidated Balance Sheet and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. Where the fair value of a derivative instrument is a net liability, the derivative instrument is classified in "Other current liabilities" in the Consolidated Balance Sheet. Where the fair value of a derivative instrument is a net asset, the derivative instrument is classified in "Other non-current assets" in the Consolidated Balance Sheet, except if the current portion is a liability, in which case the current portion is included in "Other current liabilities." The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and also qualifies for hedge accounting. The Company hedge accounts for certain of its interest rate swap arrangements designated as cash flow hedges. For derivative instruments that are not designated or do not qualify as hedges under the guidance, the changes in fair value of the derivative financial instrument are recognized each period in current earnings in "Other financial items". | ||
When a derivative is designated as a cash flow hedge, we formally document the relationship between the derivative and the hedged item. This documentation includes the strategy risk and risk management for undertaking the hedge and the method that will be used to assess effectiveness of the hedge. If the derivative is an effective hedge, changes in the fair value are initially recorded as a component of accumulated other comprehensive income in equity. The ineffective portion of the hedge is recognized immediately in earnings, as are any gains or losses on the derivative that are excluded from the assessment of hedge effectiveness. We do not apply hedge accounting if we determine that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold or repaid. | ||
In the periods when the hedged items affect earnings, the associated fair value changes on the hedged derivatives are transferred from equity to the corresponding earnings line item on the settlement of a derivative. The ineffective portion of the change in fair value of the derivative financial instrument is immediately recognized in earnings. If a cash flow hedge is terminated and the originally hedged item is still considered probable of occurring, the gains and losses initially recognized in equity remain there until the hedged item impacts earnings at which point they are transferred to the corresponding earnings line item (i.e. interest expense). If the hedged items are no longer probable of occurring, amounts recognized in equity are immediately reclassified to earnings. | ||
Cash flows from derivative instruments that are accounted for as cash flow hedges are classified in the same category as the cash flows from the items being hedged. Cashflows from economic hedges are classified in the same category from the items subject to the economic hedging relationship. | ||
LNG trading | ||
We trade in physical cargoes, futures, swaps and options, all of which are traded on and recognized in liquid markets. Purchases and sales are recognized on the trade date. Open trading positions are stated at fair value based on closing market price on the balance sheet date. The market values of open positions are shown in debtors if positive or creditors if negative. Realized and unrealized gains and losses are recognized in current earnings in "Other operating gains and losses". The gross transaction value of energy trading contracts that were physically settled for the years ending December 31, 2013, 2012 and 2011, was $nil, $nil and $2.0 million profit, respectively. | ||
Contracts to buy and sell physical cargoes for future delivery settled on the bill of lading date are recognized at their fair value at the balance sheet date. | ||
Leases | ' | |
Vessels under capital lease | ||
Historically, we have leased certain vessels under agreements that were accounted for as capital leases. Obligations under capital leases were carried at the present value of future minimum lease payments. The accounting policies relating to the asset balance, such as depreciation and drydocking expenditure followed those described under "Vessels and equipment". Interest expense was calculated at a constant rate over the term of the lease. Certain of our capital leases were 'funded' via long term cash deposits which closely matched the lease liability. | ||
As of December 31, 2013 and 2012, we did not lease any vessels under capital leases. Accordingly, following the deconsolidation of Golar Partners, the drydocking costs and accumulated amortization were $nil in each of the years ended December 31, 2013 and 2012. | ||
Depreciation and amortization expense for vessels under capital leases for the years ended December 31, 2013, 2012 and 2011 was $nil, $15.8 million and $16.6 million, respectively. | ||
Operating leases | ||
Initial direct costs (those directly related to the negotiation and consummation of the lease) are deferred and allocated to earnings over the lease term. Rental income and expense are amortized over the lease term on a straight-line basis. | ||
Foreign currencies | ' | |
Foreign currencies | ||
Our functional currency is the U.S. dollar as the majority of the revenues are received in U.S. dollars and a majority of our expenditures are made in U.S. dollars. Our reporting currency is U.S. dollars. | ||
Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet date. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction and translation gains or losses are included in the Consolidated Statements of Operations. | ||
Fair value measurements | ' | |
Fair value measurements | ||
We account for fair value measurement in accordance with the Accounting Standards Codification ("ASC") guidance using fair value to measure assets and liabilities. The guidance provides a single definition of fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities. | ||
Stock-based compensation | ' | |
Stock-based compensation | ||
In accordance with the guidance on "Share Based Payment", we are required to expense the fair value of stock options issued to employees over the period the options vest. We amortize stock-based compensation for awards on a straight-line basis over the period during which the employee is required to provide service in exchange for the reward - the requisite service (vesting) period. No compensation cost is recognized for stock options for which employees do not render the requisite service. The fair value of employee share options is estimated using the Black-Scholes option-pricing model. | ||
Earnings per share | ' | |
Earnings per share | ||
Basic earnings per share ("EPS") is computed based on the income available to common stockholders and the weighted average number of shares outstanding for basic EPS. Treasury shares are not included in the calculation. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments. Such potentially dilutive common shares are excluded when the effect would be to increase earnings per share or reduce a loss per share. | ||
Pensions | ' | |
Pensions | ||
Defined benefit pension costs, assets and liabilities requires adjustment of the significant actuarial assumptions annually to reflect current market and economic conditions. Our accounting policy states that full recognition of the funded status of defined benefit pension plans is to be included within our balance sheet. The pension benefit obligation is calculated by using a projected unit credit method. | ||
Defined contribution pension costs represent the contributions payable to the scheme in respect of the accounting period and are recorded in the Consolidated Statement of Operations. | ||
Gain on issuance of shares by subsidiaries/investees | ' | |
Gain on issuance of shares by subsidiaries | ||
We recognize a gain or loss when a subsidiary issues its stock to third parties at a price per share in excess or below its carrying value resulting in a reduction in our ownership interest in the subsidiary. The gain or loss is recorded in the line "Additional paid-in capital" | ||
Segment reporting | ' | |
Segment reporting | ||
A segment is a distinguishable component of the business that is engaged in business activities from which we earn revenues and incur expenses whose operating results are regularly reviewed by the chief operating decision maker, and which are subject to risks and rewards that are different from those of other segments. We have identified two reportable industry segments: vessel operations and LNG trading. | ||
Treasury shares | ' | |
Treasury shares | ||
Treasury shares are recognized as a separate component of equity at cost. Upon subsequent disposal of treasury shares, any consideration is recognized directly in equity. | ||
Income taxes | ' | |
Income taxes | ||
Income taxes are based on a separate return basis. The guidance on "Accounting for Income Taxes" prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. | ||
Deferred tax assets and liabilities are recognized principally for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization of the deferred income tax asset is dependent on generating sufficient taxable income in future years. | ||
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on the tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Income tax relating to items recognized directly in the statement of comprehensive income is recognized in the statement of changes in equity and not in the statement of operations. | ||
Convertible bonds | ' | |
Convertible bonds | ||
In accordance with ASC 470-20 "Debt with conversion and other options", we account for debt instruments with convertible features in accordance with the details and substance of the instruments at the time of their issuance. For convertible debt instruments issued at a substantial premium to equivalent instruments without conversion features, or those that may be settled in cash upon conversion, it is presumed that the premium or cash conversion option represents an equity component. | ||
Accordingly, we determine the carrying amounts of the liability and equity components of such convertible debt instruments by first determining the carrying amount of the liability component by measuring the fair value of a similar liability that does not have an equity component. The carrying amount of the equity component representing the embedded conversion option is then determined by deducting the fair value of the liability component from the total proceeds from the issue. The resulting equity component is recorded, with a corresponding offset to debt discount which is subsequently amortized to interest cost using the effective interest method over the period the debt is expected to be outstanding as an additional non-cash interest expense. Transaction costs associated with the instrument are allocated pro-rata between the debt and equity components. | ||
For conventional convertible bonds which do not have a cash conversion option or where no substantial premium is received on issuance, it may not be appropriate to split the bond into the liability and equity components. | ||
Guarantees | ' | |
Guarantees | ||
Guarantees issued by us, excluding those that are guaranteeing our own performance, are recognized at fair value at the time that the guarantees are issued, or upon the deconsolidation of a subsidiary, as in the case of Golar Partners (see note 5) and reported in "other long-term liabilities." A liability for the fair value of the obligation undertaken in issuing the guarantee is recognized. If it becomes probable that we will have to perform under a guarantee, we will recognize an additional liability if the amount of the loss can be reasonably estimated. The recognition of fair value is not required for certain guarantees such as the parent's guarantee of a subsidiary's debt to a third party. For those guarantees excluded from the above guidance requiring the fair value recognition provision of the liability, financial statement disclosures of such items are made. | ||
Use of Estimates, Policy [Policy Text Block] | ' | |
Use of estimates | ||
The preparation of financial statements in accordance with U.S. GAAP requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
ACCOUNTING_POLICIES_Tables
ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||
Use of estimates | |||||||||||
The preparation of financial statements in accordance with U.S. GAAP requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||
Useful lives applied in depreciation | ' | ||||||||||
Useful lives applied in depreciation are as follows: | |||||||||||
Vessels | 40 to 50 years | ||||||||||
Deferred drydocking expenditure | two to five years | ||||||||||
Office equipment and fittings | three to six years | ||||||||||
Amounts recognized in accumulated other comprehensive income | ' | ||||||||||
The amounts recognized in accumulated other comprehensive income consist of: | |||||||||||
(in thousands of $) | 2013 | 2012 | |||||||||
Net actuarial loss | 12,731 | 17,809 | |||||||||
As at December 31, 2013 and 2012, our accumulated other comprehensive loss balances consisted of the following components: | |||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||||
Unrealized net loss on qualifying cash flow hedging instruments | (1,822 | ) | (6,832 | ) | (19,462 | ) | |||||
Unrealized gain on available-for-sale securities | 7,796 | 5,911 | — | ||||||||
Losses associated with pensions, net of tax recoveries of $0.2 million (2012: $0.3 million) | (12,731 | ) | (17,809 | ) | (15,486 | ) | |||||
Accumulated other comprehensive loss | (6,757 | ) | (18,730 | ) | (34,948 | ) | |||||
The components of accumulated other comprehensive income (loss) consisted of the following: | |||||||||||
Gain (losses) on available-for-sale securities | Pension and post retirement benefit plan adjustments | Gains (losses) on cash flow hedges | Share of affiliates comprehensive income | Total Accumulated comprehensive Income (loss) | |||||||
Balance at December 31, 2010 | — | (12,347 | ) | (20,964 | ) | — | (33,311 | ) | |||
Other comprehensive (loss) income before reclassification | — | (3,139 | ) | 1,502 | — | (1,637 | ) | ||||
Net current-period other comprehensive (loss) income | — | (3,139 | ) | 1,502 | — | (1,637 | ) | ||||
Balance at December 31, 2011 | — | (15,486 | ) | (19,462 | ) | — | (34,948 | ) | |||
Other comprehensive income (loss) before reclassification | 5,911 | (2,323 | ) | 3,641 | — | 7,229 | |||||
Amount reclassified from accumulated other comprehensive income | — | — | 8,989 | — | 8,989 | ||||||
Net current-period other comprehensive income (loss) | 5,911 | (2,323 | ) | 12,630 | — | 16,218 | |||||
Balance at December 31, 2012 | 5,911 | (17,809 | ) | (6,832 | ) | — | (18,730 | ) | |||
Other comprehensive income before reclassification | 12,680 | 5,078 | 4,148 | 854 | 22,760 | ||||||
Amount reclassified from accumulated other comprehensive (loss) income | (10,795 | ) | — | 8 | — | (10,787 | ) | ||||
Net current-period other comprehensive income | 1,885 | 5,078 | 4,156 | 854 | 11,973 | ||||||
Balance at December 31, 2013 | 7,796 | (12,731 | ) | (2,676 | ) | 854 | (6,757 | ) | |||
SUBSIDIARIES_Tables
SUBSIDIARIES (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
SUBSIDIARIES [Abstract] | ' | ||
Listing of significant subsidiaries | ' | ||
The following table lists our significant subsidiaries and their purpose as at December 31, 2013. Unless otherwise indicated, we own a 100% controlling interest in each of the following subsidiaries. | |||
Name | Jurisdiction of Incorporation | Purpose | |
Golar LNG 1460 Corporation | Marshall Islands | Owns Golar Viking | |
Golar LNG 2216 Corporation | Marshall Islands | Owns Golar Arctic | |
Golar Management Limited | United Kingdom | Management company | |
Golar GP LLC – Limited Liability Company | Marshall Islands | Holding company | |
Golar LNG Energy Limited | Bermuda | Holding company | |
Golar Gimi Limited | Marshall Islands | Owns Gimi | |
Golar Hilli Limited | Marshall Islands | Owns Hilli | |
Bluewater Gandria N.V. | Netherlands | Owns and Operates Golar Gandria | |
Golar Hull M2021 Corporation | Marshall Islands | Owns Hull 2021 (Golar Seal) | |
Golar Hull M2022 Corporation | Marshall Islands | Owns Hull 2022 (Golar Crystal) | |
Golar Hull M2023 Corporation | Marshall Islands | Owns Hull 2023 (Golar Penguin) | |
Golar Hull M2024 Corporation | Marshall Islands | Owns Hull 2024 (Golar Eskimo) | |
Golar Hull M2026 Corporation | Marshall Islands | Owns Hull 2026 (Golar Celsius) | |
Golar Hull M2027 Corporation | Marshall Islands | Owns Hull 2027 (Golar Bear) | |
Golar Hull M2031 Corporation | Marshall Islands | Owns Hull 2031 (Golar Igloo) | |
Golar Hull M2047 Corporation | Marshall Islands | Owns Hull 2047 (Golar Snow) | |
Golar Hull M2048 Corporation | Marshall Islands | Owns Hull 2048 (Golar Ice) | |
Golar LNG NB10 Corporation | Marshall Islands | Owns Hull S658 (Golar Glacier) | |
Golar LNG NB11 Corporation | Marshall Islands | Owns Hull S659 (Golar Kelvin) | |
Golar LNG NB12 Corporation | Marshall Islands | Owns Hull 2055 (Golar Frost) | |
Golar LNG NB13 Corporation | Marshall Islands | Owns Hull 2056 (Golar Tundra) | |
DECONSOLIDATION_OF_GOLAR_PARTN1
DECONSOLIDATION OF GOLAR PARTNERS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Deconsolidation [Abstract] | ' | |||||||||||
Components of gain on loss of control | ' | |||||||||||
The gain on loss of control is calculated as follows: | ||||||||||||
(in thousands of $) | As of deconsolidation date (December 13, 2012) | |||||||||||
Fair value of investment in Golar Partners (a) | 900,926 | |||||||||||
Carrying value of the non-controlling interest in Golar Partners | 179,285 | |||||||||||
Subtotal | 1,080,211 | |||||||||||
Less: | ||||||||||||
Carrying value of Golar Partner's net assets | 238,409 | |||||||||||
Guarantees issued to Golar Partners (c) | 23,266 | |||||||||||
Accumulated other comprehensive loss relating to Golar Partners (d) | 8,989 | |||||||||||
Deferred tax benefit on intra-group transfers of long-term assets (f) | (44,449 | ) | ||||||||||
Gain on loss of control of Golar Partners | 853,996 | |||||||||||
Components of ownership interest | ' | |||||||||||
Our residual interest in Golar Partners as of December 13, 2012 comprised of the following: | ||||||||||||
(in thousands of $) | As of December 13, 2012 | |||||||||||
Common units (i) | 346,950 | |||||||||||
General Partner units and Incentive Distribution Rights ("IDRs") (ii) | 191,177 | |||||||||||
Subordinated units (iii) | 362,799 | |||||||||||
900,926 | ||||||||||||
Accounting for basis difference in fair value and book value | ' | |||||||||||
(in thousands of $) | Book value | Fair value | Basis difference | Golar's share of the basis difference | ||||||||
100% | 100% | 100% | 24.8%* | |||||||||
Vessels and equipment and vessels under capital leases (i) | 1,192,779 | 1,687,162 | 494,383 | 122,591 | ||||||||
Charter agreements (ii) | — | 508,631 | 508,631 | 126,124 | ||||||||
Goodwill (iii) | — | 445,100 | 445,100 | 110,371 | ||||||||
1,192,779 | 2,640,893 | 1,448,114 | 359,086 | |||||||||
*Our share of the basis difference is with reference to our holding in the subordinated units only. | ||||||||||||
The basis difference has been accounted for as follows: | ||||||||||||
(i) The basis difference assigned to vessels and equipment is being depreciated over the remaining estimated useful lives of the vessels and is recorded as a component of "Equity in net earnings (losses) of affiliates". | ||||||||||||
(ii) The basis difference relating to the charter agreements is being amortized over the remaining term of the charters and is recorded as a component of "Equity in net earnings (losses) of affiliates". | ||||||||||||
(iii) For the assigned goodwill, we will recognize our share of any impairment charge recorded by Golar Partners and consider the effect, if any, of the impairment on the assigned goodwill. | ||||||||||||
Components of fair value of guarantees | ' | |||||||||||
he fair value of the guarantees amounted to a liability of $23.3 million which is recorded in "Other long-term liabilities" and comprised of the following items: | ||||||||||||
(in thousands of $) | As of December 13, 2012 | |||||||||||
Debt guarantees | 4,548 | |||||||||||
Golar Grand Option | 7,217 | |||||||||||
Methane Princess tax lease indemnity | 11,500 | |||||||||||
23,265 | ||||||||||||
DISPOSAL_OF_A_SUBSIDIARY_Table
DISPOSAL OF A SUBSIDIARY (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Business acquisition: | ' | ||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||
In February 2013, we sold our interest in the company that owns and operates the Golar Maria to Golar Partners. | |||
(in thousands of $) | Golar Maria | ||
Cash consideration received (1) | 127,900 | ||
Carrying value of the assets sold to Golar Partners | (45,630 | ) | |
Gain on disposal | 82,270 | ||
Deferred gain on sale (note 27) | (17,114 | ) | |
Gain recognized on sale of Golar Maria | 65,156 | ||
BUSINESS_ACQUISITION_Tables
BUSINESS ACQUISITION (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Business Combinations [Abstract] | ' | |||||
Details of purchase consideration, net assets aquired and goodwill | ' | |||||
Details of the purchase consideration, the net assets acquired and goodwill are as follows: | ||||||
(in thousands of $) | 18-Jan-12 | |||||
Fair value of previously held 50% equity interest (a) | 19,500 | |||||
Purchase consideration - cash | 19,500 | |||||
Total assumed acquisition consideration | 39,000 | |||||
Less: Fair value of net assets acquired: | ||||||
Vessel and equipment, net | 40,000 | |||||
Inventories | 931 | |||||
Cash | 62 | |||||
Prepayments | 40 | |||||
Other liabilities | (100 | ) | ||||
Subtotal | (40,933 | ) | ||||
Gain on bargain purchase of Bluewater Gandria | (1,933 | ) | ||||
Aquisition impact on income statement | ' | |||||
The impact on the statement of operations of the acquisition of Bluewater Gandria is as follows: | ||||||
(in thousands of $) | ||||||
Gain on remeasurement (a) | 2,356 | |||||
Gain on bargain | 1,933 | |||||
Less: Acquisition related costs | (205 | ) | ||||
Total gain on acquisition of Bluewater Gandria | 4,084 | |||||
As a result of acquiring the remaining 50% equity interest, we recognized a gain on bargain purchase of the Bluewater Gandria as the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired. We performed an assessment of the fair values of the assets acquired, liabilities assumed and consideration transferred. The assessment confirmed our gain on bargain purchase. | ||||||
a) Remeasurement of equity investment in Bluewater Gandria | ||||||
Remeausrement of equity method investment | ' | |||||
On January 18, 2012, we remeasured our previously held 50% equity interest in Bluewater Gandria to its fair value as set forth in the table below: | ||||||
(in thousands of $) | Equity investment in Bluewater Gandria | |||||
Fair value of previously held 50% equity interest | 19,500 | |||||
Less: Carrying value at acquisition date | (17,144 | ) | ||||
Gain on remeasurement of equity interest | 2,356 | |||||
The fair value of our previously held investment in Bluewater Gandria was assumed to be equal to the purchase price of $19.5 million paid to Bluewater in respect of our 50% share in the joint venture. | ||||||
b) Revenue and profit contributions |
SEGMENTAL_INFORMATION_Tables
SEGMENTAL INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segment reporting information | ' | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||||||||||||
Vessel operations | LNG | Total | Vessel | LNG | Total | Vessel | LNG | Total | |||||||||||
Trading | operations | Trading | operations | Trading | |||||||||||||||
Time charter revenues | 90,558 | — | 90,558 | 409,593 | — | 409,593 | 299,848 | — | 299,848 | ||||||||||
Vessel and other management fees | 9,270 | — | 9,270 | 752 | — | 752 | — | — | — | ||||||||||
Vessel and voyage operating expenses | (58,009 | ) | — | (58,009 | ) | (96,525 | ) | — | (96,525 | ) | (68,914 | ) | — | (68,914 | ) | ||||
Administrative expenses | (22,816 | ) | (136 | ) | (22,952 | ) | (23,973 | ) | (1,040 | ) | (25,013 | ) | (26,988 | ) | (6,691 | ) | (33,679 | ) | |
Impairment of long-term assets | (500 | ) | — | (500 | ) | (500 | ) | — | (500 | ) | (500 | ) | — | (500 | ) | ||||
Depreciation and amortization | (36,562 | ) | (309 | ) | (36,871 | ) | (85,187 | ) | (337 | ) | (85,524 | ) | (69,814 | ) | (472 | ) | (70,286 | ) | |
Other operating gains and losses | — | — | — | — | (27 | ) | (27 | ) | — | (5,438 | ) | (5,438 | ) | ||||||
Gain on disposal of Golar Maria (including amortization of deferred gain) | 65,619 | — | 65,619 | — | — | — | — | — | — | ||||||||||
Operating income (loss) | 47,560 | (445 | ) | 47,115 | 204,160 | (1,404 | ) | 202,756 | 133,632 | (12,601 | ) | 121,031 | |||||||
Other non-operating income (loss) | 27,605 | — | 27,605 | 858,080 | (151 | ) | 857,929 | 541 | — | 541 | |||||||||
Net financial income (expenses) | 41,768 | — | 41,768 | (42,864 | ) | (4 | ) | (42,868 | ) | (52,593 | ) | (509 | ) | (53,102 | ) | ||||
Income taxes | 3,404 | — | 3,404 | (2,765 | ) | — | (2,765 | ) | 1,705 | — | 1,705 | ||||||||
Equity in net earnings (losses) of affiliates | 15,821 | — | 15,821 | (609 | ) | — | (609 | ) | (1,900 | ) | — | (1,900 | ) | ||||||
Net income (loss) | 136,158 | (445 | ) | 135,713 | 1,016,002 | (1,559 | ) | 1,014,443 | 81,385 | (13,110 | ) | 68,275 | |||||||
Non-controlling interests | — | — | — | (43,140 | ) | — | (43,140 | ) | (21,625 | ) | — | (21,625 | ) | ||||||
Net income attributable to Golar LNG Ltd | 136,158 | (445 | ) | 135,713 | 972,862 | (1,559 | ) | 971,303 | 59,760 | (13,110 | ) | 46,650 | |||||||
Total assets | 2,664,953 | 268 | 2,665,221 | 2,413,564 | 835 | 2,414,399 | 2,230,006 | 2,628 | 2,232,634 | ||||||||||
Investment in affiliates | 350,918 | — | 350,918 | 367,656 | — | 367,656 | 22,529 | — | 22,529 | ||||||||||
Capital Expenditures | 734,155 | — | 734,155 | 342,987 | — | 342,987 | 289,182 | — | 289,182 | ||||||||||
Revenue by major customer | ' | ||||||||||||||||||
In the years ended December 31, 2013, 2012 and 2011, revenues from the following customers accounted for over 10% of our consolidated time charter revenues: | |||||||||||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||||||||||||
Gdf Suez Gas | 10,015 | 11 | % | 22,326 | 5 | % | 4,931 | 2 | % | ||||||||||
Major Japanese trading Company | 47,744 | 53 | % | 38,992 | 9 | % | — | — | % | ||||||||||
Eni Spa | 8,912 | 10 | % | 2,480 | 1 | % | — | — | % | ||||||||||
Petrobras* | — | — | % | 90,321 | 22 | % | 93,741 | 31 | % | ||||||||||
Dubai Supply Authority* | — | — | % | 45,951 | 11 | % | 47,054 | 16 | % | ||||||||||
Pertamina* | — | — | % | 35,455 | 9 | % | 37,829 | 13 | % | ||||||||||
Qatar Gas Transport Company* | — | — | % | 23,006 | 6 | % | 35,461 | 12 | % | ||||||||||
BG Group plc* | 13,114 | 14 | % | 96,179 | 23 | % | 25,101 | 8 | % | ||||||||||
PT Nusantara Regas* | — | — | % | 38,789 | 9 | % | — | — | |||||||||||
Revenues and fixed assets with respect to geographical area | ' | ||||||||||||||||||
The following geographical data presents our revenues with respect only to our FSRUs, operating under long-term charters, at specific locations. LNG vessels operate on a worldwide basis and are not restricted to specific locations. | |||||||||||||||||||
Revenues (in thousands of $) | 2013 | 2012 | 2011 | ||||||||||||||||
Brazil* | — | 90,321 | 93,741 | ||||||||||||||||
United Arab Emirates* | — | 45,951 | 47,054 | ||||||||||||||||
Indonesia* | — | 38,789 | — | ||||||||||||||||
* A substantial portion of these revenues for the years ended December 31, 2012 and 2011 pertain to vessels owned by Golar Partners and its subsidiaries which were deconsolidated from December 13, 2012. |
IMPAIRMENT_OF_LONGTERM_ASSETS_
IMPAIRMENT OF LONG-TERM ASSETS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
IMPAIRMENT OF LONG-TERM ASSETS [Abstract] | ' | ||||||||
Impairment of long-term assets | ' | ||||||||
Impairment of long-term assets as at December 31, 2013, 2012 and 2011 are as follows: | |||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||
FSRU conversion parts (see note 23) | 500 | 500 | 500 | ||||||
OTHER_FINANCIAL_ITEMS_NET_Tabl
OTHER FINANCIAL ITEMS, NET (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
OTHER FINANCIAL ITEMS, NET [Abstract] | ' | ||||||||
Components of other financial items, net | ' | ||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||
Mark-to-market adjustment for interest rate swap derivatives (see note 32) | 56,461 | 1,223 | (10,057 | ) | |||||
Interest rate swap cash settlements (see note 32) | (10,626 | ) | (12,258 | ) | (14,201 | ) | |||
Mark-to-market adjustment for foreign currency derivatives (see note 32) | 719 | 6,485 | (1,417 | ) | |||||
Foreign exchange (loss) gain on capital lease obligations and related restricted cash, net | — | (5,645 | ) | 182 | |||||
Financing arrangement fees and other costs | (5,632 | ) | (1,766 | ) | (930 | ) | |||
Amortization of deferred financing costs and debt guarantee | (1,120 | ) | (1,900 | ) | (1,484 | ) | |||
Foreign exchange (loss) gain on operations | (1,583 | ) | 94 | (945 | ) | ||||
Other | — | 4 | (234 | ) | |||||
38,219 | (13,763 | ) | (29,086 | ) | |||||
TAXATION_Tables
TAXATION (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Components of income tax expense (benefit) | ' | ||||||||
The components of income tax (credit) expense are as follows: | |||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||
Current tax (credit) expense: | |||||||||
U.K. | (27 | ) | 2,101 | 2,733 | |||||
Indonesia | — | 6,828 | — | ||||||
Brazil | — | 1,002 | 1,363 | ||||||
Total current tax (credit) expense | (27 | ) | 9,931 | 4,096 | |||||
Deferred tax expense: | |||||||||
U.K. | 110 | 91 | 886 | ||||||
Amortization of tax benefit arising on intra-group transfers of long-term assets (see note 27) | (3,487 | ) | (7,257 | ) | (6,687 | ) | |||
Total income tax (credit) expense | (3,404 | ) | 2,765 | (1,705 | ) | ||||
Deferred income tax assets | ' | ||||||||
Deferred income tax assets are summarized as follows: | |||||||||
(in thousands of $) | 2013 | 2012 | |||||||
Deferred tax assets, gross and net | 421 | 531 | |||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Components of earnings per share, basic and diluted | ' | |||||||||||
The components of the numerator for the calculation of basic and diluted EPS are as follows: | ||||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||||
Net income attributable to Golar LNG Ltd stockholders – basic | 135,713 | 971,303 | 46,650 | |||||||||
Add: Interest expense on convertible bonds | — | 11,358 | — | |||||||||
Net income attributable to Golar LNG Ltd stockholders - diluted | 135,713 | 982,661 | 46,650 | |||||||||
The components of the denominator for the calculation of basic and diluted EPS are as follows: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Basic earnings per share: | ||||||||||||
Weighted average number of common shares outstanding | 80,530 | 80,324 | 74,707 | |||||||||
Diluted earnings per share: | ||||||||||||
Weighted average number of common shares outstanding | 80,530 | 80,324 | 74,707 | |||||||||
Effect of dilutive share options | 381 | 380 | 326 | |||||||||
Effect of dilutive convertible bonds | 4,545 | 3,539 | — | |||||||||
Common stock and common stock equivalents | 85,456 | 84,243 | 75,033 | |||||||||
Earnings per share are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic | $ | 1.69 | $ | 12.09 | $ | 0.62 | ||||||
Diluted | $ | 1.59 | $ | 11.66 | $ | 0.62 | ||||||
OPERATING_LEASES_Tables
OPERATING LEASES (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Leases [Abstract] | ' | ||
Minimum contractual future revenues to be received on time charters | ' | ||
Year ending December 31, | Total | ||
(in thousands of $) | |||
2014 | 50,188 | ||
2015 | 11,413 | ||
Total | 61,601 | ||
Future minimum rental payments under non-cancellable operating leases | ' | ||
Year ending December 31, | Total | ||
(in thousands of $) | |||
2014 | 374 | ||
2015 | 381 | ||
2016 | 381 | ||
2017 | 381 | ||
2018 | 256 | ||
Total minimum lease payments | 1,773 | ||
INVESTMENTS_IN_AFFILIATES_Tabl
INVESTMENTS IN AFFILIATES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Participation percentages, carrying amounts and components of non-consolidated investees | ' | ||||||||||||
At December 31, 2013 and 2012, we have the following participation in investments that are recorded using the equity method: | |||||||||||||
2013 | 2012 | ||||||||||||
Golar Partners (1) (2) | 25.4 | % | 29.9 | % | |||||||||
Egyptian Company for Gas Services S.A.E ("ECGS") | 50 | % | 50 | % | |||||||||
Golar Wilhelmsen Management AS ("Golar Wilhelmsen") | 60 | % | 60 | % | |||||||||
(1) Golar Partners and its subsidiaries were included in our consolidated financial statements until December 13, 2012, following its first AGM upon which the majority of directors were elected by the common unitholders, Golar Partners was deconsolidated and our interests in the subordinated units were accounted for under the equity method from that date (see note 5 for further details). | |||||||||||||
(2) We held a 41.4% (2012: 54.1%) ownership in Golar Partners as of December 31, 2013. However the 25.4% (2012: 29.9%) interest refers only to our interests in the subordinated units which are subject to the equity method accounting. | |||||||||||||
The carrying amounts of our investments in our equity method investments as at December 31, 2013 and 2012 are as follows: | |||||||||||||
(in thousands of $) | 2013 | 2012 | |||||||||||
Golar Partners | 344,858 | 362,064 | |||||||||||
ECGS | 5,782 | 5,592 | |||||||||||
Golar Wilhelmsen | 278 | — | |||||||||||
Equity in net assets of affiliates | 350,918 | 367,656 | |||||||||||
The components of equity in net assets of non-consolidated affiliates are as follows: | |||||||||||||
(in thousands of $) | 2013 | 2012 | |||||||||||
Cost | 374,729 | 374,729 | |||||||||||
Dividend | (33,363 | ) | (125 | ) | |||||||||
Equity in net earnings (losses) of other affiliates | 8,698 | (6,948 | ) | ||||||||||
Share of other comprehensive income in affiliate | 854 | — | |||||||||||
Equity in net assets of affiliates | 350,918 | 367,656 | |||||||||||
Summarized financial information of affiliated undertakings | ' | ||||||||||||
Summarized financial information of the affiliated undertakings shown on a 100% basis are as follows: | |||||||||||||
(in thousands of $) | December 31, 2013 | 31-Dec-12 | |||||||||||
Golar Wilhelmsen | ECGS | Golar Partners | Golar Wilhelmsen | ECGS | Golar Partners | ||||||||
Balance Sheet | |||||||||||||
Current assets | 4,422 | 38,365 | 136,379 | 7,690 | 31,853 | 107,370 | |||||||
Non-current assets | 6 | 156 | 1,584,840 | — | 1,368 | 1,403,604 | |||||||
Current liabilities | 3,312 | 25,934 | 241,072 | 7,667 | 20,859 | 169,717 | |||||||
Non-current liabilities | 400 | 1,183 | 910,020 | — | 1,183 | 1,099,713 | |||||||
Non-controlling interest | — | — | 70,777 | — | — | 71,858 | |||||||
Statement of Operations | |||||||||||||
Revenue | 5,957 | 75,309 | 329,190 | 4,245 | 61,769 | 286,630 | |||||||
Net income (loss) | 695 | 1,318 | 150,819 | (494 | ) | 849 | 127,141 | ||||||
OTHER_RECEIVABLES_PREPAID_EXPE1
OTHER RECEIVABLES, PREPAID EXPENSES AND ACCRUED INCOME (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
OTHER RECEIVABLES, PREPAID EXPENSES AND ACCRUED INCOME [Abstract] | ' | |||||
Components of other receivables, prepaid expenses and accrued income | ' | |||||
(in thousands of $) | 2013 | 2012 | ||||
Prepaid expenses | 1,236 | 1,318 | ||||
Other receivables | 12,968 | 3,991 | ||||
Corporation tax receivable | 370 | — | ||||
14,574 | 5,309 | |||||
NEWBUILDINGS_Tables
NEWBUILDINGS (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
NEWBUILDINGS [Abstract] | ' | |||||
Components of newbuildings | ' | |||||
(in thousands of $) | 2013 | 2012 | ||||
Purchase price installments | 718,851 | 418,062 | ||||
Interest costs capitalized | 30,825 | 13,897 | ||||
Other costs capitalized | 17,849 | 3,900 | ||||
767,525 | 435,859 | |||||
VESSELS_AND_EQUIPMENT_NET_Tabl
VESSELS AND EQUIPMENT, NET (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Property and equipment: | ' | |||||
Components of vessels and equipment, net | ' | |||||
Useful lives applied in depreciation are as follows: | ||||||
Vessels | 40 to 50 years | |||||
Deferred drydocking expenditure | two to five years | |||||
Office equipment and fittings | three to six years | |||||
Vessels and equipment | ' | |||||
Property and equipment: | ' | |||||
Components of vessels and equipment, net | ' | |||||
(in thousands of $) | 2013 | 2012 | ||||
Cost | 1,043,439 | 771,945 | ||||
Accumulated depreciation | (231,724 | ) | (198,330 | ) | ||
Net book value | 811,715 | 573,615 | ||||
DEFERRED_CHARGES_Tables
DEFERRED CHARGES (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||
Components of other receivables, prepaid expenses and accrued income | ' | |||||
The deferred charges are comprised of the following amounts: | ||||||
(in thousands of $) | 2013 | 2012 | ||||
Debt arrangement fees and other deferred financing charges | 27,845 | 6,335 | ||||
Accumulated amortization | (3,361 | ) | (2,271 | ) | ||
24,484 | 4,064 | |||||
RESTRICTED_CASH_AND_SHORTTERM_1
RESTRICTED CASH AND SHORT-TERM INVESTMENTS (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
RESTRICTED CASH AND SHORT-TERM INVESTMENTS [Abstract] | ' | |||||
Components of restricted cash and cash equivalents | ' | |||||
Our restricted cash and short-term investment balances are as follows: | ||||||
(in thousands of $) | 2013 | 2012 | ||||
Total restricted cash | 26,543 | 1,551 | ||||
Less: Amounts included in short-term restricted cash and short-term investments | 23,432 | 1,551 | ||||
Long-term restricted cash | 3,111 | — | ||||
INVESTMENTS_IN_AVAILABLEFORSAL1
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||
Investments in available-for-sale securities | ' | |||||
(in thousands of $) | 2013 | 2012 | ||||
Golar Partners (see note 5) | 267,352 | 352,861 | ||||
GasLog | — | 173 | ||||
267,352 | 353,034 | |||||
COST_METHOD_INVESTMENTS_Tables
COST METHOD INVESTMENTS (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Cost Method Investments Disclosure [Abstract] | ' | |||||
Schedule of Cost Method Investments | ' | |||||
(in thousands of $) | 2013 | 2012 | ||||
Golar Partners | 196,825 | 191,177 | ||||
OLT Offshore LNG Toscana S.p.A ("OLT–O") | 7,347 | 7,347 | ||||
204,172 | 198,524 | |||||
OTHER_NONCURRENT_ASSETS_Tables
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
OTHER NON-CURRENT ASSETS [Abstract] | ' | |||||
Components of other non-current assets | ' | |||||
(in thousands of $) | 2013 | 2012 | ||||
Deferred tax asset (see note 11) | 421 | 531 | ||||
Mark-to-market interest rate swaps valuation (see note 32) | 46,827 | — | ||||
Other long-term assets | 7,000 | 6,238 | ||||
54,248 | 6,769 | |||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Payables and Accruals [Abstract] | ' | |||||
Components of accrued expenses | ' | |||||
(in thousands of $) | 2013 | 2012 | ||||
Vessel operating and drydocking expenses | 6,890 | 8,248 | ||||
Administrative expenses | 6,105 | 8,070 | ||||
Interest expense | 9,792 | 3,094 | ||||
Provision for taxes | — | 1,001 | ||||
22,787 | 20,413 | |||||
OTHER_CURRENT_LIABILITIES_Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
OTHER CURRENT LIABILITIES [Abstract] | ' | |||||
Components of other current liabilities | ' | |||||
(in thousands of $) | 2013 | 2012 | ||||
Deferred drydocking, operating cost and charterhire revenue | 7,724 | 8,040 | ||||
Mark-to-market interest rate swaps valuation (see note 32) | 11,401 | 26,472 | ||||
Mark-to-market currency swaps valuation (see note 32) | 729 | 94 | ||||
Current portion of the deferred tax benefit arising on intra-group transfer of long-term assets (see note 27) | 3,487 | 3,156 | ||||
Other | 571 | 244 | ||||
23,912 | 38,006 | |||||
DEBT_Tables
DEBT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Components of long-term debt (including related parties) | ' | |||||||
(in thousands of $) | 2013 | 2012 | ||||||
Total long-term debt due to third parties | 667,028 | 504,906 | ||||||
Total long-term debt due to related parties | 50,000 | — | ||||||
Total long-term debt (including related parties) | 717,028 | 504,906 | ||||||
Less: current portion of long-term debt due to third parties and related parties | (30,784 | ) | (14,400 | ) | ||||
Long-term debt (including related parties) | 686,244 | 490,506 | ||||||
Future repayments of outstanding debt (including related parties) | ' | |||||||
The outstanding debt as of December 31, 2013 is repayable as follows: | ||||||||
Year ending December 31, | ||||||||
(in thousands of $) | ||||||||
2014 | 30,784 | |||||||
2015 | 161,993 | |||||||
2016 | 25,763 | |||||||
2017 | 94,563 | |||||||
2018 | 284,395 | |||||||
2019 and thereafter | 119,530 | |||||||
Total | 717,028 | |||||||
Components of debt | ' | |||||||
At December 31, 2013 and 2012, our debt was as follows: | ||||||||
(in thousands of $) | 2013 | 2012 | Maturity date | |||||
World Shipholding revolving credit facility (a related party) | 50,000 | — | 2015 | |||||
Golar Maria facility | — | 89,525 | 2014 | |||||
Golar Arctic facility | 91,250 | 96,250 | 2015 | |||||
Golar Viking facility | 86,400 | 90,800 | 2017 | |||||
Convertible bonds | 233,020 | 228,331 | 2017 | |||||
$1.125 billion facility: | ||||||||
- Golar Seal facility | 127,935 | — | 2018/2025* | |||||
- Golar Celsius facility | 128,423 | — | 2018/2025* | |||||
717,028 | 504,906 | |||||||
Schedule of tranches [Table Text Block] | ' | |||||||
The facility is divided into three tranches, with the following general terms: | ||||||||
Tranche | Amount | Proportion of facility | Term of loan from date of drawdown | Repayment terms | ||||
K-Sure | $449.0 million | 40% | 12 years | Six-monthly installments | ||||
KEXIM | $450.0 million | 40% | 12 years | Six-monthly installments | ||||
Commercial | $226.0 million | 20% | 5 years | Six-monthly installments, unpaid balance to be refinanced after 5 years |
OTHER_LONGTERM_LIABILITIES_Tab
OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
OTHER LONG-TERM LIABILITIES [Abstract] | ' | |||||
Components of other long-term liabilities | ' | |||||
(in thousands of $) | 2013 | 2012 | ||||
Deferred gain on sale of Golar Maria (see note 6) | 16,660 | — | ||||
Tax benefits on intra-group transfers of long-term assets | 5,204 | 9,022 | ||||
Pension obligations (see note 28) | 35,645 | 40,097 | ||||
Guarantees issued to Golar Partners (see note 5) | 22,369 | 23,265 | ||||
Other | 4,388 | 131 | ||||
84,266 | 72,515 | |||||
PENSIONS_Tables
PENSIONS (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||||
The components of net periodic benefit costs are as follows: | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||||||||||
Service cost | 468 | 429 | 459 | |||||||||||||||
Interest cost | 2,159 | 2,361 | 2,729 | |||||||||||||||
Expected return on plan assets | (918 | ) | (920 | ) | (1,168 | ) | ||||||||||||
Recognized actuarial loss | 1,415 | 1,273 | 985 | |||||||||||||||
Net periodic benefit cost | 3,124 | 3,143 | 3,005 | |||||||||||||||
Reconciliation of benefit obligation | ' | |||||||||||||||||
The change in benefit obligation and plan assets and reconciliation of funded status as of December 31 are as follows: | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||||||||||
Reconciliation of benefit obligation: | ||||||||||||||||||
Benefit obligation at January 1 | 54,291 | 52,430 | ||||||||||||||||
Service cost | 468 | 429 | ||||||||||||||||
Interest cost | 2,159 | 2,361 | ||||||||||||||||
Actuarial (gain) loss | (3,513 | ) | 3,890 | |||||||||||||||
Foreign currency exchange rate changes | 164 | 509 | ||||||||||||||||
Benefit payments | (3,005 | ) | (5,328 | ) | ||||||||||||||
Benefit obligation at December 31 | 50,564 | 54,291 | ||||||||||||||||
Reconciliation of fair value of plan assets | ' | |||||||||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||||||||||
Reconciliation of fair value of plan assets: | ||||||||||||||||||
Fair value of plan assets at January 1 | 14,194 | 14,846 | ||||||||||||||||
Actual return on plan assets | 1,127 | 1,807 | ||||||||||||||||
Employer contributions | 2,426 | 2,434 | ||||||||||||||||
Foreign currency exchange rate changes | 177 | 435 | ||||||||||||||||
Benefit payments | (3,005 | ) | (5,328 | ) | ||||||||||||||
Fair value of plan assets at December 31 | 14,919 | 14,194 | ||||||||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||||||||||
Projected benefit obligation | (50,564 | ) | (54,291 | ) | ||||||||||||||
Fair value of plan assets | 14,919 | 14,194 | ||||||||||||||||
Funded status (1) | (35,645 | ) | (40,097 | ) | ||||||||||||||
Employer contributions and benefits paid under the pension plans include $2.4 million paid from employer assets for each of the years ended December 31, 2013 and 2012. | ||||||||||||||||||
(1) Our plans are composed of two plans that are both underfunded as at December 31, 2013 and 2012. | ||||||||||||||||||
Reconciliation of funded status | ' | |||||||||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||||||||||
Projected benefit obligation | (50,564 | ) | (54,291 | ) | ||||||||||||||
Fair value of plan assets | 14,919 | 14,194 | ||||||||||||||||
Funded status (1) | (35,645 | ) | (40,097 | ) | ||||||||||||||
Employer contributions and benefits paid under the pension plans include $2.4 million paid from employer assets for each of the years ended December 31, 2013 and 2012. | ||||||||||||||||||
(1) Our plans are composed of two plans that are both underfunded as at December 31, 2013 and 2012. | ||||||||||||||||||
The details of these plans are as follows: | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||
UK Scheme | Marine Scheme | Total | UK Scheme | Marine Scheme | Total | |||||||||||||
(in thousands of $) | ||||||||||||||||||
Projected benefit obligation | (10,256 | ) | (40,308 | ) | (50,564 | ) | (9,718 | ) | (44,573 | ) | (54,291 | ) | ||||||
Fair value of plan assets | 9,622 | 5,297 | 14,919 | 8,486 | 5,708 | 14,194 | ||||||||||||
Funded status at end of year | (634 | ) | (35,011 | ) | (35,645 | ) | (1,232 | ) | (38,865 | ) | (40,097 | ) | ||||||
Pensions: | ' | |||||||||||||||||
ScheduleOfEmployerContributionsToDefinedContribution [Table Text Block] | ' | |||||||||||||||||
The total contributions to our defined contribution scheme were as follows: | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||||||||||
Employers' contributions | 533 | 570 | 397 | |||||||||||||||
Asset allocation of retirement schemes | ' | |||||||||||||||||
The fair value of our plan assets, by category, as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||||||||||
Equity securities | 9,666 | 9,520 | ||||||||||||||||
Debt securities | 3,172 | 3,007 | ||||||||||||||||
Cash | 2,081 | 1,667 | ||||||||||||||||
14,919 | 14,194 | |||||||||||||||||
Amounts recognized in accumulated other comprehensive income | ' | |||||||||||||||||
The amounts recognized in accumulated other comprehensive income consist of: | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||||||||||
Net actuarial loss | 12,731 | 17,809 | ||||||||||||||||
As at December 31, 2013 and 2012, our accumulated other comprehensive loss balances consisted of the following components: | ||||||||||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||||||||||
Unrealized net loss on qualifying cash flow hedging instruments | (1,822 | ) | (6,832 | ) | (19,462 | ) | ||||||||||||
Unrealized gain on available-for-sale securities | 7,796 | 5,911 | — | |||||||||||||||
Losses associated with pensions, net of tax recoveries of $0.2 million (2012: $0.3 million) | (12,731 | ) | (17,809 | ) | (15,486 | ) | ||||||||||||
Accumulated other comprehensive loss | (6,757 | ) | (18,730 | ) | (34,948 | ) | ||||||||||||
The components of accumulated other comprehensive income (loss) consisted of the following: | ||||||||||||||||||
Gain (losses) on available-for-sale securities | Pension and post retirement benefit plan adjustments | Gains (losses) on cash flow hedges | Share of affiliates comprehensive income | Total Accumulated comprehensive Income (loss) | ||||||||||||||
Balance at December 31, 2010 | — | (12,347 | ) | (20,964 | ) | — | (33,311 | ) | ||||||||||
Other comprehensive (loss) income before reclassification | — | (3,139 | ) | 1,502 | — | (1,637 | ) | |||||||||||
Net current-period other comprehensive (loss) income | — | (3,139 | ) | 1,502 | — | (1,637 | ) | |||||||||||
Balance at December 31, 2011 | — | (15,486 | ) | (19,462 | ) | — | (34,948 | ) | ||||||||||
Other comprehensive income (loss) before reclassification | 5,911 | (2,323 | ) | 3,641 | — | 7,229 | ||||||||||||
Amount reclassified from accumulated other comprehensive income | — | — | 8,989 | — | 8,989 | |||||||||||||
Net current-period other comprehensive income (loss) | 5,911 | (2,323 | ) | 12,630 | — | 16,218 | ||||||||||||
Balance at December 31, 2012 | 5,911 | (17,809 | ) | (6,832 | ) | — | (18,730 | ) | ||||||||||
Other comprehensive income before reclassification | 12,680 | 5,078 | 4,148 | 854 | 22,760 | |||||||||||||
Amount reclassified from accumulated other comprehensive (loss) income | (10,795 | ) | — | 8 | — | (10,787 | ) | |||||||||||
Net current-period other comprehensive income | 1,885 | 5,078 | 4,156 | 854 | 11,973 | |||||||||||||
Balance at December 31, 2013 | 7,796 | (12,731 | ) | (2,676 | ) | 854 | (6,757 | ) | ||||||||||
Expected contributions to pension schemes | ' | |||||||||||||||||
are expected to make the following contributions to the schemes during the year ended December 31, 2014, as follows: | ||||||||||||||||||
(in thousands of $) | UK scheme | Marine scheme | ||||||||||||||||
Employer contributions | 660 | 1,800 | ||||||||||||||||
Expected pension disbursements | ' | |||||||||||||||||
are expected to make the following pension disbursements as follows: | ||||||||||||||||||
(in thousands of $) | UK scheme | Marine scheme | ||||||||||||||||
2014 | 330 | 3,000 | ||||||||||||||||
2015 | 330 | 3,000 | ||||||||||||||||
2016 | 330 | 3,000 | ||||||||||||||||
2017 | 330 | 3,000 | ||||||||||||||||
2018 | 330 | 3,000 | ||||||||||||||||
2019 - 2023 | 1,649 | 15,000 | ||||||||||||||||
Weighted average assumptions used | ' | |||||||||||||||||
The weighted average assumptions used to determine the benefit obligation for our plans for the years ended December 31 are as follows: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Discount rate | 4.8 | % | 4.1 | % | ||||||||||||||
Rate of compensation increase | 2.71 | % | 2.96 | % | ||||||||||||||
The weighted average assumptions used to determine the net periodic benefit cost for our plans for the years ended December 31 are as follows: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Discount rate | 4.1 | % | 4.1 | % | ||||||||||||||
Expected return on plan assets | 6.75 | % | 6.75 | % | ||||||||||||||
Rate of compensation increase | 2.96 | % | 2.52 | % | ||||||||||||||
Marine Scheme | ' | |||||||||||||||||
Pensions: | ' | |||||||||||||||||
Asset allocation of retirement schemes | ' | |||||||||||||||||
The asset allocation for our Marine scheme at December 31, 2013 and 2012, and the target allocation for 2013, by asset category are as follows: | ||||||||||||||||||
Marine scheme | Target allocation 2014 (%) | 2013 (%) | 2012 (%) | |||||||||||||||
Equity | 30-65 | 30-65 | 30-65 | |||||||||||||||
Bonds | Oct-50 | Oct-50 | Oct-50 | |||||||||||||||
Other | 20-40 | 20-40 | 20-40 | |||||||||||||||
Total | 100 | 100 | 100 | |||||||||||||||
UK Scheme | ' | |||||||||||||||||
Pensions: | ' | |||||||||||||||||
Asset allocation of retirement schemes | ' | |||||||||||||||||
The asset allocation for our UK scheme at December 31, 2013 and 2012, and the target allocation for 2014, by asset category are as follows: | ||||||||||||||||||
UK scheme | Target allocation 2014 (%) | 2013 (%) | 2012 (%) | |||||||||||||||
Equity | 70 | 71 | 72.5 | |||||||||||||||
Bonds | 30 | 29 | 22.5 | |||||||||||||||
Cash | — | — | 5 | |||||||||||||||
Total | 100 | 100 | 100 |
EQUITY_OFFERINGSTRANSACTIONS_W
EQUITY OFFERINGS/TRANSACTIONS WITH LISTED SUBSIDIARIES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
EQUITY OFFERINGS OF SUBSIDIARIES [Abstract] | ' | |||||||||||||||||||
Components of equity offerings of subsidiaries | ' | |||||||||||||||||||
The following table summarizes the issuances of common units of Golar Partners: | ||||||||||||||||||||
Public Offering | ||||||||||||||||||||
Date | Number of Common Units Issued1 | Number of Common Units Issued to the Company | Offering Price | Gross Proceeds (in thousands of $)2 | Net Proceeds (in thousands of $) | Company's Ownership in Golar Partners after the Offering3 | ||||||||||||||
April 2011 (IPO) | 13,800,000 | 9,327,254 | $ | 22.5 | 310,500 | 287,795 | 65.4 | % | ||||||||||||
Jul-12 | 6,325,000 | 969,305 | $ | 30.95 | 188,485 | 187,138 | 57.5 | % | ||||||||||||
Nov-12 | 4,300,000 | 1,524,590 | $ | 30.5 | 131,150 | 129,981 | 54.1 | % | ||||||||||||
Jan-13 | 3,900,000 | 416,947 | $ | 29.74 | 115,986 | 115,224 | 50.9 | % | ||||||||||||
Dec-13 | 5,100,000 | — | $ | 29.1 | 148,410 | 147,313 | 41.4 | % | ||||||||||||
1 Pertains to common units issued by Golar Partners to the public. | ||||||||||||||||||||
2 Gross and net proceeds from Golar Partners' public offering (excluding proceeds received from Golar's participation in the concurrent private placement). | ||||||||||||||||||||
3 Includes our general partner interest in Golar Partners. | ||||||||||||||||||||
Summary of sale of vessel interests | ' | |||||||||||||||||||
The following table summarizes the sale of our vessel interests to Golar Partners since its IPO: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(in millions of $) | Golar Maria | Golar Grand | NR Satu | Golar Freeze | ||||||||||||||||
Sales price | 127.9 | 176.8 | 388 | 231.3 | ||||||||||||||||
Less: Net assets transferred | (45.6 | ) | (43.1 | ) | (255.7 | ) | (65.5 | ) | ||||||||||||
Excess of sales price over net assets transferred | 82.3 | 133.7 | 132.3 | 165.8 | ||||||||||||||||
Additions to Golar's stockholders' equity and noncontrolling interest | — | 88.3 | 85.8 | 96.7 | ||||||||||||||||
SHARE_CAPITAL_AND_SHARE_OPTION1
SHARE CAPITAL AND SHARE OPTIONS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
SHARE CAPITAL AND SHARE OPTIONS [Abstract] | ' | ||||||||
Authorized and issue share capital | ' | ||||||||
As at December 31, 2013 and 2012, our authorized and issued share capital is as follows: | |||||||||
Authorized share capital: | |||||||||
(in thousands of $, except per share data) | 2013 | 2012 | |||||||
100,000,000 common shares of $1.00 each | 100,000 | 100,000 | |||||||
Issued share capital: | |||||||||
(in thousands of $, except per share data) | 2013 | 2012 | |||||||
80,579,295 outstanding issued common shares of $1.00 each (2012: 80,503,364) | 80,580 | 80,504 | |||||||
Treasury shares held | ' | ||||||||
The number of treasury shares held by us is as follows: | |||||||||
(Number of shares in thousands) | 2013 | 2012 | 2011 | ||||||
At January 1 | — | — | 150 | ||||||
Disposed of during the year | — | — | (150 | ) | |||||
At December 31 | — | — | — | ||||||
Weighted average assumptions used | ' | ||||||||
The weighted average assumptions used are noted in the table below: | |||||||||
2013 | 2012 | 2011 | |||||||
Risk free interest rate | 2 | % | 2 | % | 1.8 | % | |||
Expected volatility of common stock | 56.9 | % | 56.9 | % | 53.2 | % | |||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||
Expected life of options (in years) | 2.6 years | 2.6 years | 2.6 years | ||||||
Summary of stock option activity | ' | ||||||||
A summary of option activity (including Golar Energy options prior to cancellation in May 2011) as at December 31, 2013, 2012 and 2011, and changes during the years then ended are presented below: | |||||||||
(in thousands of $, except per share data) | Shares | Weighted average exercise price | Weighted average remaining contractual term | ||||||
(In '000s) | (years) | ||||||||
Options outstanding at December 31, 2010 | 7,279 | $ | 2.96 | 2 | |||||
Exercised during the year | (1,604 | ) | $ | 7.46 | |||||
Forfeited during the year | (285 | ) | $ | 5.43 | |||||
Options exchanged | |||||||||
- Golar Energy options exchanged and cancelled | (5,438 | ) | $ | 1.95 | |||||
- Golar LNG options issued | 897 | $ | 11.84 | ||||||
Options outstanding at December 31, 2011 | 849 | $ | 10.11 | 1.2 | |||||
Exercised during the year | (267 | ) | $ | 1.54 | |||||
Forfeited during the year | (1 | ) | $ | 8.54 | |||||
Options outstanding at December 31, 2012 | 581 | $ | 7.86 | 0.8 | |||||
Exercised during the year | (76 | ) | $ | 8.01 | |||||
Forfeited during the year | (7 | ) | $ | 6.58 | |||||
Options outstanding at December 31, 2013 | 498 | $ | 6.36 | 0.3 | |||||
Options exercisable at: | |||||||||
December 31, 2013 | 409 | $ | 6.5 | 0.1 | |||||
December 31, 2012 | 323 | $ | 8.46 | 0.3 | |||||
December 31, 2011 | 299 | $ | 9.94 | 0.3 | |||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Components of Other Comprehensive Income [Abstract] | ' | ||||||||||
Amounts recognized in accumulated other comprehensive income | ' | ||||||||||
The amounts recognized in accumulated other comprehensive income consist of: | |||||||||||
(in thousands of $) | 2013 | 2012 | |||||||||
Net actuarial loss | 12,731 | 17,809 | |||||||||
As at December 31, 2013 and 2012, our accumulated other comprehensive loss balances consisted of the following components: | |||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | ||||||||
Unrealized net loss on qualifying cash flow hedging instruments | (1,822 | ) | (6,832 | ) | (19,462 | ) | |||||
Unrealized gain on available-for-sale securities | 7,796 | 5,911 | — | ||||||||
Losses associated with pensions, net of tax recoveries of $0.2 million (2012: $0.3 million) | (12,731 | ) | (17,809 | ) | (15,486 | ) | |||||
Accumulated other comprehensive loss | (6,757 | ) | (18,730 | ) | (34,948 | ) | |||||
The components of accumulated other comprehensive income (loss) consisted of the following: | |||||||||||
Gain (losses) on available-for-sale securities | Pension and post retirement benefit plan adjustments | Gains (losses) on cash flow hedges | Share of affiliates comprehensive income | Total Accumulated comprehensive Income (loss) | |||||||
Balance at December 31, 2010 | — | (12,347 | ) | (20,964 | ) | — | (33,311 | ) | |||
Other comprehensive (loss) income before reclassification | — | (3,139 | ) | 1,502 | — | (1,637 | ) | ||||
Net current-period other comprehensive (loss) income | — | (3,139 | ) | 1,502 | — | (1,637 | ) | ||||
Balance at December 31, 2011 | — | (15,486 | ) | (19,462 | ) | — | (34,948 | ) | |||
Other comprehensive income (loss) before reclassification | 5,911 | (2,323 | ) | 3,641 | — | 7,229 | |||||
Amount reclassified from accumulated other comprehensive income | — | — | 8,989 | — | 8,989 | ||||||
Net current-period other comprehensive income (loss) | 5,911 | (2,323 | ) | 12,630 | — | 16,218 | |||||
Balance at December 31, 2012 | 5,911 | (17,809 | ) | (6,832 | ) | — | (18,730 | ) | |||
Other comprehensive income before reclassification | 12,680 | 5,078 | 4,148 | 854 | 22,760 | ||||||
Amount reclassified from accumulated other comprehensive (loss) income | (10,795 | ) | — | 8 | — | (10,787 | ) | ||||
Net current-period other comprehensive income | 1,885 | 5,078 | 4,156 | 854 | 11,973 | ||||||
Balance at December 31, 2013 | 7,796 | (12,731 | ) | (2,676 | ) | 854 | (6,757 | ) | |||
Reclassification out of accumulated other comprehensive income | ' | ||||||||||
The amounts reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2013 and 2012 consisted of the following: | |||||||||||
Details of Accumulated other comprehensive income components | Amounts reclassified from accumulated other comprehensive income | Affected line item in the statement of operations | |||||||||
2013 | 2012 | ||||||||||
Gains on available-for sale securities: | |||||||||||
Available-for-sale securities (Golar Partners) | (10,710 | ) | — | Other non-operating income | |||||||
Available-for-sale securities (Gaslog) | (85 | ) | — | Other non-operating income | |||||||
(10,795 | ) | — | |||||||||
(Gains) losses on cash flow hedges: | |||||||||||
Foreign currency swap | (718 | ) | — | Other financial items | |||||||
Interest rate swap | (1,644 | ) | — | Other financial items | |||||||
Interest rate swap | 2,370 | — | Gain on sale of Golar Maria | ||||||||
Interest rate swap | — | 3,925 | Gain on loss of control | ||||||||
Cross-currency swap | — | 5,064 | Gain on loss of control | ||||||||
8 | 8,989 | ||||||||||
Total reclassifications for the period | (10,787 | ) | 8,989 | ||||||||
FINANCIAL_INSTRUMENTS_Tables
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Interest rate derivatives | ' | |||||||||||||||||
As of December 31, 2013, we have entered into the following interest rate swap transactions involving the payment of fixed rates in exchange for LIBOR as summarized below. The summary also includes those that are designated as cash flow hedges: | ||||||||||||||||||
Instrument | Notional value | Maturity Dates | Fixed Interest Rates | |||||||||||||||
(in thousands of $) | ||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||
Receiving floating, pay fixed | 128,021 | 2015 | 3.57% to 4.52% | |||||||||||||||
Effect of cash flow hedging relationships on statements of operations | ' | |||||||||||||||||
The effect of cash flow hedging relationships relating to swap agreements on the consolidated statements of operations is as follows: | ||||||||||||||||||
(in thousands of $) | Effective portion (Loss)/gain reclassified from Accumulated Other Comprehensive Loss | Ineffective Portion | ||||||||||||||||
Derivatives designated as hedging instruments location | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||
Interest rate swaps | (1,644 | ) | — | — | 542 | (535 | ) | (632 | ) | |||||||||
Other financial items, net | ||||||||||||||||||
Interest rate swaps | 2,370 | — | — | — | — | — | ||||||||||||
Gain on sale of Maria, net | ||||||||||||||||||
Effect of cash flow hedging relationships on statements of changes in equity | ' | |||||||||||||||||
The effect of cash flow hedging relationships relating to interest rate swap agreements to the consolidated statements of changes in equity is as follows: | ||||||||||||||||||
(in thousands of $) | Amount of gain recognized in other comprehensive income on derivative (effective portion) | |||||||||||||||||
Derivatives designated as hedging instruments | 2013 | 2012 | 2011 | |||||||||||||||
Interest rate swaps | 4,147 | 1,547 | 1,024 | |||||||||||||||
Fair value hierarchy of derivative and non-derivative financial instruments | ' | |||||||||||||||||
The fair value hierarchy has three levels based on reliability of inputs used to determine fair value as follows: | ||||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets and liabilities; | ||||||||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; | ||||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||||||||||||||||
There have been no transfers between different levels in the fair value hierarchy during the year. | ||||||||||||||||||
Fair value | 2013 | 2013 | 2012 | 2012 | ||||||||||||||
(in thousands of $) | Hierarchy(1) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Non-Derivatives: | ||||||||||||||||||
Cash and cash equivalents | Level 1 | 125,347 | 125,347 | 424,714 | 424,714 | |||||||||||||
Restricted cash and short-term investments | Level 1 | 26,543 | 26,543 | 1,551 | 1,551 | |||||||||||||
Investment in available-for-sale securities | Level 1 | 267,352 | 267,352 | 353,034 | 353,034 | |||||||||||||
Cost method investments | Level 3 | 204,172 | 218,647 | 198,524 | 200,747 | |||||||||||||
Amounts due from Golar Partners | Level 1 | — | — | 34,953 | 36,109 | |||||||||||||
Long-term debt – convertible bond (1) | Level 1 | 233,020 | 254,063 | 228,331 | 251,250 | |||||||||||||
Long-term debt – floating (1) | Level 1 | 434,008 | 434,008 | 276,575 | 276,575 | |||||||||||||
Long-term debt - due to related party (1) | Level 1 | 50,000 | 50,000 | — | — | |||||||||||||
Derivatives: | ||||||||||||||||||
Interest rate swaps asset (2) (3) | Level 2 | 46,827 | 46,827 | — | — | |||||||||||||
Interest rate swaps liability (2) | Level 2 | 11,401 | 11,401 | 26,472 | 26,472 | |||||||||||||
Foreign currency swaps liability | Level 2 | 729 | 729 | 94 | 94 | |||||||||||||
(1) Our debt obligations are recorded at amortized cost in the consolidated balance sheet. | ||||||||||||||||||
(2) Derivative liabilities are captured within other current liabilities and derivative assets are captured within long-term assets on the balance sheet. | ||||||||||||||||||
(3) The fair value/carrying value of interest rate swap agreements that qualify and are designated as a cash flow hedge as at December 31, 2013 and 2012, was $5.3 million (with a notional value of $128.0 million) and $12.9 million (with a notional value of $180.1 million), respectively. The expected maturity of these interest rate agreements is from January 2015 to April 2015. | ||||||||||||||||||
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | |||||||||||||||||
The following table summarizes the fair value of derivative instruments on a gross basis recorded in our consolidated balance sheets as of December 31, 2013 and 2012: | ||||||||||||||||||
Balance sheet classification | 2013 | 2012 | ||||||||||||||||
(in thousands of $) | ||||||||||||||||||
Asset Derivatives | ||||||||||||||||||
Interest rate swaps not designated as hedges | Other non-current assets | 46,827 | — | |||||||||||||||
Liability Derivatives | ||||||||||||||||||
Interest rate swaps designated as hedges | Other current liabilities | 6,072 | 12,950 | |||||||||||||||
Interest rate swaps not designated as hedges | Other current liabilities | 5,329 | 13,522 | |||||||||||||||
Foreign currency swap not designated as hedge | Other current liabilities | 729 | 94 | |||||||||||||||
Total liability derivatives | 12,130 | 26,566 | ||||||||||||||||
Offsetting Assets [Table Text Block] | ' | |||||||||||||||||
We have elected not to offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable master netting arrangements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in our consolidated balance sheets as of December 31, 2013 and 2012 would be adjusted as detailed in the following table: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gross amounts presented in the consolidated balance sheet | Gross amounts not offset in the consolidated balance sheet subject to netting agreements | Net amount | Gross amounts presented in the consolidated balance sheet | Gross amounts not offset in the consolidated balance sheet subject to netting agreements | Net amount | |||||||||||||
(in thousands of $) | ||||||||||||||||||
Total asset derivatives | 46,827 | (4,327 | ) | 42,500 | — | — | — | |||||||||||
Total liability derivatives | 12,130 | (4,327 | ) | 7,803 | 26,566 | — | 26,566 | |||||||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Related Party Transaction [Line Items] | ' | |||||||||
Related party transactions | ' | |||||||||
Net income (expenses) from (due to) other related parties (excluding Golar Partners): | ||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||
Frontline Ltd. and subsidiaries ("Frontline") (i) | 49 | (325 | ) | (972 | ) | |||||
Seatankers Management Company Limited ("Seatankers") (i) | (45 | ) | 31 | (64 | ) | |||||
Ship Finance AS ("Ship Finance") (i) | 207 | 4 | 190 | |||||||
Bluewater Gandria (ii) | — | — | 125 | |||||||
Golar Wilhelmsen (iii) | (4,899 | ) | (3,169 | ) | (2,816 | ) | ||||
World Shipholding (iv) | (976 | ) | (2,961 | ) | (2,302 | ) | ||||
(Payables to) receivables from related parties (excluding Golar Partners): | ||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||
World Shipholding | ||||||||||
- Loan (iv) | (50,000 | ) | — | |||||||
Frontline | (60 | ) | (143 | ) | ||||||
Seatankers | 91 | (12 | ) | |||||||
Ship Finance | 2 | 2 | ||||||||
Seadrill Limited ("Seadrill") | (74 | ) | — | |||||||
(50,041 | ) | (153 | ) | |||||||
i. We transact business with the following parties, being companies in which World Shipholding and companies associated with World Shipholding have a significant interest: Frontline, Ship Finance, Seatankers and Seadrill. Net expense/income from Frontline, Seatankers and Ship Finance comprise fees for management support, corporate and insurance administrative services, net of income from supplier rebates and income from the provision of serviced offices and facilities. Receivables and payables with related parties comprise primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. | ||||||||||
ii. Bluewater Gandria - In January 2012, we acquired the remaining 50% in our joint venture, Bluewater Gandria, which owns the vessel, the Gandria, for a total consideration of $19.5 million. As a result of this transaction, Bluewater Gandria is now our wholly-owned subsidiary. Refer to note 7 for further details of the acquisition. The charges to Bluewater for the year ended December 31, 2011 related to agency fees. | ||||||||||
iii. As of December 31, 2013, we held a 60% ownership interest in Golar Wilhelmsen, which we account for using the equity method (see note 14). Golar Wilhelmsen recharges management fees in relation to provision of technical and ship management services. | ||||||||||
iv. World Shipholding revolving credit facility - In April 2011, we entered into an $80.0 million revolving credit facility with a company related to our major shareholder, World Shipholding. In January, February and May of 2012, the revolving credit facility was amended to $145.0 million, $250.0 million and $120.0 million, respectively, without any further changes to the original terms of the facility. In July 2012, the facility was repaid in full with the proceeds received from the sale of the companies that own and operate the NR Satu to Golar Partners. In May 2013, the margin on the facility was amended from 3.5% to 3.0%. As of December 31, 2013, we had $50.0 million of borrowings under this facility. The facility is unsecured and bears interest at LIBOR plus 3.0% together with a commitment fee of 0.75% on any undrawn portion of the credit facility. | ||||||||||
For each of the years ended December 31, 2013, 2012 and 2011, included within net expenses due to World Shipholding, include loan interest and commitment fees of $1.0 million, $0.8 million, and $1.9 million respectively. | ||||||||||
Golar LNG Partners | ' | |||||||||
Related Party Transaction [Line Items] | ' | |||||||||
Related party transactions | ' | |||||||||
a) Transactions with Golar Partners and subsidiaries: | ||||||||||
Net revenues: Prior to the deconsolidation of Golar Partners, the following revenues presented below were largely eliminated upon consolidation of Golar Partners for the periods through to December 13, 2012: | ||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||
Transactions with Golar Partners and subsidiaries: | ||||||||||
Management and administrative services fees income (i) | 2,569 | 2,876 | * | 1,576 | ||||||
Ship management fees income (ii) | 6,701 | 4,222 | * | 4,146 | ||||||
Interest income on vendor financing loan - Golar Freeze (iii) | — | 11,921 | 3,085 | |||||||
Interest income on vendor financing loan - NR Satu (iv) | — | 4,737 | * | — | ||||||
Interest income on high-yield bonds (v) | 1,972 | 575 | * | — | ||||||
Interest income on Golar Energy loan (vi) | — | 829 | — | |||||||
Total | 11,242 | 25,160 | 8,807 | |||||||
*The net effect to our consolidated statement of operations for the year ended December 31, 2012 was an aggregate income of $1.5 million. | ||||||||||
Receivables (payables): The balances with Golar Partners and subsidiaries as of December 31, 2013 and 2012 consisted of the following: | ||||||||||
(in thousands of $) | 2013 | 2012 | ||||||||
Trading balances due to Golar and affiliates (vii) | 5,989 | 2,031 | ||||||||
Methane Princess Lease security deposit movements (viii) | (4,257 | ) | — | |||||||
High-yield bonds (v) | — | 34,953 | ||||||||
1,732 | 36,984 | |||||||||
(i) Management and administrative services agreement - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management, a wholly-owned subsidiary of ours, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management’s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice. | ||||||||||
(ii) Ship management fees - Golar and certain of its affiliates charged ship management fees to Golar Partners for the provision of technical and commercial management of the vessels. Each of Golar Partners’ vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by certain affiliates of Golar, including Golar Management and Golar Wilhelmsen AS ("Golar Wilhelmsen"), a partnership that is jointly controlled by Golar and by Wilhelmsen Ship Management (Norway) AS. | ||||||||||
(iii) Vendor financing loan - Golar Freeze - In October 2011, in connection with the sale of the Golar Freeze, we entered into a financing loan agreement with Golar Partners for an amount of $222.3 million. The facility was unsecured and bore interest at a fixed rate of 6.75% per annum payable quarterly. The loan was non-amortizing with a final balloon payment of $222.3 million due in October 2014. The loan was repaid in October 2012. | ||||||||||
(iv) Vendor financing loan - NR Satu - In July 2012, in connection with the sale of the NR Satu, we entered into a financing loan agreement with Golar Partners for an amount of $175.0 million. Of this amount, $155.0 million was drawn down in July 2012. A further $20.0 million was available for drawdown until July 2015. The facility was unsecured and bore interest at a fixed rate of 6.75% per annum payable quarterly. The loan was non-amortizing with a final balloon payment for the amount drawn down due within three years from the date of draw down. The loan was repaid in December 2012. | ||||||||||
(v) High-yield bonds - In October 2012, Golar Partners completed the issuance of NOK1,300.0 million in senior unsecured bonds that mature in October 2017. The aggregate principal amount of the bonds is equivalent to approximately $227.0 million. Of this amount, approximately $35.0 million, was issued to us. We sold our participation on the high yield bond in November 2013. | ||||||||||
(vi) Golar Energy loan - In January 2012, Golar LNG (Singapore) Pte. Ltd. ("Golar Singapore"), the subsidiary which holds the investment in PTGI, drew down $25.0 million on its loan agreement entered into in December 2011 with Golar Energy. The loan was unsecured, repayable on demand and bore interest at the rate of 6.75% per annum payable on a quarterly basis. In connection with the acquisition of the subsidiaries that own and operate the NR Satu, all amounts payable to Golar Energy by the subsidiaries acquired by Golar Partners, including Golar Singapore, were extinguished. | ||||||||||
(vii) Trading balances - Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Partners, including ship management and administrative service fees due to us. | ||||||||||
(viii) Methane Princess Lease security deposit movements - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to the Methane Princess Lease. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement (see below). Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess Lease. | ||||||||||
Dividends Declared [Table Text Block] | ' | |||||||||
b) Dividends to non-controlling interests: | ||||||||||
(in thousands of $) | 2013 | 2012 | 2011 | |||||||
Faraway Maritime Shipping Company | — | 1,800 | 2,400 | |||||||
Golar Partners | — | 30,282 | 10,132 | |||||||
— | 32,082 | 12,532 | ||||||||
CAPITAL_COMMITMENTS_Tables
CAPITAL COMMITMENTS (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
CAPITAL COMMITMENTS [Abstract] | ' | ||
Fiscal year maturity schedule of capital commitments | ' | ||
As at December 31, 2013, the estimated timing of the installment payments for these newbuildings are due to be paid as follows: | |||
(in thousands of $) | |||
Payable within 12 months to December 31, 2014 | 1,495,385 | ||
Payable within 12 months to December 31, 2015 | 152,220 | ||
1,647,605 | |||
OTHER_COMMITMENTS_AND_CONTINGE1
OTHER COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Assets pledged as collateral | ' | |||||
Assets Pledged | ||||||
(in thousands of $) | December 31, 2013 | December 31, 2012 | ||||
Book value of vessels secured against long-term loans and capital leases | 700,726 | 432,867 | ||||
GENERAL_Details
GENERAL (Details) | 12 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Vessels and equipment | Vessels and equipment | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | LNG carrier | John Fredriksen | John Fredriksen | Maximum [Member] | Minimum [Member] | ||
Vessels | Vessels | Vessels and equipment | Vessels and equipment | Vessels and equipment | Vessels and equipment | Drydocking [Member] | Drydocking [Member] | |||||||
Vessels | ||||||||||||||
Ownership interests: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '2 years |
Ownership interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.61% | 45.71% | ' | ' |
Number of owned shipping vessels | ' | 7 | 6 | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' |
Number of operated shipping vessels | ' | ' | ' | ' | ' | ' | 8 | 8 | 7 | ' | ' | ' | ' | ' |
Minimum duration of long-term charter | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership in subsidiary | ' | ' | ' | ' | 41.40% | 65.40% | ' | ' | ' | ' | ' | ' | ' | ' |
Cost method investments, percentage of general partner interest | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ACCOUNTING_POLICIES_Details
ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
segments | ||||
Accounting Policies [Abstract] | ' | ' | ' | ' |
Revenue from loss of hire insurance | $0 | $2,100,000 | $400,000 | ' |
Trading activity: | ' | ' | ' | ' |
Drydocking expenditure | 4,248,000 | 20,939,000 | 19,773,000 | ' |
Accumulated Other Comprehensive Loss: | ' | ' | ' | ' |
Unrealized net loss on qualifying cash flow hedging instruments | 1,822,000 | 6,832,000 | 19,462,000 | ' |
Unrealized gain on available-for-sale securities | 7,796,000 | 5,911,000 | 0 | ' |
Losses associated with pensions, net of tax recoveries of $0.3 million (2011: $0.4 million) | 12,731,000 | 17,809,000 | 15,486,000 | ' |
Accumulated other comprehensive loss | -6,757,000 | -18,730,000 | -34,948,000 | -33,311,000 |
Tax recoveries from losses associated with pensions | -200,000 | -300,000 | ' | ' |
Number of reportable segments | 2 | ' | ' | ' |
Other operating gains and losses | Energy trading contract | ' | ' | ' | ' |
Trading activity: | ' | ' | ' | ' |
Gains and losses on trading activity | 0 | 0 | 2,000,000 | ' |
Assets Held under Capital Leases [Member] | ' | ' | ' | ' |
Trading activity: | ' | ' | ' | ' |
Drydocking expenditure | 0 | ' | ' | ' |
Depreciation | 0 | 15,800,000 | 16,600,000 | ' |
Newbuildings | ' | ' | ' | ' |
Trading activity: | ' | ' | ' | ' |
Interest Costs Capitalized | $22,500,000 | $10,300,000 | $3,600,000 | ' |
Minimum [Member] | Drydocking [Member] | ' | ' | ' | ' |
Trading activity: | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' | ' |
ACCOUNTING_POLICIES_Property_a
ACCOUNTING POLICIES - Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Assets Held under Capital Leases [Member] | ' | ' | ' |
Property and equipment: | ' | ' | ' |
Depreciation | $0 | $15,800,000 | $16,600,000 |
Minimum [Member] | ' | ' | ' |
Property and equipment: | ' | ' | ' |
Drydocking expense reimbursement period | '2 years | ' | ' |
Minimum [Member] | Vessels | ' | ' | ' |
Property and equipment: | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Minimum [Member] | Deferred drydocking expenditure | ' | ' | ' |
Property and equipment: | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Minimum [Member] | Office equipment and fittings | ' | ' | ' |
Property and equipment: | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Property and equipment: | ' | ' | ' |
Drydocking expense reimbursement period | '5 years | ' | ' |
Maximum [Member] | Vessels | ' | ' | ' |
Property and equipment: | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '50 years | ' | ' |
Maximum [Member] | Deferred drydocking expenditure | ' | ' | ' |
Property and equipment: | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Maximum [Member] | Office equipment and fittings | ' | ' | ' |
Property and equipment: | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '6 years | ' | ' |
Newbuildings | ' | ' | ' |
Property and equipment: | ' | ' | ' |
Interest Costs Capitalized | 22,500,000 | 10,300,000 | 3,600,000 |
Vessel to FSRU retrofitting | ' | ' | ' |
Property and equipment: | ' | ' | ' |
Interest Costs Capitalized | $0 | $1,800,000 | $1,900,000 |
SUBSIDIARIES_Details
SUBSIDIARIES (Details) | Dec. 31, 2013 |
Ownership interests: | ' |
Subsidiary Ownership Percentage | 100.00% |
Golar LNG 1460 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar LNG 2216 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Management Limited | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar GP LLC - Limited Liability Company | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar LNG Energy Limited | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Gimi Limited | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Hilli Limited | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Hull M2021 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Hull M2022 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Hull M2023 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Hull M2024 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Hull M2026 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Hull M2027 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Hull M2031 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Hull M2047 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar Hull M2048 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar LNG NB10 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar LNG NB11 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar LNG NB12 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Golar LNG NB13 Corporation | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
Bluewater Gandria N.V. | ' |
Ownership interests: | ' |
Percentage ownership in subsidiary | 100.00% |
DECONSOLIDATION_OF_GOLAR_PARTN2
DECONSOLIDATION OF GOLAR PARTNERS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2012 | Dec. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | ||||||
Deconsolidation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Investment at Carrying value | ' | ' | ' | ' | ' | ' | ' | $809,000,000 | $906,100,000 | ||
Investments, ownership percentage | ' | ' | ' | 41.40% | 0.00% | ' | 32.60% | ' | ' | ||
Equity in net assets of non-consolidated investees | 350,918,000 | 367,656,000 | 22,529,000 | 344,858,000 | 362,064,000 | 362,799,000 | [1] | ' | ' | ' | |
Gain on loss of control | ' | ' | ' | ' | ' | ' | 853,996,000 | ' | ' | ||
Fair value of investment in Golar Partners | ' | ' | ' | ' | ' | ' | $900,926,000 | [2] | ' | ' | |
[1] | Subordinated unitsAs of December 13, 2012, we held 15.9 million units representing 100% of the subordinated units. Our holding in the subordinated units of Golar Partners have been accounted for under the equity method on the basis that the subordinated units are considered to be, in-substance, common stock for accounting purposes. The fair value on December 13, 2012, was determined based on the quoted market price of the listed common units as of the deconsolidation date but discounted principally for their non-tradability and subordinated dividend and liquidation rights during the subordination period. The subordination period will end on the satisfaction of various tests as prescribed in the Partnership Agreement, but will not end before March 31, 2016, except with our removal as the general partner. Upon the expiration of the subordination period, the subordinated units will convert into common units subject to passing certain conditions. | ||||||||||
[2] | Fair value of investment in Golar PartnersOur residual interest in Golar Partners as of December 13, 2012 comprised of the following:(in thousands of $)As of December 13, 2012Common units (i) 346,950General Partner units and Incentive Distribution Rights ("IDRs") (ii) 191,177Subordinated units (iii) 362,799B 900,926As of December 31, 2013, the carrying value of our total investment in Golar Partners is $809.0 million (2012: $906.1 million).(i) Common units (available-for-sale securities)As of December 13, 2012, we held 11.8 million common units representing 32.6% of the common units in issue, as a class. Our holding in the voting common units of Golar Partners have been accounted for under the guidance for available-for-sale securities on the basis that during the subordination period the common units have preferential dividend and liquidation rights. Accordingly, these securities are carried at fair value and any unrealized gains and losses on these securities are reflected directly in equity unless a gain is realized upon sale of these units or an unrealized loss is considered "other-than-temporary", in which case it is transferred to the statement of operations. Dividends received from its common units in Golar Partners during the subordination period will be recorded in the consolidated statement of operations in the line item "Dividend income".(ii) General Partner units and IDRsOur 2% general partner interest and 100% of the incentive distribution rights (IDRs) in Golar Partners have been accounted for as cost-method investments on the basis that the general partner interests have preferential liquidation and dividend rights during the subordination period. Our interest in the general partner units have been recorded at their fair value as of December 13, 2012, based on the share price of the publicly traded common units of Golar Partners but adjusted for restrictions over their transferability and reduction in voting rights. The fair value of the IDRs as of December 13, 2012 was determined using a Monte Carlo simulation method. This simulation was performed within the Black Scholes option pricing model then solved via an iterative process by applying the Newton-Raphson method for the fair value of the IDRs, such that the price of a unit output by the Monte Carlo simulation equalled the price observed in the market. The method took into account the historical volatility, dividend yield as well as the share price of the units as of the deconsolidation date.(iii) Subordinated unitsAs of December 13, 2012, we held 15.9 million units representing 100% of the subordinated units. Our holding in the subordinated units of Golar Partners have been accounted for under the equity method on the basis that the subordinated units are considered to be, in-substance, common stock for accounting purposes. The fair value on December 13, 2012, was determined based on the quoted market price of the listed common units as of the deconsolidation date but discounted principally for their non-tradability and subordinated dividend and liquidation rights during the subordination period. The subordination period will end on the satisfaction of various tests as prescribed in the Partnership Agreement, but will not end before March 31, 2016, except with our removal as the general partner. Upon the expiration of the subordination period, the subordinated units will convert into common units subject to passing certain conditions. |
DECONSOLIDATION_OF_GOLAR_PARTN3
DECONSOLIDATION OF GOLAR PARTNERS - Gain on Loss of Control (Details) (Golar LNG Partners, USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Dec. 13, 2012 | |
Golar LNG Partners | ' | |
Deconsolidation: | ' | |
Fair value of investment in Golar Partners | $900,926 | [1] |
Carrying value of the non-controlling interest in Golar Partners | 179,285 | |
Fair value and carrying value of noncontrolling interest | 1,080,211 | |
Carrying value of Golar Partners' net assets | 238,409 | |
Guarantees issued to Golar Partners | 23,266 | [2] |
Accumulated other comprehensive loss relating to Golar Partners | -8,989 | [3] |
Deferred tax benefit on intra-group transfers of long-term assets | -44,449 | [4] |
Gain on loss of control of Golar Partners | $853,996 | |
[1] | Fair value of investment in Golar PartnersOur residual interest in Golar Partners as of December 13, 2012 comprised of the following:(in thousands of $)As of December 13, 2012Common units (i) 346,950General Partner units and Incentive Distribution Rights ("IDRs") (ii) 191,177Subordinated units (iii) 362,799B 900,926As of December 31, 2013, the carrying value of our total investment in Golar Partners is $809.0 million (2012: $906.1 million).(i) Common units (available-for-sale securities)As of December 13, 2012, we held 11.8 million common units representing 32.6% of the common units in issue, as a class. Our holding in the voting common units of Golar Partners have been accounted for under the guidance for available-for-sale securities on the basis that during the subordination period the common units have preferential dividend and liquidation rights. Accordingly, these securities are carried at fair value and any unrealized gains and losses on these securities are reflected directly in equity unless a gain is realized upon sale of these units or an unrealized loss is considered "other-than-temporary", in which case it is transferred to the statement of operations. Dividends received from its common units in Golar Partners during the subordination period will be recorded in the consolidated statement of operations in the line item "Dividend income".(ii) General Partner units and IDRsOur 2% general partner interest and 100% of the incentive distribution rights (IDRs) in Golar Partners have been accounted for as cost-method investments on the basis that the general partner interests have preferential liquidation and dividend rights during the subordination period. Our interest in the general partner units have been recorded at their fair value as of December 13, 2012, based on the share price of the publicly traded common units of Golar Partners but adjusted for restrictions over their transferability and reduction in voting rights. The fair value of the IDRs as of December 13, 2012 was determined using a Monte Carlo simulation method. This simulation was performed within the Black Scholes option pricing model then solved via an iterative process by applying the Newton-Raphson method for the fair value of the IDRs, such that the price of a unit output by the Monte Carlo simulation equalled the price observed in the market. The method took into account the historical volatility, dividend yield as well as the share price of the units as of the deconsolidation date.(iii) Subordinated unitsAs of December 13, 2012, we held 15.9 million units representing 100% of the subordinated units. Our holding in the subordinated units of Golar Partners have been accounted for under the equity method on the basis that the subordinated units are considered to be, in-substance, common stock for accounting purposes. The fair value on December 13, 2012, was determined based on the quoted market price of the listed common units as of the deconsolidation date but discounted principally for their non-tradability and subordinated dividend and liquidation rights during the subordination period. The subordination period will end on the satisfaction of various tests as prescribed in the Partnership Agreement, but will not end before March 31, 2016, except with our removal as the general partner. Upon the expiration of the subordination period, the subordinated units will convert into common units subject to passing certain conditions. | |
[2] | GuaranteesIn accordance with ASC 460, the guarantees we issued in respect of Golar Partners and its subsidiaries were fair valued as of the deconsolidation date of December 13, 2012. As of December 13, 2012, the fair value of the guarantees amounted to a liability of $23.3 million which is recorded in "Other long-term liabilities" and comprised of the following items:(in thousands of $)B As of December 13, 2012 Debt guarantees 4,548Golar Grand Option 7,217Methane Princess tax lease indemnity 11,500 23,265The debt guarantees we issued to third party banks were in respect of certain secured debt facilities relating to Golar Partners and its subsidiaries. The liability is being amortized over the remaining term of the respective debt facilities with the credit being recognized in "Other financial items".The Golar Grand Option was issued in connection with the disposal of the Golar Grand to Golar Partners in November 2012. The fair value of the Golar Grand Option was determined by discounting the difference between the guaranteed charter rate per the Option agreement less the estimated market rate at the end of the initial lease term (See note 33(d)).The Methane Princess tax lease indemnity of $11.5 million is based on the termination sum as of December 13, 2012, less the associated security deposit, but factoring in the timing and likelihood of an early termination (see note 33). | |
[3] | Golar Partners' accumulated other comprehensive incomeThe accumulated other comprehensive loss of $9.0 million in relation to Golar Partners was released to the consolidated statement of operations on deconsolidation. | |
[4] | Deferred tax benefits on intra-group transfers of long-term assetsThe deferred tax benefits on intra-group transfers of long-term assets amounting to $44.4 million arose from transactions between controlled entities in respect of vessels owned by Golar Partners: the Golar Freeze, the Golar Spirit and the NR Satu. Upon the deconsolidation of Golar Partners, the unamortized balance of $44.4 million was released and recognized as part of the gain on loss of control. |
DECONSOLIDATION_OF_GOLAR_PARTN4
DECONSOLIDATION OF GOLAR PARTNERS - Components of Ownership Interest (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2012 | |||
Share data in Millions, unless otherwise specified | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | ||||||
Deconsolidation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Available-for-sale securities | ' | ' | ' | ' | ' | $346,950,000 | [1] | ' | ' | ' | ||
Cost method investments | 204,172,000 | 198,524,000 | ' | 196,825,000 | [2] | 191,177,000 | 191,177,000 | [2] | ' | ' | ' | |
Equity in net assets of non-consolidated investees | 350,918,000 | 367,656,000 | 22,529,000 | ' | ' | ' | 344,858,000 | 362,064,000 | 362,799,000 | [3] | ||
Investment at Carrying value | ' | ' | ' | $809,000,000 | $906,100,000 | ' | ' | ' | ' | |||
Available-for-sale securities, shares held | ' | ' | ' | 11.8 | ' | ' | ' | ' | ' | |||
Cost method investments, percentage of general partner interest | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | |||
Cost method investments, percentage of incentive distribution rights | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | |||
Equity method investments, shares held | ' | ' | ' | ' | ' | ' | 15.9 | ' | ' | |||
Equity method investments, percentage of shares held | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | |||
[1] | Common units (available-for-sale securities)As of December 13, 2012, we held 11.8 million common units representing 32.6% of the common units in issue, as a class. Our holding in the voting common units of Golar Partners have been accounted for under the guidance for available-for-sale securities on the basis that during the subordination period the common units have preferential dividend and liquidation rights. Accordingly, these securities are carried at fair value and any unrealized gains and losses on these securities are reflected directly in equity unless a gain is realized upon sale of these units or an unrealized loss is considered "other-than-temporary", in which case it is transferred to the statement of operations. Dividends received from its common units in Golar Partners during the subordination period will be recorded in the consolidated statement of operations in the line item "Dividend income". | |||||||||||
[2] | General Partner units and IDRsOur 2% general partner interest and 100% of the incentive distribution rights (IDRs) in Golar Partners have been accounted for as cost-method investments on the basis that the general partner interests have preferential liquidation and dividend rights during the subordination period. Our interest in the general partner units have been recorded at their fair value as of December 13, 2012, based on the share price of the publicly traded common units of Golar Partners but adjusted for restrictions over their transferability and reduction in voting rights. The fair value of the IDRs as of December 13, 2012 was determined using a Monte Carlo simulation method. This simulation was performed within the Black Scholes option pricing model then solved via an iterative process by applying the Newton-Raphson method for the fair value of the IDRs, such that the price of a unit output by the Monte Carlo simulation equalled the price observed in the market. The method took into account the historical volatility, dividend yield as well as the share price of the units as of the deconsolidation date. | |||||||||||
[3] | Subordinated unitsAs of December 13, 2012, we held 15.9 million units representing 100% of the subordinated units. Our holding in the subordinated units of Golar Partners have been accounted for under the equity method on the basis that the subordinated units are considered to be, in-substance, common stock for accounting purposes. The fair value on December 13, 2012, was determined based on the quoted market price of the listed common units as of the deconsolidation date but discounted principally for their non-tradability and subordinated dividend and liquidation rights during the subordination period. The subordination period will end on the satisfaction of various tests as prescribed in the Partnership Agreement, but will not end before March 31, 2016, except with our removal as the general partner. Upon the expiration of the subordination period, the subordinated units will convert into common units subject to passing certain conditions. |
DECONSOLIDATION_OF_GOLAR_PARTN5
DECONSOLIDATION OF GOLAR PARTNERS - Gain on Loss of Control Related to Remeasurement (Details) (Golar LNG Partners, USD $) | Dec. 13, 2012 | |
In Thousands, unless otherwise specified | ||
Golar LNG Partners | ' | |
Deconsolidation: | ' | |
Investments, ownership percentage | 32.60% | |
Fair value of investment in Golar Partners | $900,926 | [1] |
[1] | Fair value of investment in Golar PartnersOur residual interest in Golar Partners as of December 13, 2012 comprised of the following:(in thousands of $)As of December 13, 2012Common units (i) 346,950General Partner units and Incentive Distribution Rights ("IDRs") (ii) 191,177Subordinated units (iii) 362,799B 900,926As of December 31, 2013, the carrying value of our total investment in Golar Partners is $809.0 million (2012: $906.1 million).(i) Common units (available-for-sale securities)As of December 13, 2012, we held 11.8 million common units representing 32.6% of the common units in issue, as a class. Our holding in the voting common units of Golar Partners have been accounted for under the guidance for available-for-sale securities on the basis that during the subordination period the common units have preferential dividend and liquidation rights. Accordingly, these securities are carried at fair value and any unrealized gains and losses on these securities are reflected directly in equity unless a gain is realized upon sale of these units or an unrealized loss is considered "other-than-temporary", in which case it is transferred to the statement of operations. Dividends received from its common units in Golar Partners during the subordination period will be recorded in the consolidated statement of operations in the line item "Dividend income".(ii) General Partner units and IDRsOur 2% general partner interest and 100% of the incentive distribution rights (IDRs) in Golar Partners have been accounted for as cost-method investments on the basis that the general partner interests have preferential liquidation and dividend rights during the subordination period. Our interest in the general partner units have been recorded at their fair value as of December 13, 2012, based on the share price of the publicly traded common units of Golar Partners but adjusted for restrictions over their transferability and reduction in voting rights. The fair value of the IDRs as of December 13, 2012 was determined using a Monte Carlo simulation method. This simulation was performed within the Black Scholes option pricing model then solved via an iterative process by applying the Newton-Raphson method for the fair value of the IDRs, such that the price of a unit output by the Monte Carlo simulation equalled the price observed in the market. The method took into account the historical volatility, dividend yield as well as the share price of the units as of the deconsolidation date.(iii) Subordinated unitsAs of December 13, 2012, we held 15.9 million units representing 100% of the subordinated units. Our holding in the subordinated units of Golar Partners have been accounted for under the equity method on the basis that the subordinated units are considered to be, in-substance, common stock for accounting purposes. The fair value on December 13, 2012, was determined based on the quoted market price of the listed common units as of the deconsolidation date but discounted principally for their non-tradability and subordinated dividend and liquidation rights during the subordination period. The subordination period will end on the satisfaction of various tests as prescribed in the Partnership Agreement, but will not end before March 31, 2016, except with our removal as the general partner. Upon the expiration of the subordination period, the subordinated units will convert into common units subject to passing certain conditions. |
DECONSOLIDATION_OF_GOLAR_PARTN6
DECONSOLIDATION OF GOLAR PARTNERS - Accounting for Basis Difference (Details) (USD $) | Dec. 13, 2012 | |
In Thousands, unless otherwise specified | ||
Golar LNG Partners | ' | |
Basis Difference: | ' | |
Vessels and Equipment | $122,591 | [1],[2] |
Charter agreements | 126,124 | [2],[3] |
Goodwill | 110,371 | [2],[4] |
Assets | 359,086 | [2] |
Percentage of total fair value adjustment | 24.80% | [2] |
Investment in Equity, share of book value | 100.00% | |
Equity method Share of fair Value | 100.00% | |
Equity Method investment, basis difference | 100.00% | |
Golar LNG Partners | ' | |
Book value: | ' | |
Vessels and equipment | 1,192,779 | [1] |
Charter agreements | 0 | [3] |
Goodwill | 0 | [4] |
Assets | 1,192,779 | |
Fair Value: | ' | |
Vessels and equipment | 1,687,162 | [1] |
Charter agreements | 508,631 | [3] |
Goodwill | 445,100 | [4] |
Assets | 2,640,893 | |
Basis Difference: | ' | |
Vessels and Equipment | 494,383 | [1] |
Charter agreements | 508,631 | [3] |
Goodwill | 445,100 | [4] |
Assets | $1,448,114 | |
[1] | The basis difference assigned to vessels and equipment is being depreciated over the remaining estimated useful lives of the vessels and is recorded as a component of "Equity in net earnings (losses) of affiliates". | |
[2] | Our share of the basis difference is with reference to our holding in the subordinated units only. | |
[3] | The basis difference relating to the charter agreements is being amortized over the remaining term of the charters and is recorded as a component of "Equity in net earnings (losses) of affiliates". | |
[4] | For the assigned goodwill, we will recognize our share of any impairment charge recorded by Golar Partners and consider the effect, if any, of the impairment on the assigned goodwill. |
DECONSOLIDATION_OF_GOLAR_PARTN7
DECONSOLIDATION OF GOLAR PARTNERS - Guarantees (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2012 | Dec. 13, 2012 | Dec. 31, 2013 | Dec. 13, 2012 | ||
Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | ||||
Debt guarantees | Golar Grand Option | Methane Princess tax lease indemnity | Methane Princess tax lease indemnity | |||||||
Deconsolidation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Guarantees issued to Golar Partners | $23,265,000 | $22,369,000 | $23,265,000 | $22,400,000 | $23,300,000 | $4,548,000 | $7,217,000 | $11,500,000 | $11,500,000 | |
Accumulated other comprehensive loss | ' | ' | -8,989,000 | [1] | ' | ' | ' | ' | ' | ' |
Deconsolidation expense | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred income tax benefit | ' | ' | -44,449,000 | [2] | ' | ' | ' | ' | ' | ' |
Gain on loss of control | ' | ' | $44,400,000 | ' | ' | ' | ' | ' | ' | |
[1] | Golar Partners' accumulated other comprehensive incomeThe accumulated other comprehensive loss of $9.0 million in relation to Golar Partners was released to the consolidated statement of operations on deconsolidation. | |||||||||
[2] | Deferred tax benefits on intra-group transfers of long-term assetsThe deferred tax benefits on intra-group transfers of long-term assets amounting to $44.4 million arose from transactions between controlled entities in respect of vessels owned by Golar Partners: the Golar Freeze, the Golar Spirit and the NR Satu. Upon the deconsolidation of Golar Partners, the unamortized balance of $44.4 million was released and recognized as part of the gain on loss of control. |
DISPOSAL_OF_A_SUBSIDIARY_Detai
DISPOSAL OF A SUBSIDIARY (Details) (Golar Maria, Retained investment in subsidiary, Golar LNG Partners, USD $) | Dec. 31, 2013 | Feb. 07, 2013 |
Golar Maria | Retained investment in subsidiary | Golar LNG Partners | ' | ' |
Schedule of sale of subsidiary [Line Items] | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds, Purchase Consideration | $45,600,000 | $45,630,000 |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds, Debt Assumed | ' | 89,500,000 |
Swap Liability Assumed | ' | 3,100,000 |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds, Working Capital Adjustment | ' | 5,500,000 |
Significant Acquisitions and Disposals, Deferred gain | 16,700,000 | 17,114,000 |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds, Purchase Consideration | ' | 215,000,000 |
Significant Acquisitions and Disposals, Recognised gain | ' | 65,156,000 |
Sales price | 127,900,000 | 127,900,000 |
Excess of sales price over net assets transferred | $82,300,000 | $82,270,000 |
BUSINESS_ACQUISITION_Purchase_
BUSINESS ACQUISITION - Purchase Consideration (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 18, 2012 | Dec. 31, 2012 |
Bluewater Gandria | Bluewater Gandria | ||||
Business acquisition: | ' | ' | ' | ' | ' |
Fair value of previously held 50% equity interest | ' | ' | ' | $19,500 | ' |
Purchase consideration - cash | ' | ' | ' | 19,500 | 19,500 |
Total assumed acquisition consideration | ' | ' | ' | 39,000 | ' |
Less: Fair value of net assets acquired: | ' | ' | ' | ' | ' |
Vessel and equipment, net | ' | ' | ' | 40,000 | ' |
Inventories | ' | ' | ' | 931 | ' |
Cash | ' | ' | ' | 62 | ' |
Prepayments | ' | ' | ' | 40 | ' |
Other liabilities | ' | ' | ' | -100 | ' |
Subtotal | ' | ' | ' | -40,933 | ' |
Gain on bargain purchase of Bluewater Gandria | $0 | ($4,084) | $0 | ($1,933) | ' |
BUSINESS_ACQUISITION_Gain_on_A
BUSINESS ACQUISITION - Gain on Acquisition (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 18, 2012 | |
Bluewater Gandria | |||||
Business acquisition: | ' | ' | ' | ' | |
Gain on remeasurement | ' | ' | ' | $2,356 | [1] |
Gain on bargain | 0 | -4,084 | 0 | -1,933 | |
Less: Acquisition related costs | ' | ' | ' | -205 | |
Total gain on acquisition of Bluewater Gandria | ' | ' | ' | $4,084 | |
[1] | Remeasurement of equity investment in Bluewater Gandria |
BUSINESS_ACQUISITION_Remeasurm
BUSINESS ACQUISITION - Remeasurment of Equity Method Investment (Details) (Bluewater Gandria, USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Jan. 18, 2012 | |
Bluewater Gandria | ' | |
Computation of gain on remeasurement: | ' | |
Fair value of previously held 50% equity interest | $19,500 | |
Less: Carrying value at acquisition date | 17,144 | |
Gain on remeasurement of equity interest | $2,356 | [1] |
[1] | Remeasurement of equity investment in Bluewater Gandria |
BUSINESS_ACQUISITION_Details
BUSINESS ACQUISITION (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jan. 18, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Bluewater Gandria | Bluewater Gandria | Bluewater Gandria | Bluewater Gandria | |
Business acquisition: | ' | ' | ' | ' |
Percentage of voting interest acquired | 50.00% | 50.00% | 50.00% | ' |
Purchase consideration - cash | $19,500,000 | ' | $19,500,000 | ' |
Previously held equity interest | 50.00% | ' | ' | ' |
Revenue from acquisition | ' | 0 | ' | ' |
Net loss from acquisition | ' | 14,600,000 | ' | ' |
Pro forma revenue | ' | ' | 0 | ' |
Pro forma net loss | ' | ' | 15,300,000 | ' |
Equity method investment, net loss | ' | ' | ' | $700,000 |
SEGMENTAL_INFORMATION_Details
SEGMENTAL INFORMATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segments | charterers | charterers | |
Segment Reporting [Abstract] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Number of charterers during the year | 4 | 7 | 7 |
Segmental information: | ' | ' | ' |
Time charter revenues | $90,558 | $409,593 | $299,848 |
Vessel and other management fees | 9,270 | 752 | 0 |
Vessel and voyage operating expenses | -58,009 | -96,525 | -68,914 |
Administrative expenses | -22,952 | -25,013 | -33,679 |
Impairment of long-term assets | -500 | -500 | -500 |
Depreciation and amortization | -36,871 | -85,524 | -70,286 |
Other operating gains and losses | 0 | -27 | -5,438 |
Gain on sale of Golar Maria | 65,619 | 0 | 0 |
Operating income (loss) | 47,115 | 202,756 | 121,031 |
Other non-operating income (loss) | 27,605 | 857,929 | 541 |
Net financial income (expenses) | 41,768 | -42,868 | -53,102 |
Income taxes | 3,404 | -2,765 | 1,705 |
Equity in net earnings (losses) of affiliates | 15,821 | -609 | -1,900 |
Net income (loss) | 135,713 | 1,014,443 | 68,275 |
Non-controlling interests | 0 | -43,140 | -21,625 |
Net income attributable to Golar LNG Ltd | 135,713 | 971,303 | 46,650 |
Total assets | 2,665,221 | 2,414,399 | 2,232,634 |
Investment in affiliates | 350,918 | 367,656 | 22,529 |
Capital Expenditures | 734,155 | 342,987 | 289,182 |
Vessel operations | ' | ' | ' |
Segmental information: | ' | ' | ' |
Time charter revenues | 90,558 | 409,593 | 299,848 |
Vessel and other management fees | 9,270 | 752 | 0 |
Vessel and voyage operating expenses | -58,009 | -96,525 | -68,914 |
Administrative expenses | -22,816 | -23,973 | -26,988 |
Impairment of long-term assets | -500 | -500 | -500 |
Depreciation and amortization | -36,562 | -85,187 | -69,814 |
Other operating gains and losses | 0 | 0 | 0 |
Gain on sale of Golar Maria | 65,619 | 0 | 0 |
Operating income (loss) | 47,560 | 204,160 | 133,632 |
Other non-operating income (loss) | 27,605 | 858,080 | 541 |
Net financial income (expenses) | 41,768 | -42,864 | -52,593 |
Income taxes | 3,404 | -2,765 | 1,705 |
Equity in net earnings (losses) of affiliates | 15,821 | -609 | -1,900 |
Net income (loss) | 136,158 | 1,016,002 | 81,385 |
Non-controlling interests | 0 | -43,140 | -21,625 |
Net income attributable to Golar LNG Ltd | 136,158 | 972,862 | 59,760 |
Total assets | 2,664,953 | 2,413,564 | 2,230,006 |
Investment in affiliates | 350,918 | 367,656 | 22,529 |
Capital Expenditures | 734,155 | 342,987 | 289,182 |
LNG Trading | ' | ' | ' |
Segmental information: | ' | ' | ' |
Time charter revenues | 0 | 0 | 0 |
Vessel and other management fees | 0 | 0 | 0 |
Vessel and voyage operating expenses | 0 | 0 | 0 |
Administrative expenses | -136 | -1,040 | -6,691 |
Impairment of long-term assets | 0 | 0 | 0 |
Depreciation and amortization | -309 | -337 | -472 |
Other operating gains and losses | 0 | -27 | -5,438 |
Gain on sale of Golar Maria | 0 | 0 | 0 |
Operating income (loss) | -445 | -1,404 | -12,601 |
Other non-operating income (loss) | 0 | -151 | 0 |
Net financial income (expenses) | 0 | -4 | -509 |
Income taxes | 0 | 0 | 0 |
Equity in net earnings (losses) of affiliates | 0 | 0 | 0 |
Net income (loss) | -445 | -1,559 | -13,110 |
Non-controlling interests | 0 | 0 | 0 |
Net income attributable to Golar LNG Ltd | -445 | -1,559 | -13,110 |
Total assets | 268 | 835 | 2,628 |
Investment in affiliates | 0 | 0 | 0 |
Capital Expenditures | $0 | $0 | $0 |
SEGMENTAL_INFORMATION_Revenues
SEGMENTAL INFORMATION - Revenues from External Customers (Details) (USD $) | 12 Months Ended | 36 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | ||
charterers | Rate | |||||
Revenues from external customers: | ' | ' | ' | ' | ||
Benchmark percentage of revenue for major customer | ' | ' | ' | 10.00% | ||
Number of Charterers During Period | 4 | 7 | 7 | ' | ||
Gdf Seuz Gas [Member] | Customer concentration risk | Sales revenue, services, net | ' | ' | ' | ' | ||
Revenues from external customers: | ' | ' | ' | ' | ||
Concentration risk amount | 10,015 | 22,326 | [1] | 4,931 | [1] | ' |
Gdf Suez Gas [Member] | Customer concentration risk | Sales revenue, services, net | ' | ' | ' | ' | ||
Revenues from external customers: | ' | ' | ' | ' | ||
Concentration risk percentage | 11.00% | 5.00% | [1] | 2.00% | [1] | ' |
Major Japanese Trading Company | Customer concentration risk | Sales revenue, services, net | ' | ' | ' | ' | ||
Revenues from external customers: | ' | ' | ' | ' | ||
Concentration risk percentage | 53.00% | 9.00% | [1] | 0.00% | [1] | ' |
Concentration risk amount | 47,744 | 38,992 | [1] | 0 | [1] | ' |
Eni Spa | Customer concentration risk | Sales revenue, services, net | ' | ' | ' | ' | ||
Revenues from external customers: | ' | ' | ' | ' | ||
Concentration risk percentage | 10.00% | 1.00% | [1] | 0.00% | [1] | ' |
Concentration risk amount | 8,912 | 2,480 | [1] | 0 | [1] | ' |
Petrobras | Customer concentration risk | Sales revenue, services, net | ' | ' | ' | ' | ||
Revenues from external customers: | ' | ' | ' | ' | ||
Concentration risk percentage | 0.00% | 22.00% | [1] | 31.00% | [1] | ' |
Concentration risk amount | 0 | 90,321 | [1] | 93,741 | [1] | ' |
DUSUP | Customer concentration risk | Sales revenue, services, net | ' | ' | ' | ' | ||
Revenues from external customers: | ' | ' | ' | ' | ||
Concentration risk percentage | 0.00% | 11.00% | [1] | 16.00% | [1] | ' |
Concentration risk amount | 0 | 45,951 | [1] | 47,054 | [1] | ' |
Pertamina | Customer concentration risk | Sales revenue, services, net | ' | ' | ' | ' | ||
Revenues from external customers: | ' | ' | ' | ' | ||
Concentration risk percentage | 0.00% | 9.00% | [1] | 13.00% | [1] | ' |
Concentration risk amount | 0 | 35,455 | [1] | 37,829 | [1] | ' |
Qatar Gas Transport Company | Customer concentration risk | Sales revenue, services, net | ' | ' | ' | ' | ||
Revenues from external customers: | ' | ' | ' | ' | ||
Concentration risk percentage | 0.00% | 6.00% | [1] | 12.00% | [1] | ' |
Concentration risk amount | 0 | 23,006 | [1] | 35,461 | [1] | ' |
BC Group plc | Customer concentration risk | Sales revenue, services, net | ' | ' | ' | ' | ||
Revenues from external customers: | ' | ' | ' | ' | ||
Concentration risk percentage | 14.00% | 23.00% | [1] | 8.00% | [1] | ' |
Concentration risk amount | 13,114 | 96,179 | [1] | 25,101 | [1] | ' |
PT Nusantara Regas | Customer concentration risk | Sales revenue, services, net | ' | ' | ' | ' | ||
Revenues from external customers: | ' | ' | ' | ' | ||
Concentration risk percentage | 0.00% | 9.00% | [1] | 0.00% | [1] | ' |
Concentration risk amount | 0 | 38,789 | [1] | 0 | [1] | ' |
[1] | A substantial portion of these revenues for the years ended December 31, 2012 and 2011 pertain to vessels owned by Golar Partners and its subsidiaries which were deconsolidated from December 13, 2012. |
SEGMENTAL_INFORMATION_Geograph
SEGMENTAL INFORMATION - Geographical Segment Data (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Geographical segment data: | ' | ' | ' | ||
Revenues (in thousands of $) | $99,828 | $410,345 | $299,848 | ||
Brazil | ' | ' | ' | ||
Geographical segment data: | ' | ' | ' | ||
Revenues (in thousands of $) | 0 | 90,321 | [1] | 93,741 | [1] |
United Arab Emirates | ' | ' | ' | ||
Geographical segment data: | ' | ' | ' | ||
Revenues (in thousands of $) | 0 | 45,951 | [1] | 47,054 | [1] |
Indonesia | ' | ' | ' | ||
Geographical segment data: | ' | ' | ' | ||
Revenues (in thousands of $) | $0 | $38,789 | [1] | $0 | [1] |
[1] | A substantial portion of these revenues for the years ended December 31, 2012 and 2011 pertain to vessels owned by Golar Partners and its subsidiaries which were deconsolidated from December 13, 2012. |
IMPAIRMENT_OF_LONGTERM_ASSETS_1
IMPAIRMENT OF LONG-TERM ASSETS (Details) (USD $) | 12 Months Ended | 54 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Impairment of long-term assets: | ' | ' | ' | ' |
Impairment of long-term assets | $500 | $500 | $500 | ' |
FSRU conversion parts | ' | ' | ' | ' |
Impairment of long-term assets: | ' | ' | ' | ' |
Impairment of long-term assets | $500 | $500 | $500 | $4,500 |
OTHER_FINANCIAL_ITEMS_NET_Deta
OTHER FINANCIAL ITEMS, NET (Details) (USD $) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 26, 2013 | |
Capital lease obligations, and related restricted cash | Capital lease obligations, and related restricted cash | Capital lease obligations, and related restricted cash | Interest rate swap | Interest rate swap | Interest rate swap | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Line of credit | Line of credit | ||||
Secured debt | Secured debt | |||||||||||||
$1.125 billion newbuild facility | $1.125 billion newbuild facility | |||||||||||||
Other financial items, net: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mark-to-market adjustment on derivatives | ' | ' | ' | ' | ' | ' | $56,461,000 | $1,223,000 | ($10,057,000) | $719,000 | $6,485,000 | ($1,417,000) | ' | ' |
Interest rate swap cash settlements | ' | ' | ' | ' | ' | ' | -10,626,000 | -12,258,000 | -14,201,000 | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), Unrealized | 277,000 | -11,905,000 | -1,669,000 | 0 | -5,645,000 | 182,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | 5,632,000 | 1,766,000 | 930,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred charges and debt guarantee | -1,120,000 | -1,900,000 | -1,484,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), Realized | -1,583,000 | 94,000 | -945,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Nonoperating Miscellaneous Income (Expense), Other | 0 | 4,000 | -234,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other financial items, net | 38,219,000 | -13,763,000 | -29,086,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,125,000,000 | $1,125,000,000 |
TAXATION_Details
TAXATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of income tax expense: | ' | ' | ' |
Current tax expense (income) | ($27) | $9,931 | $4,096 |
Amortization of tax benefit arising on intra-group transfers of long term assets | -3,487 | -7,257 | -6,687 |
Total income tax (gain) expense | -3,404 | 2,765 | -1,705 |
Deferred tax assets, noncurrent | 421 | 531 | ' |
United Kingdom tax authority | ' | ' | ' |
Components of income tax expense: | ' | ' | ' |
Current tax expense (income) | -27 | 2,101 | 2,733 |
Deferred tax expense (income) | 110 | 91 | 886 |
Statutory tax rate | 23.00% | ' | ' |
Deferred tax assets, noncurrent | 400 | 500 | ' |
Deferred income tax assets: | ' | ' | ' |
Deferred tax assets, net | 421 | 531 | ' |
Indonesia Tax Authority | ' | ' | ' |
Components of income tax expense: | ' | ' | ' |
Current tax expense (income) | 0 | 6,828 | 0 |
Brazil Tax authority | ' | ' | ' |
Components of income tax expense: | ' | ' | ' |
Current tax expense (income) | 0 | 1,002 | 1,363 |
Internal Revenue Service (IRS) | ' | ' | ' |
Components of income tax expense: | ' | ' | ' |
Minimum resident ownership percentage required for income tax exemption | 50.00% | ' | ' |
Foreign country | ' | ' | ' |
Components of income tax expense: | ' | ' | ' |
Current tax expense (income) | $0 | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of the numerator for the calculation of basic and diluted EPS: | ' | ' | ' |
Net income attributable to Golar LNG Ltd stockholders b basic and diluted | $135,713 | $971,303 | $46,650 |
Add: Interest expense on convertible bonds | 0 | 11,358 | 0 |
Numerator for caluclation of basic and diluted EPS | $135,713 | $982,661 | $46,650 |
Components of the denominator for the calculation of basic and diluted EPS: | ' | ' | ' |
Weighted average number of common shares outstanding | 80,530,000 | 80,324,000 | 74,707,000 |
Effect of dilutive share options (in shares) | 381,000 | 380,000 | 326,000 |
Effect of dilutive convertible bonds (in share) | 4,545,000 | 3,539,000 | 0 |
Common stock and common stock equivalents (in shares) | 85,456,000 | 84,243,000 | 75,033,000 |
Earnings per share, basic and diluted: | ' | ' | ' |
Basic (USD per share) | $1.69 | $12.09 | $0.62 |
Diluted (USD per share) | $1.59 | $11.66 | $0.62 |
OPERATING_LEASES_Details
OPERATING LEASES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Minimum contractual future revenues to be received: | ' | ' | ' |
Cost | $1,043,439,000 | $771,945,000 | ' |
Accumulated depreciation | 231,724,000 | 198,330,000 | ' |
Future minimum payments under non-cancellable operating leases: | ' | ' | ' |
2013 | 374,000 | ' | ' |
2014 | 381,000 | ' | ' |
2015 | 381,000 | ' | ' |
2016 | 381,000 | ' | ' |
2017 | 256,000 | ' | ' |
Total minimum lease payments | 1,773,000 | ' | ' |
Total rental expense for operating leases | 700,000 | 700,000 | 1,000,000 |
Vessels leased to third parties | ' | ' | ' |
Minimum contractual future revenues to be received: | ' | ' | ' |
Cost | 190,400,000 | 620,000,000 | ' |
Accumulated depreciation | 29,300,000 | 141,200,000 | ' |
Time charters | ' | ' | ' |
Minimum contractual future revenues to be received: | ' | ' | ' |
2014 | 50,188,000 | ' | ' |
2015 | 11,413,000 | ' | ' |
Total | $61,601,000 | ' | ' |
INVESTMENTS_IN_AFFILIATES_Owne
INVESTMENTS IN AFFILIATES - Ownership Percentage (Details) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Golar LNG Partners | ' | ' | ||
Equity method investments: | ' | ' | ||
Investments, ownership percentage | 41.40% | 0.00% | ||
Participation in equity method investment | 25.40% | [1],[2] | 29.90% | [1],[2] |
Egyptian Company for Gas Services S.A.E | ' | ' | ||
Equity method investments: | ' | ' | ||
Participation in equity method investment | 50.00% | 50.00% | ||
Golar Wilhelmsen Management AS | ' | ' | ||
Equity method investments: | ' | ' | ||
Participation in equity method investment | 60.00% | 60.00% | ||
[1] | Golar Partners and its subsidiaries were included in our consolidated financial statements until December 13, 2012, following its first AGM upon which the majority of directors were elected by the common unitholders, Golar Partners was deconsolidated and our interests in the subordinated units were accounted for under the equity method from that date (see note 5 for further details). | |||
[2] | We held a 41.4% (2012: 54.1%) ownership in Golar Partners as of December 31, 2013. However the 25.4% (2012: 29.9%) interest refers only to our interests in the subordinated units which are subject to the equity method accounting. |
INVESTMENTS_IN_AFFILIATES_Carr
INVESTMENTS IN AFFILIATES - Carrying Amount (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Egyptian Company for Gas Services S.A.E | Egyptian Company for Gas Services S.A.E | Golar Wilhelmsen Management AS | Golar Wilhelmsen Management AS | ||||
Equity method investments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in net assets of non-consolidated investees | $350,918 | $367,656 | $22,529 | $344,858 | $362,064 | $362,799 | [1] | $5,782 | $5,592 | $278 | $0 |
[1] | Subordinated unitsAs of December 13, 2012, we held 15.9 million units representing 100% of the subordinated units. Our holding in the subordinated units of Golar Partners have been accounted for under the equity method on the basis that the subordinated units are considered to be, in-substance, common stock for accounting purposes. The fair value on December 13, 2012, was determined based on the quoted market price of the listed common units as of the deconsolidation date but discounted principally for their non-tradability and subordinated dividend and liquidation rights during the subordination period. The subordination period will end on the satisfaction of various tests as prescribed in the Partnership Agreement, but will not end before March 31, 2016, except with our removal as the general partner. Upon the expiration of the subordination period, the subordinated units will convert into common units subject to passing certain conditions. |
INVESTMENTS_IN_AFFILIATES_Comp
INVESTMENTS IN AFFILIATES - Components (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' |
Cost | $374,729 | $374,729 | ' |
Dividend | -33,363 | -125 | ' |
Equity in net earnings (losses) of other affiliates | 8,698 | -6,948 | ' |
Share of other comprehensive income of the entities accounted for under equity method | 854 | 0 | ' |
Equity in net assets of affiliates | $350,918 | $367,656 | $22,529 |
INVESTMENTS_IN_AFFILIATES_Deta
INVESTMENTS IN AFFILIATES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 18, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Share data in Millions, except Per Share data, unless otherwise specified | Bluewater Gandria | Bluewater Gandria | Egyptian Company for Gas Services S.A.E | Egyptian Company for Gas Services S.A.E | Egyptian Company for Gas Services S.A.E | Egyptian Company for Gas Services S.A.E | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | ||||||
Vessels and equipment | Vessels and equipment | Vessels and equipment | ||||||||||||||||||
Equity method investments acquired: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equipment Item | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 8 | 7 | |||
Equity in net assets of non-consolidated investees | $350,918,000 | $367,656,000 | $22,529,000 | ' | ' | ' | ' | ' | ' | ' | ' | $344,858,000 | $362,064,000 | $362,799,000 | [1] | ' | ' | ' | ||
Percentage of voting interest acquired | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | |||
Purchase consideration - cash | ' | ' | ' | 19,500,000 | 19,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock purchased (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock purchased, price per share (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ownership percentage, equity method investment | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | 25.40% | [2],[3] | 29.90% | [2],[3] | ' | ' | ' | ' | |
Investments, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41.40% | 54.10% | 41.40% | 0.00% | ' | ' | ' | ' | |||
Investee capital share amount called | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash paid to maintain equity interest | ' | ' | ' | ' | ' | ' | 3,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from dividends | ' | ' | ' | ' | ' | $500,000 | $100,000 | ' | ' | ' | ' | $32,700,000 | ' | ' | ' | ' | ' | |||
[1] | Subordinated unitsAs of December 13, 2012, we held 15.9 million units representing 100% of the subordinated units. Our holding in the subordinated units of Golar Partners have been accounted for under the equity method on the basis that the subordinated units are considered to be, in-substance, common stock for accounting purposes. The fair value on December 13, 2012, was determined based on the quoted market price of the listed common units as of the deconsolidation date but discounted principally for their non-tradability and subordinated dividend and liquidation rights during the subordination period. The subordination period will end on the satisfaction of various tests as prescribed in the Partnership Agreement, but will not end before March 31, 2016, except with our removal as the general partner. Upon the expiration of the subordination period, the subordinated units will convert into common units subject to passing certain conditions. | |||||||||||||||||||
[2] | Golar Partners and its subsidiaries were included in our consolidated financial statements until December 13, 2012, following its first AGM upon which the majority of directors were elected by the common unitholders, Golar Partners was deconsolidated and our interests in the subordinated units were accounted for under the equity method from that date (see note 5 for further details). | |||||||||||||||||||
[3] | We held a 41.4% (2012: 54.1%) ownership in Golar Partners as of December 31, 2013. However the 25.4% (2012: 29.9%) interest refers only to our interests in the subordinated units which are subject to the equity method accounting. |
INVESTMENTS_IN_AFFILIATES_Summ
INVESTMENTS IN AFFILIATES - Summarized Financial Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Golar Wilhelmsen | ' | ' |
Balance Sheet | ' | ' |
Current assets | $4,422 | $7,690 |
Non-current assets | 6 | 0 |
Current liabilities | 3,312 | 7,667 |
Non-current liabilities | 400 | 0 |
Non-controlling interest | 0 | 0 |
Income statement | ' | ' |
Revenue | 5,957 | 4,245 |
Net (loss) income | 695 | -494 |
ECGS | ' | ' |
Balance Sheet | ' | ' |
Current assets | 38,365 | 31,853 |
Non-current assets | 156 | 1,368 |
Current liabilities | 25,934 | 20,859 |
Non-current liabilities | 1,183 | 1,183 |
Non-controlling interest | 0 | 0 |
Income statement | ' | ' |
Revenue | 75,309 | 61,769 |
Net (loss) income | 1,318 | 849 |
Golar LNG Partners | ' | ' |
Balance Sheet | ' | ' |
Current assets | 136,379 | 107,370 |
Non-current assets | 1,584,840 | 1,403,604 |
Current liabilities | 241,072 | 169,717 |
Non-current liabilities | 910,020 | 1,099,713 |
Non-controlling interest | 70,777 | 71,858 |
Income statement | ' | ' |
Revenue | 329,190 | 286,630 |
Net (loss) income | $150,819 | $127,141 |
TRADE_ACCOUNTS_RECEIVABLE_Deta
TRADE ACCOUNTS RECEIVABLE (Details) (Trade accounts receivable, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Trade accounts receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Provision for doubtful accounts | $0 | $0 |
OTHER_RECEIVABLES_PREPAID_EXPE2
OTHER RECEIVABLES, PREPAID EXPENSES AND ACCRUED INCOME (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 1-May-13 | Mar. 31, 2012 |
DCLAP claim [Member] | DCLAP claim [Member] | DCLAP claim [Member] | |||
Loans Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Loans Receivable, Net | ' | ' | $9,100,000 | $12,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 12.00% |
Prepaid expenses | 1,236,000 | 1,318,000 | ' | ' | ' |
Other receivables | 12,968,000 | 3,991,000 | ' | ' | ' |
Income Taxes Receivable | 370,000 | 0 | ' | ' | ' |
Other receivables, prepaid expenses and accrued income | $14,574,000 | $5,309,000 | ' | ' | ' |
NEWBUILDINGS_Details
NEWBUILDINGS (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | |
LNG carrier | FSRU | Purchase price installments | Purchase price installments | Interest cost capitalized | Interest cost capitalized | Other costs capitalized | Other costs capitalized | Newbuildings | Newbuildings | |||
Newbuildings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Newbuildings | $767,525,000 | $435,859,000 | ' | ' | $718,851,000 | $418,062,000 | $30,825,000 | $13,897,000 | $17,849,000 | $3,900,000 | ' | ' |
Number of vessels contracted for construction | ' | ' | 8 | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Construction payable | 2,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000,000 | ' |
Purchase Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,647,605,000 |
Number of newbuilds delivered | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Newbuilds delivered | $404,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
VESSELS_AND_EQUIPMENT_NET_Deta
VESSELS AND EQUIPMENT, NET (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property and equipment: | ' | ' | ' |
Property, Plant and Equipment, Gross | $1,043,439,000 | $771,945,000 | ' |
Property, Plant and Equipment, Net | 734,155,000 | 342,987,000 | 289,182,000 |
Accumulated depreciation | 231,724,000 | 198,330,000 | ' |
Components of vessels and equipment, net: | ' | ' | ' |
Property, Plant and Equipment, Net, Excluding Capital Leased Assets | 811,715,000 | 573,615,000 | ' |
Depreciation and amortization expense | 36,871,000 | 85,524,000 | 70,286,000 |
Vessels and equipment | ' | ' | ' |
Components of vessels and equipment, net: | ' | ' | ' |
Number of owned shipping vessels | 7 | 6 | ' |
Depreciation and amortization expense | 36,900,000 | 70,300,000 | 54,300,000 |
Drydocking [Member] | ' | ' | ' |
Components of vessels and equipment, net: | ' | ' | ' |
Cost | 33,100,000 | 34,200,000 | ' |
Accumulated depreciation and amortization | -18,900,000 | -12,900,000 | ' |
Office equipment | ' | ' | ' |
Components of vessels and equipment, net: | ' | ' | ' |
Cost | 1,700,000 | 1,800,000 | ' |
Vessels | ' | ' | ' |
Components of vessels and equipment, net: | ' | ' | ' |
Amounts pledged as collateral | $700,700,000 | $432,900,000 | ' |
DEFERRED_CHARGES_Details
DEFERRED CHARGES (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 26, 2013 | |
Secured debt | Secured debt | ||||
Line of credit | Line of credit | ||||
$1.125 billion newbuild facility | $1.125 billion newbuild facility | ||||
Components of deferred financing costs [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | $1,125,000,000 | $1,125,000,000 |
Debt arrangement fees and other deferred financing charges | 27,845,000 | 6,335,000 | ' | ' | ' |
Accumulated amortization | -3,361,000 | -2,271,000 | ' | ' | ' |
Deferred Finance Costs, Net | 24,484,000 | 4,064,000 | ' | ' | ' |
Amortization of deferred charges and debt guarantee | $2,000,000 | $1,900,000 | $1,500,000 | ' | ' |
RESTRICTED_CASH_AND_SHORTTERM_2
RESTRICTED CASH AND SHORT-TERM INVESTMENTS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted cash and short-term investment balances: | ' | ' |
Restricted cash and cash equivalents | $26,543,000 | $1,551,000 |
Restricted cash, current portion | 23,432,000 | 1,551,000 |
Restricted cash | 3,111,000 | 0 |
Amount of restricted cash excluded due to financial covenants | $25,000,000 | ' |
INVESTMENTS_IN_AVAILABLEFORSAL2
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investments in available-for-sale securities: | ' | ' | ' |
Investment in available-for-sale securities | $267,352,000 | $353,034,000 | ' |
Proceeds from Sale of Available-for-sale Securities | 99,210,000 | 0 | 901,000 |
Gain on disposal of available-for-sale securities | -754,000 | 0 | 541,000 |
Golar LNG Partners | ' | ' | ' |
Investments in available-for-sale securities: | ' | ' | ' |
Investment in available-for-sale securities | 267,352,000 | 352,861,000 | ' |
Unrealized gain on available-for-sale security | 7,800,000 | 5,900,000 | ' |
Proceeds from Sale of Available-for-sale Securities | 99,200,000 | ' | ' |
GasLog [Member] | ' | ' | ' |
Investments in available-for-sale securities: | ' | ' | ' |
Investment in available-for-sale securities | 0 | 173,000 | ' |
Proceeds from Sale of Available-for-sale Securities | 300,000 | ' | ' |
Gain on disposal of available-for-sale securities | $100,000 | ' | ' |
COST_METHOD_INVESTMENTS_Detail
COST METHOD INVESTMENTS (Details) (USD $) | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | OLT Offshore LNG Toscana S.p.A. | OLT Offshore LNG Toscana S.p.A. | ||||||
Cost method investments: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cost method investments | $204,172,000 | $198,524,000 | ' | $196,825,000 | [1] | $191,177,000 | $191,177,000 | [1] | $7,347,000 | $7,347,000 |
Additions to Cost method investments | ' | ' | ' | 5,600,000 | ' | ' | ' | ' | ||
Proceeds from dividends received | $64,198,000 | $125,000 | $0 | $6,000,000 | ' | ' | ' | ' | ||
Cost method investment, ownership percentage | ' | ' | ' | ' | ' | ' | 2.70% | ' | ||
[1] | General Partner units and IDRsOur 2% general partner interest and 100% of the incentive distribution rights (IDRs) in Golar Partners have been accounted for as cost-method investments on the basis that the general partner interests have preferential liquidation and dividend rights during the subordination period. Our interest in the general partner units have been recorded at their fair value as of December 13, 2012, based on the share price of the publicly traded common units of Golar Partners but adjusted for restrictions over their transferability and reduction in voting rights. The fair value of the IDRs as of December 13, 2012 was determined using a Monte Carlo simulation method. This simulation was performed within the Black Scholes option pricing model then solved via an iterative process by applying the Newton-Raphson method for the fair value of the IDRs, such that the price of a unit output by the Monte Carlo simulation equalled the price observed in the market. The method took into account the historical volatility, dividend yield as well as the share price of the units as of the deconsolidation date. |
OTHER_NONCURRENT_ASSETS_Detail
OTHER NON-CURRENT ASSETS (Details) (USD $) | 12 Months Ended | 42 Months Ended | 12 Months Ended | 54 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
FSRU conversion parts | FSRU conversion parts | Interest rate swap | Interest rate swap | FSRU conversion parts | FSRU conversion parts | FSRU conversion parts | FSRU conversion parts | ||||
Golar Spirit | Swap | Swap | |||||||||
Components of other non-current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax asset | $421,000 | $531,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset | ' | ' | ' | ' | ' | 46,827,000 | 0 | ' | ' | ' | ' |
Other long-term assets | 7,000,000 | 6,238,000 | ' | 3,000,000 | ' | ' | ' | 2,500,000 | ' | ' | 2,500,000 |
Other non-current assets | 54,248,000 | 6,769,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term assets used in period | ' | ' | ' | ' | 8,400,000 | ' | ' | ' | ' | ' | ' |
Impairment of long-term assets | $500,000 | $500,000 | $500,000 | ' | ' | ' | ' | $500,000 | $500,000 | $500,000 | $4,500,000 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Vessel operating and drydocking expenses | $6,890 | $8,248 |
Administrative expenses | 6,105 | 8,070 |
Interest expense | 9,792 | 3,094 |
Provision for taxes | 0 | 1,001 |
Accrued expenses | $22,787 | $20,413 |
OTHER_CURRENT_LIABILITIES_Deta
OTHER CURRENT LIABILITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
OTHER CURRENT LIABILITIES [Abstract] | ' | ' |
Deferred drydocking, operating cost and charterhire revenue | $7,724 | $8,040 |
Mark-to-market swaps valuation: | ' | ' |
Current portion of the deferred tax benefit arising on intra-group transfer of long-term assets | 3,487 | 3,156 |
Other | 571 | 244 |
Other current liabilities | 23,912 | 38,006 |
Swap | Interest rate swap | ' | ' |
Mark-to-market swaps valuation: | ' | ' |
Derivative liabilities, current | 11,401 | 26,472 |
Swap | Currency swap | ' | ' |
Mark-to-market swaps valuation: | ' | ' |
Derivative liabilities, current | $729 | $94 |
DEBT_Details
DEBT (Details) (USD $) | 12 Months Ended | 1 Months Ended | 8 Months Ended | 12 Months Ended | 25 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 30, 2006 | Dec. 31, 2013 | Dec. 31, 2013 | 1-May-13 | Dec. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Jan. 31, 2012 | Apr. 30, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Aug. 31, 2007 | Jan. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 26, 2013 | Dec. 31, 2013 | Jul. 26, 2013 | Dec. 31, 2013 | Jul. 26, 2013 | Dec. 31, 2013 | Jul. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 30, 2011 | |
Golar Viking facility | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Secured debt | Convertible debt | Convertible debt | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | World Shipholding | World Shipholding | ||||
Investor Bank [Member] | World Shipholding facility | World Shipholding facility | World Shipholding facility | World Shipholding facility | World Shipholding facility | World Shipholding facility | World Shipholding facility | World Shipholding facility | Golar Maria facility | Golar Maria facility | Golar Maria facility | Golar Arctic facility | Golar Arctic facility | Golar Arctic facility | Golar Arctic facility | Golar Viking facility | Golar Viking facility | Golar Viking facility | Golar Viking facility | Golar Viking facility | Golar Seal Facility [Member] | Golar Seal Facility [Member] | Golar Seal Facility [Member] | Golar Seal Facility [Member] | Golar Celsius facility [Member] | Golar Celsius facility [Member] | Golar Celsius facility [Member] | Golar Celsius facility [Member] | $1.125 billion newbuild facility | $1.125 billion newbuild facility | $449 million newbuild facility | $449 million newbuild facility | $450 million newbuild facility | $450 million newbuild facility | $226 million newbuild facility | $226 million newbuild facility | Convertible bonds | Convertible bonds | Unsecured debt | Unsecured debt | ||||||||
Commercial Loan Tranche [Member] | Term loan facility [Member] | Commercial Loan Tranche [Member] | Term loan facility [Member] | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | Line of credit | World Shipholding facility | World Shipholding facility | |||||||||||||||||||||||||||||||||||
Rate | Rate | Rate | Rate | |||||||||||||||||||||||||||||||||||||||||||||
Debt: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage guaranteed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of long-term debt: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt due to third parties | $667,028,000 | $504,906,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt due to related parties | 50,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt (including related parties) | 717,028,000 | 504,906,000 | ' | ' | ' | 50,000,000 | 50,000,000 | ' | 0 | ' | ' | ' | ' | 0 | 89,525,000 | ' | 91,250,000 | 96,250,000 | ' | 86,400,000 | 90,800,000 | ' | ' | ' | 127,935,000 | 0 | ' | ' | 128,423,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 233,020,000 | 228,331,000 | ' | ' | ' | ' | 50,000,000 | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | 30-Sep-15 | ' | ' | ' | ' | ' | ' | 31-Dec-14 | ' | ' | 31-Jan-15 | ' | ' | 31-Aug-17 | ' | ' | ' | ' | ' | ' | 31-Dec-18 | 31-Dec-25 | ' | ' | 31-Dec-18 | 31-Dec-25 | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-17 | ' | ' | ' | ' | ' | ' | ' |
Less: current portion of long-term debt due to third parties and related parties | -30,784,000 | -14,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt (including related parties) | 686,244,000 | 490,506,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long-term debt: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 30,784,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 161,993,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 25,763,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 94,563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 284,395,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt and Due to Related Parties, Maturities, Repayments of Principal after Year Five | 119,530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 | 250,000,000 | 145,000,000 | 120,000,000 | ' | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,125,000,000 | 1,125,000,000 | ' | 449,000,000 | ' | 450,000,000 | ' | 226,000,000 | ' | ' | ' | ' | ' | ' | ' | 80,000,000 |
Proportion of facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | 40.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | 3.45% | 3.97% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | 'LIBOR | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | 3.00% | 3.00% | 3.50% | ' | ' | ' | ' | ' | 0.95% | ' | ' | ' | ' | ' | 0.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.70% | 0.70% | 3.00% | 0.95% | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '7 years | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | '12 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final payment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,300,000 | 71,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 256,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 2,665,221,000 | 2,414,399,000 | 2,232,634,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Golar LNG Ltd | 135,713,000 | 971,303,000 | 46,650,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayment Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Six-monthly installments | ' | 'Six-monthly installments | ' | 'Six-monthly installments, unpaid balance to be refinanced after 5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $868,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DEBT_Convertible_Bonds_Details
DEBT - Convertible Bonds (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 04, 2013 |
In Millions, except Share data, unless otherwise specified | Rate | Convertible debt | Convertible debt | Convertible debt | |
Convertible bonds | Convertible bonds | Convertible bonds | |||
Debt: | ' | ' | ' | ' | ' |
Proceeds from issuance of convertible bonds | ' | ' | $250 | ' | ' |
Convertible debt | ' | ' | 221.9 | ' | ' |
Carrying amount of equity component | ' | ' | $25 | ' | ' |
Percentage of prinipal amount convertible | ' | ' | 100.00% | ' | ' |
Coupon rate | ' | ' | 3.75% | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | $55 | $50.28 | $52.29 |
Minimum percentage for conversion | 90.00% | ' | ' | ' | ' |
Declared dividend per share (USD per share) | $1.35 | $1.60 | ' | ' | ' |
Number of shares issuable if bonds are converted | 4,972,155 | ' | ' | ' | ' |
DEBT_Debt_and_Lease_Restrictio
DEBT - Debt and Lease Restrictions (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Debt and lease restrictions: | ' |
Restrictive covenants, minimum amount of cash and cash equivalents | $25 |
OTHER_LONGTERM_LIABILITIES_Det
OTHER LONG-TERM LIABILITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other long-term liabilities: | ' | ' |
Deferred Revenue | $16,660 | $0 |
Tax benefits on intra-group transfers of long-term assets | 5,204 | 9,022 |
Pension obligations | 35,645 | 40,097 |
Guarantees issued to Golar Partners | 22,369 | 23,265 |
Other | 4,388 | 131 |
Other long-term liabilities | $84,266 | $72,515 |
PENSIONS_Details
PENSIONS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee | Employee | ||
Defined contribution scheme: | ' | ' | ' |
Defined contribution scheme, charge to net income | $500,000 | $800,000 | $800,000 |
Number of Norwegian employees | 10 | 10 | ' |
Pensions | ' | ' | ' |
Defined benefit schemes: | ' | ' | ' |
Number of defined benefit schemes | 2 | ' | ' |
Accumulated other comprehensive income, net actuarial loss | 12,731,000 | 17,809,000 | ' |
Other comprehensive income, tax on actuarial loss | $100,000 | $300,000 | $400,000 |
PENSIONS_Net_Periodic_Benefit_
PENSIONS - Net Periodic Benefit Costs (Details) (Pensions, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pensions | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' |
Service cost | $468,000 | $429,000 | $459,000 |
Interest cost | 2,159,000 | 2,361,000 | 2,729,000 |
Expected return on plan assets | -918,000 | -920,000 | -1,168,000 |
Recognized actuarial loss | 1,415,000 | 1,273,000 | 985,000 |
Net periodic benefit cost | 3,124,000 | 3,143,000 | 3,005,000 |
Estimated net loss for defined benefit pension plans to be amortized from accumulated other comprehensive income into net periodic benefit cost in next fiscal year | $1,000,000 | ' | ' |
PENSIONS_Reconciliation_of_Ben
PENSIONS - Reconciliation of Benefit Obligation (Details) (Pensions, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pensions | ' | ' | ' |
Reconciliation of benefit obligation: | ' | ' | ' |
Benefit obligation at January 1 | $54,291,000 | $52,430,000 | ' |
Service cost | 468,000 | 429,000 | 459,000 |
Interest cost | 2,159,000 | 2,361,000 | 2,729,000 |
Actuarial loss | -3,513,000 | 3,890,000 | ' |
Foreign currency exchange rate changes | 164,000 | 509,000 | ' |
Benefit payments | -3,005,000 | -5,328,000 | ' |
Benefit obligation at December 31 | 50,564,000 | 54,291,000 | 52,430,000 |
Accumulated benefit obligation | $48,900,000 | $52,200,000 | ' |
PENSIONS_Reconciliation_of_Fai
PENSIONS - Reconciliation of Fair Value of Plan Assets (Details) (Pensions, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of fair value of plan assets: | ' | ' |
Fair value of plan assets at January 1 | $14,194 | $14,846 |
Actual return on plan assets | 1,127 | 1,807 |
Employer contributions | 2,426 | 2,434 |
Foreign currency exchange rate changes | 177 | 435 |
Benefit payments | -3,005 | -5,328 |
Fair value of plan assets at December 31 | 14,919 | 14,194 |
Equity securities | ' | ' |
Reconciliation of fair value of plan assets: | ' | ' |
Fair value of plan assets at December 31 | 9,666 | 9,520 |
Debt securities | ' | ' |
Reconciliation of fair value of plan assets: | ' | ' |
Fair value of plan assets at December 31 | 3,172 | 3,007 |
Cash | ' | ' |
Reconciliation of fair value of plan assets: | ' | ' |
Fair value of plan assets at December 31 | $2,081 | $1,667 |
PENSIONS_Reconciliation_of_Fun
PENSIONS - Reconciliation of Funded Status (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Pensions | ' | ' | ' | ||
Reconciliation of funded status: | ' | ' | ' | ||
Projected benefit obligation | ($50,564,000) | ($54,291,000) | ($52,430,000) | ||
Fair value of plan assets | 14,919,000 | 14,194,000 | 14,846,000 | ||
Funded status | -35,645,000 | [1] | -40,097,000 | [1] | ' |
Employer contributions and benefit payment amounts paid from employer assets | 2,400,000 | ' | ' | ||
UK Scheme | ' | ' | ' | ||
Reconciliation of funded status: | ' | ' | ' | ||
Projected benefit obligation | -10,256,000 | -9,718,000 | ' | ||
Fair value of plan assets | 9,622,000 | 8,486,000 | ' | ||
Funded status | -634,000 | -1,232,000 | ' | ||
Marine Scheme | ' | ' | ' | ||
Reconciliation of funded status: | ' | ' | ' | ||
Projected benefit obligation | -40,308,000 | -44,573,000 | ' | ||
Fair value of plan assets | 5,297,000 | 5,708,000 | ' | ||
Funded status | ($35,011,000) | ($38,865,000) | ' | ||
[1] | Our plans are composed of two plans that are both underfunded as at DecemberB 31, 2013 and 2012. |
PENSIONS_Asset_Allocation_Deta
PENSIONS - Asset Allocation (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Marine Scheme | ' | ' | ' |
Pensions: | ' | ' | ' |
Target allocation | 100.00% | ' | ' |
Actual allocation | 100.00% | 100.00% | ' |
Marine Scheme | Minimum [Member] | Equity | ' | ' | ' |
Pensions: | ' | ' | ' |
Target allocation, minimum | 30.00% | ' | ' |
Actual allocation | ' | 30.00% | 30.00% |
Marine Scheme | Minimum [Member] | Bonds | ' | ' | ' |
Pensions: | ' | ' | ' |
Target allocation, minimum | 10.00% | ' | ' |
Actual allocation | ' | 10.00% | 10.00% |
Marine Scheme | Minimum [Member] | Other | ' | ' | ' |
Pensions: | ' | ' | ' |
Target allocation, minimum | 20.00% | ' | ' |
Actual allocation | ' | 20.00% | 20.00% |
Marine Scheme | Maximum [Member] | Equity | ' | ' | ' |
Pensions: | ' | ' | ' |
Target allocation, maximum | 65.00% | ' | ' |
Actual allocation | ' | 65.00% | 65.00% |
Marine Scheme | Maximum [Member] | Bonds | ' | ' | ' |
Pensions: | ' | ' | ' |
Target allocation, maximum | 50.00% | ' | ' |
Actual allocation | ' | 50.00% | 50.00% |
Marine Scheme | Maximum [Member] | Other | ' | ' | ' |
Pensions: | ' | ' | ' |
Target allocation, maximum | 40.00% | ' | ' |
Actual allocation | ' | 40.00% | 40.00% |
UK Scheme | ' | ' | ' |
Pensions: | ' | ' | ' |
Target allocation | 100.00% | ' | ' |
Actual allocation | 100.00% | 100.00% | ' |
UK Scheme | Equity | ' | ' | ' |
Pensions: | ' | ' | ' |
Target allocation | 70.00% | ' | ' |
Actual allocation | 71.00% | 72.50% | ' |
UK Scheme | Bonds | ' | ' | ' |
Pensions: | ' | ' | ' |
Target allocation | 30.00% | ' | ' |
Actual allocation | 29.00% | 22.50% | ' |
UK Scheme | Cash | ' | ' | ' |
Pensions: | ' | ' | ' |
Target allocation | 0.00% | ' | ' |
Actual allocation | 0.00% | 5.00% | ' |
PENSIONS_Employer_Contribution
PENSIONS - Employer Contributions and Payments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pensions: | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | $533 | $570 | $397 |
UK Scheme | ' | ' | ' |
Pensions: | ' | ' | ' |
Estimated future employer contributions in next fiscal year | 660 | ' | ' |
Estimated future benefit payments: | ' | ' | ' |
2014 | 330 | ' | ' |
2015 | 330 | ' | ' |
2016 | 330 | ' | ' |
2017 | 330 | ' | ' |
2018 | 330 | ' | ' |
2019 - 2023 | 1,649 | ' | ' |
Marine Scheme | ' | ' | ' |
Pensions: | ' | ' | ' |
Estimated future employer contributions in next fiscal year | 1,800 | ' | ' |
Estimated future benefit payments: | ' | ' | ' |
2014 | 3,000 | ' | ' |
2015 | 3,000 | ' | ' |
2016 | 3,000 | ' | ' |
2017 | 3,000 | ' | ' |
2018 | 3,000 | ' | ' |
2019 - 2023 | $15,000 | ' | ' |
PENSIONS_Assumptions_Used_Deta
PENSIONS - Assumptions Used (Details) (Pensions) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pensions | ' | ' |
Weighted average assumptions used in calculating benefit obligation: | ' | ' |
Discount rate | 4.80% | 4.10% |
Rate of compensation increase | 2.71% | 2.96% |
Weighted average assumptions used in calculating net periodic benefit cost: | ' | ' |
Discount rate | 4.10% | 4.10% |
Expected return on plan assets | 6.75% | 6.75% |
Rate of compensation increase | 2.96% | 2.52% |
EQUITY_OFFERINGSTRANSACTIONS_W1
EQUITY OFFERINGS/TRANSACTIONS WITH LISTED SUBSIDIARIES (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Jan. 31, 2013 | Nov. 30, 2012 | Jul. 31, 2012 | Apr. 30, 2011 | Jun. 30, 2011 | 31-May-11 | Jun. 30, 2011 | Aug. 31, 2009 | Dec. 31, 2013 | Feb. 07, 2013 | Dec. 31, 2012 | Nov. 08, 2012 | Dec. 31, 2012 | Jul. 19, 2012 | Dec. 31, 2011 | Oct. 19, 2011 | ||||||
Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Energy Limited | Golar LNG Energy Limited | Golar LNG Energy Limited | Golar LNG Energy Limited | Retained investment in subsidiary | Retained investment in subsidiary | Retained investment in subsidiary | Retained investment in subsidiary | Retained investment in subsidiary | Retained investment in subsidiary | Retained investment in subsidiary | Retained investment in subsidiary | ||||||
Private placement | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | ||||||||||||||
Golar Maria | Golar Maria | Golar Grand | Golar Grand | NR Satu | NR Satu | Golar Freeze | Golar Freeze | |||||||||||||||
Equity offerings of subsidiaries: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of Common Units Issued by Golar LNG Partners | 5,100,000 | [1] | 3,900,000 | [1] | 4,300,000 | [1] | 6,325,000 | [1] | 13,800,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Common Units Issued to the Company | 0 | 416,947 | 1,524,590 | 969,305 | 9,327,254 | ' | ' | 92,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Offering Price (USD per share) | $29.10 | $29.74 | $30.50 | $30.95 | $22.50 | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gross Proceeds From Issuance Of Common Units | $148,410,000 | [2] | $115,986,000 | [2] | $131,150,000 | [2] | $188,485,000 | [2] | $310,500,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Proceeds From Issuance Of Common Units | 147,313,000 | 115,224,000 | 129,981,000 | 187,138,000 | 287,795,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Company's Ownership in Golar Partners after the Offering | 41.40% | [3] | 50.90% | [3] | 54.10% | [3] | 57.50% | [3] | 65.40% | [3] | ' | ' | ' | 68.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127,900,000 | 127,900,000 | 176,800,000 | 176,800,000 | 388,000,000 | 388,000,000 | 231,300,000 | 231,300,000 | |||||
Less: Net assets transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45,600,000 | -45,630,000 | -43,100,000 | ' | -255,700,000 | ' | -65,500,000 | ' | |||||
Excess of sales price over net assets transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,300,000 | 82,270,000 | 133,700,000 | ' | 132,300,000 | ' | 165,800,000 | ' | |||||
Additions to Golar's stockholders' equity and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 88,300,000 | ' | 85,800,000 | ' | 96,700,000 | ' | |||||
New issues (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 59,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage ownership transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | |||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds, Purchase Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215,000,000 | ' | 265,000,000 | ' | 385,000,000 | ' | 330,000,000 | |||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds, Working Capital Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | 2,600,000 | ' | 3,000,000 | ' | 9,000,000 | |||||
Swap Liability Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | |||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds, Debt Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,500,000 | ' | ' | ' | ' | ' | 108,000,000 | |||||
Vendor financing amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -155,000,000 | ' | -222,300,000 | |||||
Equity offering financing amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -230,000,000 | ' | ' | |||||
Capital lease obligation assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,800,000 | ' | ' | ' | ' | |||||
Assets transferred to subsidiary: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net proceeds received from private placement | ' | ' | ' | ' | ' | ' | ' | ' | 115,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Acquisition of ownership interests: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cumulative percentage of ownership transferred | ' | ' | ' | ' | ' | ' | ' | 38.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage ownership after transaction | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of shares of subsidiary exchanged for parent company shares | ' | ' | ' | ' | ' | ' | ' | 70,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of shares issued in exchange for parent company shares | ' | ' | ' | ' | ' | ' | ' | 76.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Shares exchanged for parent company shares, rate of exchange (in shares per share) | ' | ' | ' | ' | ' | ' | ' | 6.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Increase (decrease) in stockholders' equity due to acquisition of subsidiary | ' | ' | ' | ' | ' | ' | ' | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Premium on sale | ' | ' | ' | ' | ' | ' | ' | 340,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Price per share, parent company | ' | ' | ' | ' | ' | ' | ' | $30.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Price per share | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Increase (decrease) in noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | 129,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Change in additional paid in capital | ' | ' | ' | ' | ' | ' | ' | $336,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Subsidiary stock options exchanged for parent company stock options | ' | ' | ' | ' | ' | 5,400,000 | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | Pertains to common units issued by Golar Partners to the public. | |||||||||||||||||||||
[2] | Gross and net proceeds from Golar Partners' public offering (excluding proceeds received from Golar's participation in the concurrent private placement). | |||||||||||||||||||||
[3] | Includes our general partner interest in Golar Partners. |
SHARE_CAPITAL_AND_SHARE_OPTION2
SHARE CAPITAL AND SHARE OPTIONS - Share Capital (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SHARE CAPITAL AND SHARE OPTIONS [Abstract] | ' | ' | ' | ' |
Common stock, value, authorized | ' | $100,000 | $100,000 | ' |
Common stock, value, issued | ' | $80,580 | $80,504 | ' |
Common stock, shares authorized (in shares) | ' | 100,000,000 | ' | ' |
Common shares, par value (in dollars per share) | ' | $1 | $1 | ' |
Common shares, shares issued (in shares) | ' | 80,579,295 | 80,503,364 | ' |
Common shares, shares outstanding (in shares) | ' | 80,579,295 | 80,503,364 | ' |
Share capital: | ' | ' | ' | ' |
Shares issued upon exercise of share options | ' | 76,000 | 267,000 | 1,604,000 |
Authorized amount of share repurchase program (in shares) | 1,000,000 | ' | ' | ' |
Remaining amount in share repurchase program (in shares) | ' | 300,000 | ' | ' |
Number of treasury shares held: | ' | ' | ' | ' |
At beginning of period | ' | 0 | 0 | 150,000 |
Disposed of during the year | ' | 0 | 0 | -150,000 |
At end of period | ' | 0 | 0 | 0 |
Common stock | ' | ' | ' | ' |
Share capital: | ' | ' | ' | ' |
Shares issued upon exercise of share options | ' | 100,000 | 300,000 | ' |
Golar LNG Energy Limited | Common stock | ' | ' | ' | ' |
Share capital: | ' | ' | ' | ' |
Shares issued in relation to acquisition | ' | ' | ' | 11,600,000 |
SHARE_CAPITAL_AND_SHARE_OPTION3
SHARE CAPITAL AND SHARE OPTIONS - Share Options (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2011 | 31-May-11 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2001 | Feb. 28, 2002 | Jul. 31, 2001 | Feb. 28, 2002 | Feb. 28, 2002 |
Golar LNG Energy Limited | Golar LNG Energy Limited | Golar LNG Energy Limited | Golar Scheme [Member] | Golar Scheme [Member] | Golar Scheme [Member] | Energy Scheme [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Minimum [Member] | Maximum [Member] | |||||
Golar Scheme [Member] | Directors and Executive Officers [Member] | Stock Options [Member] | Stock Options [Member] | ||||||||||||||||
Golar Scheme [Member] | Golar Scheme [Member] | ||||||||||||||||||
Share options: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 0 | ' | ' | ' |
Award term until expiration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' |
Award vesting period, minimum (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years |
Subsidiary stock options exchanged for parent company stock options | ' | ' | ' | ' | 5,400,000 | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares exchanged for parent company shares, rate of exchange (in shares per share) | ' | ' | ' | ' | ' | ' | 6.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, outstanding (in shares) | 498,000 | 581,000 | 849,000 | 7,279,000 | ' | ' | ' | 500,000 | 600,000 | 800,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average assumptions used: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | 1.80% | ' | ' | ' | ' | ' |
Expected volatility of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.90% | 56.90% | 53.20% | ' | ' | ' | ' | ' |
Expected dividend yield | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' |
Expected life of options (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 7 months 6 days | '2 years 7 months 6 days | '2 years 7 months 6 days | ' | ' | ' | ' | ' |
Outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, beginning of year (in shares) | 581,000 | 849,000 | 7,279,000 | ' | ' | ' | ' | 500,000 | 600,000 | 800,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, grants in period (in shares) | ' | ' | 897,000 | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' |
Options outstanding, exercises in period (in shares) | -76,000 | -267,000 | -1,604,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, forfeitures in period (in shares) | -7,000 | -1,000 | -285,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, exchanged and cancelled in period (in shares) | ' | ' | -5,438,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option outstanding, end of year (in shares) | 498,000 | 581,000 | 849,000 | 7,279,000 | ' | ' | ' | 500,000 | 600,000 | 800,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options, outstanding, beginning of year (USD per share) | $7.86 | $10.11 | $2.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options, grants in period (USD per share) | ' | ' | $11.84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options, exercises in period (USD per share) | $8.01 | $1.54 | $7.46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options, forfeitures in period (USD per share) | $6.58 | $8.54 | $5.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options, cancellations in period (USD per share) | ' | ' | $1.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options, outstanding, end of year (USD per share) | $6.36 | $7.86 | $10.11 | $2.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term, options, outstanding (in years) | '3 months 19 days | '9 months 18 days | '1 year 2 months 12 days | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, outstanding (in shares) | 409,000 | 323,000 | 299,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, weighted average exercise price (USD per share) | $6.50 | $8.46 | $9.94 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, weighted average remaining contractual term (in years) | '22 days | '3 months 18 days | '3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of share options exercised | $2.20 | $6.30 | $14.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of share options outstanding and exercisable | 14.9 | 16.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of share options vested | 3.8 | 4.8 | 6.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost | 0.5 | 1.4 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.20 | $0.60 | ' | ' | ' | ' | ' | ' |
Weighted average period of recognition for unrecognized compensation cost (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 years 3 months 27 days | ' | ' | ' | ' | ' | ' | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME Schedules of Accumulate Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Unrealized net loss on qualifying cash flow hedging instruments | ($1,822) | ($6,832) | ($19,462) | ' |
Unrealized gain on available-for-sale securities | 7,796 | 5,911 | 0 | ' |
Losses associated with pensions, net of tax recoveries of $0.3 million (2011: $0.4 million) | 12,731 | 17,809 | 15,486 | ' |
Losses associated with pensions, net of tax recoveries of $0.2 million (2012: $0.3 million) | 200 | 300 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -6,757 | -18,730 | -34,948 | -33,311 |
Other comprehensive (loss) income before reclassification | 22,760 | 7,229 | -1,637 | ' |
Amount reclassified from accumulated other comprehensive income | -10,787 | 8,989 | ' | ' |
Movement in Other comprehensive Income | 11,973 | 16,218 | -1,637 | ' |
Gain (losses) on available-for-sale securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 7,796 | 5,911 | 0 | 0 |
Other comprehensive (loss) income before reclassification | 12,680 | 5,911 | 0 | ' |
Amount reclassified from accumulated other comprehensive income | -10,795 | 0 | ' | ' |
Movement in Other comprehensive Income | 1,885 | 5,911 | 0 | ' |
Pension and post retirement benefit plan adjustments | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -12,731 | -17,809 | -15,486 | -12,347 |
Other comprehensive (loss) income before reclassification | 5,078 | -2,323 | -3,139 | ' |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | ' | ' |
Movement in Other comprehensive Income | 5,078 | -2,323 | -3,139 | ' |
Gains (losses) on cash flow hedges | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,676 | -6,832 | -19,462 | -20,964 |
Other comprehensive (loss) income before reclassification | 4,148 | 3,641 | 1,502 | ' |
Amount reclassified from accumulated other comprehensive income | 8 | 8,989 | ' | ' |
Movement in Other comprehensive Income | 4,156 | 12,630 | 1,502 | ' |
Share of affiliates comprehensive income | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 854 | 0 | 0 | 0 |
Other comprehensive (loss) income before reclassification | 854 | 0 | 0 | ' |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | ' | ' |
Movement in Other comprehensive Income | $854 | $0 | $0 | ' |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME Reclassification from Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Movement in Other comprehensive Income | $11,973 | $16,218 | ($1,637) |
Other financial items | 38,219 | -13,763 | -29,086 |
Gain on sale of Golar Maria | 65,619 | 0 | 0 |
Gain on loss of control | 0 | 853,996 | 0 |
Income before equity in net earnings (losses) of affiliates, income taxes and non-controlling interests | 116,488 | 1,017,817 | 68,470 |
Gain (losses) on available-for-sale securities | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Movement in Other comprehensive Income | 1,885 | 5,911 | 0 |
Gains (losses) on cash flow hedges | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Movement in Other comprehensive Income | 4,156 | 12,630 | 1,502 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Income before equity in net earnings (losses) of affiliates, income taxes and non-controlling interests | -10,787 | 8,989 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (losses) on available-for-sale securities | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other non-operating income | -10,795 | 0 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (losses) on available-for-sale securities | Golar LNG Partners | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other non-operating income | -10,710 | 0 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (losses) on available-for-sale securities | GasLog [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other non-operating income | -85 | 0 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains (losses) on cash flow hedges | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Income before equity in net earnings (losses) of affiliates, income taxes and non-controlling interests | 8 | 8,989 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains (losses) on cash flow hedges | Currency swap | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other financial items | -718 | 0 | ' |
Gain on loss of control | 0 | 5,064 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains (losses) on cash flow hedges | Interest rate swap | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other financial items | -1,644 | 0 | ' |
Gain on sale of Golar Maria | 2,370 | 0 | ' |
Gain on loss of control | $0 | $3,925 | ' |
FINANCIAL_INSTRUMENTS_Interest
FINANCIAL INSTRUMENTS - Interest Rate Risk Management (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivatives designated as hedging instruments location: | ' | ' | ' |
Unrealized net loss on qualifying cash flow hedging instruments | ($1,822) | ($6,832) | ($19,462) |
Interest rate swap | Cash flow hedging | ' | ' | ' |
Mark-to-market swaps valuation: | ' | ' | ' |
Notional value | 128,000 | 180,100 | ' |
Designated as Hedging Instrument | Interest rate swap | Swap | Cash flow hedging | ' | ' | ' |
Mark-to-market swaps valuation: | ' | ' | ' |
Notional value | 128,021 | 180,100 | ' |
Derivatives designated as hedging instruments location: | ' | ' | ' |
Amount of gain/(loss) recognized in OCI on derivative (effective portion) | 4,147 | 1,547 | 1,024 |
Unrealized net loss on qualifying cash flow hedging instruments | -2,700 | ' | ' |
Description of variable rate basis | 'LIBOR | ' | ' |
Designated as Hedging Instrument | Interest rate swap | Swap | Cash flow hedging | Other financial Items, net | ' | ' | ' |
Derivatives designated as hedging instruments location: | ' | ' | ' |
Effective portion Gain/(loss) reclassified from Accumulated Other Comprehensive Loss | -1,644 | 0 | 0 |
Ineffective Portion | 542 | -535 | -632 |
Designated as Hedging Instrument | Interest rate swap | Swap | Cash flow hedging | Gain on sale of Golar Maria [Member] | ' | ' | ' |
Derivatives designated as hedging instruments location: | ' | ' | ' |
Effective portion Gain/(loss) reclassified from Accumulated Other Comprehensive Loss | 2,370 | 0 | 0 |
Ineffective Portion | 0 | 0 | 0 |
Designated as Hedging Instrument | Interest rate swap | Swap | Cash flow hedging | Minimum [Member] | ' | ' | ' |
Mark-to-market swaps valuation: | ' | ' | ' |
Fixed interest rate | 3.57% | 3.57% | ' |
Designated as Hedging Instrument | Interest rate swap | Swap | Cash flow hedging | Maximum [Member] | ' | ' | ' |
Mark-to-market swaps valuation: | ' | ' | ' |
Fixed interest rate | 4.52% | 4.52% | ' |
Designated as Hedging Instrument | Accumulated Other Comprehensive Income (Loss) [Member] | Swap | Cash flow hedging | ' | ' | ' |
Derivatives designated as hedging instruments location: | ' | ' | ' |
Unrealized net loss on qualifying cash flow hedging instruments | $900 | $0 | $0 |
FINANCIAL_INSTRUMENTS_Fair_Val
FINANCIAL INSTRUMENTS - Fair Values (Details) (USD $) | 12 Months Ended | 12 Months Ended | 54 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |||||||||||||||||||||
Level 1 | Level 1 | Level 1 | Level 1 | Level 3 | Level 3 | Level 3 | Level 3 | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Currency swap | Currency swap | Currency swap | Currency swap | Currency swap | Currency swap | FSRU conversion parts | FSRU conversion parts | FSRU conversion parts | FSRU conversion parts | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument | Designated as Hedging Instrument | FSRU conversion parts | |||||||||||||||||||||||||
Reported Value Measurement [Member] | Reported Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Reported Value Measurement [Member] | Reported Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Level 2 | Level 2 | Level 2 | Level 2 | Cash flow hedging | Cash flow hedging | Level 2 | Level 2 | Level 2 | Level 2 | Interest rate swap | Interest rate swap | Currency swap | Currency swap | Interest rate swap | Interest rate swap | ||||||||||||||||||||||||||||||||
Reported Value Measurement [Member] | Reported Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Reported Value Measurement [Member] | Reported Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Cash and cash equivalents, carrying value | $125,347,000 | $424,714,000 | $66,913,000 | $164,717,000 | $125,347,000 | $424,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Cash and cash equivalents, fair value | ' | ' | ' | ' | ' | ' | 125,347,000 | 424,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Restricted cash and short-term investments | ' | ' | ' | ' | 26,543,000 | 1,551,000 | 26,543,000 | 1,551,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Investment in available-for-sale securities | 267,352,000 | 353,034,000 | ' | ' | 267,352,000 | 353,034,000 | 267,352,000 | 353,034,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Cost method investments | ' | ' | ' | ' | ' | ' | ' | ' | 204,172,000 | 198,524,000 | 218,647,000 | 200,747,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Amounts due from Golar Partners | ' | ' | ' | ' | 0 | 34,953,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Amounts due from Golar Partners, fair value | ' | ' | ' | ' | ' | ' | 0 | 36,109,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Long-term debt - fixed, carrying value | ' | ' | ' | ' | 233,020,000 | [1] | 228,331,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Long-term debt - fixed, fair value | ' | ' | ' | ' | ' | ' | 254,063,000 | [1] | 251,250,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Long-term debt - floating | ' | ' | ' | ' | 434,008,000 | [1] | 276,575,000 | [1] | 434,008,000 | [1] | 276,575,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Due to Related Parties, Noncurrent | 50,000,000 | 0 | ' | ' | 50,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Long-term Debt and Due to Related Parties, fair value | ' | ' | ' | ' | ' | ' | 50,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Interest Rate Cash Flow Hedge Asset, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,827,000 | [2],[3] | 0 | [2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,827,000 | [2],[3] | 0 | [2],[3] | ' | ' | ' | ' | ' | ||||||||||||||||
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,827,000 | [2],[3] | 0 | [2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Interest rate cash flow hedge liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,401,000 | [2],[3] | 26,472,000 | [2],[3] | 11,401,000 | [2],[3] | 26,472,000 | [2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,329,000 | [2],[3] | 13,522,000 | [2],[3] | ' | ' | 6,072,000 | [2],[3] | 12,950,000 | [2],[3] | ' | ||||||||||||
Foreign currency derivative liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 729,000 | [3] | 94,000 | [3] | 729,000 | [3] | 94,000 | [3] | ' | ' | ' | ' | ' | ' | 729,000 | [3] | 94,000 | [3] | ' | ' | ' | ||||||||||||||
Fair value/carrying value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | 12,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Notional value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128,000,000 | 180,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Impairment of long-term assets | 500,000 | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 | 500,000 | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Other long-term assets | 7,000,000 | 6,238,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | 3,000,000 | ||||||||||||||||||||
Derivative Asset, Fair Value, Gross Asset | 46,827,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Derivative Liability, Fair Value, Gross Asset | -4,327,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 42,500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | 12,130,000 | 26,566,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 7,803,000 | 26,566,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Derivative Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,130,000 | [3] | $26,566,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
[1] | Our debt obligations are recorded at amortized cost in the consolidated balance sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Derivative liabilities are captured within other current liabilities and derivative assets are captured within long-term assets on the balance sheet. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The fair value/carrying value of interest rate swap agreements that qualify and are designated as a cash flow hedge as at December 31, 2013 and 2012, was $5.3 million (with a notional value of $128.0 million) and $12.9 million (with a notional value of $180.1 million), respectively. The expected maturity of these interest rate agreements is from January 2015 to April 2015. |
FINANCIAL_INSTRUMENTS_Concentr
FINANCIAL INSTRUMENTS - Concentrations of Risk (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Supplier Concentration Risk [Member] | ' | ' |
Concentration of risks: | ' | ' |
Number of newbuildings | 11 | ' |
Supplier Concentration Risk [Member] | Samsung | ' | ' |
Concentration of risks: | ' | ' |
Number of newbuildings | 9 | ' |
Supplier Concentration Risk [Member] | Hyundai | ' | ' |
Concentration of risks: | ' | ' |
Number of newbuildings | 2 | ' |
Golar LNG Partners | ' | ' |
Concentration of risks: | ' | ' |
Investments, ownership percentage | 41.40% | 0.00% |
Aggregate ownership interest | $809 | ' |
Golar LNG Partners | Vessels and equipment | ' | ' |
Concentration of risks: | ' | ' |
Vessels operated by affiliate | 8 | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) | 12 Months Ended | 1 Months Ended | 8 Months Ended | 12 Months Ended | 25 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Apr. 30, 2006 | Dec. 31, 2013 | Dec. 31, 2013 | 1-May-13 | Dec. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Jan. 31, 2012 | Jan. 18, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 30, 2011 | Jan. 30, 2011 | Apr. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2011 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 13, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 28, 2014 | |||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Bluewater Gandria | Bluewater Gandria | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Faraway Maritime Shipping Company | Faraway Maritime Shipping Company | Faraway Maritime Shipping Company | Faraway Maritime Shipping Company | Faraway Maritime Shipping Company | World Shipholding | World Shipholding | World Shipholding | World Shipholding | World Shipholding | World Shipholding, loan | World Shipholding, loan | Frontline | Frontline | Frontline | Seatankers | Seatankers | Seatankers | Ship Finance | Ship Finance | Ship Finance | Seadrill [Domain] | Seadrill [Domain] | Bluewater Gandria | Bluewater Gandria | Bluewater Gandria | Golar Wilhelmsen | Golar Wilhelmsen | Golar Wilhelmsen | Subsequent event | |||||||||||||||||||||||||||||||||||||||||||
Senior Unsecured Bonds | World Shipholding facility | World Shipholding facility | World Shipholding facility | World Shipholding facility | World Shipholding facility | World Shipholding facility | World Shipholding facility | World Shipholding facility | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Golar Energy [Member] | Unsecured debt | Unsecured debt | Tax lease indemnification [Member] | Tax lease indemnification [Member] | Debt and capital lease obligations | Golar Freeze | Golar Freeze | NR Satu | Management and administrative services fees | Management and administrative services fees | Management and administrative services fees | Ship management fees | Ship management fees | Ship management fees | Interest income on vendor financing loan | Interest income on vendor financing loan | Interest income on vendor financing loan | Interest income on vendor financing loan | Interest income on vendor financing loan | Interest income on vendor financing loan | Interest income on high-yield bonds | Interest income on high-yield bonds | Interest income on high-yield bonds | Interest income on Golar Energy loan | Interest income on Golar Energy loan | Interest income on Golar Energy loan | Trading balances due to Golar and affiliates | Trading balances due to Golar and affiliates | Methane Princess lease security deposit movements [Member] | Methane Princess lease security deposit movements [Member] | Revolving credit facility | Revolving credit facility | USD ($) | USD ($) | USD ($) | Golar LNG Partners | CPC Corporation, Taiwan | USD ($) | USD ($) | USD ($) | Unsecured debt | Unsecured debt | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Golar LNG Partners | ||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior Unsecured Bonds | Senior Unsecured Bonds | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Golar Freeze | Golar Freeze | Golar Freeze | NR Satu | NR Satu | NR Satu | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | World Shipholding facility | World Shipholding facility | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | NOK | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Revenue from related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,569,000 | [1] | $2,876,000 | [1],[2] | $1,576,000 | [1] | $6,701,000 | [3] | $4,222,000 | [2],[3] | $4,146,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Interest income from related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | 11,921,000 | [4] | 3,085,000 | [4] | 0 | [5] | 4,737,000 | [2],[5] | 0 | [5] | 1,972,000 | [2],[6] | 575,000 | [2],[6] | 0 | [2],[6] | 0 | [7] | 829,000 | [7] | 0 | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Net (expenses) income (due to) from related parties | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,242,000 | 25,160,000 | 8,807,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -976,000 | [8] | -2,961,000 | [8] | -2,302,000 | [8] | ' | ' | ' | ' | 49,000 | [9] | -325,000 | [9] | -972,000 | [9] | -45,000 | [9] | 31,000 | [9] | -64,000 | [9] | 207,000 | [9] | 4,000 | [9] | 190,000 | [9] | ' | ' | 0 | [10] | 0 | [10] | 125,000 | [10] | -4,899,000 | [11] | -3,169,000 | [11] | -2,816,000 | [11] | ' | ||||||||||||||||||||||||
Receivables (payables) from related parties | -50,041,000 | -153,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,732,000 | 36,984,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [6] | 34,953,000 | [6] | ' | ' | ' | ' | 5,989,000 | [12] | 2,031,000 | [12] | -4,257,000 | [13] | 0 | [13] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,000,000 | [8] | 0 | [8] | -60,000 | -143,000 | ' | 91,000 | -12,000 | ' | 2,000 | 2,000 | ' | -74,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Related party transaction, rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | 6.75% | ' | ' | ' | ' | ' | 6.75% | ' | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Duration of notice required for contract termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,300,000 | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Final payment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Amount drawn down | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | 155,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Amount available for draw down | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Duration requirement for final payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | ' | ' | ' | -35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -227,000,000 | -1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Payments of dividends | 0 | 32,082,000 | 12,532,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 30,282,000 | 10,132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,800,000 | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Investments percentage ownership in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Ownership interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Percentage ownership in subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41.40% | 65.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from dividends received | 64,198,000 | 125,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,700,000 | 47,300,000 | 19,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Subsidiary or Equity Method Investee, Drop-Down Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 310,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Indemnification under the Omnibus Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Guarantees issued to Golar Partners | 22,369,000 | 23,265,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,500,000 | 11,500,000 | 533,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Environmental Indemnification, deductible amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Environmental indemnification, aggregate cap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Minimum charter term for rights of first offer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Percentage of voting interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Purchase consideration - cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,500,000 | 19,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Ownership percentage, equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 | 250,000,000 | 145,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Basis spread on variable rate | ' | ' | ' | ' | ' | 3.00% | 3.00% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt and Due to Related Parties | 717,028,000 | 504,906,000 | ' | ' | ' | 50,000,000 | 50,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Description of variable rate basis | 'LIBOR | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Commitment fee percentage | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Loan interest and commitment fees expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $800,000 | $1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | 30-Sep-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Apr-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
[1] | Management and administrative services agreement - On MarchB 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management, a wholly-owned subsidiary of ours, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Managementbs costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The net effect to our consolidated statement of operations for the year ended December 31, 2012 was an aggregate income of $1.5 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Ship management fees - Golar and certain of its affiliates charged ship management fees to Golar Partners for the provision of technical and commercial management of the vessels. Each of Golar Partnersb vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by certain affiliates of Golar, including Golar Management and Golar Wilhelmsen AS ("Golar Wilhelmsen"), a partnership that is jointly controlled by Golar and by Wilhelmsen Ship Management (Norway) AS. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Vendor financing loan - Golar Freeze - In OctoberB 2011, in connection with the sale of the Golar Freeze, we entered into a financing loan agreement with Golar Partners for an amount of $222.3 million. The facility was unsecured and bore interest at a fixed rate of 6.75% per annum payable quarterly. The loan was non-amortizing with a final balloon payment of $222.3 million due in OctoberB 2014. The loan was repaid in October 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Vendor financing loan - NR Satu - In JulyB 2012, in connection with the sale of the NR Satu, we entered into a financing loan agreement with Golar Partners for an amount of $175.0 million. Of this amount, $155.0 million was drawn down in July 2012. A further $20.0 million was available for drawdown until July 2015. The facility was unsecured and bore interest at a fixed rate of 6.75% per annum payable quarterly. The loan was non-amortizing with a final balloon payment for the amount drawn down due within three years from the date of draw down. The loan was repaid in December 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | High-yield bonds - In October 2012, Golar Partners completed the issuance of NOK1,300.0 million in senior unsecured bonds that mature in October 2017. The aggregate principal amount of the bonds is equivalent to approximately $227.0 million. Of this amount, approximately $35.0 million, was issued to us. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Golar Energy loan - In January 2012, Golar LNG (Singapore) Pte. Ltd. ("Golar Singapore"), the subsidiary which holds the investment in PTGI, drew down $25.0 million on its loan agreement entered into in December 2011 with Golar Energy. The loan was unsecured, repayable on demand and bore interest at the rate of 6.75% per annum payable on a quarterly basis. In connection with the acquisition of the subsidiaries that own and operate the NR Satu, all amounts payable to Golar Energy by the subsidiaries acquired by Golar Partners, including Golar Singapore, were extinguished. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | World Shipholding revolving credit facility - In April 2011, we entered into an $80.0 million revolving credit facility with a company related to our major shareholder, World Shipholding. In January, February and May of 2012, the revolving credit facility was amended to $145.0 million, $250.0 million and $120.0 million, respectively, without any further changes to the original terms of the facility. In July 2012, the facility was repaid in full with the proceeds received from the sale of the companies that own and operate the NR Satu to Golar Partners. In May 2013, the margin on the facility was amended from 3.5% to 3.0%. As of December 31, 2013, we had $50.0 million of borrowings under this facility. The facility is unsecured and bears interest at LIBOR plus 3.0% together with a commitment fee of 0.75% on any undrawn portion of the credit facility. For each of the years ended DecemberB 31, 2013, 2012 and 2011, included within net expenses due to World Shipholding, include loan interest and commitment fees of $1.0 million, $0.8 million, and $1.9 million respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Net expense/income from Frontline, Seatankers and Ship Finance comprise fees for management support, corporate and insurance administrative services, net of income from supplier rebates and income from the provision of serviced offices and facilities. Receivables and payables with related parties comprise primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Bluewater Gandria - In January 2012, we acquired the remaining 50% in our joint venture, Bluewater Gandria, which owns the vessel, the Gandria, for a total consideration of $19.5 million. As a result of this transaction, Bluewater Gandria is now our wholly-owned subsidiary. Refer to note 7 for further details of the acquisition. The charges to Bluewater for the year ended December 31, 2011 related to agency fees. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | As of DecemberB 31, 2013, we held a 60% ownership interest in Golar Wilhelmsen, which we account for using the equity method (see note 14). Golar Wilhelmsen recharges management fees in relation to provision of technical and ship management services. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | Trading balances - Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Trading balances due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. They primarily relate to recharges for trading expenses paid on behalf of Golar Partners, including ship management and administrative service fees due to us. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | Methane Princess Lease security deposit movements - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to the Methane Princess Lease. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement (see below). Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess Lease. |
CAPITAL_COMMITMENTS_Details
CAPITAL COMMITMENTS (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | |
LNG carrier | LNG carrier | FSRU | Newbuildings | Newbuildings | ||
Capital commitments: | ' | ' | ' | ' | ' | ' |
Number of vessels contracted for construction during fiscal year | ' | ' | 10 | 3 | ' | ' |
Number of Vessels Delivered | ' | 2 | ' | ' | ' | ' |
Number of vessels contracted for construction, undelivered at period end | 11 | ' | ' | ' | ' | ' |
Long-term purchase commitment amount | $2,400,000,000 | ' | ' | ' | $2,700,000,000 | ' |
Long-term purchase commitment, amount outstanding | ' | ' | ' | ' | ' | 1,600,000,000 |
Purchase obligation, fiscal year maturity: | ' | ' | ' | ' | ' | ' |
Payable within 12 months to December 31, 2013 | ' | ' | ' | ' | ' | 1,495,385,000 |
Payable within 12 months to December 31, 2014 | ' | ' | ' | ' | ' | 152,220,000 |
Total payable | ' | ' | ' | ' | ' | $1,647,605,000 |
OTHER_COMMITMENTS_AND_CONTINGE2
OTHER COMMITMENTS AND CONTINGENCIES (Details) | 12 Months Ended | 107 Months Ended | 12 Months Ended | ||
Dec. 31, 2003 | Dec. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
GBP (£) | tax_lease | USD ($) | USD ($) | Golar LNG Partners | |
tax_lease | tax_lease | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' |
Book value of vessels secured against long-term loans and capital leases | ' | ' | $700,726,000 | $432,867,000 | ' |
Tax lease benefits: | ' | ' | ' | ' | ' |
Number of tax leases | 6 | ' | ' | ' | ' |
Gross amount received from tax lease benefit (in GBP) | 41,000,000 | ' | ' | ' | ' |
Number of tax leases terminated | ' | 5 | ' | ' | ' |
Number of tax leases remaining | ' | ' | ' | ' | 1 |
Other commitment to pay third party | ' | ' | $1,000,000 | ' | ' |
OTHER_COMMITMENTS_AND_CONTINGE3
OTHER COMMITMENTS AND CONTINGENCIES - Legal Proceedings and Claims (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | 1-May-13 | Dec. 31, 2013 | Jan. 31, 2011 | Feb. 15, 2013 | Feb. 15, 2013 |
DCLAP claim [Member] | DCLAP claim [Member] | Potential litigation | Damages from early charter termination | Damages from early charter termination | Maximum [Member] | |
NR Satu related claim | Golar Viking related claim | Pending litigation | Damages from early charter termination | |||
Golar Viking related claim | Pending litigation | |||||
Golar Viking related claim | ||||||
Legal proceedings and claims: | ' | ' | ' | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Minimum | ' | ' | $2 | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Maximum | ' | ' | 4.8 | ' | ' | ' |
Estimate of possible loss | ' | ' | ' | ' | 20.9 | 20.9 |
Duration of charter | ' | ' | ' | '15 months | ' | ' |
Loans Receivable, Net | 9.1 | 12 | ' | ' | ' | ' |
Proceeds from Collection of Loans Receivable | $2.50 | ' | ' | ' | ' | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | Feb. 28, 2013 | Feb. 28, 2014 | Feb. 01, 2014 | Mar. 28, 2014 | Feb. 28, 2014 | Mar. 28, 2014 | Mar. 28, 2014 |
In Millions, except Per Share data, unless otherwise specified | Subsequent event | Subsequent event | Golar LNG Partners | Golar LNG Partners | Golar LNG Partners | Interest rate swap | |
Subsequent event | Subsequent event | Subsequent event | Golar LNG Partners | ||||
Vessels and equipment | Subsequent event | ||||||
Subsequent events: | ' | ' | ' | ' | ' | ' | ' |
Cash distribution per share (USD per share) | $0.45 | ' | ' | ' | $0.52 | ' | ' |
Dividend Income, Operating | ' | $14.70 | ' | ' | ' | ' | ' |
Level of purchase price financed through sale and leaseback | ' | ' | 90.00% | ' | ' | ' | ' |
Subsidiary or Equity Method Investee, Drop-Down Amount | ' | ' | ' | 310 | ' | 310 | ' |
Debt assumed by equity method investee | ' | ' | ' | 161.3 | ' | ' | ' |
Subsidiary or Equity Method Investee, Derivative Asset Sold | ' | ' | ' | ' | ' | ' | $3.30 |