In certain situations, the Company may enter into financial instruments to reduce the risk associated with fluctuations in interest rates, exchange rates and commodity prices. The Company has a portfolio of swaps which swap floating rate interest to fixed rate, which fix the Norwegian kroner to U.S. dollar exchange rate applicable to the interest payable and principal repayment on the NOK bonds and which swap floating commodity prices to fixed prices. From a financial perspective these swaps hedge interest rate, exchange rate and fuel price exposure. As of December 31, 2024, the counterparties to such contracts are DNB Bank ASA, Nordea Bank Finland Plc., Skandinaviska Enskilda Banken AB (publ), Danske Bank A/S, ING Bank N.V and Sumitomo Mitsui Banking Corporation. Credit risk exists to the extent that the counterparties are unable to perform under the contracts, but this risk is considered not to be substantial as the counterparties are all banks which have provided the Company with loans.


(in thousands of $)	2024	2023
Designated derivative instruments -short-term assets:
Interest rate swaps	—	4,333
Non-designated derivative instruments -short-term assets:
Interest rate swaps	121	284

Total derivative instruments -short-term assets	121	4,617
Designated derivative instruments -long-term assets:
Interest rate swaps	1,631	2,357


Cross currency interest rate swaps	2,212	—
Non-designated derivative instruments -long-term assets:
Interest rate swaps	11,515	11,251
Cross currency interest rate swaps	165	—
Total derivative instruments - long-term assets	15,523	13,608


(in thousands of $)	2024	2023
Designated derivative instruments -short-term liabilities:

Cross currency swaps	—	11,845
Non-designated derivative instruments -short-term liabilities:


Cross currency swaps	14,884	85
Commodity swaps	—	436
Total derivative instruments - short-term liabilities	14,884	12,366
Designated derivative instruments -long-term liabilities:
Interest rate swaps	103	—
Cross currency swaps	—	8,965




Total derivative instruments - long-term liabilities	103	8,965

The Company manages its debt portfolio with interest rate and currency swap agreements denominated in U.S. dollars and Norwegian kroner to achieve an overall desired position of fixed and floating interest rates. As of December 31, 2024, the Company and its consolidated subsidiaries had entered into interest rate and currency swap transactions, to achieve fixed interest rates.

Due to the discontinuance of LIBOR after June 30, 2023, and notwithstanding the automatic conversion mechanisms to alternative rates, the Company has entered into amendment agreements to existing swap agreements for the transition from LIBOR to SOFR. The Company elected to apply the optional expedient pursuant to ASC 848 for contracts which are designated as cash flow hedges within the scope of ASC 815. This meant that the Company was not required to de-designate hedging relationships as a result of changes to loan and swap agreements which related solely to the replacement of LIBOR as a benchmark rate to SOFR.


Notional Principal (in thousands of $)	Trade date	Maturity date	Fixed interest rate
$100,000 (remaining at $100,000)	August 2019	August 2029	1.2% - 1.3%
$46,053 (remaining at $46,053)	April 2020	January 2025	0.2%
$81,600 (remaining at $81,600)	November 2024	November 2029	3.9%
$78,735 (reducing to $59,557)	November 2024	August 2029	3.9%
$113,739 (reducing to $42,285)	December 2024	December 2029	3.7% - 3.8%
$59,604 (reducing to $13,564)	December 2024	January 2030	4.1%

Apart from the NOK750 million senior unsecured bonds due 2029, the majority of the Company's transactions, assets and liabilities are denominated in U.S. dollars, the functional currency of the Company. Other than the corresponding currency swap transactions summarized above, the Company has not entered into forward contracts for either transaction or translation risk. Accordingly, there is a risk that currency fluctuations could have an adverse effect on the Company's cash flows, financial condition and results of operations.


	2024	2024	2023	2023
(in thousands of $)	Carrying value	Fair value	Carrying value	Fair value
Non-derivatives:
Equity Securities	3,736	3,736	5,104	5,104
NOK700 million senior unsecured floating rate bonds due 2024	—	—	68,426	68,919
NOK600 million senior unsecured floating rate bonds due 2025	—	—	58,089	59,181
7.25% senior unsecured sustainability linked bonds due 2026	150,000	150,975	150,000	146,310
8.875% senior unsecured sustainability linked bonds due 2027	150,000	154,737	150,000	152,820
8.25% senior unsecured sustainability linked bonds due 2028	145,200	149,874	—	—
NOK750 million senior unsecured floating rate bonds due 2029	63,592	63,778	—	—
Derivatives:
Interest rate/ currency/ commodity swap contracts – short-term receivables	121	121	4,617	4,617
Interest rate/ currency/ commodity swap contracts – long-term receivables	15,523	15,523	13,608	13,608
Interest rate/ currency/ commodity swap contracts – short-term payables	14,884	14,884	12,366	12,366
Interest rate/ currency swap/ commodity contracts – long-term payables	103	103	8,965	8,965

The above short-term receivables relating to interest rate/ currency/ commodity swap contracts as of December 31, 2024, include $0.1 million which relates to non-designated swap contracts (December 31, 2023: $0.3 million), with the balance relating to designated hedges. The above long-term receivables relating to interest rate/ currency/ commodity swap contracts as of December 31, 2024, include $11.7 million which relates to non-designated swap contracts (December 31, 2023: $11.3 million), with the balance relating to designated hedges. The above short-term payables relating to interest rate/ currency/ commodity swap contracts as of December 31, 2024, include $14.9 million which relates to non-designated swap contracts (December 31, 2023: $0.5 million), with the balance relating to designated hedges. The above long-term payables relating to interest rate/ currency/ commodity swap contracts as of December 31, 2024, include $0.0 million which relates to non-designated swap contracts (December 31, 2023: $0.0 million), with the balance relating to designated hedges.


		Fair value measurements using
	December 31, 2024	Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs	Significant Unobservable Inputs
(in thousands of $)		(Level 1)	(Level 2)	(Level 3)
Assets:
Equity securities	3,736	3,736
Interest rate/ currency/ commodity swap contracts – short-term receivables	121		121
Interest rate/ currency/ commodity swap contracts - long-term receivables	15,523		15,523
Total assets	19,380	3,736	15,644	—
Liabilities:
7.25% senior unsecured sustainability linked bonds due 2026	150,975	150,975
8.875% senior unsecured sustainability linked bonds due 2027	154,737	154,737
8.25% senior unsecured sustainability linked bonds due 2028	149,874	149,874
NOK750 million senior unsecured floating rate bonds due 2029	63,778	63,778
Interest rate/ currency/ commodity swap contracts – short-term payables	14,884		14,884
Interest rate/ currency/ commodity swap contracts – long-term payables	103		103
Total liabilities	534,351	519,364	14,987	—


		Fair value measurements using
	December 31, 2023	Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs	Significant Unobservable Inputs
(in thousands of $)		(Level 1)	(Level 2)	(Level 3)
Assets:
Equity securities	5,104	5,104
Interest rate/ currency/ commodity swap contracts – short-term receivables	4,617		4,617
Interest rate/ currency/ commodity swap contracts – long-term receivables	13,608		13,608
Total assets	23,329	5,104	18,225	—
Liabilities:
NOK700 million senior unsecured floating rate bonds due 2024	68,919	68,919
NOK600 million senior unsecured floating rate bonds due 2025	59,181	59,181
7.25% senior unsecured sustainability linked bonds due 2026	146,310	146,310
8.875% senior unsecured sustainability linked bonds due 2027	152,820	152,820
Interest rate/ currency/ commodity swap contracts – short-term payables	12,366		12,366
Interest rate/ currency/ commodity swap contracts – long-term payables	8,965		8,965
Total liabilities	448,561	427,230	21,331	—

ASC Topic 820 "Fair Value Measurement and Disclosures" ("ASC 820") emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy).

Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in level one that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability, other than quoted prices, such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the assets or liabilities, which typically are based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

As of December 31, 2024, the estimated fair values for the 7.25% senior unsecured sustainability linked bonds due 2026, the 8.875% senior unsecured sustainability linked bonds due 2027, the 8.25% senior unsecured sustainability linked bonds due 2028 and the senior unsecured floating rate NOK bond due 2029 are based on the quoted market prices as of the balance sheet date.

There is a concentration of credit risk with respect to cash and cash equivalents to the extent that amounts are carried with DNB Bank ASA, Nordea Bank Finland Plc., Skandinaviska Enskilda Banken AB (publ), Danske Bank A/S, ING Bank N.V, and Sumitomo Mitsui Banking Corporation. However, the Company believes this risk is remote, as these financial institutions are established and reputable establishments with no prior history of default. The Company does not require collateral or other securities to support financial instruments that are subject to credit risk however certain of the Company’s counterparties require the Company to periodically post collateral when the fair value of the financial instruments exceeds or is below specified thresholds. As of December 31, 2024 and 2023, the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $5.0 million and $7.1 million, respectively. As of December 31, 2024, the balance is recorded within Other Current Assets (Refer to Note 12: Trade Accounts Receivable and Other Current Assets) and was previously included within Other Long Term Assets (Refer to Note 16: Other Long Term Assets). The Company also sometimes enter into master netting and offset agreements with such counterparties. As of December 31, 2024, the Company has International Swaps and Derivatives Association (“ISDA”) agreements with its swap counterparties which contain netting provisions.


Charterer	Number of Vessels /rigs chartered as of December 31, 2024	% of consolidated operating revenues (Year ended December 31, 2024)		Number of Vessels /rigs chartered as of December 31, 2023	% of consolidated operating revenues (Year ended December 31, 2023)
Maersk A/S (“Maersk”)	14	23	%	16	28	%



ConocoPhillips Skandinavia AS ("ConocoPhillips")	1	7	%	1	10	%

As discussed in Note 25: Related Party Transactions, the Company, as of December 31, 2024, had one outstanding receivable loan balance granted by the Company to River Box totaling $45.0 million (December 31, 2023: $45.0 million). The loan granted by the Company is considered not impaired as of December 31, 2024 due to the fair value of the vessels owned by River Box exceeding the book values as of December 31, 2024.