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SHORT-TERM AND LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Long-Term Debt, by Current and Noncurrent [Abstract]  
Schedule of long-term debt
(in thousands of $)20242023
Long-term debt:  
NOK700 million senior unsecured floating rate bonds due 2024
— 68,426 
NOK600 million senior unsecured floating rate bonds due 2025
— 58,089 
7.25% senior unsecured sustainability-linked bonds due 2026
150,000 150,000 
U.S. dollar denominated fixed rate debt due 2026147,375 148,875 
8.875% senior unsecured sustainability-linked bonds due 2027
150,000 150,000 
8.25% senior unsecured sustainability-linked bonds due 2028
145,200 — 
NOK750 million senior unsecured floating rate bonds due 2029
63,592 — 
Lease debt financing due through 2033702,164 573,456 
U.S. dollar denominated floating rate debt due through 20301,503,909 1,014,842 
Total debt principal2,862,240 2,163,688 
Less: unamortized debt issuance costs
(22,778)(16,942)
Less: current portion of long-term debt
(689,045)(432,918)
Total long-term debt2,150,417 1,713,828 
Schedule of maturities of debt
The outstanding debt as of December 31, 2024, is repayable as follows:
Year ending December 31, 2024
(in thousands of $)
2025689,045 
2026507,697 
2027463,639 
2028316,264 
2029599,537 
Thereafter286,058 
Total debt principal2,862,240 
Schedule of interest rate information
Interest rate information
December 31, 2024December 31, 2023
Weighted average interest rate on floating rate debt*5.96 %6.49 %
Weighted average interest rate on lease debt financing5.06 %5.41 %
Weighted average interest rate on fixed rate debt8.40 %8.46 %
U.S. Dollar London Interbank Offered Rate ("LIBOR"), 3-Month, closing rate**— %5.59 %
Secured Overnight Financing Rate ("SOFR"), closing rate4.49 %5.38 %
Effective Federal Funds Rate ("EFFR"), closing rate4.33 %5.33 %
Norwegian Interbank Offered Rate ("NIBOR")4.68 %4.73 %

*The weighted average interest rate is for floating rate debt denominated in U.S. dollars and Norwegian kroner (“NOK”) which takes into consideration the effect of related interest rate and cross currency swaps.
** LIBOR using panel bank contributions are no longer published after June 30, 2023. Since July 1, 2023, these settings were published under an unrepresentative synthetic methodology and ceased on September 30, 2024.
Floating rate debt new facilities and redemptions
The following table presents information on U.S. dollar floating rate debt facilities outstanding as of December 31, 2024 and December 31, 2023. The facilities bear interest at SOFR plus a margin, except the $60.0 million loan facility, which bears interest at EFFR plus a margin.

U.S. dollar floating rate debtCorporate guaranteeDraw-down dateNo. of subsidiaries †Approx. term Balance outstanding as of ($'millions),
December 31, 2024December 31, 2023
45 million secured term loan and revolving credit facility*
Full201471127.5 32.5 
20 million secured term loan facility*
Full2014210— 12.0 
76 million secured term loan facility*
Part201727— 43.5 
175 million term loan facility*
Part202045— 108.7 
50 million senior secured credit facility*
Full202014— 35.0 
51 million term loan facility*
Part202114— 39.0 
51 million term loan facility*
Part202114— 40.1 
35 million term loan facility*
Part20211728.8 30.9 
107.3 million term loan facility*
Part20213589.4 95.7 
100 million term loan facility*
Part20224572.3 82.3 
23 million term loan facility*
Full20222312.7 17.3 
115 million term loan facility*
Part20228370.0 90.0 
144.6 million term loan facility*
Full202343126.7 136.9 
23.3 million term loan facility**
Full202311— 13.9 
23.3 million term loan facility**
Full202311— 18.6 
150 million senior secured term loan facility**
Full202313134.0 150.0 
8.4 million senior unsecured term loan facility***
—2023N/A38.4 8.4 
60 million loan facility****
Part20241N/A15.0 60.0 
79.8 million term loan facility*
Part20242578.7 — 
163.8 million term loan facility*
Part202435162.4 — 
150 million term loan facility*
Part202436145.2 — 
226 million term loan facility**
Full202475218.1 — 
235 million term loan facility*
Full202445233.1 — 
81.6 million term loan facility*
Full20242181.6 — 
Total1,503.9 1,014.8 
† Number of wholly-owned subsidiaries which entered into the facility.
*These facilities are secured against the vessels owned by the subsidiaries that entered into the facility agreements. In addition, the facilities contain a minimum value covenant and covenants that require the Company to maintain certain minimum levels of free cash, working capital and adjusted book equity ratios.
** These facilities are secured against the pre-delivery contracts, vessels or rigs owned by the subsidiaries that entered into the facility agreements. In addition, the facilities contain covenants that require the Company to maintain certain minimum levels of free cash, working capital and adjusted book equity ratios.
***This facility was drawn down by the Company and contains covenants that requires the Company to maintain certain minimum levels of free cash, working capital and adjusted book equity ratios.
****In December 2021, one of our wholly-owned subsidiaries entered into a general share lending agreement and as of December 31, 2024, 11.8 million of the Company’s shares were on loan and in the custody of the borrowing bank. This facility provides up to $60.0 million cash collateral to us, callable at any time, pertinent to the shares lent. The facility is repayable on demand, by either party to the agreement.
Schedule of Lease Debt Financing Facilities Outstanding The following table presents information on lease debt financing facilities outstanding as of December 31, 2024 and December 31, 2023.
Lease Debt FinancingPrice of vessel sold and leased back
($' millions)		Lease start dateApprox. length of lease in yearsFirst repurchase optionBalance outstanding as of ($'millions),
December 31, 2024December 31, 2023
$65 million lease debt financing
65.020216202643.8 49.4 
$65 million lease debt financing
65.020216202644.1 49.5 
$23.5 million lease debt financing
23.520223202511.8 16.3 
$25.3 million lease debt financing
25.320223202513.4 18.0 
$120 million lease debt financing
120.020228202997.9 108.4 
$120 million lease debt financing
120.020228202999.4 109.7 
$45 million lease debt financing
45.020235202836.7 41.7 
$38.5 million lease debt financing
38.520239202834.7 37.3 
$72.2 million lease debt financing
72.2202312203367.7 71.2 
$72.2 million lease debt financing
72.2202312203368.5 72.0 
$77.5 million lease debt financing
77.5202412203373.9 — 
$77.5 million lease debt financing
77.5202412203374.7 — 
$37 million lease debt financing
37.020248202835.6 — 
Total702.2 573.5