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RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2013
Related Party Transactions [Abstract]  
Schedule of leasing transactions with Ship Finance
A summary of leasing transactions with Ship Finance during the years ended December 31, 2013, 2012 and 2011 is as follows:
(in thousands of $)
2013

 
2012

 
2011

Charter hire paid (principal and interest): continuing operations
150,891

 
161,840

 
204,634

Charter hire paid (principal and interest): discontinued operations
434

 
14,492

 
44,188

Lease termination fees (expense) income: continuing operations
(5,204
)
 
22,766

 
5,345

Lease termination fees (expense) income: discontinued operations
—

 
(24,543
)
 
(22,449
)
Compensation paid on lease amendment
—

 
—

 
106,000

Profit share expense: discontinued operations
—

 
—

 
482

Contingent rental expense: continuing operations
—

 
20,020

 
—

Contingent rental expense: discontinued operations
—

 
32,156

 
—

Remaining lease obligation
726,717

 
875,670

 
926,821
Schedule of net amounts earned (incurred) from related parties excluding Ship Finance
A summary of net amounts earned (incurred) from related parties, excluding the Ship Finance lease related balances above, for the years ended December 31, 2013, 2012 and 2011 are as follows:
(in thousands of $)
2013

 
2012

 
2011

Seatankers Management Co. Ltd
1,416

 
1,009

 
1,008

Golar LNG Limited
2,119

 
1,820

 
1,002

Ship Finance International Limited
5,094

 
4,261

 
4,660

Golden Ocean Group Limited
3,166

 
5,566

 
5,492

Bryggegata AS
(1,982
)
 
(1,455
)
 
(1,494
)
Arcadia Petroleum Limited
7,962

 
5,423

 
34,977

Seadrill Limited
1,475

 
2,574

 
1,076

Archer Limited
410

 
390

 
906

Deep Sea Supply Plc
69

 
41

 
168

Aktiv Kapital ASA
40

 
21

 
136

VTN Shipping Inc
—

 
—

 
17,051

Orion Tankers Ltd
—

 
343

 
24

Frontline 2012 Ltd
7,410

 
(4,004
)
 
—

North Atlantic Drilling Ltd
60

 
—

 
—

CalPetro Tankers (Bahamas I) Limited
54

 
51

 
63

CalPetro Tankers (Bahamas II) Limited
54

 
51

 
63

CalPetro Tankers (IOM) Limited
54

 
51

 
63
Schedule of related party receivables
A summary of short term balances due from related parties as at December 31, 2013 and 2012 is as follows:
(in thousands of $)
2013

 
2012

Receivables
 
 
 
Ship Finance International Limited
2,272

 
1,891

Seatankers  Management Co. Ltd
394

 
342

Archer Ltd
8

 
778

Golar LNG Limited
942

 
755

Orion Tankers Ltd
—

 
250

Northern Offshore Ltd
13

 
13

Golden Ocean Group Limited
1,219

 
1,325

Seadrill Limited
1,478

 
1,253

Frontline 2012 Ltd
2,860

 
2,291

CalPetro Tankers (Bahamas I) Limited
14

 
13

CalPetro Tankers (Bahamas II) Limited
14

 
13

CalPetro Tankers (IOM) Limited
14

 
13

Deep Sea Supply Plc
4

 
—

Aktiv Kapital Ltd
6

 
—

Arcadia Petroleum Limited
174

 
106

North Atlantic Drilling Ltd
75

 
12

 
9,487

 
9,055
Schedule of Related Party Payables
A summary of short term balances due to related parties as at December 31, 2013 and 2012 is as follows:
(in thousands of $)
2013

 
2012

Payables
 
 
 
Ship Finance International Limited
(8,528
)
 
(52,063
)
Seatankers Management Co. Ltd
(506
)
 
(257
)
Golar LNG Limited
(155
)
 
(101
)
Golden Ocean Group Limited
(1,047
)
 
(1,042
)
Frontline 2012 Ltd
(1,183
)
 
(423
)
Aktiv Kapital Ltd
—

 
(34
)
Deep Sea Supply Plc
—

 
(28
)
 
(11,419
)
 
(53,948
)
Schedule related party payables, non current
The long term related party balance at December 31, 2013 is as follows:
(in thousands of $)
Total

7.254% Loan note payable due 2021 and 2022
79,017

Loan note repayments
(402
)
Total loan note
78,615

Less: current portion of loan note (included in short term related party balance)
(6,017
)
 
72,598
Schedule of related party payables, repayable non current
The note balance at December 31, 2013 is repayable as follows:
(in thousands of $)
 
Year ending December 31,
 
2014
6,017

2015
5,626

2016
9,200

2017
9,904

2018
10,647

Thereafter
37,221

 
78,615