INVESTMENT IN FINANCE LEASE

12 Months Ended

Dec. 31, 2011

INVESTMENT IN FINANCE LEASE [Abstract]

INVESTMENT IN FINANCE LEASE

11. INVESTMENT IN FINANCE LEASE

As of December 31, 2011, one of the Company's vessels was accounted for as a sales-type lease (2010: one). The following lists the components of the investment in sales-type lease as at December 31.

(in thousands of $)	2011			2010
Net minimum lease payments receivable		101,097			112,404
Estimated residual values of leased property (unguaranteed)		20,320			20,320
Less: unearned income		(66,062	)		(75,834	)
Total investment in sales-type lease		55,355			56,890
Current portion		1,824			1,535
Long-term portion		53,531			55,355
		55,355			56,890

The minimum future gross revenues to be received under the Company's non-cancellable sales-type lease as of December 31, 2011 are as follows:

(in thousands of $)
2012	11,337
2013	11,307
2014	11,307
2015	11,307
2016	11,338
Thereafter	44,501
Total minimum lease revenues	101,097

The counterparty to the lease is a state-owned oil company which the Company has deemed to have a low credit risk.