FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Carrying Value and Estimated Fair Value of Financial Instruments

The carrying value and estimated fair value of the Company's financial instruments as of December 31, 2011 and 2010 are as follows:

	2011				2010
(in thousands of $)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Cash and cash equivalents		160,566		160,566		176,639		176,639
Restricted cash and investments		100,566		100,566		244,091		252,891
Marketable securities		685		685		51,481		51,481
Liabilities:
7.84% to 8.04% First Preferred Mortgage Term Notes		288,137		249,293		303,289		291,368
4.5% Convertible Bond		225,000		94,500		225,000		214,103

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The estimated fair value of financial assets and liabilities are as follows:

(in thousands of $)	2011 Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents		160,566		160,566		-		-
Restricted cash and investments		100,566		100,566		-		-
Marketable securities		685		685		-		-
Liabilities:
7.84% to 8.04% First Preferred Mortgage Term Notes		249,293		-		249,293		-
4.5% Convertible Bond		94,500		-		94,500		-

(in thousands of $)	2010 Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents		176,639		176,639		-		-
Restricted cash and investments		252,891		252,891		-		-
Marketable securities		51,481		51,481		-		-
Liabilities:
7.84% to 8.04% First Preferred Mortgage Term Notes		291,368		108,819		182,549		-
4.5% Convertible bond		214,103		-		214,103		-