RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2011

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, 2011, 2010 and 2009 is as follows:

(in thousands of $)	2011			2010		2009
Charter hire paid (principal and interest)		354,822			289,578		331,534
Lease termination fees (expense) income		(17,104	)		2,435		2,386
Compensation paid on lease amendment		106,000			-		-
Profit share expense		482			30,566		33,018
Remaining lease obligation		926,821			1,289,897		1,462,753

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, 2011, 2010 and 2009 are as follows:

(in thousands of $)	2011			2010			2009
Seatankers Management Co. Ltd		1,008			1,092			1,126
Golar LNG Limited		1,002			1,310			156
Golar LNG Energy Limited		-			88			-
Ship Finance International Limited		4,660			2,490			2,347
Golden Ocean Group Limited		5,492			6,138			4,253
Geveran Trading Co Ltd		-			-			(405	)
Bryggegata AS		(1,494	)		(1,368	)		(1,300	)
Arcadia Petroleum Limited		34,977			34,211			42,264
Seadrill Limited		1,076			426			322
Archer Limited (formerly Seawell)		906			166			126
Deep Sea Supply Plc		168			132			32
Aktiv Kapital ASA		136			83			63
VTN Shipping Inc		17,051			-			-
Orion Tankers Ltd		24			-			-
CalPetro Tankers (Bahamas I) Limited		63			47			45
CalPetro Tankers (Bahamas II) Limited		63			47			45
CalPetro Tankers (IOM) Limited		63			47			45

Schedule of related party receivables and payables

A summary of balances with related parties as at December 31, 2011 and 2010 is as follows:

(in thousands of $)	2011		2010
Receivables
Ship Finance International Limited		1,138		1,947
Seatankers  Management Co. Ltd		168		-
Archer Ltd (formerly Seawell)		632		51
Golar LNG Limited		610		404
Golar LNG Energy Limited		-		11
Northern Offshore Ltd		13		13
Golden Ocean Group Limited		1,272		1,075
Seadrill Limited		841		109
Frontline 2012 Ltd		10,469		-
CalPetro Tankers (Bahamas I) Limited		57		20
CalPetro Tankers (Bahamas II) Limited		57		20
CalPetro Tankers (IOM) Limited		57		20
Deep Sea Supply Plc		68		2
Aktiv Kapital Ltd		67		-
Arcadia Petroleum Limited		356		3,553
		15,805		7,225

(in thousands of $)	2011			2010
Payables
Ship Finance International Limited		(9,209	)		(31,448	)
Seatankers Management Co. Ltd		(550	)		(676	)
Golar LNG Limited		(106	)		(97	)
Golden Ocean Group Limited		(910	)		(1,057	)
		(10,775	)		(33,278	)