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RELATED PARTY TRANSACTIONS (Tables)
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Schedule of leasing transactions with Ship Finance
A summary of leasing transactions with SFL in the years ended December 31, 2019, 2018 and 2017 are as follows;
(in thousands of $)
 
2019

 
2018

 
2017

Charter hire paid (principal and interest)
 
11,745

 
47,324

 
75,055

Lease termination payments
 
—

 
(22,391
)
 
(19,006
)
Lease interest expense
 
6,940

 
16,400

 
25,980

Contingent rental income
 
(2,607
)
 
(19,738
)
 
(26,148
)
Remaining lease obligation
 
87,930

 
99,784

 
299,016

Schedule of net amounts earned (incurred) from related parties excluding Ship Finance
A summary of net amounts earned from (paid to) related parties for the years ended December 31, 2019, 2018 and 2017 are as follows:
(in thousands of $)
 
2019

 
2018

 
2017

Seatankers Management Co. Ltd
 
18,878

 
7,152

 
3,420

SFL
 
1,591

 
2,001

 
3,473

Golden Ocean
 
6,851

 
7,138

 
6,671

Seatankers Management Norway AS
 
(705
)
 
(735
)
 
(767
)
Arcadia Petroleum Limited
 
3,197

 
—

 
—

Seadrill Limited
 
367

 
279

 
470

Archer Limited
 
418

 
317

 
238

Flex LNG Ltd
 
1,195

 
1,788

 
4,432

North Atlantic Drilling Ltd
 
—

 
29

 
37

Avance Gas
 
518

 
—

 
—

Other related parties
 
197

 
101

 
67

Schedule of related party receivables
A summary of balances due from related parties at December 31, 2019 and 2018 is as follows:
(in thousands of $)
 
2019

 
2018

SFL
 
4,982

 
1,653

Seatankers Management Co. Ltd
 
5,490

 
2,657

Archer Limited
 
94

 
173

Golden Ocean
 
3,593

 
2,370

Seadrill Limited
 
554

 
538

Arcadia Petroleum Limited
 
—

 
—

Flex LNG Ltd
 
391

 
210

North Atlantic Drilling Ltd
 
25

 
116

Avance Gas
 
240

 
 
Other related parties
 
212

 
178

 
 
15,581

 
7,895


Schedule of Related Party Payables
A summary of balances due to related parties at December 31, 2019 and 2018 is as follows:
(in thousands of $)
 
2019

 
2018

SFL Corporation Ltd
 
9,193

 
8,886

Seatankers Management Co. Ltd
 
4,037

 
3,236

Golden Ocean
 
6,241

 
5,558

Flex LNG Ltd
 
636

 
1,058

Avance Gas
 
79

 
—

 
 
20,186

 
18,738