SFL SFL Corporation Ltd

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The unaudited condensed interim financial statements of SFL Corporation Ltd. (“SFL” or the “Company”) have been prepared on the same basis as the Company’s audited financial statements and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary in order to make the interim financial statements not misleading, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed interim financial statements do not include all of the disclosures required in annual consolidated financial statements and should be read in conjunction with the annual financial statements and notes included in the Annual Report on Form 20-F for the year ended December 31, 2022, which was filed with the SEC on March 16, 2023. The results of operations for the interim period ended June 30, 2023 are not necessarily indicative of the results for the entire year ending December 31, 2023.

Basis of accounting

The condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The condensed consolidated financial statements include the assets and liabilities and results of operations of the Company and its subsidiaries including variable interest entities in which the Company is deemed to be the primary beneficiary. All inter-company balances and transactions have been eliminated on consolidation.

The condensed consolidated financial statements are prepared in accordance with the accounting policies described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022.

Recently Issued Accounting Standards

The following is a brief discussion of a selection of recently released accounting pronouncements that are considered pertinent to the Company's business and are not yet adopted.

In March 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. This ASU amends certain provisions of ASC 842, Leases that apply to arrangements between related parties under common control thereby requiring leasehold improvements associated with common control leases to be amortized over the useful life to the common control group. The amendments are effective for the Company beginning after December 15, 2023, with early adoption permitted. As of period ended June 30, 2023, the Company does not expect the changes prescribed in ASU 2023-01 to have a material impact on its consolidated financial position, results of operations or cash flows, however, we will re-evaluate the amendments based on the facts and circumstances of the Company at the time of implementation of the guidance.

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Recently Adopted Accounting Standards

In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). Accounting Standards Codification (“ASC”) 848 provided temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to reduce the financial reporting burden in light of the market transition from London Interbank Offered Rates (“LIBOR”) and other reference interest rates to alternative reference rates. Under ASC 848, companies can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform if certain criteria are met. An entity that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. The amendments of ASC 848 apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01 "Reference Rate Reform (Topic 848): Scope" ("ASU 2021-01"), which clarified the scope of Topic 848 in relation to derivative instruments and contract modifications. The amendments in these updates are elective and are subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU No. 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" ("ASU 2022-06"). The amendments in this ASU extend the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. During the six months ended June 30, 2023, some of the floating rate debt facilities and interest rate swaps contracts of the Company were amended to transition from LIBOR as a benchmark rate to Secured Overnight Financing Rate (“SOFR”). The Company has applied the practical expedients and exceptions provided by the ASUs above in order to preserve the presentation of derivatives consistent with past presentation and as of period ended June 30, 2023, the Company has not recorded any material impact on the Company's consolidated financial statements as a result of these amendments.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management of the Company believes that the accounting estimates and assumptions that have been made are appropriate given the continuing market volatility surrounding the impacts of the Russian-Ukrainian conflict and significant global inflationary pressures. However actual results could differ materially from those estimates.

During the six months ended June 30, 2023, the two Suezmax tankers Glorycrown and Everbright, which were trading in the spot market, were sold to an unrelated third party. The Company received net sale proceeds of $84.9 million and recorded a gain of $16.4 million on the disposal.

Also during the six months ended June 30, 2023, the two chemical tankers SFL Weser and SFL Elbe, which were trading in the spot market, were sold to an unrelated third party. The Company received net sale proceeds of $19.4 million and recorded a gain of $30.0 thousand on the disposal. The Company also recorded an impairment loss of $7.4 million prior to the disposal. (See Note 6: Vessels, Rigs and Equipment, Net).

During the six months ended June 30, 2022, the two very large crude carriers (“VLCC”) Front Energy and Front Force, which were accounted for as direct financing leases, were sold to an unrelated third party. A gain of $1.5 million was recorded on the disposal of the vessels. The Company received net sale proceeds of $65.4 million and an additional compensation payment of $4.5 million from Frontline Shipping Limited (“Frontline Shipping”), for the early termination of the corresponding charters. (See Note 17: Related Party Transactions).

Also, during the six months ended June 30, 2022, the 1,700 twenty-foot equivalent unit (“TEU”) container vessel, MSC Alice, which was accounted for as a sales-type lease, was sold and delivered to Mediterranean Shipping Company S.A. and its affiliate Conglomerate Shipping Ltd. (collectively “MSC”) following execution of the applicable purchase obligation in the charter contract. The Company received net sale proceeds including profit share of $13.5 million and recorded a gain of $11.7 million on the disposal.

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The computation of basic earnings per share (“EPS”) is based on the weighted average number of shares outstanding during the period and the consolidated net income of the Company. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments. In the computation of the diluted EPS, the dilutive impact of the Company’s stock options is calculated using the "treasury stock" guidelines and the "if-converted" method is used for convertible securities.

The components of the numerator for the calculation of basic and diluted EPS are as follows:

			Six months ended
(in thousands of $)			June 30, 2023						June 30, 2022
Basic earnings per share:
Net income available to stockholders			23,264						104,429
Diluted earnings per share:
Net income available to stockholders			23,264						104,429
Interest and other expenses attributable to dilutive convertible notes			—						3,747
Net income assuming dilution			23,264						108,176

The components of the denominator for the calculation of basic and diluted EPS are as follows:

			Six months ended
(in thousands)			June 30, 2023						June 30, 2022
Basic earnings per share:
Weighted average number of common shares outstanding*			126,774						126,786
Diluted earnings per share:
Weighted average number of common shares outstanding*			126,774						126,786
Effect of dilutive share options			242						38
Effect of dilutive convertible notes			—						10,476
Weighted average number of common shares outstanding assuming dilution			127,016						137,300

			Six months ended
			June 30, 2023						June 30, 2022
Basic earnings per share:			$	0.18					$	0.82
Diluted earnings per share:			$	0.18					$	0.79

*The weighted average number of common shares outstanding excludes 8,000,000 shares issued as part of a share lending arrangement relating to the Company's issuance of 5.75% senior unsecured convertible notes in October 2016 and 3,765,842 shares issued as a part of a share lending arrangement relating to the Company's issuance of 4.875% senior unsecured convertible notes in April and May 2018. The Company entered into a general share lending agreement with another counterparty and after the maturity of the bonds, 8,000,000 shares and 1,496,600 shares, respectively, from each issuance under the two initial share lending arrangements described above were transferred into such counterparty's custody. As of June 30, 2023, 2,268,542 of the shares issued under the initial share lending arrangement related to the issuance of the 4.875% senior unsecured convertible notes remained in the custody of the counterparty of that arrangement.

The weighted average number of common shares outstanding also excludes 527,417 shares repurchased by the Company under its share repurchase program (defined below) during the six months ended June 30, 2023. (See also Note 14: Share Capital, Additional Paid-In Capital and Contributed Surplus).

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Other financial items, net comprise of the following items:

			Six months ended
(in thousands of $)			June 30, 2023						June 30, 2022
Net cash movement on non-designated derivatives and swap settlements			2,877						(1,692)
Net (loss)/gain in fair value movements of non-designated derivatives			(5,571)						12,718
Change in allowance for expected credit losses			402						582
Other items			(1,754)						(1,525)
Total other financial items, net			(4,046)						10,083

The net movement in the fair values of non-designated derivatives and net cash payments thereon relate to non-designated, terminated or de-designated interest rate swaps and cross currency interest rate swaps. Changes in the fair values of the effective portion of interest rate swaps that are designated as cash flow hedges are reported under "Other comprehensive income".

The Company recognizes, among other things, a measurement of expected credit losses for financial assets held at the reporting date, based on historical experience, current conditions and reasonable supportable forecasts. (See also Note 18: Allowance for Expected Credit Losses).

Other items in the six months ended June 30, 2023 include a net loss of $1.7 million arising from foreign currency translations (in the six months ended June 30, 2022: loss of $1.3 million). Other items included in other financial items include bank charges and fees relating to loan facilities.

Investment securities held by the Company consist of the following investments in corporate bonds and equity securities:

(in thousands of $)			June 30, 2023						December 31, 2022
Equity Securities			5,866						7,283
Total Investment in Debt and Equity Securities			5,866						7,283

Corporate Bonds

During the six months ended June 30, 2023, the Company held no investments in corporate bonds.

During the year ended December 31, 2022, the Company received an aggregate amount of $4.7 million from the redemption of NorAm Drilling Company AS ("NorAm Drilling") bonds and recorded no gain or loss on redemption of the bonds. The accumulated gain of $0.5 million previously recognized in other comprehensive income was recognized in the Consolidated Statements of Operations.

During the year ended December 31, 2022, the Company received an aggregate amount of $9.6 million from the redemption of NT Rig Holdco Liquidity 12% bonds and NT Rig Holdco 7.5% bonds, following the sale of five jack-up rigs by NT Rig Holdco. A realized gain of $4.7 million was recognized in the Consolidated Statements of Operations in relation to the redemption of the bonds.

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The corporate bonds were classified as available-for-sale securities and were recorded at fair value, with unrealized gains and losses recorded as a separate component of "Other comprehensive income".

Equity Securities

As of June 30, 2023, the equity securities comprise of approximately $1.3 million shares in NorAm Drilling which are traded in the Norwegian Over-the-Counter market ("OTC") and now traded on the Euronext Growth exchange in Oslo since October 2022. The Company recognized a mark to market loss of $0.8 million in the Statement of Operations in the six months ended June 30, 2023, together with a foreign exchange loss of $0.6 million in Other Financial Items in the Statement of Operations.

In December 2019, the Company entered into a forward contract to repurchase 3.4 million shares of Frontline plc (formerly Frontline Ltd.) (“Frontline”), a related party, for $36.8 million in June 2020.

In 2020, the Company repurchased and simultaneously sold approximately 2.0 million shares in Frontline for total proceeds of $21.1 million and recorded gains of $2.3 million in the Statement of Operations in respect of the sales.

Movements in the six months ended June 30, 2023 are summarized as follows:

(in thousands of $)			Cost			Accumulated Depreciation			Vessels, Rigs and Equipment, net
Balance as of December 31, 2022			3,345,233			(698,844)			2,646,389
Depreciation			—			(81,674)			(81,674)
Vessel disposals			(126,547)			38,813			(87,734)
Capital improvements			120,242			—			120,242
Impairment loss			(40,714)			33,325			(7,389)
Balance as of June 30, 2023			3,298,214			(708,380)			2,589,834

The capital improvements of $120.2 million relate to Special Periodic Survey (“SPS”) and other capital upgrades performed on the harsh environment semi-submersible drilling rig Hercules during the six months ended June 30, 2023. SPS costs of $69.8 million were capitalized as a separate component of the rig and are depreciated until the next SPS, which is in five years. In addition, capital upgrades of $47.6 million were also capitalized as a separate component of rig and are depreciated over a period of 10 years economic useful life. Also as of June 30, 2023, ballast water treatment system (“BWTS”) was installed on Hercules and the amount of $2.8 million was also capitalized.

During the six months ended June 30, 2023, the Company sold and delivered two Suezmax tankers, Glorycrown and Everbright, to an unrelated third party and a net gain on disposal of $16.4 million was recognized in the Consolidated Statement of Operations. (See also Note 2: Gain on Sale of Assets and Termination of Charters).

Also, during the six months ended June 30, 2023, the Company sold and delivered two chemical tankers, SFL Weser and SFL Elbe, to an unrelated third party. The Company recorded an impairment loss of $7.4 million prior to disposal and a gain on sale of $30.0 thousand was recognized in the Consolidated Statement of Operations. (See also Note 2: Gain on Sale of Assets and Termination of Charters).

No impairment losses were recorded against the carrying value of "Vessels, Rigs and Equipment, net" in the six months ended June 30, 2023, other than the impairment losses on the two chemical tankers described above. No impairment losses were recorded in the six months ended June 30, 2022.

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(in thousands of $)			June 30, 2023						December 31, 2022
Capital improvements in progress			306						4,127
Newbuildings			112,493						93,733
			112,799						97,860

Capital improvements in progress of $0.3 million comprise of advances paid and costs incurred in respect of upgrades in relation to the SPS on one rig (December 31, 2022: on two rigs). This is recorded in "Capital improvements, newbuildings and vessel purchase deposits" until such time as the equipment is installed on a vessel or rig, at which point it is transferred to "Vessels, rigs and equipment, net" or "Investment in sales-type leases and direct financing leases".

The carrying value of newbuildings represents the accumulated costs which the Company has paid in purchase installments and other capital expenditures in relation to four (December 31, 2022: four) newbuilding contracts, together with capitalized loan interest. Interest capitalized in the cost of newbuildings amounted to $5.2 million in the six months ended June 30, 2023 (December 31, 2022: $2.7 million).

As of June 30, 2023, the Company had paid total installments and related costs of $47.3 million in relation to two dual-fuel 7,000 car equivalent unit (“CEU”) newbuilding car carriers, currently under construction. The vessels are expected to be delivered in the second half of 2023 and will immediately commence a 10-year time charter to Volkswagen Group.

As of June 30, 2023, the Company had paid total installments and related costs of $65.2 million in relation to another two dual-fuel 7,000 CEU newbuilding car carriers, currently under construction. The vessels are expected to be delivered in 2024 and will immediately commence a 10-year time charter to K Line.

Movements in the six months ended June 30, 2023 are summarized as follows:

(in thousands of $)			Cost			Accumulated Depreciation			Vessels under Finance Lease, net
Balance as of December 31, 2022			777,939			(163,176)			614,763
Depreciation			—			(20,485)			(20,485)
Balance as of June 30, 2023			777,939			(183,661)			594,278

As of June 30, 2023, seven vessels were accounted for as vessels under finance lease, which consist of four 14,000 TEU container vessels and three 10,600 TEU container vessels. The seven vessels are leased back for an original term ranging from six to 11 years and the Company has options to purchase each vessel after six years. (See also Note 16: Finance Lease Liability).

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The following lists the components of investments in sales-type leases, direct financing leases and leaseback assets as of June 30, 2023 and December 31, 2022:

(in thousands of $)			June 30, 2023
			Sales-Type Leases and Direct Financing Leases			Leaseback Assets			Total
Total minimum lease payments to be received			23,424			29,862			53,286
Purchase obligations at the end of the leases			43,150			31,500			74,650
Net minimum lease payments receivable			66,574			61,362			127,936
Less: unearned income			(5,235)			(11,258)			(16,493)
Total investment in sales-type lease, direct financing lease and leaseback assets			61,339			50,104			111,443
Allowance for expected credit losses*			(80)			(13)			(93)
Total investment in sales-type lease, direct financing lease and leaseback assets			61,259			50,091			111,350
Current portion			22,188			4,317			26,505
Long-term portion			39,071			45,774			84,845

(in thousands of $)			December 31, 2022
			Sales-Type Leases and Direct Financing Leases			Leaseback Assets			Total
Total minimum lease payments to be received			30,708			34,160			64,868
Purchase obligations at the end of the leases			43,150			31,500			74,650
Net minimum lease payments receivable			73,858			65,660			139,518
Less: unearned income			(7,252)			(13,051)			(20,303)
Total investment in sales-type lease, direct financing lease and leaseback assets			66,606			52,609			119,215
Allowance for expected credit losses*			(102)			(90)			(192)
Total investment in sales-type lease, direct financing lease and leaseback assets			66,504			52,519			119,023
Current portion			10,794			4,638			15,432
Long-term portion			55,710			47,881			103,591

*See Note 18: Allowance for Expected Credit Losses.

As of June 30, 2023, the Company had a total of nine vessel charters accounted for as sales-type and direct financing leases (December 31, 2022: nine vessels) and one vessel charter classified as a leaseback asset (December 31, 2022: one vessel).

Investments in sales-type and direct financing leases

As of June 30, 2023, the Company had nine (December 31, 2022: nine) container vessels accounted for as sales-type leases, all of which are on long-term bareboat charters to MSC. The terms of the charters for the nine container vessels provide the charterer with a minimum fixed price purchase obligation at the expiry of each of the charters.

Investments in leaseback assets

When a sale and leaseback transaction does not qualify for sale accounting, the Company does not recognize the transferred vessels and instead accounts for the purchase as a leaseback asset.

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The Company has certain subsidiaries which are accounted for using the equity method, as it has been determined under ASC 810 that they are variable interest entities in which the Company is not the primary beneficiary.

As of June 30, 2023, June 30, 2022 and December 31, 2022, the Company had the following participation in investments that were recorded using the equity method:

			June 30, 2023						June 30, 2022						December 31, 2022
River Box Holding Inc. (“River Box”)			49.90		%				49.90		%				49.90		%

River Box was a previously wholly owned subsidiary of the Company. River Box holds investments in direct financing leases, through its subsidiaries, in relation to the 19,200 and 19,400 TEU containerships MSC Anna, MSC Viviana, MSC Erica and MSC Reef. On December 31, 2020, the Company sold 50.1% of the shares of River Box to a subsidiary of Hemen Holding Limited (“Hemen”), the Company's largest shareholder and a related party, and has accounted for the remaining 49.9% ownership in River Box using the equity method.

Summarized balance sheet information of the Company’s equity method investees is as follows:

			River Box
(in thousands of $)			June 30, 2023						December 31, 2022
Share presented			49.90		%				49.90		%
Current assets			15,742						15,186
Non-current assets			227,886						234,572
Total assets			243,628						249,758
Current liabilities			14,699						14,267
Non-current liabilities (1)			212,387						218,944
Total liabilities			227,086						233,211
Total stockholders’ equity (2)			16,542						16,547

(1) River Box non-current liabilities as of June 30, 2023 include $45.0 million due to SFL (December 31, 2022: $45.0 million) (See Note 17: Related Party Transactions).

(2) In the six months ended June 30, 2023, River Box paid a dividend of $1.5 million to SFL (June 30, 2022: $1.5 million, December 31, 2022: $2.9 million).

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Summarized statement of operations information of the Company’s equity method investees is as follows:

			River Box
			Six months ended June 30,
(in thousands of $)			2023						2022
Share presented			49.90		%				49.90		%
Operating revenues			9,221						9,665
Net operating revenues			9,212						9,654
Net income			1,451						1,405

The associated companies recognized an allowance for expected credit losses in respect of their principal financial assets: 'Investment in direct financing leases' and 'Related party receivable balances', held at the reporting date. Movements in the six months ended June 30, 2023 in the allowance for expected credit losses can be summarized as follows:

(in thousands of $)			River Box
Share presented			49.90		%
Balance as of December 31, 2022			378
Allowance recorded in net income of associated companies			(62)
Balance as of June 30, 2023			316

The Company has estimated the allowance for expected credit losses based on an analysis of factors including the credit rating assigned to the lessee, management's assessment of current and expected conditions in the market and collateral exposure.

Other long term assets comprise of the following items:

(in thousands of $)			June 30, 2023						December 31, 2022
Collateral deposits on swap agreements			14,800						8,770
Value of acquired charter-out contracts, net			3,276						4,712
Total Other Long Term Assets			18,076						13,482

Collateral deposits exist on our interest rate, cross currency interest rate and currency swaps. Further amounts may be called upon during the term of the swaps, if interest rates or currency rates move adversely.

The Company purchased four container vessels, Thalassa Mana, Thalassa Tyhi, Thalassa Doxa and Thalassa Axia, with each vessel subject to pre-existing time charters. A value of $18.0 million was assigned to these charters on acquisition in 2018. During the six months ended June 30, 2023, the amortization charged to time charter revenue was $1.4 million (six months ended June 30, 2022: $1.4 million).

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(in thousands of $)			June 30, 2023						December 31, 2022
Short-term and long-term debt:
U.S. dollar denominated fixed rate debt due 2026			149,625						—
NOK700 million senior unsecured floating rate bonds due 2023			37,933						71,243
NOK700 million senior unsecured floating rate bonds due 2024			64,775						70,734
NOK600 million senior unsecured floating rate bonds due 2025			54,989						60,048
4.875% senior unsecured convertible bonds due 2023			—						137,900
7.25% senior unsecured sustainability-linked bonds due 2026			150,000						150,000
8.875% senior unsecured sustainability-linked bonds due 2027			150,000						—
Lease debt financing			455,548						394,555
U.S. dollar denominated floating rate debt due through 2029			1,067,829						1,329,156
Total debt principal			2,130,699						2,213,636
Less: Unamortized debt issuance costs			(20,651)						(12,580)
Less: Current portion of long-term debt			(347,845)						(921,270)
Total long-term debt			1,762,203						1,279,786

Movements in the period:

(in thousands of $)						Fixed Rate, Lease Debt Financing and NOK Bonds						U.S. Dollar Floating Rate Debt						Total debt principal
Balance as of December 31, 2022						884,480						1,329,156						2,213,636
Drawdowns and capitalized interest						384,576						335,611						720,187
Repayments and redemptions						(191,258)						(596,938)						(788,196)
Effects of foreign exchange						(14,928)						—						(14,928)
Balance as of June 30, 2023						1,062,870						1,067,829						2,130,699

Interest rate information:

			June 30, 2023						December 31, 2022
Weighted average interest rate*			5.53		%				5.30		%
US Dollar London Interbank Offered Rate ("LIBOR"), 3-Month, closing rate			5.55		%				4.77		%
Secured Overnight Financing Rate ("SOFR"), closing rate			5.09		%				4.30		%
Norwegian Interbank Offered Rate ("NIBOR"), 3-Month, closing rate			4.37		%				3.26		%

*The weighted average interest rate is for floating rate debt denominated in U.S. dollars and Norwegian kroner (“NOK”) which takes into consideration the effect of related interest rate swaps.

New Facilities, Renewals and Redemptions

Fixed Rate, Lease Debt Financing and NOK Bonds

Redemptions between January 1, 2023 and June 30, 2023:

Bond									In Millions of USD
NOK700 million senior unsecured floating rate bonds due 2023									29.4
4.875% senior unsecured convertible bonds due 2023									137.9

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During the six months ended June 30, 2023, the Company recorded a net loss of $0.5 million on the repurchase of fixed rate and foreign debt recorded in "Loss on repurchase of bonds". No such losses were recorded during the six months ended June 30, 2022.

New facilities drawn down between January 1, 2023 and June 30, 2023:

8.875% senior unsecured sustainability-linked bonds due 2027

In February 2023, the Company issued a senior unsecured sustainability-linked bond totaling $150.0 million in the Nordic market. The bond was issued at a price of 99.58%. The difference between the face value and market value of the bond of $0.6 million will be amortized as an interest expense over the life of the bond. The bonds bear quarterly interest at a fixed rate of 8.875% per annum and are redeemable in full on February 1, 2027. The net amount outstanding as of June 30, 2023 was $150.0 million.

U.S. dollar denominated fixed rate debt due 2026

In April 2023, a wholly owned subsidiary of the Company entered into a $150.0 million senior secured term loan facility, secured against a jack-up drilling rig. The Company has provided a limited corporate guarantee for this facility, which bears a fixed rate of interest and has a term of three years. The net amount outstanding as of June 30, 2023 was $149.6 million.

Lease debt financing

In April 2023, a wholly owned subsidiary of the Company owning a 4,900 CEU car carrier entered into a sale and leaseback transaction for this vessel, through a Japanese operating lease with call option financing structure. The sales price for the vessel was $45.0 million. The vessel was leased back for a term of approximately five years, with the Company's option to purchase the vessel at the end of the fifth year. The transaction did not qualify as a sale and has been recorded as a financing arrangement. The amount outstanding as of June 30, 2023, was $44.1 million.

In May 2023, a wholly owned subsidiary of the Company owning a 2,500 TEU containership entered into a sale and leaseback transaction for this vessel, through a Japanese operating lease with call option financing structure. The sales price for the vessel was $38.5 million. The vessel was leased back for a term of approximately nine years, with the Company's option to purchase the vessel after approximately six and seven years. The transaction did not qualify as a sale and has been recorded as a financing arrangement. The amount outstanding as of June 30, 2023, was $38.5 million.

U.S. Dollar Floating Rate Debt

New facilities drawn down between January 1, 2023 and June 30, 2023:

Name of facility

Draw down date

Number of wholly owned subsidiaries entering into the facility

Term

Balance outstanding at period end ($ millions)

$144.625 million term loan facility

Feb. 2023

four

2 years, 11 months

142.1

$150 million senior secured term loan facility

May 2023

one

2 years, 8 months

150.0

$23.25 million term loan facility*

May 2023

one

1 year

13.9

$23.25 million term loan facility*

May 2023

one

1 year

18.6

$8.44 million senior unsecured term loan facility

May 2023

one

2 years, 8 months

8.4

*These facilities were partially drawn down as of June 30, 2023.

The Company has provided limited corporate guarantees for the above facilities, which bear interest at term SOFR or the compounded daily SOFR plus applicable margins.

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Facilities redeemed between January 1, 2023 and June 30, 2023:

Name of facility

Original draw down date

Number of wholly owned subsidiaries that had entered into the facility

Term

Amount redeemed ($ millions)

$375 million term loan and revolving credit facility

Jun. 2013

one

10 years

146.7

$475 million term loan and revolving credit facility

Feb. 2014

one

9 years

178.4

$33.1 million term loan facility

Jun. 2019

five

4 years

21.9

$40.0 million senior secured term loan facility

Mar. 2020

two

3 years

31.9

$290 million term loan facility

Sep. 2022

six

6 months

156.0

The following table presents the fair values of the Company’s derivative instruments that were designated as cash flow hedges and qualified as part of a hedging relationship, and those that were not designated: 

(in thousands of $)			June 30, 2023						December 31, 2022
Designated derivative instruments - short-term assets:
Interest rate swaps			1,219						1,229
Non-designated derivative instruments - short-term assets:
Interest rate swaps			136						707
Total derivative instruments - short-term assets			1,355						1,936
Designated derivative instruments - long-term assets:
Interest rate swaps			9,921						12,963
Non-designated derivative instruments - long-term assets:
Interest rate swaps			13,796						13,753
Total derivative instruments - long-term assets			23,717						26,716
(in thousands of $)			June 30, 2023						December 31, 2022
Designated derivative instruments - short-term liabilities:
Cross currency interest rate swaps			9,457						2,260
Cross currency swaps			15,659						14,601
Non-designated derivative instruments - short-term liabilities:
Cross currency swaps			114						—
Total derivative instruments - short-term liabilities			25,230						16,861
Designated derivative instruments - long-term liabilities:
Cross currency interest rate swaps			—						4,054
Cross currency swaps			12,416						10,233
Non-designated derivative instruments - long-term liabilities:
Cross currency swaps			—						70
Total derivative instruments - long-term liabilities			12,416						14,357

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Interest rate risk management

The Company manages its debt portfolio with interest rate swap agreements denominated in U.S. dollars and Norwegian kroner to achieve an overall desired position of fixed and floating interest rates.

As of June 30, 2023, the Company and its consolidated subsidiaries had entered into interest rate swap transactions, involving the payment of fixed and floating rates in exchange for LIBOR, NIBOR or SOFR. The total net notional principal amount subject to interest rate swap agreements as of June 30, 2023, was $0.4 billion (December 31, 2022: $0.6 billion).

Due to the discontinuance of LIBOR after June 30, 2023, and notwithstanding the automatic conversion mechanisms to alternative rates, the Company has entered into (or is in the process of entering into) amendment agreements to existing loan and swap agreements for the transition from LIBOR to SOFR. As of June 30, 2023, the Company does not anticipate any material impact on the Company's consolidated financial statements as a result of these amendments.

Foreign currency risk management

The Company is party to currency swap transactions, involving the payment of U.S. dollars in exchange for Norwegian kroner and the payment of Norwegian kroner in exchange for U.S. dollars, which are designated as hedges against the NOK700 million, NOK700 million and NOK600 million senior unsecured bonds due 2023, 2024 and 2025, respectively.

Principal Receivable			Principal Payable			Trade date			Maturity date
NOK400 million*			US$48.1 million			September 2018			September 2023
NOK700 million			US$80.5 million			May 2019			June 2024
NOK600 million			US$67.5 million			January 2020			January 2025

*Originally NOK700 million. NOK300 million was cancelled during the six months ended June 30, 2023.

Apart from the NOK700 million, NOK700 million and NOK600 million senior unsecured bonds due 2023, 2024 and 2025, respectively, the majority of the Company’s transactions, assets and liabilities are denominated in U.S. dollars, the functional currency of the Company. Other than the corresponding currency swap transactions summarized above, the Company has not entered into forward contracts for either transaction or translation risk. Accordingly, there is a risk that currency fluctuations could have an adverse effect on the Company’s cash flows, financial condition and results of operations.

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Fair Values

The carrying value and estimated fair value of the Company’s financial assets and liabilities as of June 30, 2023 and December 31, 2022 are as follows: 

			June 30, 2023												December 31, 2022
(in thousands of $)			Carrying value						Fair value						Carrying value						Fair value
Non-derivatives:
Equity securities			5,866						5,866						7,283						7,283
NOK700 million senior unsecured floating rate bonds due 2023			37,933						38,123						71,243						71,421
NOK700 million senior unsecured floating rate bonds due 2024			64,775						65,585						70,734						70,734
NOK600 million senior unsecured floating rate bonds due 2025			54,989						56,020						60,048						60,348
4.875% senior unsecured convertible bonds due 2023			—						—						137,900						137,211
7.25% senior unsecured sustainability-linked bonds due 2026			150,000						144,255						150,000						144,188
8.875% senior unsecured sustainability-linked bonds due 2027			150,000						150,000						—						—
Derivatives:
Interest rate/currency swap contracts - short-term receivables			1,355						1,355						1,936						1,936
Interest rate/currency swap contracts - long-term receivables			23,717						23,717						26,716						26,716
Interest rate/currency swap contracts - short-term payables			25,230						25,230						16,861						16,861
Interest rate/currency swap contracts - long-term payables			12,416						12,416						14,357						14,357

In accordance with the accounting policy relating to interest rate and currency swaps described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022, changes in the fair values of the swaps are recognized in other comprehensive income where the Company has designated the swaps as hedges. Changes in the fair value of other swaps not designated as hedges are recognized in the Consolidated Statement of Operations.

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The fair values of financial assets and liabilities as of June 30, 2023, were measured as follows: 

									Fair value measurements using
(in thousands of $)			June 30, 2023						Quoted Prices in Active Markets for identical Assets/Liabilities (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Equity securities			5,866						5,866
Interest rate/ currency swap contracts, short-term receivables			1,355												1,355
Interest rate/ currency swap contracts, long-term receivables			23,717												23,717
Total assets			30,938						5,866						25,072						—
Liabilities:
NOK700 million senior unsecured floating rate bonds due 2023			38,123						38,123
NOK700 million senior unsecured floating rate bonds due 2024			65,585						65,585
NOK600 million senior unsecured floating rate bonds due 2025			56,020						56,020
7.25% senior unsecured sustainability-linked bonds due 2026			144,255						144,255
8.875% senior unsecured sustainability-linked bonds due 2027			150,000						150,000
Interest rate/currency swap contracts, short-term payables			25,230												25,230
Interest rate/currency swap contracts, long-term payables			12,416												12,416
Total liabilities			491,629						453,983						37,646						—

ASC Topic 820 "Fair Value Measurement and Disclosures" ("ASC 820") emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Level 1 and Level 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability, other than quoted prices, such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the assets or liabilities, which typically are based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

As of June 30, 2023, investment in equity securities consist of NorAm Drilling shares traded on the Euronext Growth exchange in Oslo.

The estimated fair values of the floating rate NOK denominated bonds due 2023, 2024 and 2025, the 7.25% senior unsecured sustainability-linked bonds due 2026 and the 8.875% senior unsecured sustainability-linked bonds due 2027 are all based on their quoted market prices as of the balance sheet date.

The estimated fair value of interest rate and currency swap contracts is calculated using a well-established independent valuation technique applied to contracted cash flows and LIBOR, NIBOR or SOFR interest rates as of June 30, 2023.

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Concentrations of risk

There is a concentration of credit risk with respect to cash and cash equivalents to the extent that amounts are carried with Skandinaviska Enskilda Banken AB (publ), ABN AMRO Bank N.V., Nordea Bank Finland Plc., Credit Agricole Corporate and Investment Bank S.A., Danske Bank A/S, BNP Paribas, Commonwealth Bank of Australia, Credit Suisse Group AG, Morgan Stanley & Co. LLC and DNB Bank ASA. However, the Company believes this risk is remote, as these financial institutions are established and reputable establishments with no prior history of default. The Company does not require collateral or other securities to support financial instruments that are subject to credit risk.

There could also be a concentration of revenue risk with the below customers to whom the Company earns the largest proportion of revenues from, or has chartered multiple vessels.

Charterer			Number of vessels/rigs chartered as of June 30, 2023			% of consolidated operating revenues (Six months ended June 30, 2023)			Number of vessels/rigs chartered as of June 30, 2022			% of consolidated operating revenues (Six months ended June 30, 2022)
Maersk A/S (“Maersk”)			16			31		%	15			31		%
Evergreen Marine Corporation (Taiwan) Ltd. and its affiliate Evergreen Marine (Singapore) Pte Ltd. (collectively “Evergreen”)			6			15		%	6			17		%
Conocophillips Skandinavia AS ("Conocophillips")**			1			11		%	N/A			N/A
Trafigura Maritime Logistics Pte Ltd (“Trafigura”)			7			9		%	7			9		%
Golden Ocean Group Limited (“Golden Ocean”)*			8			8		%	8			9		%
MSC			9			1		%	9			1		%

* Additionally see Note 17: Related Party Transactions.

** In September 2022, the drilling rig Linus was redelivered from Seadrill to the Company. Concurrently, the drilling contract of Linus with ConocoPhillips was assigned from Seadrill to the Company.

In addition, a portion of our net income is generated from our associated company, River Box. (See Note 10: Investment in Associated Companies). In the six months ended June 30, 2023, income from River Box accounted for approximately 16% of our net income (six months ended June 30, 2022: 4% of our net income).

Authorized share capital is as follows:

(in thousands of $, except share data)			June 30, 2023						December 31, 2022
300,000,000 common shares of $0.01 par value each (December 31, 2022: 300,000,000 common shares of $0.01 par value each)			3,000						3,000

Issued and fully paid share capital is as follows:

(in thousands of $, except share data)			June 30, 2023						December 31, 2022
138,562,173 common shares of $0.01 par value each (December 31, 2022: 138,562,173 common shares of $0.01 par value each)			1,386						1,386

The Company’s common shares are listed on the New York Stock Exchange.

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On January 1, 2022, the Company implemented the guidance contained in ASU 2020-06 which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06, was adopted using the modified retrospective method. Following the adoption, the 4.875% senior unsecured convertible notes due 2023 were reflected entirely as a liability as the embedded conversion feature is no longer presented within stockholders' equity. The cumulative effect of adopting this guidance was an incremental adjustment of $4.3 million to opening retained earnings, and a $5.9 million reduction to additional paid-in capital as of January 1, 2022. This net adjustment to equity of $1.6 million resulted in a corresponding decrease in deferred debt issuance costs.

On May 1, 2020, the Company filed a registration statement to register the sale of up to 10,000,000 common shares pursuant to the dividend reinvestment plan (“DRIP”), to facilitate investments by individual and institutional shareholders who wish to invest dividend payments received on shares owned or other cash amounts, in the Company's common shares on a regular basis, one time basis or otherwise. If certain waiver provisions in the DRIP are requested and granted pursuant to the terms of the plan, the Company may grant additional share sales to investors from time to time up to the amount registered under the plan. On April 15, 2022, the Company filed a new registration statement to register the sale of up to 10,000,000 common shares pursuant to the DRIP.

In May 2020, the Company entered into an equity distribution agreement with BTIG LLC ("BTIG") under which the Company may, from time to time, offer and sell new common shares having aggregate sales proceeds of up to $100.0 million through an at-the-market offering program (the “2020 ATM Program”). In April 2022, the Company entered into an amended and restated equity distribution agreement with BTIG under which the Company may, from time to time, offer and sell new common shares up to $100.0 million through an at-the-market offering program (the “2022 ATM Program”). Under this agreement, the prior 2020 ATM Program was terminated and replaced with the renewed 2022 ATM Program, under which the Company may continue to offer and sell new common shares having aggregate sales proceeds of up to $100.0 million, from time to time through BTIG, at the Company’s discretion. On April 28, 2023, in connection with the 2022 ATM Program, the Company filed a new registration statement on Form F-3ASR and an accompanying prospectus supplement with the SEC to register the offer and sale of up to $100.0 million common shares pursuant to the 2022 ATM Program.

During the six months ended June 30, 2023, the Company declared a dividend of $0.24 per share on February 15, 2023 to shareholders of record as of March 15, 2023, with an ex-dividend date of March 14, 2023. The Company also declared a dividend of $0.24 per share on May 15, 2023 to shareholders of record as of June 16, 2023, with an ex-dividend date of June 15, 2023. No new shares were issued and sold under the DRIP and ATM arrangements during the six months ended June 30, 2023 or during the year ended December 31, 2022.

On May 8, 2023, the board of directors of the Company (the “Board of Directors”) authorized the repurchase of up to an aggregate of $100 million of the Company’s common shares until June 30, 2024 ("share repurchase program"). During the six months ended June 30, 2023, the Company repurchased a total of 527,417 shares, at an average price of approximately $9.15 per share, with principal amounts totaling $4.8 million.

During the year ended December 31, 2022, 85,500 share options were exercised with a total intrinsic value of $0.1 million on the day of exercise. The Company issued a total of 10,786 new shares in full satisfaction of this intrinsic value, with no cash exchanges. The weighted average exercise price of the options exercised was $8.87 per share. During the six months ended June 30, 2023, no share options were exercised.

As described above, in November 2016, in relation with the Company's issuance of the 5.75% senior unsecured convertible bonds totaling $225 million in October 2016, the Company entered a share lending arrangement and issued 8,000,000 common shares, par value $0.01 per share, thereunder. The shares were issued at par value and had been loaned to an affiliate of one of the underwriters of the bond issue, in order to assist investors in the bonds to hedge their position. The bonds were convertible into the Company's common shares and matured on October 15, 2021. In December 2021, the Company entered into a general share lending agreement with another counterparty and the 8,000,000 shares were transferred into its custody. It was determined that the transaction qualified for equity classification, and as of the date of inception and as of June 30, 2023, the fair value was determined to be nil (year ended December 31, 2022: nil).

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In May 2018, in relation with the Company's issuance of 4.875% senior unsecured convertible bonds totaling $164 million in April and May 2018, the Company entered a share lending arrangement and issued 3,765,842 common shares, par value $0.01 per share, from up to 7,000,000 issuable under a share lending arrangement. The shares were issued at par value and had been loaned to an affiliate of one of the underwriters of the bond issue, in order to assist investors in the bonds to hedge their position. The bonds were convertible into the Company's common shares and matured on May 1, 2023. Also in May 2023, the Company transferred 1,496,600 of the 3,765,842 shares into the custody of another counterparty under a general share lending agreement. It was determined that the transaction qualified for equity classification, and as of the date of inception and as of June 30, 2023, the fair value was determined to be nil (year ended December 31, 2022: nil). As of June 30, 2023, 2,268,542 of the shares issued under the initial share lending arrangement related to the issuance of the 4.875% senior unsecured convertible notes remained in the custody of the counterparty to that arrangement.

During the six months ended June 30, 2023, $0.0 million of the dividend declared was paid from contributed surplus (year ended December 31, 2022: $37.3 million).

In November 2006, the Board of Directors approved a share option scheme (the “Option Scheme”). The Option Scheme will expire in November 2026, following the renewal in November 2016. The terms and conditions remain unchanged from those originally adopted in November 2006 and permit the Board of Directors, at its discretion, to grant options to employees, officers and directors of the Company or its subsidiaries. The fair value cost of options granted is recognized in the statement of operations, and the corresponding amount is credited to additional paid-in capital. In the six months ended June 30, 2023, additional paid-in capital was credited with $0.8 million relating to the fair value of options granted in February 2020, May 2021, February 2022 and February 2023.

During the six months ended June 30, 2023, 68,000 share options expired. At the date of expiry the options had a weighted average exercise price of $9.47 per share and an intrinsic value of $0.0 million.

In February 2023, the Company awarded a total of 440,000 options to officers, employees and directors, pursuant to the Option Scheme. The options have a five-year term and a three-year vesting period and the first options will be exercisable from February 2024 onwards. The initial strike price was $10.34 per share.

Total unrecognized compensation cost relating to the outstanding options under the Option Scheme was $1.9 million as of June 30, 2023 (December 31, 2022: $1.0 million).

As of June 30, 2023, the Company chartered-in seven container vessels under sale and leaseback transactions with an Asia-based financial institution (December 31, 2022: seven). The seven vessels are accounted for as vessels under finance lease (refer to Note 8: Vessels under Finance Lease, net).

(in thousands of $)			June 30, 2023						December 31, 2022
Finance lease liability, current portion			54,873						53,655
Finance lease liability, long-term portion			391,553						419,341
			446,426						472,996

Interest incurred on the finance lease liability in the six months ended June 30, 2023 was $10.8 million (six months ended June 30, 2022: $12.0 million).

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The Company has transactions with the following related parties, being companies in which our principal shareholder, Hemen and companies associated with Hemen have, or had, a significant direct or indirect interest:

–    Frontline

–    Frontline Shipping

–    Golden Ocean

–    Seatankers Management Norway AS and Seatankers Management Co. Ltd. (collectively “Seatankers”)

–    Front Ocean Management AS and Front Ocean Management Ltd. (collectively “Front Ocean”)

–    NorAm Drilling

–    River Box

–    Sloane Square Capital Holdings Ltd. (“Sloane Square Capital”)

The Condensed Consolidated Balance Sheets include the following amounts due from and to related parties and associated companies, excluding direct financing lease receivables (refer to Note 9: Investments in Sales-Type Leases, Direct Financing Leases and Leaseback Assets).

(in thousands of $)			June 30, 2023						December 31, 2022
Amounts due from:
Frontline			3,298						3,854
Seatankers			88						—
Golden Ocean			—						374
Sloane Square Capital			195						183
NorAm Drilling			19						—
River Box**			10						10
Other related parties			4						1
Allowance for expected credit losses*			(25)						(30)
Total amount due from related parties			3,589						4,392
Loans to related parties - associated companies, long-term
River Box**			45,000						45,000
Total loans to related parties - associated companies, long-term			45,000						45,000
Amounts due to:
Frontline Shipping			1,192						1,788
Frontline			—						2
Golden Ocean			173						141
Seatankers			95						—
Front Ocean			39						—
Other related parties			5						5
Total amount due to related parties			1,504						1,936

* See Note 18: Allowance for Expected Credit Losses.

** River Box was previously a wholly owned subsidiary of the Company. It holds investments in direct financing leases, through its subsidiaries, related to the 19,200 and 19,400 TEU containerships MSC Anna, MSC Viviana, MSC Erica and MSC Reef. On December 31, 2020, the Company sold 50.1% of the shares of River Box to a subsidiary of Hemen, a related party, and has accounted for the remaining 49.9% ownership in River Box using the equity method. (Refer to Note 10: Investment in Associated Companies).

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Related party leasing and service contracts

A summary of leasing revenues and repayments from Frontline Shipping, Golden Ocean and Seadrill is as follows:

			Six months ended
(in thousands of $)			June 30, 2023						June 30, 2022
Golden Ocean:
Operating lease income			27,195						25,689
Profit share			—						1,510
Frontline Shipping:
Direct financing lease interest income			—						382
Direct financing lease service revenue			—						1,746
Direct financing lease repayments			—						1,752
Seadrill*
Operating lease income			—						17,770

* Reflecting revenue through February 21, 2022. Seadrill was determined to no longer be a related party following its emergence from bankruptcy on February 22, 2022.

In addition to leasing revenues and repayments, the Company incurred the following fees with related parties:

			Six months ended
(in thousands of $)			June 30, 2023						June 30, 2022
Frontline:
Vessel Management Fees			1,207						2,669
Newbuilding Supervision Fees			709						466
Commissions and Brokerage			280						152
Administration Services Fees			2						2
Golden Ocean:
Vessel Management Fees			10,136						10,135
Operating Management Fees			—						22
Commissions and Brokerage			81						—
Seatankers:
Administration Services Fees			143						251
Front Ocean:
Administration Services Fees			311						210
Office Facilities:
Seatankers Management Norway AS			35						62
Frontline Management AS			156						128
Frontline Corporate Services Ltd.			95						60
Flex LNG Management Ltd			—						3
Golden Ocean Shipping Co Pte. Ltd.			43						41

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Related party loans – associated companies

A summary of loans entered into with the associated companies are as follows:

(in millions of $)			River Box
Loans granted			45
Loans outstanding as of June 30, 2023			45

The loan to River Box is a fixed interest rate loan and is repayable in full on November 16, 2033 or earlier if River Box sells its assets.

Interest income received on the loans to associated companies is as follows:

			Six months ended
(in millions of $)			June 30, 2023						June 30, 2022
River Box			2.3						2.3

Other related party transactions

The Company owned two VLCCs accounted for as direct financing leases, which were leased to Frontline Shipping. During the six months ended June 30, 2022, the vessels were sold and delivered to an unrelated third party and a gain of $1.5 million was recognized on the sale of the two vessels. The Company also received an additional compensation payment of $4.5 million from Frontline Shipping, for early termination of the charters. (See also Note 2: Gain on Sale of Assets and Termination of Charters).

The Company also had a forward contract to repurchase 1.4 million shares of Frontline at a repurchase price of $16.7 million including accrued interest. The transaction had been accounted for as a secured borrowing, with the shares transferred to 'Marketable securities pledged to creditors' and a liability recorded within debt. In September 2022, the Company settled the forward contract in full and recorded the sale of the 1.4 million shares and the full extinguishment of the corresponding debt of $15.6 million. A net gain of $4.6 million was recognized in the Statement of Operations in respect of the settlement during the year ended December 31, 2022.

During the six months ended June 30, 2023, the Company received dividend income of $0.8 million from NorAm Drilling (six months ended June 30, 2022: $0.0 million).

For additional information on the shares and corporate bonds held, refer to Note 5: Investments in Debt and Equity Securities.

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The following table presents the impact of the allowance for expected credit losses on the Company's balance sheet line items for the six months ended June 30, 2023.

(in thousands of $)			Trade receivables			Other receivables			Related Party receivables			Investment in sales-type, direct financing leases and leaseback assets			Other long-term assets			Total
Balance as of December 31, 2022			260			904			30			192			1,880			3,266
Change in allowance recorded in 'other financial items'			(235)			(63)			(5)			(99)			—			(402)
Balance as of June 30, 2023			25			841			25			93			1,880			2,864

The impact of the allowance for expected credit losses on the associates is disclosed in Note 10: Investment in Associated Companies.

Assets Pledged

(in millions of $)			June 30, 2023			December 31, 2022
Vessels, rigs and equipment, net			2,532			2,460
Investments in sales-type, direct financing leases and leaseback assets			111			119
Book value of consolidated assets pledged under ship mortgages			2,643			2,579

Assets with finance lease liabilities

(in millions of $)			June 30, 2023			December 31, 2022
Vessels under finance lease, net			594			615
Total book value			594			615

The Company has funded its acquisition of vessels, jack-up rig and harsh environment semi-submersible drilling unit through a combination of equity, short-term debt and long-term debt. Providers of long-term loan facilities usually require that the loans be secured by mortgages against the assets being acquired.

As of June 30, 2023, the Company had $2.1 billion of outstanding principal indebtedness under various credit facilities (December 31, 2022: $2.2 billion) and finance lease liabilities totaling $0.4 billion (December 31, 2022: $0.5 billion).

Other Contractual Commitments and Contingencies

The Company has arranged insurance for the legal liability risks for its shipping activities with Gard P.& I. (Bermuda) Ltd., Assuranceforeningen Skuld (Gjensidig), The Steamship Mutual Underwriting Association Limited, North of England P&I Association Limited, The Standard Club Europe Ltd, The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited and The Britannia Steam Ship Insurance Association Limited, all of which are mutual protection and indemnity associations. The Company is subject to calls payable to the associations based on the Company’s claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which may result in additional calls on the members. The Company also has similar partially mutual insurance arrangements for its rigs.

As of June 30, 2023, the Company had signed a contract with a subsidiary of ExxonMobil Canada Ltd. (“ExxonMobil”) for the harsh environment semi-submersible rig Hercules. The rig commenced mobilization to Canada in the second half of June and commenced drilling operations mid-July.

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As of June 30, 2023, the Company had signed a contract with a subsidiary of Galp Energia, S.A (“Galp Energia”) for the harsh environment semi-submersible rig Hercules. The contract is for two wells plus optional well testing and is expected to commence in the fourth quarter of 2023. Without any options, the duration is approximately 115 days including mobilization to Namibia.

Capital commitments

As of June 30, 2023, the Company had committed to paying approximately $57.0 million towards the installation of efficiency upgrades, including scrubbers, on six vessels owned or chartered-in by the Company, with installations expected to take place up to the end of 2024 (December 31, 2022: $35.3 million on six vessels). The majority of the cost is refundable by the charterer of the vessels.

As of June 30, 2023, the Company had commitments under shipbuilding contracts to construct four newbuilding dual-fuel 7,000 CEU car carriers, totaling to $194.2 million (December 31, 2022: $209.7 million). Delivery of the vessels is expected to take place in the second half of 2023 and in 2024. (Refer to Note 7: Capital Improvements, Newbuildings and Vessel Purchase Deposits, for amounts already paid).

On August 17, 2023, the Board of Directors declared a dividend of $0.24 per share which is payable in cash on or around September 29, 2023 to shareholders of record on September 14, 2023.

In August 2023, the Company signed a contract with Equinor Canada Ltd. for the harsh environment semi-submersible rig Hercules. The contract is for one well plus one optional well and is expected to commence in the second quarter of 2024. The contract has a duration of approximately 200 days including transit time to and from Canada. Odfjell Drilling will manage the rig on behalf of the Company under the contract. The rig is expected to start mobilizing towards Canada immediately after completing the Galp Energia contract in Namibia.

In August 2023, the Company sold and delivered the VLCC, Landbridge Wisdom, to Landbridge following exercise of the applicable purchase option in the charter contract. Sales proceeds totaling $52.0 million were received from Landbridge in connection with the transaction.

Subsequent to quarter end, the Company acquired a further aggregate amount of 566,378 shares at a total cash outlay of $5.3 million under the share repurchase program.

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v3.23.2

Cover	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Entity File Number	001-32199
Entity Registrant Name	SFL Corporation Ltd.
Entity Central Index Key	0001289877
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating revenues
Interest income related parties – direct financing leases	$ 0	$ 382
Interest income other – sales-type, direct financing leases and leaseback assets	3,809	4,394
Service revenue related parties – direct financing leases	0	1,746
Profit sharing income – related parties	0	1,510
Profit sharing income – other	7,135	8,125
Time charter revenues – related parties	27,195	25,689
Time charter revenues – other	228,888	205,775
Bareboat charter revenues – related parties	0	17,770
Bareboat charter revenues – other	0	13,195
Voyage charter revenues	28,753	24,371
Drilling contract revenues	37,860	0
Other operating income	4,187	2,729
Total operating revenues	337,827	305,686
Gain on sale of assets and termination of charters, net	16,476	13,228
Operating expenses
Vessel operating expenses – related parties	11,343	12,826
Vessel operating expenses – other	82,202	70,525
Rig operating expenses -other	40,972	0
Depreciation	102,159	91,313
Vessel impairment charge	7,389	0
Administrative expenses – related parties	785	757
Administrative expenses – other	7,662	7,859
Total operating expenses	252,512	183,280
Net operating income	101,791	135,634
Non-operating income/(expense)
Interest income – related parties, long term loans to associated companies	2,263	2,263
Interest income – related parties, other	0	249
Interest income – other	4,889	433
Interest expense	(82,554)	(50,104)
Loss on repurchase of bonds	(540)	0
(Loss)/gain on investments in debt and equity securities	(792)	4,466
Dividend income - related parties	802	0
Other financial items, net	(4,046)	10,083
Net income before equity in earnings of associated companies	21,813	103,024
Equity in earnings of associated companies	1,451	1,405
Net income	$ 23,264	$ 104,429
Per share information:
Basic earnings per share (in USD per share)	$ 0.18	$ 0.82
Diluted earnings per share (in USD per share)	$ 0.18	$ 0.79

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 23,264	$ 104,429
Fair value adjustments to hedging financial instruments	(3,147)	13,677
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments	4,607	0
Fair value adjustments to investment securities classified as available-for-sale	0	330
Other comprehensive loss	(48)	(120)
Other comprehensive income, net of tax	1,412	13,887
Comprehensive income	$ 24,676	$ 118,316

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 201,466	$ 188,362
Investments in debt and equity securities	5,866	7,283
Investment in sales-type leases, direct financing leases and leaseback assets, current portion	26,505	15,432
Trade accounts receivable	34,326	20,003
Inventories	15,272	16,395
Prepaid expenses and accrued income	9,790	17,127
Financial instruments at fair value, current portion	1,355	1,936
Total current assets	321,045	296,982
Vessels, rigs and equipment, net	2,589,834	2,646,389
Balance as of June 30, 2023	594,278	614,763
Investment in sales-type leases, direct financing leases and leaseback assets, long-term portion	84,845	103,591
Investments in associated companies	16,542	16,547
Capital improvements, newbuildings and vessel purchase deposits	112,799	97,860
Loans and long term receivables from associated companies	45,000	45,000
Financial instruments at fair value, long-term portion	23,717	26,716
Other long-term assets	18,076	13,482
Total assets	3,806,136	3,861,330
Current liabilities
Short-term debt and current portion of long-term debt	347,845	921,270
Finance lease liability, current portion	54,873	53,655
Trade accounts payable	21,547	7,887
Financial instruments at fair value, current portion	25,230	16,861
Accrued expenses	100,066	27,198
Total current liabilities	588,934	1,056,611
Long-term liabilities
Long-term debt	1,762,203	1,279,786
Finance lease liability, long-term portion	391,553	419,341
Financial instruments at fair value, long-term portion	12,416	14,357
Other long-term liabilities	4	4
Total liabilities	2,755,110	2,770,099
Commitments and contingent liabilities
Stockholders' equity
Share capital ($0.01 par value; 300,000,000 shares authorized; 138,562,173 shares issued and 138,034,756 shares outstanding at June 30, 2023). ($0.01 par value; 300,000,000 shares authorized; 138,562,173 shares issued and outstanding at December 31, 2022).	1,386	1,386
Additional paid-in capital	617,370	616,554
Treasury stock	(4,835)	0
Contributed surplus	424,562	424,562
Accumulated other comprehensive income	10,126	8,714
Accumulated profit	2,417	40,015
Total stockholders’ equity	1,051,026	1,091,231
Total liabilities and stockholders’ equity	3,806,136	3,861,330
Related Party
Current assets
Other receivables	3,589	4,392
Loans and long term receivables from associated companies	45,000	45,000
Current liabilities
Other current liabilities	1,504	1,936
Nonrelated Party
Current assets
Other receivables	22,876	26,052
Current liabilities
Other current liabilities	$ 37,869	$ 27,804

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Stockholders' equity
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	138,562,173	138,562,173
Common stock, shares outstanding (in shares)	138,034,756	138,562,173

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating Activities
Net cash provided by operating activities	$ 230,962	$ 166,707
Investing activities
Purchase of vessels, capital improvements, newbuildings and deposits	(135,181)	(194,860)
Proceeds from sales of vessels and termination of charters	104,211	83,333
Net amounts received from associated companies	1,456	1,453
Proceeds from redemption of available-for-sale debt securities	0	5,124
Collateral deposits paid on swap agreements	(6,030)	(1,058)
Net cash used in investing activities	(35,544)	(106,008)
Financing activities
Repayment of lease obligation liability	(26,569)	(25,377)
Proceeds from issuance of debt	720,187	255,350
Repayments of debt	(620,895)	(159,786)
Debt fees paid	(11,747)	(2,066)
Repurchase of bonds	(167,781)	0
Principal settlements of cross currency swaps, net	(9,812)	0
Cash paid for shares repurchase	(4,835)	0
Cash dividends paid	(60,862)	(53,250)
Net cash (used in)/provided by financing activities	(182,314)	14,871
Net change in cash, restricted cash and cash equivalents	13,104	75,570
Cash, restricted cash and cash equivalents at start of the period	188,362	153,960	$ 153,960
Cash, restricted cash and cash equivalents at end of the period	201,466	229,530	188,362
Cash, restricted cash and cash equivalents:
Cash and cash equivalents	201,466	223,816	188,362
Restricted cash	0	5,714
Cash, restricted cash and cash equivalents at end of the period	$ 201,466	$ 229,530	$ 188,362

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative effect, period of adoption, adjustment	Share capital	Additional paid-in capital	Additional paid-in capital Cumulative effect, period of adoption, adjustment	Treasury stock	Contributed surplus	Accumulated other comprehensive income/(loss)	Accumulated profit/(deficit)	Accumulated profit/(deficit) Cumulative effect, period of adoption, adjustment
Shares outstanding starting balance (in shares) at Dec. 31, 2021			138,551,387
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)			0
Number of shares repurchased (in shares)	0		0
Shares outstanding ending balance (in shares) at Jun. 30, 2022			138,551,387
Equity starting balance at Dec. 31, 2021		$ (1,600)	$ 1,386	$ 621,037	$ (5,863)	$ 0	$ 461,818	$ (9,194)	$ (92,720)	$ 4,285
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of stock-based compensation				739
Treasury stock						0
Dividends declared							(37,256)		(15,994)
Fair value adjustments to hedging financial instruments								13,677
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments	$ 0							0
Fair value adjustments to available-for-sale securities	330							330
Other comprehensive loss	(120)							(120)
Net income	104,429								104,429
Equity ending balance at Jun. 30, 2022	$ 1,046,554		$ 1,386	615,913		0	424,562	4,693	0
Shares outstanding starting balance (in shares) at Dec. 31, 2021			138,551,387
Shares outstanding ending balance (in shares) at Dec. 31, 2022	138,562,173		138,562,173
Equity starting balance at Dec. 31, 2021		$ (1,600)	$ 1,386	621,037	$ (5,863)	0	461,818	(9,194)	(92,720)	$ 4,285
Equity ending balance at Dec. 31, 2022	$ 1,091,231		$ 1,386	616,554		0	424,562	8,714	40,015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)			0
Number of shares repurchased (in shares)	(527,417)		(527,417)
Shares outstanding ending balance (in shares) at Jun. 30, 2023	138,034,756		138,034,756
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of stock-based compensation				816
Treasury stock	$ (4,800)					(4,835)
Dividends declared							0		(60,862)
Fair value adjustments to hedging financial instruments								(3,147)
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments	4,607							4,607
Fair value adjustments to available-for-sale securities	0							0
Other comprehensive loss	(48)							(48)
Net income	23,264								23,264
Equity ending balance at Jun. 30, 2023	$ 1,051,026		$ 1,386	$ 617,370		$ (4,835)	$ 424,562	$ 10,126	$ 2,417

v3.23.2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - Parenthetical - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Number of shares repurchased (in shares)	527,417	0

v3.23.2

INTERIM FINANCIAL DATA	6 Months Ended
	Jun. 30, 2023
INTERIM FINANCIAL DATA [Abstract]
INTERIM FINANCIAL DATA	INTERIM FINANCIAL DATA The unaudited condensed interim financial statements of SFL Corporation Ltd. (“SFL” or the “Company”) have been prepared on the same basis as the Company’s audited financial statements and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary in order to make the interim financial statements not misleading, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed interim financial statements do not include all of the disclosures required in annual consolidated financial statements and should be read in conjunction with the annual financial statements and notes included in the Annual Report on Form 20-F for the year ended December 31, 2022, which was filed with the SEC on March 16, 2023. The results of operations for the interim period ended June 30, 2023 are not necessarily indicative of the results for the entire year ending December 31, 2023. Basis of accounting The condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The condensed consolidated financial statements include the assets and liabilities and results of operations of the Company and its subsidiaries including variable interest entities in which the Company is deemed to be the primary beneficiary. All inter-company balances and transactions have been eliminated on consolidation. The condensed consolidated financial statements are prepared in accordance with the accounting policies described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022. Recently Issued Accounting Standards The following is a brief discussion of a selection of recently released accounting pronouncements that are considered pertinent to the Company's business and are not yet adopted. In March 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. This ASU amends certain provisions of ASC 842, Leases that apply to arrangements between related parties under common control thereby requiring leasehold improvements associated with common control leases to be amortized over the useful life to the common control group. The amendments are effective for the Company beginning after December 15, 2023, with early adoption permitted. As of period ended June 30, 2023, the Company does not expect the changes prescribed in ASU 2023-01 to have a material impact on its consolidated financial position, results of operations or cash flows, however, we will re-evaluate the amendments based on the facts and circumstances of the Company at the time of implementation of the guidance. Recently Adopted Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). Accounting Standards Codification (“ASC”) 848 provided temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to reduce the financial reporting burden in light of the market transition from London Interbank Offered Rates (“LIBOR”) and other reference interest rates to alternative reference rates. Under ASC 848, companies can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform if certain criteria are met. An entity that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. The amendments of ASC 848 apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01 "Reference Rate Reform (Topic 848): Scope" ("ASU 2021-01"), which clarified the scope of Topic 848 in relation to derivative instruments and contract modifications. The amendments in these updates are elective and are subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU No. 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" ("ASU 2022-06"). The amendments in this ASU extend the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. During the six months ended June 30, 2023, some of the floating rate debt facilities and interest rate swaps contracts of the Company were amended to transition from LIBOR as a benchmark rate to Secured Overnight Financing Rate (“SOFR”). The Company has applied the practical expedients and exceptions provided by the ASUs above in order to preserve the presentation of derivatives consistent with past presentation and as of period ended June 30, 2023, the Company has not recorded any material impact on the Company's consolidated financial statements as a result of these amendments. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management of the Company believes that the accounting estimates and assumptions that have been made are appropriate given the continuing market volatility surrounding the impacts of the Russian-Ukrainian conflict and significant global inflationary pressures. However actual results could differ materially from those estimates.

v3.23.2

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS	GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS During the six months ended June 30, 2023, the two Suezmax tankers Glorycrown and Everbright, which were trading in the spot market, were sold to an unrelated third party. The Company received net sale proceeds of $84.9 million and recorded a gain of $16.4 million on the disposal. Also during the six months ended June 30, 2023, the two chemical tankers SFL Weser and SFL Elbe, which were trading in the spot market, were sold to an unrelated third party. The Company received net sale proceeds of $19.4 million and recorded a gain of $30.0 thousand on the disposal. The Company also recorded an impairment loss of $7.4 million prior to the disposal. (See Note 6: Vessels, Rigs and Equipment, Net). During the six months ended June 30, 2022, the two very large crude carriers (“VLCC”) Front Energy and Front Force, which were accounted for as direct financing leases, were sold to an unrelated third party. A gain of $1.5 million was recorded on the disposal of the vessels. The Company received net sale proceeds of $65.4 million and an additional compensation payment of $4.5 million from Frontline Shipping Limited (“Frontline Shipping”), for the early termination of the corresponding charters. (See Note 17: Related Party Transactions). Also, during the six months ended June 30, 2022, the 1,700 twenty-foot equivalent unit (“TEU”) container vessel, MSC Alice, which was accounted for as a sales-type lease, was sold and delivered to Mediterranean Shipping Company S.A. and its affiliate Conglomerate Shipping Ltd. (collectively “MSC”) following execution of the applicable purchase obligation in the charter contract. The Company received net sale proceeds including profit share of $13.5 million and recorded a gain of $11.7 million on the disposal. There were no other vessels or rigs sold during the six months ended June 30, 2023 and June 30, 2022.

v3.23.2

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The computation of basic earnings per share (“EPS”) is based on the weighted average number of shares outstanding during the period and the consolidated net income of the Company. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments. In the computation of the diluted EPS, the dilutive impact of the Company’s stock options is calculated using the "treasury stock" guidelines and the "if-converted" method is used for convertible securities. The components of the numerator for the calculation of basic and diluted EPS are as follows: Six months ended (in thousands of $) June 30, 2023 June 30, 2022 Basic earnings per share: Net income available to stockholders 23,264  104,429  Diluted earnings per share: Net income available to stockholders 23,264  104,429  Interest and other expenses attributable to dilutive convertible notes —  3,747  Net income assuming dilution 23,264  108,176  The components of the denominator for the calculation of basic and diluted EPS are as follows: Six months ended (in thousands) June 30, 2023 June 30, 2022 Basic earnings per share: Weighted average number of common shares outstanding* 126,774  126,786  Diluted earnings per share: Weighted average number of common shares outstanding* 126,774  126,786  Effect of dilutive share options 242  38  Effect of dilutive convertible notes —  10,476  Weighted average number of common shares outstanding assuming dilution 127,016  137,300  Six months ended June 30, 2023 June 30, 2022 Basic earnings per share: $ 0.18  $ 0.82  Diluted earnings per share: $ 0.18  $ 0.79  *The weighted average number of common shares outstanding excludes 8,000,000 shares issued as part of a share lending arrangement relating to the Company's issuance of 5.75% senior unsecured convertible notes in October 2016 and 3,765,842 shares issued as a part of a share lending arrangement relating to the Company's issuance of 4.875% senior unsecured convertible notes in April and May 2018. The Company entered into a general share lending agreement with another counterparty and after the maturity of the bonds, 8,000,000 shares and 1,496,600 shares, respectively, from each issuance under the two initial share lending arrangements described above were transferred into such counterparty's custody. As of June 30, 2023, 2,268,542 of the shares issued under the initial share lending arrangement related to the issuance of the 4.875% senior unsecured convertible notes remained in the custody of the counterparty of that arrangement. The weighted average number of common shares outstanding also excludes 527,417 shares repurchased by the Company under its share repurchase program (defined below) during the six months ended June 30, 2023. (See also Note 14: Share Capital, Additional Paid-In Capital and Contributed Surplus). In May 2023, the Company redeemed the full amount outstanding under the 4.875% senior unsecured convertible bonds due 2023. The remaining outstanding principal amount of $84.9 million was fully satisfied in cash. During the six months ended June 30, 2023, the Company purchased bonds with principal amounts totaling $53.0 million from the 4.875% senior unsecured convertible bonds due 2023. As of June 30, 2023, the principal amounts of the redeemed bonds were anti-dilutive, assuming if converted, at the start of the period.

v3.23.2

OTHER FINANCIAL ITEMS	6 Months Ended
	Jun. 30, 2023
Other Financial Items [Abstract]
OTHER FINANCIAL ITEMS	OTHER FINANCIAL ITEMS Other financial items, net comprise of the following items: Six months ended (in thousands of $) June 30, 2023 June 30, 2022 Net cash movement on non-designated derivatives and swap settlements 2,877  (1,692) Net (loss)/gain in fair value movements of non-designated derivatives (5,571) 12,718  Change in allowance for expected credit losses 402  582  Other items (1,754) (1,525) Total other financial items, net (4,046) 10,083  The net movement in the fair values of non-designated derivatives and net cash payments thereon relate to non-designated, terminated or de-designated interest rate swaps and cross currency interest rate swaps. Changes in the fair values of the effective portion of interest rate swaps that are designated as cash flow hedges are reported under "Other comprehensive income". The Company recognizes, among other things, a measurement of expected credit losses for financial assets held at the reporting date, based on historical experience, current conditions and reasonable supportable forecasts. (See also Note 18: Allowance for Expected Credit Losses). Other items in the six months ended June 30, 2023 include a net loss of $1.7 million arising from foreign currency translations (in the six months ended June 30, 2022: loss of $1.3 million). Other items included in other financial items include bank charges and fees relating to loan facilities.

v3.23.2

INVESTMENTS IN DEBT AND EQUITY SECURITIES	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN DEBT AND EQUITY SECURITIES	INVESTMENTS IN DEBT AND EQUITY SECURITIES Investment securities held by the Company consist of the following investments in corporate bonds and equity securities: (in thousands of $) June 30, 2023 December 31, 2022 Equity Securities 5,866  7,283  Total Investment in Debt and Equity Securities 5,866  7,283  Corporate Bonds During the six months ended June 30, 2023, the Company held no investments in corporate bonds. During the year ended December 31, 2022, the Company received an aggregate amount of $4.7 million from the redemption of NorAm Drilling Company AS ("NorAm Drilling") bonds and recorded no gain or loss on redemption of the bonds. The accumulated gain of $0.5 million previously recognized in other comprehensive income was recognized in the Consolidated Statements of Operations. During the year ended December 31, 2022, the Company received an aggregate amount of $9.6 million from the redemption of NT Rig Holdco Liquidity 12% bonds and NT Rig Holdco 7.5% bonds, following the sale of five jack-up rigs by NT Rig Holdco. A realized gain of $4.7 million was recognized in the Consolidated Statements of Operations in relation to the redemption of the bonds. The corporate bonds were classified as available-for-sale securities and were recorded at fair value, with unrealized gains and losses recorded as a separate component of "Other comprehensive income". Equity Securities As of June 30, 2023, the equity securities comprise of approximately $1.3 million shares in NorAm Drilling which are traded in the Norwegian Over-the-Counter market ("OTC") and now traded on the Euronext Growth exchange in Oslo since October 2022. The Company recognized a mark to market loss of $0.8 million in the Statement of Operations in the six months ended June 30, 2023, together with a foreign exchange loss of $0.6 million in Other Financial Items in the Statement of Operations. In December 2019, the Company entered into a forward contract to repurchase 3.4 million shares of Frontline plc (formerly Frontline Ltd.) (“Frontline”), a related party, for $36.8 million in June 2020. In 2020, the Company repurchased and simultaneously sold approximately 2.0 million shares in Frontline for total proceeds of $21.1 million and recorded gains of $2.3 million in the Statement of Operations in respect of the sales. The Company renewed the forward contract continuously from 2019 until September 2022. During the year ended December 31, 2022, the Company had a forward contract to repurchase 1.4 million shares of Frontline, at a repurchase price of $16.7 million including accrued interest. The transaction was accounted for as a secured borrowing, with the shares transferred to 'Marketable securities pledged to creditors' and a liability recorded within debt. In September 2022, the Company settled the forward contract in full and recorded the sale of the 1.4 million shares and extinguishment of the corresponding debt of $15.6 million. A net gain of $4.6 million was recognized in the Statement of Operations in respect of the settlement (See Note 17: Related Party Transactions).

v3.23.2

VESSELS, RIGS AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
VESSELS, RIGS AND EQUIPMENT, NET	VESSELS, RIGS AND EQUIPMENT, NET Movements in the six months ended June 30, 2023 are summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels, Rigs and Equipment, net Balance as of December 31, 2022 3,345,233  (698,844) 2,646,389  Depreciation —  (81,674) (81,674) Vessel disposals (126,547) 38,813  (87,734) Capital improvements 120,242  —  120,242  Impairment loss (40,714) 33,325  (7,389) Balance as of June 30, 2023 3,298,214  (708,380) 2,589,834  The capital improvements of $120.2 million relate to Special Periodic Survey (“SPS”) and other capital upgrades performed on the harsh environment semi-submersible drilling rig Hercules during the six months ended June 30, 2023. SPS costs of $69.8 million were capitalized as a separate component of the rig and are depreciated until the next SPS, which is in five years. In addition, capital upgrades of $47.6 million were also capitalized as a separate component of rig and are depreciated over a period of 10 years economic useful life. Also as of June 30, 2023, ballast water treatment system (“BWTS”) was installed on Hercules and the amount of $2.8 million was also capitalized. During the six months ended June 30, 2023, the Company sold and delivered two Suezmax tankers, Glorycrown and Everbright, to an unrelated third party and a net gain on disposal of $16.4 million was recognized in the Consolidated Statement of Operations. (See also Note 2: Gain on Sale of Assets and Termination of Charters). Also, during the six months ended June 30, 2023, the Company sold and delivered two chemical tankers, SFL Weser and SFL Elbe, to an unrelated third party. The Company recorded an impairment loss of $7.4 million prior to disposal and a gain on sale of $30.0 thousand was recognized in the Consolidated Statement of Operations. (See also Note 2: Gain on Sale of Assets and Termination of Charters). No impairment losses were recorded against the carrying value of "Vessels, Rigs and Equipment, net" in the six months ended June 30, 2023, other than the impairment losses on the two chemical tankers described above. No impairment losses were recorded in the six months ended June 30, 2022.

v3.23.2

CAPITAL IMPROVEMENTS, NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
CAPITAL IMPROVEMENTS, NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS	CAPITAL IMPROVEMENTS, NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS (in thousands of $) June 30, 2023 December 31, 2022 Capital improvements in progress 306  4,127  Newbuildings 112,493  93,733  112,799  97,860  Capital improvements in progress of $0.3 million comprise of advances paid and costs incurred in respect of upgrades in relation to the SPS on one rig (December 31, 2022: on two rigs). This is recorded in "Capital improvements, newbuildings and vessel purchase deposits" until such time as the equipment is installed on a vessel or rig, at which point it is transferred to "Vessels, rigs and equipment, net" or "Investment in sales-type leases and direct financing leases". The carrying value of newbuildings represents the accumulated costs which the Company has paid in purchase installments and other capital expenditures in relation to four (December 31, 2022: four) newbuilding contracts, together with capitalized loan interest. Interest capitalized in the cost of newbuildings amounted to $5.2 million in the six months ended June 30, 2023 (December 31, 2022: $2.7 million). As of June 30, 2023, the Company had paid total installments and related costs of $47.3 million in relation to two dual-fuel 7,000 car equivalent unit (“CEU”) newbuilding car carriers, currently under construction. The vessels are expected to be delivered in the second half of 2023 and will immediately commence a 10-year time charter to Volkswagen Group. As of June 30, 2023, the Company had paid total installments and related costs of $65.2 million in relation to another two dual-fuel 7,000 CEU newbuilding car carriers, currently under construction. The vessels are expected to be delivered in 2024 and will immediately commence a 10-year time charter to K Line. During the six months ended June 30, 2023, the Company paid no deposit in connection with the acquisition of any vessels.

v3.23.2

VESSELS UNDER FINANCE LEASE, NET	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
VESSELS UNDER FINANCE LEASE, NET	VESSELS UNDER FINANCE LEASE, NET Movements in the six months ended June 30, 2023 are summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels under Finance Lease, net Balance as of December 31, 2022 777,939  (163,176) 614,763  Depreciation —  (20,485) (20,485) Balance as of June 30, 2023 777,939  (183,661) 594,278  As of June 30, 2023, seven vessels were accounted for as vessels under finance lease, which consist of four 14,000 TEU container vessels and three 10,600 TEU container vessels. The seven vessels are leased back for an original term ranging from six to 11 years and the Company has options to purchase each vessel after six years. (See also Note 16: Finance Lease Liability).

v3.23.2

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS	6 Months Ended
	Jun. 30, 2023
Net Investment in Direct Financing and Sales Type Leases [Abstract]
INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS	INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS The following lists the components of investments in sales-type leases, direct financing leases and leaseback assets as of June 30, 2023 and December 31, 2022: (in thousands of $) June 30, 2023 Sales-Type Leases and Direct Financing Leases Leaseback Assets Total Total minimum lease payments to be received 23,424  29,862  53,286  Purchase obligations at the end of the leases 43,150  31,500  74,650  Net minimum lease payments receivable 66,574  61,362  127,936  Less: unearned income (5,235) (11,258) (16,493) Total investment in sales-type lease, direct financing lease and leaseback assets 61,339  50,104  111,443  Allowance for expected credit losses* (80) (13) (93) Total investment in sales-type lease, direct financing lease and leaseback assets 61,259  50,091  111,350  Current portion 22,188  4,317  26,505  Long-term portion 39,071  45,774  84,845  (in thousands of $) December 31, 2022 Sales-Type Leases and Direct Financing Leases Leaseback Assets Total Total minimum lease payments to be received 30,708  34,160  64,868  Purchase obligations at the end of the leases 43,150  31,500  74,650  Net minimum lease payments receivable 73,858  65,660  139,518  Less: unearned income (7,252) (13,051) (20,303) Total investment in sales-type lease, direct financing lease and leaseback assets 66,606  52,609  119,215  Allowance for expected credit losses* (102) (90) (192) Total investment in sales-type lease, direct financing lease and leaseback assets 66,504  52,519  119,023  Current portion 10,794  4,638  15,432  Long-term portion 55,710  47,881  103,591  *See Note 18: Allowance for Expected Credit Losses. As of June 30, 2023, the Company had a total of nine vessel charters accounted for as sales-type and direct financing leases (December 31, 2022: nine vessels) and one vessel charter classified as a leaseback asset (December 31, 2022: one vessel). Investments in sales-type and direct financing leases As of June 30, 2023, the Company had nine (December 31, 2022: nine) container vessels accounted for as sales-type leases, all of which are on long-term bareboat charters to MSC. The terms of the charters for the nine container vessels provide the charterer with a minimum fixed price purchase obligation at the expiry of each of the charters. Investments in leaseback assets When a sale and leaseback transaction does not qualify for sale accounting, the Company does not recognize the transferred vessels and instead accounts for the purchase as a leaseback asset. In May 2020, the Company acquired a newbuild VLCC from Landbridge Universal Limited (“Landbridge”) where control was not deemed to have passed to the Company due to the existence of repurchase options in the lease on acquisition and therefore was classified as a leaseback asset. Upon delivery, the vessel immediately commenced a seven-year bareboat charter back to Landbridge. Landbridge had purchase options throughout the term of the charters and there was a purchase obligation at the end of the seven-year period. In August 2023, Landbridge declared a purchase option on the vessel and the vessel was delivered to them later that month. (See also Note 20: Subsequent Events).

v3.23.2

INVESTMENTS IN ASSOCIATED COMPANIES	6 Months Ended
	Jun. 30, 2023
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
INVESTMENTS IN ASSOCIATED COMPANIES	INVESTMENT IN ASSOCIATED COMPANIES The Company has certain subsidiaries which are accounted for using the equity method, as it has been determined under ASC 810 that they are variable interest entities in which the Company is not the primary beneficiary. As of June 30, 2023, June 30, 2022 and December 31, 2022, the Company had the following participation in investments that were recorded using the equity method: June 30, 2023 June 30, 2022 December 31, 2022 River Box Holding Inc. (“River Box”) 49.90  % 49.90  % 49.90  % River Box was a previously wholly owned subsidiary of the Company. River Box holds investments in direct financing leases, through its subsidiaries, in relation to the 19,200 and 19,400 TEU containerships MSC Anna, MSC Viviana, MSC Erica and MSC Reef. On December 31, 2020, the Company sold 50.1% of the shares of River Box to a subsidiary of Hemen Holding Limited (“Hemen”), the Company's largest shareholder and a related party, and has accounted for the remaining 49.9% ownership in River Box using the equity method. Summarized balance sheet information of the Company’s equity method investees is as follows: River Box (in thousands of $) June 30, 2023 December 31, 2022 Share presented 49.90  % 49.90  % Current assets 15,742  15,186  Non-current assets 227,886  234,572  Total assets 243,628  249,758  Current liabilities 14,699  14,267  Non-current liabilities (1) 212,387  218,944  Total liabilities 227,086  233,211  Total stockholders’ equity (2) 16,542  16,547  (1) River Box non-current liabilities as of June 30, 2023 include $45.0 million due to SFL (December 31, 2022: $45.0 million) (See Note 17: Related Party Transactions). (2) In the six months ended June 30, 2023, River Box paid a dividend of $1.5 million to SFL (June 30, 2022: $1.5 million, December 31, 2022: $2.9 million). Summarized statement of operations information of the Company’s equity method investees is as follows: River Box Six months ended June 30, (in thousands of $) 2023 2022 Share presented 49.90  % 49.90  % Operating revenues 9,221  9,665  Net operating revenues 9,212  9,654  Net income 1,451  1,405  The associated companies recognized an allowance for expected credit losses in respect of their principal financial assets: 'Investment in direct financing leases' and 'Related party receivable balances', held at the reporting date. Movements in the six months ended June 30, 2023 in the allowance for expected credit losses can be summarized as follows: (in thousands of $) River Box Share presented 49.90  % Balance as of December 31, 2022 378  Allowance recorded in net income of associated companies (62) Balance as of June 30, 2023 316  The Company has estimated the allowance for expected credit losses based on an analysis of factors including the credit rating assigned to the lessee, management's assessment of current and expected conditions in the market and collateral exposure.

v3.23.2

OTHER LONG TERM ASSETS	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER LONG TERM ASSETS	OTHER LONG TERM ASSETS Other long term assets comprise of the following items: (in thousands of $) June 30, 2023 December 31, 2022 Collateral deposits on swap agreements 14,800  8,770  Value of acquired charter-out contracts, net 3,276  4,712  Total Other Long Term Assets 18,076  13,482  Collateral deposits exist on our interest rate, cross currency interest rate and currency swaps. Further amounts may be called upon during the term of the swaps, if interest rates or currency rates move adversely. The Company purchased four container vessels, Thalassa Mana, Thalassa Tyhi, Thalassa Doxa and Thalassa Axia, with each vessel subject to pre-existing time charters. A value of $18.0 million was assigned to these charters on acquisition in 2018. During the six months ended June 30, 2023, the amortization charged to time charter revenue was $1.4 million (six months ended June 30, 2022: $1.4 million).

v3.23.2

SHORT-TERM AND LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2023
Long-Term Debt, by Current and Noncurrent [Abstract]
SHORT-TERM AND LONG-TERM DEBT	SHORT-TERM AND LONG-TERM DEBT (in thousands of $) June 30, 2023 December 31, 2022 Short-term and long-term debt: U.S. dollar denominated fixed rate debt due 2026 149,625  —  NOK700 million senior unsecured floating rate bonds due 2023 37,933  71,243  NOK700 million senior unsecured floating rate bonds due 2024 64,775  70,734  NOK600 million senior unsecured floating rate bonds due 2025 54,989  60,048  4.875% senior unsecured convertible bonds due 2023 —  137,900  7.25% senior unsecured sustainability-linked bonds due 2026 150,000  150,000  8.875% senior unsecured sustainability-linked bonds due 2027 150,000  —  Lease debt financing 455,548  394,555  U.S. dollar denominated floating rate debt due through 2029 1,067,829  1,329,156  Total debt principal 2,130,699  2,213,636  Less: Unamortized debt issuance costs (20,651) (12,580) Less: Current portion of long-term debt (347,845) (921,270) Total long-term debt 1,762,203  1,279,786  Movements in the period: (in thousands of $) Fixed Rate, Lease Debt Financing and NOK Bonds U.S. Dollar Floating Rate Debt Total debt principal Balance as of December 31, 2022 884,480  1,329,156  2,213,636  Drawdowns and capitalized interest 384,576  335,611  720,187  Repayments and redemptions (191,258) (596,938) (788,196) Effects of foreign exchange (14,928) —  (14,928) Balance as of June 30, 2023 1,062,870  1,067,829  2,130,699  Interest rate information: June 30, 2023 December 31, 2022 Weighted average interest rate* 5.53  % 5.30  % US Dollar London Interbank Offered Rate ("LIBOR"), 3-Month, closing rate 5.55  % 4.77  % Secured Overnight Financing Rate ("SOFR"), closing rate 5.09  % 4.30  % Norwegian Interbank Offered Rate ("NIBOR"), 3-Month, closing rate 4.37  % 3.26  % *The weighted average interest rate is for floating rate debt denominated in U.S. dollars and Norwegian kroner (“NOK”) which takes into consideration the effect of related interest rate swaps. New Facilities, Renewals and Redemptions Fixed Rate, Lease Debt Financing and NOK Bonds Redemptions between January 1, 2023 and June 30, 2023: Bond In Millions of USD NOK700 million senior unsecured floating rate bonds due 2023 29.4 4.875% senior unsecured convertible bonds due 2023 137.9 During the six months ended June 30, 2023, the Company recorded a net loss of $0.5 million on the repurchase of fixed rate and foreign debt recorded in "Loss on repurchase of bonds". No such losses were recorded during the six months ended June 30, 2022. New facilities drawn down between January 1, 2023 and June 30, 2023: 8.875% senior unsecured sustainability-linked bonds due 2027 In February 2023, the Company issued a senior unsecured sustainability-linked bond totaling $150.0 million in the Nordic market. The bond was issued at a price of 99.58%. The difference between the face value and market value of the bond of $0.6 million will be amortized as an interest expense over the life of the bond. The bonds bear quarterly interest at a fixed rate of 8.875% per annum and are redeemable in full on February 1, 2027. The net amount outstanding as of June 30, 2023 was $150.0 million. U.S. dollar denominated fixed rate debt due 2026 In April 2023, a wholly owned subsidiary of the Company entered into a $150.0 million senior secured term loan facility, secured against a jack-up drilling rig. The Company has provided a limited corporate guarantee for this facility, which bears a fixed rate of interest and has a term of three years. The net amount outstanding as of June 30, 2023 was $149.6 million. Lease debt financing In April 2023, a wholly owned subsidiary of the Company owning a 4,900 CEU car carrier entered into a sale and leaseback transaction for this vessel, through a Japanese operating lease with call option financing structure. The sales price for the vessel was $45.0 million. The vessel was leased back for a term of approximately five years, with the Company's option to purchase the vessel at the end of the fifth year. The transaction did not qualify as a sale and has been recorded as a financing arrangement. The amount outstanding as of June 30, 2023, was $44.1 million. In May 2023, a wholly owned subsidiary of the Company owning a 2,500 TEU containership entered into a sale and leaseback transaction for this vessel, through a Japanese operating lease with call option financing structure. The sales price for the vessel was $38.5 million. The vessel was leased back for a term of approximately nine years, with the Company's option to purchase the vessel after approximately six and seven years. The transaction did not qualify as a sale and has been recorded as a financing arrangement. The amount outstanding as of June 30, 2023, was $38.5 million. U.S. Dollar Floating Rate Debt New facilities drawn down between January 1, 2023 and June 30, 2023: Name of facility Draw down date Number of wholly owned subsidiaries entering into the facility Term Balance outstanding at period end ($ millions) $144.625 million term loan facility Feb. 2023 four 2 years, 11 months 142.1 $150 million senior secured term loan facility May 2023 one 2 years, 8 months 150.0 $23.25 million term loan facility* May 2023 one 1 year 13.9 $23.25 million term loan facility* May 2023 one 1 year 18.6 $8.44 million senior unsecured term loan facility May 2023 one 2 years, 8 months 8.4 *These facilities were partially drawn down as of June 30, 2023. The Company has provided limited corporate guarantees for the above facilities, which bear interest at term SOFR or the compounded daily SOFR plus applicable margins. Facilities redeemed between January 1, 2023 and June 30, 2023: Name of facility Original draw down date Number of wholly owned subsidiaries that had entered into the facility Term Amount redeemed ($ millions) $375 million term loan and revolving credit facility Jun. 2013 one 10 years 146.7 $475 million term loan and revolving credit facility Feb. 2014 one 9 years 178.4 $33.1 million term loan facility Jun. 2019 five 4 years 21.9 $40.0 million senior secured term loan facility Mar. 2020 two 3 years 31.9 $290 million term loan facility Sep. 2022 six 6 months 156.0 Agreements related to long-term debt provide limitations on the amount of total borrowings and secured debt, and acceleration of payment under certain circumstances, including failure to satisfy certain financial covenants. As of June 30, 2023, the Company was in compliance with all of the covenants under its long-term debt facilities.

v3.23.2

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS The following table presents the fair values of the Company’s derivative instruments that were designated as cash flow hedges and qualified as part of a hedging relationship, and those that were not designated:  (in thousands of $) June 30, 2023 December 31, 2022 Designated derivative instruments - short-term assets: Interest rate swaps 1,219  1,229  Non-designated derivative instruments - short-term assets: Interest rate swaps 136  707  Total derivative instruments - short-term assets 1,355  1,936  Designated derivative instruments - long-term assets: Interest rate swaps 9,921  12,963  Non-designated derivative instruments - long-term assets: Interest rate swaps 13,796  13,753  Total derivative instruments - long-term assets 23,717  26,716  (in thousands of $) June 30, 2023 December 31, 2022 Designated derivative instruments - short-term liabilities: Cross currency interest rate swaps 9,457  2,260  Cross currency swaps 15,659  14,601  Non-designated derivative instruments - short-term liabilities: Cross currency swaps 114  —  Total derivative instruments - short-term liabilities 25,230  16,861  Designated derivative instruments - long-term liabilities: Cross currency interest rate swaps —  4,054  Cross currency swaps 12,416  10,233  Non-designated derivative instruments - long-term liabilities: Cross currency swaps —  70  Total derivative instruments - long-term liabilities 12,416  14,357  Interest rate risk management The Company manages its debt portfolio with interest rate swap agreements denominated in U.S. dollars and Norwegian kroner to achieve an overall desired position of fixed and floating interest rates. As of June 30, 2023, the Company and its consolidated subsidiaries had entered into interest rate swap transactions, involving the payment of fixed and floating rates in exchange for LIBOR, NIBOR or SOFR. The total net notional principal amount subject to interest rate swap agreements as of June 30, 2023, was $0.4 billion (December 31, 2022: $0.6 billion). Due to the discontinuance of LIBOR after June 30, 2023, and notwithstanding the automatic conversion mechanisms to alternative rates, the Company has entered into (or is in the process of entering into) amendment agreements to existing loan and swap agreements for the transition from LIBOR to SOFR. As of June 30, 2023, the Company does not anticipate any material impact on the Company's consolidated financial statements as a result of these amendments. Foreign currency risk management The Company is party to currency swap transactions, involving the payment of U.S. dollars in exchange for Norwegian kroner and the payment of Norwegian kroner in exchange for U.S. dollars, which are designated as hedges against the NOK700 million, NOK700 million and NOK600 million senior unsecured bonds due 2023, 2024 and 2025, respectively. Principal Receivable Principal Payable Trade date Maturity date NOK400 million* US$48.1 million September 2018 September 2023 NOK700 million US$80.5 million May 2019 June 2024 NOK600 million US$67.5 million January 2020 January 2025 *Originally NOK700 million. NOK300 million was cancelled during the six months ended June 30, 2023. Apart from the NOK700 million, NOK700 million and NOK600 million senior unsecured bonds due 2023, 2024 and 2025, respectively, the majority of the Company’s transactions, assets and liabilities are denominated in U.S. dollars, the functional currency of the Company. Other than the corresponding currency swap transactions summarized above, the Company has not entered into forward contracts for either transaction or translation risk. Accordingly, there is a risk that currency fluctuations could have an adverse effect on the Company’s cash flows, financial condition and results of operations. Fair Values The carrying value and estimated fair value of the Company’s financial assets and liabilities as of June 30, 2023 and December 31, 2022 are as follows:  June 30, 2023 December 31, 2022 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Equity securities 5,866  5,866  7,283  7,283  NOK700 million senior unsecured floating rate bonds due 2023 37,933  38,123  71,243  71,421  NOK700 million senior unsecured floating rate bonds due 2024 64,775  65,585  70,734  70,734  NOK600 million senior unsecured floating rate bonds due 2025 54,989  56,020  60,048  60,348  4.875% senior unsecured convertible bonds due 2023 —  —  137,900  137,211  7.25% senior unsecured sustainability-linked bonds due 2026 150,000  144,255  150,000  144,188  8.875% senior unsecured sustainability-linked bonds due 2027 150,000  150,000  —  —  Derivatives: Interest rate/currency swap contracts - short-term receivables 1,355  1,355  1,936  1,936  Interest rate/currency swap contracts - long-term receivables 23,717  23,717  26,716  26,716  Interest rate/currency swap contracts - short-term payables 25,230  25,230  16,861  16,861  Interest rate/currency swap contracts - long-term payables 12,416  12,416  14,357  14,357  In accordance with the accounting policy relating to interest rate and currency swaps described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022, changes in the fair values of the swaps are recognized in other comprehensive income where the Company has designated the swaps as hedges. Changes in the fair value of other swaps not designated as hedges are recognized in the Consolidated Statement of Operations. The fair values of financial assets and liabilities as of June 30, 2023, were measured as follows:      Fair value measurements using (in thousands of $) June 30, 2023 Quoted Prices in Active Markets for identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Equity securities 5,866  5,866  Interest rate/ currency swap contracts, short-term receivables 1,355  1,355  Interest rate/ currency swap contracts, long-term receivables 23,717  23,717  Total assets 30,938  5,866  25,072  —  Liabilities: NOK700 million senior unsecured floating rate bonds due 2023 38,123  38,123  NOK700 million senior unsecured floating rate bonds due 2024 65,585  65,585  NOK600 million senior unsecured floating rate bonds due 2025 56,020  56,020  7.25% senior unsecured sustainability-linked bonds due 2026 144,255  144,255  8.875% senior unsecured sustainability-linked bonds due 2027 150,000  150,000  Interest rate/currency swap contracts, short-term payables 25,230  25,230  Interest rate/currency swap contracts, long-term payables 12,416  12,416  Total liabilities 491,629  453,983  37,646  —  ASC Topic 820 "Fair Value Measurement and Disclosures" ("ASC 820") emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Level 1 and Level 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability, other than quoted prices, such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the assets or liabilities, which typically are based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. As of June 30, 2023, investment in equity securities consist of NorAm Drilling shares traded on the Euronext Growth exchange in Oslo. The estimated fair values of the floating rate NOK denominated bonds due 2023, 2024 and 2025, the 7.25% senior unsecured sustainability-linked bonds due 2026 and the 8.875% senior unsecured sustainability-linked bonds due 2027 are all based on their quoted market prices as of the balance sheet date. The estimated fair value of interest rate and currency swap contracts is calculated using a well-established independent valuation technique applied to contracted cash flows and LIBOR, NIBOR or SOFR interest rates as of June 30, 2023. Concentrations of risk There is a concentration of credit risk with respect to cash and cash equivalents to the extent that amounts are carried with Skandinaviska Enskilda Banken AB (publ), ABN AMRO Bank N.V., Nordea Bank Finland Plc., Credit Agricole Corporate and Investment Bank S.A., Danske Bank A/S, BNP Paribas, Commonwealth Bank of Australia, Credit Suisse Group AG, Morgan Stanley & Co. LLC and DNB Bank ASA. However, the Company believes this risk is remote, as these financial institutions are established and reputable establishments with no prior history of default. The Company does not require collateral or other securities to support financial instruments that are subject to credit risk. There could also be a concentration of revenue risk with the below customers to whom the Company earns the largest proportion of revenues from, or has chartered multiple vessels. Charterer Number of vessels/rigs chartered as of June 30, 2023 % of consolidated operating revenues (Six months ended June 30, 2023) Number of vessels/rigs chartered as of June 30, 2022 % of consolidated operating revenues (Six months ended June 30, 2022) Maersk A/S (“Maersk”) 16 31  % 15 31  % Evergreen Marine Corporation (Taiwan) Ltd. and its affiliate Evergreen Marine (Singapore) Pte Ltd. (collectively “Evergreen”) 6 15  % 6 17  % Conocophillips Skandinavia AS ("Conocophillips")** 1 11  % N/A N/A Trafigura Maritime Logistics Pte Ltd (“Trafigura”) 7 9  % 7 9  % Golden Ocean Group Limited (“Golden Ocean”)* 8 8  % 8 9  % MSC 9 1  % 9 1  % * Additionally see Note 17: Related Party Transactions. ** In September 2022, the drilling rig Linus was redelivered from Seadrill to the Company. Concurrently, the drilling contract of Linus with ConocoPhillips was assigned from Seadrill to the Company. In addition, a portion of our net income is generated from our associated company, River Box. (See Note 10: Investment in Associated Companies). In the six months ended June 30, 2023, income from River Box accounted for approximately 16% of our net income (six months ended June 30, 2022: 4% of our net income). As discussed further in Note 17: Related Party Transactions, the Company had an outstanding receivable balance on loans granted by the Company to River Box totaling $45.0 million as of June 30, 2023 (December 31, 2022: $45.0 million).

v3.23.2

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS	SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS Authorized share capital is as follows: (in thousands of $, except share data) June 30, 2023 December 31, 2022 300,000,000 common shares of $0.01 par value each (December 31, 2022: 300,000,000 common shares of $0.01 par value each) 3,000  3,000  Issued and fully paid share capital is as follows: (in thousands of $, except share data) June 30, 2023 December 31, 2022 138,562,173 common shares of $0.01 par value each (December 31, 2022: 138,562,173 common shares of $0.01 par value each) 1,386  1,386  The Company’s common shares are listed on the New York Stock Exchange. On January 1, 2022, the Company implemented the guidance contained in ASU 2020-06 which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06, was adopted using the modified retrospective method. Following the adoption, the 4.875% senior unsecured convertible notes due 2023 were reflected entirely as a liability as the embedded conversion feature is no longer presented within stockholders' equity. The cumulative effect of adopting this guidance was an incremental adjustment of $4.3 million to opening retained earnings, and a $5.9 million reduction to additional paid-in capital as of January 1, 2022. This net adjustment to equity of $1.6 million resulted in a corresponding decrease in deferred debt issuance costs. On May 1, 2020, the Company filed a registration statement to register the sale of up to 10,000,000 common shares pursuant to the dividend reinvestment plan (“DRIP”), to facilitate investments by individual and institutional shareholders who wish to invest dividend payments received on shares owned or other cash amounts, in the Company's common shares on a regular basis, one time basis or otherwise. If certain waiver provisions in the DRIP are requested and granted pursuant to the terms of the plan, the Company may grant additional share sales to investors from time to time up to the amount registered under the plan. On April 15, 2022, the Company filed a new registration statement to register the sale of up to 10,000,000 common shares pursuant to the DRIP. In May 2020, the Company entered into an equity distribution agreement with BTIG LLC ("BTIG") under which the Company may, from time to time, offer and sell new common shares having aggregate sales proceeds of up to $100.0 million through an at-the-market offering program (the “2020 ATM Program”). In April 2022, the Company entered into an amended and restated equity distribution agreement with BTIG under which the Company may, from time to time, offer and sell new common shares up to $100.0 million through an at-the-market offering program (the “2022 ATM Program”). Under this agreement, the prior 2020 ATM Program was terminated and replaced with the renewed 2022 ATM Program, under which the Company may continue to offer and sell new common shares having aggregate sales proceeds of up to $100.0 million, from time to time through BTIG, at the Company’s discretion. On April 28, 2023, in connection with the 2022 ATM Program, the Company filed a new registration statement on Form F-3ASR and an accompanying prospectus supplement with the SEC to register the offer and sale of up to $100.0 million common shares pursuant to the 2022 ATM Program. During the six months ended June 30, 2023, the Company declared a dividend of $0.24 per share on February 15, 2023 to shareholders of record as of March 15, 2023, with an ex-dividend date of March 14, 2023. The Company also declared a dividend of $0.24 per share on May 15, 2023 to shareholders of record as of June 16, 2023, with an ex-dividend date of June 15, 2023. No new shares were issued and sold under the DRIP and ATM arrangements during the six months ended June 30, 2023 or during the year ended December 31, 2022. On May 8, 2023, the board of directors of the Company (the “Board of Directors”) authorized the repurchase of up to an aggregate of $100 million of the Company’s common shares until June 30, 2024 ("share repurchase program"). During the six months ended June 30, 2023, the Company repurchased a total of 527,417 shares, at an average price of approximately $9.15 per share, with principal amounts totaling $4.8 million. During the year ended December 31, 2022, 85,500 share options were exercised with a total intrinsic value of $0.1 million on the day of exercise. The Company issued a total of 10,786 new shares in full satisfaction of this intrinsic value, with no cash exchanges. The weighted average exercise price of the options exercised was $8.87 per share. During the six months ended June 30, 2023, no share options were exercised. As described above, in November 2016, in relation with the Company's issuance of the 5.75% senior unsecured convertible bonds totaling $225 million in October 2016, the Company entered a share lending arrangement and issued 8,000,000 common shares, par value $0.01 per share, thereunder. The shares were issued at par value and had been loaned to an affiliate of one of the underwriters of the bond issue, in order to assist investors in the bonds to hedge their position. The bonds were convertible into the Company's common shares and matured on October 15, 2021. In December 2021, the Company entered into a general share lending agreement with another counterparty and the 8,000,000 shares were transferred into its custody. It was determined that the transaction qualified for equity classification, and as of the date of inception and as of June 30, 2023, the fair value was determined to be nil (year ended December 31, 2022: nil). In May 2018, in relation with the Company's issuance of 4.875% senior unsecured convertible bonds totaling $164 million in April and May 2018, the Company entered a share lending arrangement and issued 3,765,842 common shares, par value $0.01 per share, from up to 7,000,000 issuable under a share lending arrangement. The shares were issued at par value and had been loaned to an affiliate of one of the underwriters of the bond issue, in order to assist investors in the bonds to hedge their position. The bonds were convertible into the Company's common shares and matured on May 1, 2023. Also in May 2023, the Company transferred 1,496,600 of the 3,765,842 shares into the custody of another counterparty under a general share lending agreement. It was determined that the transaction qualified for equity classification, and as of the date of inception and as of June 30, 2023, the fair value was determined to be nil (year ended December 31, 2022: nil). As of June 30, 2023, 2,268,542 of the shares issued under the initial share lending arrangement related to the issuance of the 4.875% senior unsecured convertible notes remained in the custody of the counterparty to that arrangement. During the six months ended June 30, 2023, $0.0 million of the dividend declared was paid from contributed surplus (year ended December 31, 2022: $37.3 million).

v3.23.2

SHARE OPTION PLAN	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
SHARE OPTION PLAN	SHARE OPTION PLAN In November 2006, the Board of Directors approved a share option scheme (the “Option Scheme”). The Option Scheme will expire in November 2026, following the renewal in November 2016. The terms and conditions remain unchanged from those originally adopted in November 2006 and permit the Board of Directors, at its discretion, to grant options to employees, officers and directors of the Company or its subsidiaries. The fair value cost of options granted is recognized in the statement of operations, and the corresponding amount is credited to additional paid-in capital. In the six months ended June 30, 2023, additional paid-in capital was credited with $0.8 million relating to the fair value of options granted in February 2020, May 2021, February 2022 and February 2023. During the six months ended June 30, 2023, 68,000 share options expired. At the date of expiry the options had a weighted average exercise price of $9.47 per share and an intrinsic value of $0.0 million. In February 2023, the Company awarded a total of 440,000 options to officers, employees and directors, pursuant to the Option Scheme. The options have a five-year term and a three-year vesting period and the first options will be exercisable from February 2024 onwards. The initial strike price was $10.34 per share. Total unrecognized compensation cost relating to the outstanding options under the Option Scheme was $1.9 million as of June 30, 2023 (December 31, 2022: $1.0 million).

v3.23.2

FINANCE LEASE LIABILITY	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
FINANCE LEASE LIABILITY	FINANCE LEASE LIABILITY As of June 30, 2023, the Company chartered-in seven container vessels under sale and leaseback transactions with an Asia-based financial institution (December 31, 2022: seven). The seven vessels are accounted for as vessels under finance lease (refer to Note 8: Vessels under Finance Lease, net). (in thousands of $) June 30, 2023 December 31, 2022 Finance lease liability, current portion 54,873  53,655  Finance lease liability, long-term portion 391,553  419,341    446,426  472,996  Interest incurred on the finance lease liability in the six months ended June 30, 2023 was $10.8 million (six months ended June 30, 2022: $12.0 million).

v3.23.2

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has transactions with the following related parties, being companies in which our principal shareholder, Hemen and companies associated with Hemen have, or had, a significant direct or indirect interest: –    Frontline –    Frontline Shipping –    Golden Ocean –    Seatankers Management Norway AS and Seatankers Management Co. Ltd. (collectively “Seatankers”) –    Front Ocean Management AS and Front Ocean Management Ltd. (collectively “Front Ocean”) –    NorAm Drilling –    River Box –    Sloane Square Capital Holdings Ltd. (“Sloane Square Capital”) The Condensed Consolidated Balance Sheets include the following amounts due from and to related parties and associated companies, excluding direct financing lease receivables (refer to Note 9: Investments in Sales-Type Leases, Direct Financing Leases and Leaseback Assets). (in thousands of $) June 30, 2023 December 31, 2022 Amounts due from: Frontline 3,298  3,854  Seatankers 88  —  Golden Ocean —  374  Sloane Square Capital 195  183  NorAm Drilling 19  —  River Box** 10  10  Other related parties 4  1  Allowance for expected credit losses* (25) (30) Total amount due from related parties 3,589  4,392  Loans to related parties - associated companies, long-term River Box** 45,000  45,000  Total loans to related parties - associated companies, long-term 45,000  45,000  Amounts due to: Frontline Shipping 1,192  1,788  Frontline —  2  Golden Ocean 173  141  Seatankers 95  —  Front Ocean 39  —  Other related parties 5  5  Total amount due to related parties 1,504  1,936  * See Note 18: Allowance for Expected Credit Losses. ** River Box was previously a wholly owned subsidiary of the Company. It holds investments in direct financing leases, through its subsidiaries, related to the 19,200 and 19,400 TEU containerships MSC Anna, MSC Viviana, MSC Erica and MSC Reef. On December 31, 2020, the Company sold 50.1% of the shares of River Box to a subsidiary of Hemen, a related party, and has accounted for the remaining 49.9% ownership in River Box using the equity method. (Refer to Note 10: Investment in Associated Companies). Related party leasing and service contracts A summary of leasing revenues and repayments from Frontline Shipping, Golden Ocean and Seadrill is as follows: Six months ended (in thousands of $) June 30, 2023 June 30, 2022 Golden Ocean: Operating lease income 27,195  25,689  Profit share —  1,510  Frontline Shipping: Direct financing lease interest income —  382  Direct financing lease service revenue —  1,746  Direct financing lease repayments —  1,752  Seadrill* Operating lease income —  17,770  * Reflecting revenue through February 21, 2022. Seadrill was determined to no longer be a related party following its emergence from bankruptcy on February 22, 2022. In addition to leasing revenues and repayments, the Company incurred the following fees with related parties: Six months ended (in thousands of $) June 30, 2023 June 30, 2022 Frontline: Vessel Management Fees 1,207  2,669  Newbuilding Supervision Fees 709  466  Commissions and Brokerage 280  152  Administration Services Fees 2  2  Golden Ocean: Vessel Management Fees 10,136  10,135  Operating Management Fees —  22  Commissions and Brokerage 81  —  Seatankers: Administration Services Fees 143  251  Front Ocean: Administration Services Fees 311  210  Office Facilities: Seatankers Management Norway AS 35  62  Frontline Management AS 156  128  Frontline Corporate Services Ltd. 95  60  Flex LNG Management Ltd —  3  Golden Ocean Shipping Co Pte. Ltd. 43  41  Related party loans – associated companies A summary of loans entered into with the associated companies are as follows: (in millions of $) River Box Loans granted 45  Loans outstanding as of June 30, 2023 45  The loan to River Box is a fixed interest rate loan and is repayable in full on November 16, 2033 or earlier if River Box sells its assets. Interest income received on the loans to associated companies is as follows: Six months ended (in millions of $) June 30, 2023 June 30, 2022 River Box 2.3  2.3  Other related party transactions The Company owned two VLCCs accounted for as direct financing leases, which were leased to Frontline Shipping. During the six months ended June 30, 2022, the vessels were sold and delivered to an unrelated third party and a gain of $1.5 million was recognized on the sale of the two vessels. The Company also received an additional compensation payment of $4.5 million from Frontline Shipping, for early termination of the charters. (See also Note 2: Gain on Sale of Assets and Termination of Charters). The Company also had a forward contract to repurchase 1.4 million shares of Frontline at a repurchase price of $16.7 million including accrued interest. The transaction had been accounted for as a secured borrowing, with the shares transferred to 'Marketable securities pledged to creditors' and a liability recorded within debt. In September 2022, the Company settled the forward contract in full and recorded the sale of the 1.4 million shares and the full extinguishment of the corresponding debt of $15.6 million. A net gain of $4.6 million was recognized in the Statement of Operations in respect of the settlement during the year ended December 31, 2022. During the six months ended June 30, 2023, the Company received dividend income of $0.8 million from NorAm Drilling (six months ended June 30, 2022: $0.0 million). For additional information on the shares and corporate bonds held, refer to Note 5: Investments in Debt and Equity Securities.

v3.23.2

ALLOWANCE FOR EXPECTED CREDIT LOSSES	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
ALLOWANCE FOR EXPECTED CREDIT LOSSES	ALLOWANCE FOR EXPECTED CREDIT LOSSESThe Company records an allowance for expected credit losses based on an assessment of the impact of current and expected future conditions, inclusive of the Company's estimate of the potential impact of the Russian-Ukrainian conflict and significant global inflationary pressures on credit losses. The effect of these are subject to significant judgment and may cause variability in the Company’s allowance for credit losses in future periods. Movements in the allowance for expected credit losses may result in gains as well as losses recorded in income as changes occur in the balances of our financial assets and the risk profiles of our counterparties. The following table presents the impact of the allowance for expected credit losses on the Company's balance sheet line items for the six months ended June 30, 2023. (in thousands of $) Trade receivables Other receivables Related Party receivables Investment in sales-type, direct financing leases and leaseback assets Other long-term assets Total Balance as of December 31, 2022 260  904  30  192  1,880  3,266  Change in allowance recorded in 'other financial items' (235) (63) (5) (99) —  (402) Balance as of June 30, 2023 25  841  25  93  1,880  2,864  The impact of the allowance for expected credit losses on the associates is disclosed in Note 10: Investment in Associated Companies.

v3.23.2

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Assets Pledged (in millions of $) June 30, 2023 December 31, 2022 Vessels, rigs and equipment, net 2,532  2,460  Investments in sales-type, direct financing leases and leaseback assets 111  119  Book value of consolidated assets pledged under ship mortgages 2,643  2,579  Assets with finance lease liabilities (in millions of $) June 30, 2023 December 31, 2022 Vessels under finance lease, net 594  615  Total book value 594  615  The Company has funded its acquisition of vessels, jack-up rig and harsh environment semi-submersible drilling unit through a combination of equity, short-term debt and long-term debt. Providers of long-term loan facilities usually require that the loans be secured by mortgages against the assets being acquired. As of June 30, 2023, the Company had $2.1 billion of outstanding principal indebtedness under various credit facilities (December 31, 2022: $2.2 billion) and finance lease liabilities totaling $0.4 billion (December 31, 2022: $0.5 billion). Other Contractual Commitments and Contingencies The Company has arranged insurance for the legal liability risks for its shipping activities with Gard P.& I. (Bermuda) Ltd., Assuranceforeningen Skuld (Gjensidig), The Steamship Mutual Underwriting Association Limited, North of England P&I Association Limited, The Standard Club Europe Ltd, The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited and The Britannia Steam Ship Insurance Association Limited, all of which are mutual protection and indemnity associations. The Company is subject to calls payable to the associations based on the Company’s claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which may result in additional calls on the members. The Company also has similar partially mutual insurance arrangements for its rigs. As of June 30, 2023, the Company had signed a contract with a subsidiary of ExxonMobil Canada Ltd. (“ExxonMobil”) for the harsh environment semi-submersible rig Hercules. The rig commenced mobilization to Canada in the second half of June and commenced drilling operations mid-July. As of June 30, 2023, the Company had signed a contract with a subsidiary of Galp Energia, S.A (“Galp Energia”) for the harsh environment semi-submersible rig Hercules. The contract is for two wells plus optional well testing and is expected to commence in the fourth quarter of 2023. Without any options, the duration is approximately 115 days including mobilization to Namibia. Capital commitments As of June 30, 2023, the Company had committed to paying approximately $57.0 million towards the installation of efficiency upgrades, including scrubbers, on six vessels owned or chartered-in by the Company, with installations expected to take place up to the end of 2024 (December 31, 2022: $35.3 million on six vessels). The majority of the cost is refundable by the charterer of the vessels. As of June 30, 2023, the Company had commitments under shipbuilding contracts to construct four newbuilding dual-fuel 7,000 CEU car carriers, totaling to $194.2 million (December 31, 2022: $209.7 million). Delivery of the vessels is expected to take place in the second half of 2023 and in 2024. (Refer to Note 7: Capital Improvements, Newbuildings and Vessel Purchase Deposits, for amounts already paid). The Company is routinely party both as plaintiff and defendant to lawsuits in various jurisdictions under charter hire obligations arising from the operation of its vessels in the ordinary course of business. The Company believes that the resolution of such claims will not have a material adverse effect on its results of operations or financial position. The Company has not recognized any contingent gains or losses arising from the pending results of any such lawsuits.

v3.23.2

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On August 17, 2023, the Board of Directors declared a dividend of $0.24 per share which is payable in cash on or around September 29, 2023 to shareholders of record on September 14, 2023. In August 2023, the Company signed a contract with Equinor Canada Ltd. for the harsh environment semi-submersible rig Hercules. The contract is for one well plus one optional well and is expected to commence in the second quarter of 2024. The contract has a duration of approximately 200 days including transit time to and from Canada. Odfjell Drilling will manage the rig on behalf of the Company under the contract. The rig is expected to start mobilizing towards Canada immediately after completing the Galp Energia contract in Namibia. In August 2023, the Company sold and delivered the VLCC, Landbridge Wisdom, to Landbridge following exercise of the applicable purchase option in the charter contract. Sales proceeds totaling $52.0 million were received from Landbridge in connection with the transaction. Subsequent to quarter end, the Company acquired a further aggregate amount of 566,378 shares at a total cash outlay of $5.3 million under the share repurchase program.

v3.23.2

INTERIM FINANCIAL DATA (Policies)	6 Months Ended
	Jun. 30, 2023
INTERIM FINANCIAL DATA [Abstract]
Basis of accounting	Basis of accounting The condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The condensed consolidated financial statements include the assets and liabilities and results of operations of the Company and its subsidiaries including variable interest entities in which the Company is deemed to be the primary beneficiary. All inter-company balances and transactions have been eliminated on consolidation. The condensed consolidated financial statements are prepared in accordance with the accounting policies described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The following is a brief discussion of a selection of recently released accounting pronouncements that are considered pertinent to the Company's business and are not yet adopted. In March 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. This ASU amends certain provisions of ASC 842, Leases that apply to arrangements between related parties under common control thereby requiring leasehold improvements associated with common control leases to be amortized over the useful life to the common control group. The amendments are effective for the Company beginning after December 15, 2023, with early adoption permitted. As of period ended June 30, 2023, the Company does not expect the changes prescribed in ASU 2023-01 to have a material impact on its consolidated financial position, results of operations or cash flows, however, we will re-evaluate the amendments based on the facts and circumstances of the Company at the time of implementation of the guidance.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). Accounting Standards Codification (“ASC”) 848 provided temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to reduce the financial reporting burden in light of the market transition from London Interbank Offered Rates (“LIBOR”) and other reference interest rates to alternative reference rates. Under ASC 848, companies can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform if certain criteria are met. An entity that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. The amendments of ASC 848 apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01 "Reference Rate Reform (Topic 848): Scope" ("ASU 2021-01"), which clarified the scope of Topic 848 in relation to derivative instruments and contract modifications. The amendments in these updates are elective and are subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU No. 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" ("ASU 2022-06"). The amendments in this ASU extend the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. During the six months ended June 30, 2023, some of the floating rate debt facilities and interest rate swaps contracts of the Company were amended to transition from LIBOR as a benchmark rate to Secured Overnight Financing Rate (“SOFR”). The Company has applied the practical expedients and exceptions provided by the ASUs above in order to preserve the presentation of derivatives consistent with past presentation and as of period ended June 30, 2023, the Company has not recorded any material impact on the Company's consolidated financial statements as a result of these amendments.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management of the Company believes that the accounting estimates and assumptions that have been made are appropriate given the continuing market volatility surrounding the impacts of the Russian-Ukrainian conflict and significant global inflationary pressures. However actual results could differ materially from those estimates.

v3.23.2

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of components of calculation of earnings per share	The components of the numerator for the calculation of basic and diluted EPS are as follows: Six months ended (in thousands of $) June 30, 2023 June 30, 2022 Basic earnings per share: Net income available to stockholders 23,264  104,429  Diluted earnings per share: Net income available to stockholders 23,264  104,429  Interest and other expenses attributable to dilutive convertible notes —  3,747  Net income assuming dilution 23,264  108,176  The components of the denominator for the calculation of basic and diluted EPS are as follows: Six months ended (in thousands) June 30, 2023 June 30, 2022 Basic earnings per share: Weighted average number of common shares outstanding* 126,774  126,786  Diluted earnings per share: Weighted average number of common shares outstanding* 126,774  126,786  Effect of dilutive share options 242  38  Effect of dilutive convertible notes —  10,476  Weighted average number of common shares outstanding assuming dilution 127,016  137,300  Six months ended June 30, 2023 June 30, 2022 Basic earnings per share: $ 0.18  $ 0.82  Diluted earnings per share: $ 0.18  $ 0.79  *The weighted average number of common shares outstanding excludes 8,000,000 shares issued as part of a share lending arrangement relating to the Company's issuance of 5.75% senior unsecured convertible notes in October 2016 and 3,765,842 shares issued as a part of a share lending arrangement relating to the Company's issuance of 4.875% senior unsecured convertible notes in April and May 2018. The Company entered into a general share lending agreement with another counterparty and after the maturity of the bonds, 8,000,000 shares and 1,496,600 shares, respectively, from each issuance under the two initial share lending arrangements described above were transferred into such counterparty's custody. As of June 30, 2023, 2,268,542 of the shares issued under the initial share lending arrangement related to the issuance of the 4.875% senior unsecured convertible notes remained in the custody of the counterparty of that arrangement. The weighted average number of common shares outstanding also excludes 527,417 shares repurchased by the Company under its share repurchase program (defined below) during the six months ended June 30, 2023. (See also Note 14: Share Capital, Additional Paid-In Capital and Contributed Surplus).

v3.23.2

OTHER FINANCIAL ITEMS (Tables)	6 Months Ended
	Jun. 30, 2023
Other Financial Items [Abstract]
Schedule of other financial items, net	Other financial items, net comprise of the following items: Six months ended (in thousands of $) June 30, 2023 June 30, 2022 Net cash movement on non-designated derivatives and swap settlements 2,877  (1,692) Net (loss)/gain in fair value movements of non-designated derivatives (5,571) 12,718  Change in allowance for expected credit losses 402  582  Other items (1,754) (1,525) Total other financial items, net (4,046) 10,083

v3.23.2

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of marketable securities	Investment securities held by the Company consist of the following investments in corporate bonds and equity securities: (in thousands of $) June 30, 2023 December 31, 2022 Equity Securities 5,866  7,283  Total Investment in Debt and Equity Securities 5,866  7,283

v3.23.2

VESSELS, RIGS, AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of movements of vessels and equipment	Movements in the six months ended June 30, 2023 are summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels, Rigs and Equipment, net Balance as of December 31, 2022 3,345,233  (698,844) 2,646,389  Depreciation —  (81,674) (81,674) Vessel disposals (126,547) 38,813  (87,734) Capital improvements 120,242  —  120,242  Impairment loss (40,714) 33,325  (7,389) Balance as of June 30, 2023 3,298,214  (708,380) 2,589,834

v3.23.2

CAPITAL IMPROVEMENTS, NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Capital Improvements, Newbuildings and Vessel Purchase Deposits	(in thousands of $) June 30, 2023 December 31, 2022 Capital improvements in progress 306  4,127  Newbuildings 112,493  93,733  112,799  97,860

v3.23.2

VESSELS UNDER FINANCE LEASE, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of finance lease	Movements in the six months ended June 30, 2023 are summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels under Finance Lease, net Balance as of December 31, 2022 777,939  (163,176) 614,763  Depreciation —  (20,485) (20,485) Balance as of June 30, 2023 777,939  (183,661) 594,278

v3.23.2

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Net Investment in Direct Financing and Sales Type Leases [Abstract]
Schedule of components of investments in sales-type leases, direct financing leases and leaseback assets	The following lists the components of investments in sales-type leases, direct financing leases and leaseback assets as of June 30, 2023 and December 31, 2022: (in thousands of $) June 30, 2023 Sales-Type Leases and Direct Financing Leases Leaseback Assets Total Total minimum lease payments to be received 23,424  29,862  53,286  Purchase obligations at the end of the leases 43,150  31,500  74,650  Net minimum lease payments receivable 66,574  61,362  127,936  Less: unearned income (5,235) (11,258) (16,493) Total investment in sales-type lease, direct financing lease and leaseback assets 61,339  50,104  111,443  Allowance for expected credit losses* (80) (13) (93) Total investment in sales-type lease, direct financing lease and leaseback assets 61,259  50,091  111,350  Current portion 22,188  4,317  26,505  Long-term portion 39,071  45,774  84,845  (in thousands of $) December 31, 2022 Sales-Type Leases and Direct Financing Leases Leaseback Assets Total Total minimum lease payments to be received 30,708  34,160  64,868  Purchase obligations at the end of the leases 43,150  31,500  74,650  Net minimum lease payments receivable 73,858  65,660  139,518  Less: unearned income (7,252) (13,051) (20,303) Total investment in sales-type lease, direct financing lease and leaseback assets 66,606  52,609  119,215  Allowance for expected credit losses* (102) (90) (192) Total investment in sales-type lease, direct financing lease and leaseback assets 66,504  52,519  119,023  Current portion 10,794  4,638  15,432  Long-term portion 55,710  47,881  103,591  *See Note 18: Allowance for Expected Credit Losses.

v3.23.2

INVESTMENTS IN ASSOCIATED COMPANIES (Tables)	6 Months Ended
	Jun. 30, 2023
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Schedule of percentage participation using the equity method of accounting	As of June 30, 2023, June 30, 2022 and December 31, 2022, the Company had the following participation in investments that were recorded using the equity method: June 30, 2023 June 30, 2022 December 31, 2022 River Box Holding Inc. (“River Box”) 49.90  % 49.90  % 49.90  %
Schedule of summarized financial statement information of equity method investees	Summarized balance sheet information of the Company’s equity method investees is as follows: River Box (in thousands of $) June 30, 2023 December 31, 2022 Share presented 49.90  % 49.90  % Current assets 15,742  15,186  Non-current assets 227,886  234,572  Total assets 243,628  249,758  Current liabilities 14,699  14,267  Non-current liabilities (1) 212,387  218,944  Total liabilities 227,086  233,211  Total stockholders’ equity (2) 16,542  16,547  (1) River Box non-current liabilities as of June 30, 2023 include $45.0 million due to SFL (December 31, 2022: $45.0 million) (See Note 17: Related Party Transactions). (2) In the six months ended June 30, 2023, River Box paid a dividend of $1.5 million to SFL (June 30, 2022: $1.5 million, December 31, 2022: $2.9 million). Summarized statement of operations information of the Company’s equity method investees is as follows: River Box Six months ended June 30, (in thousands of $) 2023 2022 Share presented 49.90  % 49.90  % Operating revenues 9,221  9,665  Net operating revenues 9,212  9,654  Net income 1,451  1,405
Schedule of allowance for expected credit losses in associates	Movements in the six months ended June 30, 2023 in the allowance for expected credit losses can be summarized as follows: (in thousands of $) River Box Share presented 49.90  % Balance as of December 31, 2022 378  Allowance recorded in net income of associated companies (62) Balance as of June 30, 2023 316

v3.23.2

OTHER LONG TERM ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Long-Term Assets	Other long term assets comprise of the following items: (in thousands of $) June 30, 2023 December 31, 2022 Collateral deposits on swap agreements 14,800  8,770  Value of acquired charter-out contracts, net 3,276  4,712  Total Other Long Term Assets 18,076  13,482

v3.23.2

SHORT-TERM AND LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Long-Term Debt, by Current and Noncurrent [Abstract]
Schedule of short-term and long-term debt	(in thousands of $) June 30, 2023 December 31, 2022 Short-term and long-term debt: U.S. dollar denominated fixed rate debt due 2026 149,625  —  NOK700 million senior unsecured floating rate bonds due 2023 37,933  71,243  NOK700 million senior unsecured floating rate bonds due 2024 64,775  70,734  NOK600 million senior unsecured floating rate bonds due 2025 54,989  60,048  4.875% senior unsecured convertible bonds due 2023 —  137,900  7.25% senior unsecured sustainability-linked bonds due 2026 150,000  150,000  8.875% senior unsecured sustainability-linked bonds due 2027 150,000  —  Lease debt financing 455,548  394,555  U.S. dollar denominated floating rate debt due through 2029 1,067,829  1,329,156  Total debt principal 2,130,699  2,213,636  Less: Unamortized debt issuance costs (20,651) (12,580) Less: Current portion of long-term debt (347,845) (921,270) Total long-term debt 1,762,203  1,279,786  Movements in the period: (in thousands of $) Fixed Rate, Lease Debt Financing and NOK Bonds U.S. Dollar Floating Rate Debt Total debt principal Balance as of December 31, 2022 884,480  1,329,156  2,213,636  Drawdowns and capitalized interest 384,576  335,611  720,187  Repayments and redemptions (191,258) (596,938) (788,196) Effects of foreign exchange (14,928) —  (14,928) Balance as of June 30, 2023 1,062,870  1,067,829  2,130,699
Schedule of interest rate information	June 30, 2023 December 31, 2022 Weighted average interest rate* 5.53  % 5.30  % US Dollar London Interbank Offered Rate ("LIBOR"), 3-Month, closing rate 5.55  % 4.77  % Secured Overnight Financing Rate ("SOFR"), closing rate 5.09  % 4.30  % Norwegian Interbank Offered Rate ("NIBOR"), 3-Month, closing rate 4.37  % 3.26  % *The weighted average interest rate is for floating rate debt denominated in U.S. dollars and Norwegian kroner (“NOK”) which takes into consideration the effect of related interest rate swaps.
Schedule of Fixed Rate, Lease Debt Financing and NOK Bonds Redemptions	Redemptions between January 1, 2023 and June 30, 2023: Bond In Millions of USD NOK700 million senior unsecured floating rate bonds due 2023 29.4 4.875% senior unsecured convertible bonds due 2023 137.9
Schedule of U.S .Dollar Floating Rate Debt Drawn Downs and Redemptions	New facilities drawn down between January 1, 2023 and June 30, 2023: Name of facility Draw down date Number of wholly owned subsidiaries entering into the facility Term Balance outstanding at period end ($ millions) $144.625 million term loan facility Feb. 2023 four 2 years, 11 months 142.1 $150 million senior secured term loan facility May 2023 one 2 years, 8 months 150.0 $23.25 million term loan facility* May 2023 one 1 year 13.9 $23.25 million term loan facility* May 2023 one 1 year 18.6 $8.44 million senior unsecured term loan facility May 2023 one 2 years, 8 months 8.4 *These facilities were partially drawn down as of June 30, 2023. The Company has provided limited corporate guarantees for the above facilities, which bear interest at term SOFR or the compounded daily SOFR plus applicable margins. Facilities redeemed between January 1, 2023 and June 30, 2023: Name of facility Original draw down date Number of wholly owned subsidiaries that had entered into the facility Term Amount redeemed ($ millions) $375 million term loan and revolving credit facility Jun. 2013 one 10 years 146.7 $475 million term loan and revolving credit facility Feb. 2014 one 9 years 178.4 $33.1 million term loan facility Jun. 2019 five 4 years 21.9 $40.0 million senior secured term loan facility Mar. 2020 two 3 years 31.9 $290 million term loan facility Sep. 2022 six 6 months 156.0

v3.23.2

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair values of derivative instruments designated and not designated as cash flow hedges	The following table presents the fair values of the Company’s derivative instruments that were designated as cash flow hedges and qualified as part of a hedging relationship, and those that were not designated:  (in thousands of $) June 30, 2023 December 31, 2022 Designated derivative instruments - short-term assets: Interest rate swaps 1,219  1,229  Non-designated derivative instruments - short-term assets: Interest rate swaps 136  707  Total derivative instruments - short-term assets 1,355  1,936  Designated derivative instruments - long-term assets: Interest rate swaps 9,921  12,963  Non-designated derivative instruments - long-term assets: Interest rate swaps 13,796  13,753  Total derivative instruments - long-term assets 23,717  26,716  (in thousands of $) June 30, 2023 December 31, 2022 Designated derivative instruments - short-term liabilities: Cross currency interest rate swaps 9,457  2,260  Cross currency swaps 15,659  14,601  Non-designated derivative instruments - short-term liabilities: Cross currency swaps 114  —  Total derivative instruments - short-term liabilities 25,230  16,861  Designated derivative instruments - long-term liabilities: Cross currency interest rate swaps —  4,054  Cross currency swaps 12,416  10,233  Non-designated derivative instruments - long-term liabilities: Cross currency swaps —  70  Total derivative instruments - long-term liabilities 12,416  14,357
Schedule of currency swap transactions	Principal Receivable Principal Payable Trade date Maturity date NOK400 million* US$48.1 million September 2018 September 2023 NOK700 million US$80.5 million May 2019 June 2024 NOK600 million US$67.5 million January 2020 January 2025 *Originally NOK700 million. NOK300 million was cancelled during the six months ended June 30, 2023.
Schedule of carrying value and estimated fair value of financial assets and liabilities	The carrying value and estimated fair value of the Company’s financial assets and liabilities as of June 30, 2023 and December 31, 2022 are as follows:  June 30, 2023 December 31, 2022 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Equity securities 5,866  5,866  7,283  7,283  NOK700 million senior unsecured floating rate bonds due 2023 37,933  38,123  71,243  71,421  NOK700 million senior unsecured floating rate bonds due 2024 64,775  65,585  70,734  70,734  NOK600 million senior unsecured floating rate bonds due 2025 54,989  56,020  60,048  60,348  4.875% senior unsecured convertible bonds due 2023 —  —  137,900  137,211  7.25% senior unsecured sustainability-linked bonds due 2026 150,000  144,255  150,000  144,188  8.875% senior unsecured sustainability-linked bonds due 2027 150,000  150,000  —  —  Derivatives: Interest rate/currency swap contracts - short-term receivables 1,355  1,355  1,936  1,936  Interest rate/currency swap contracts - long-term receivables 23,717  23,717  26,716  26,716  Interest rate/currency swap contracts - short-term payables 25,230  25,230  16,861  16,861  Interest rate/currency swap contracts - long-term payables 12,416  12,416  14,357  14,357
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The fair values of financial assets and liabilities as of June 30, 2023, were measured as follows:      Fair value measurements using (in thousands of $) June 30, 2023 Quoted Prices in Active Markets for identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Equity securities 5,866  5,866  Interest rate/ currency swap contracts, short-term receivables 1,355  1,355  Interest rate/ currency swap contracts, long-term receivables 23,717  23,717  Total assets 30,938  5,866  25,072  —  Liabilities: NOK700 million senior unsecured floating rate bonds due 2023 38,123  38,123  NOK700 million senior unsecured floating rate bonds due 2024 65,585  65,585  NOK600 million senior unsecured floating rate bonds due 2025 56,020  56,020  7.25% senior unsecured sustainability-linked bonds due 2026 144,255  144,255  8.875% senior unsecured sustainability-linked bonds due 2027 150,000  150,000  Interest rate/currency swap contracts, short-term payables 25,230  25,230  Interest rate/currency swap contracts, long-term payables 12,416  12,416  Total liabilities 491,629  453,983  37,646  —
Schedule of concentration of revenue risk	There could also be a concentration of revenue risk with the below customers to whom the Company earns the largest proportion of revenues from, or has chartered multiple vessels. Charterer Number of vessels/rigs chartered as of June 30, 2023 % of consolidated operating revenues (Six months ended June 30, 2023) Number of vessels/rigs chartered as of June 30, 2022 % of consolidated operating revenues (Six months ended June 30, 2022) Maersk A/S (“Maersk”) 16 31  % 15 31  % Evergreen Marine Corporation (Taiwan) Ltd. and its affiliate Evergreen Marine (Singapore) Pte Ltd. (collectively “Evergreen”) 6 15  % 6 17  % Conocophillips Skandinavia AS ("Conocophillips")** 1 11  % N/A N/A Trafigura Maritime Logistics Pte Ltd (“Trafigura”) 7 9  % 7 9  % Golden Ocean Group Limited (“Golden Ocean”)* 8 8  % 8 9  % MSC 9 1  % 9 1  % * Additionally see Note 17: Related Party Transactions. ** In September 2022, the drilling rig Linus was redelivered from Seadrill to the Company. Concurrently, the drilling contract of Linus with ConocoPhillips was assigned from Seadrill to the Company.

v3.23.2

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Share Capital	Authorized share capital is as follows: (in thousands of $, except share data) June 30, 2023 December 31, 2022 300,000,000 common shares of $0.01 par value each (December 31, 2022: 300,000,000 common shares of $0.01 par value each) 3,000  3,000  Issued and fully paid share capital is as follows: (in thousands of $, except share data) June 30, 2023 December 31, 2022 138,562,173 common shares of $0.01 par value each (December 31, 2022: 138,562,173 common shares of $0.01 par value each) 1,386  1,386

v3.23.2

FINANCE LEASE LIABILITY (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of finance lease liabilities	(in thousands of $) June 30, 2023 December 31, 2022 Finance lease liability, current portion 54,873  53,655  Finance lease liability, long-term portion 391,553  419,341    446,426  472,996

v3.23.2

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of amounts due from and to related parties, excluding direct financing lease balances	The Condensed Consolidated Balance Sheets include the following amounts due from and to related parties and associated companies, excluding direct financing lease receivables (refer to Note 9: Investments in Sales-Type Leases, Direct Financing Leases and Leaseback Assets). (in thousands of $) June 30, 2023 December 31, 2022 Amounts due from: Frontline 3,298  3,854  Seatankers 88  —  Golden Ocean —  374  Sloane Square Capital 195  183  NorAm Drilling 19  —  River Box** 10  10  Other related parties 4  1  Allowance for expected credit losses* (25) (30) Total amount due from related parties 3,589  4,392  Loans to related parties - associated companies, long-term River Box** 45,000  45,000  Total loans to related parties - associated companies, long-term 45,000  45,000  Amounts due to: Frontline Shipping 1,192  1,788  Frontline —  2  Golden Ocean 173  141  Seatankers 95  —  Front Ocean 39  —  Other related parties 5  5  Total amount due to related parties 1,504  1,936  * See Note 18: Allowance for Expected Credit Losses. ** River Box was previously a wholly owned subsidiary of the Company. It holds investments in direct financing leases, through its subsidiaries, related to the 19,200 and 19,400 TEU containerships MSC Anna, MSC Viviana, MSC Erica and MSC Reef. On December 31, 2020, the Company sold 50.1% of the shares of River Box to a subsidiary of Hemen, a related party, and has accounted for the remaining 49.9% ownership in River Box using the equity method. (Refer to Note 10: Investment in Associated Companies).
Schedule of related party leasing revenues and repayments	A summary of leasing revenues and repayments from Frontline Shipping, Golden Ocean and Seadrill is as follows: Six months ended (in thousands of $) June 30, 2023 June 30, 2022 Golden Ocean: Operating lease income 27,195  25,689  Profit share —  1,510  Frontline Shipping: Direct financing lease interest income —  382  Direct financing lease service revenue —  1,746  Direct financing lease repayments —  1,752  Seadrill* Operating lease income —  17,770  * Reflecting revenue through February 21, 2022. Seadrill was determined to no longer be a related party following its emergence from bankruptcy on February 22, 2022.
Schedule of fees with related parties	In addition to leasing revenues and repayments, the Company incurred the following fees with related parties: Six months ended (in thousands of $) June 30, 2023 June 30, 2022 Frontline: Vessel Management Fees 1,207  2,669  Newbuilding Supervision Fees 709  466  Commissions and Brokerage 280  152  Administration Services Fees 2  2  Golden Ocean: Vessel Management Fees 10,136  10,135  Operating Management Fees —  22  Commissions and Brokerage 81  —  Seatankers: Administration Services Fees 143  251  Front Ocean: Administration Services Fees 311  210  Office Facilities: Seatankers Management Norway AS 35  62  Frontline Management AS 156  128  Frontline Corporate Services Ltd. 95  60  Flex LNG Management Ltd —  3  Golden Ocean Shipping Co Pte. Ltd. 43  41
Schedule of related party loans and interest – associated companies	A summary of loans entered into with the associated companies are as follows: (in millions of $) River Box Loans granted 45  Loans outstanding as of June 30, 2023 45  The loan to River Box is a fixed interest rate loan and is repayable in full on November 16, 2033 or earlier if River Box sells its assets. Interest income received on the loans to associated companies is as follows: Six months ended (in millions of $) June 30, 2023 June 30, 2022 River Box 2.3  2.3

v3.23.2

ALLOWANCE FOR EXPECTED CREDIT LOSSES (Tables)	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
Schedule Of Balance Sheet Items, Allowance for Credit Loss	The following table presents the impact of the allowance for expected credit losses on the Company's balance sheet line items for the six months ended June 30, 2023. (in thousands of $) Trade receivables Other receivables Related Party receivables Investment in sales-type, direct financing leases and leaseback assets Other long-term assets Total Balance as of December 31, 2022 260  904  30  192  1,880  3,266  Change in allowance recorded in 'other financial items' (235) (63) (5) (99) —  (402) Balance as of June 30, 2023 25  841  25  93  1,880  2,864

v3.23.2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of assets pledged	Assets Pledged (in millions of $) June 30, 2023 December 31, 2022 Vessels, rigs and equipment, net 2,532  2,460  Investments in sales-type, direct financing leases and leaseback assets 111  119  Book value of consolidated assets pledged under ship mortgages 2,643  2,579
Schedule of assets with finance lease liabilities	Assets with finance lease liabilities (in millions of $) June 30, 2023 December 31, 2022 Vessels under finance lease, net 594  615  Total book value 594  615

v3.23.2

INTERIM FINANCIAL DATA (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Effect of recently adopted accounting standard [Line Items]
Stockholders' equity attributable to parent	$ (1,051,026)	$ (1,091,231)	$ (1,046,554)
4.875% senior unsecured convertible bonds due 2023
Effect of recently adopted accounting standard [Line Items]
Senior unsecured convertible notes interest rate (in percentage)	4.875%
Accumulated profit/(deficit)
Effect of recently adopted accounting standard [Line Items]
Stockholders' equity attributable to parent	$ (2,417)	(40,015)	0	$ 92,720
Additional paid-in capital
Effect of recently adopted accounting standard [Line Items]
Stockholders' equity attributable to parent	$ (617,370)	$ (616,554)	$ (615,913)	(621,037)
Cumulative effect, period of adoption, adjustment
Effect of recently adopted accounting standard [Line Items]
Stockholders' equity attributable to parent				1,600
Cumulative effect, period of adoption, adjustment | Accumulated profit/(deficit)
Effect of recently adopted accounting standard [Line Items]
Stockholders' equity attributable to parent				(4,285)
Cumulative effect, period of adoption, adjustment | Additional paid-in capital
Effect of recently adopted accounting standard [Line Items]
Stockholders' equity attributable to parent				$ 5,863

v3.23.2

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) tanker	Jun. 30, 2022 USD ($) vessel
Other Income And Expenses
Lessor, finance lease, number of lease assets sold | vessel		2
Glorycrown and Everbright
Other Income And Expenses
Number of tankers sold | tanker	2
Proceeds from sale of vessels and termination of charters	$ 84,900
Gain (loss) on disposition of property plant equipment	$ 16,400
SFL Weser and SFL Elbe
Other Income And Expenses
Number of tankers sold | tanker	2
Proceeds from sale of vessels and termination of charters	$ 19,400
Gain (loss) on disposition of property plant equipment	$ 30
Front Force and Front Energy
Other Income And Expenses
Proceeds from sale of vessels and termination of charters		$ 65,400
Gain (loss) on sale of loans and leases		1,500
MSC Alice
Other Income And Expenses
Proceeds from sale of vessels and termination of charters		13,500
Gain (loss) on sale of loans and leases		11,700
Front Force and Front Energy
Other Income And Expenses
Termination fee on termination of charters		$ 4,500

v3.23.2

EARNINGS PER SHARE (Components of EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	May 31, 2023	Jun. 30, 2023	Jun. 30, 2022	May 31, 2018	Oct. 31, 2016
Basic earnings per share:
Net income available to stockholders		$ 23,264	$ 104,429
Diluted earnings per share:
Interest and other expenses attributable to dilutive convertible notes		0	3,747
Net income assuming dilution		$ 23,264	$ 108,176
Basic earnings per share:
Weighted average number of common shares outstanding (in shares)		126,774,000	126,786,000
Diluted earnings per share:
Effect of dilutive share options (in shares)		242,000	38,000
Effect of dilutive convertible notes (in shares)		0	10,476,000
Weighted average number of common shares outstanding assuming dilution (in shares)		127,016,000	137,300,000
Basic earnings per share (in USD per share)		$ 0.18	$ 0.82
Diluted earnings per share (in USD per share)		$ 0.18	$ 0.79
Number of shares repurchased (in shares)		527,417	0
5.75% senior unsecured convertible notes due 2021
Diluted earnings per share:
Own-share lending arrangement, shares, issued (in shares)					8,000,000
Senior unsecured convertible notes interest rate (in percentage)					5.75%
Principal debt amount					$ 225,000
5.75% senior unsecured convertible notes due 2021 | Own-Share Lending Arrangement, New Counterparty
Diluted earnings per share:
Own-share lending arrangement, shares, issued (in shares)		8,000,000
4.875% senior unsecured convertible bonds due 2023
Diluted earnings per share:
Own-share lending arrangement, shares, issued (in shares)				3,765,842
Senior unsecured convertible notes interest rate (in percentage)		4.875%		4.875%
Repayment of debt	$ 84,900
Principal debt amount		$ 53,000		$ 164,000
4.875% senior unsecured convertible bonds due 2023 | Own-Share Lending Arrangement, New Counterparty
Diluted earnings per share:
Own-share lending arrangement, shares, issued (in shares)	1,496,600	1,496,600
4.875% senior unsecured convertible bonds due 2023 | Own-Share Lending Arrangement, Original Counterparties
Diluted earnings per share:
Own-share lending arrangement, shares, issued (in shares)		2,268,542

v3.23.2

OTHER FINANCIAL ITEMS (Summary of Other Financial Items) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Other Financial Items [Abstract]
Net cash movement on non-designated derivatives and swap settlements	$ 2,877	$ (1,692)
Net (loss)/gain in fair value movements of non-designated derivatives	(5,571)	12,718
Change in allowance for expected credit losses	402	582
Other items	(1,754)	(1,525)
Total other financial items, net	$ (4,046)	$ 10,083

v3.23.2

OTHER FINANCIAL ITEMS (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Other Financial Items [Abstract]
Loss on foreign currency translation	$ (1.7)	$ (1.3)

v3.23.2

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Summary of debt and equity securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Equity securities	$ 5,866	$ 7,283
Investments in debt and equity securities	$ 5,866	$ 7,283

v3.23.2

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Narrative) (Details) $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended	6 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) shares	Dec. 31, 2019 shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) rig shares	Dec. 31, 2020 USD ($) shares	Jun. 30, 2020 USD ($)
Debt Securities, Available-for-sale [Line Items]
Proceeds from redemption of available-for-sale debt securities				$ 0	$ 5,124
Number of jack-up rigs sold | rig						5
Corporate Bond Securities NorAm Drilling
Debt Securities, Available-for-sale [Line Items]
Proceeds from redemption of available-for-sale debt securities						$ 4,700
Realized gain (loss)						500
Corporate Bond Securities NT Rig Holdco Liquidity 12% Bonds and NT Rig Holdco 7.5% Bonds
Debt Securities, Available-for-sale [Line Items]
Proceeds from redemption of available-for-sale debt securities						9,600
Realized gain (loss)						$ 4,700
Corporate Bond Securities NT Rig Holdco 12%
Debt Securities, Available-for-sale [Line Items]
Debt instrument, redemption price (in percentage)						12.00%
Corporate Bond Securities NT Rig Holdco 7.5%
Debt Securities, Available-for-sale [Line Items]
Debt instrument, redemption price (in percentage)						7.50%
NorAm Drilling
Debt Securities, Available-for-sale [Line Items]
Investment owned, balance (in shares) | shares			1.3	1.3
Equity securities, unrealized gain			$ (800)
Foreign exchange loss			$ (600)
Common stock - Frontline Ltd
Debt Securities, Available-for-sale [Line Items]
Number of shares repurchased in forward contract (in shares) | shares		3.4				1.4
Principal debt amount	$ 15,600							$ 36,800
Sale of equity securities, number of shares | shares							2.0
Proceeds from sale and maturity of equity securities							$ 21,100
Debt and equity securities, realized gain						$ 4,600	$ 2,300
Repurchase price, including accrued interest						$ 16,700
Shares sold in forward contract (in shares) | shares	1.4

v3.23.2

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Equity instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities	$ 5,866	$ 7,283

v3.23.2

VESSELS, RIGS AND EQUIPMENT, NET (Summary of Vessels and Equipment, Net) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation	$ (102,159,000)	$ (91,313,000)
Impairment loss	0	$ 0
Cost
Property, Plant and Equipment [Line Items]
Impairment loss	(40,714,000)
Cost | Vessels, Rigs And Equipment
Property, Plant and Equipment [Line Items]
Cost, beginning balance	3,298,214,000		$ 3,345,233,000
Vessel disposals	(126,547,000)
Capital improvements	120,242,000
Cost, ending balance	3,298,214,000		3,345,233,000
Accumulated Depreciation
Property, Plant and Equipment [Line Items]
Impairment loss	(33,325,000)
Accumulated Depreciation | Vessels, Rigs And Equipment
Property, Plant and Equipment [Line Items]
Accumulated depreciation, beginning balance	(708,380,000)		(698,844,000)
Depreciation	(81,674,000)
Vessel disposals	(38,813,000)
Accumulated depreciation, ending balance	(708,380,000)		(698,844,000)
Vessels, Rigs and Equipment, net
Property, Plant and Equipment [Line Items]
Impairment loss	(7,389,000)
Vessels, Rigs and Equipment, net | Vessels, Rigs And Equipment
Property, Plant and Equipment [Line Items]
Vessels and equipment, Net beginning balance	2,589,834,000		2,646,389,000
Depreciation	(81,674,000)
Vessel disposals	(87,734,000)
Capital improvements	120,242,000
Vessels and equipment, Net ending balance	$ 2,589,834,000		$ 2,646,389,000

v3.23.2

VESSELS, RIGS AND EQUIPMENT, NET (Narrative) (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) tanker	Jun. 30, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Impairment loss	$ 0	$ 0
Vessels, Rigs And Equipment | Suezmax tanker
Property, Plant and Equipment [Line Items]
Number of tankers sold | tanker	2
Gain (loss) on disposition of property plant equipment	$ 16,400,000
Vessels, Rigs And Equipment | Chemical Tankers
Property, Plant and Equipment [Line Items]
Number of tankers sold | tanker	2
Gain (loss) on disposition of property plant equipment	$ 30,000
Impairment loss	7,400,000
Vessels, Rigs And Equipment, Special Periodic Survey
Property, Plant and Equipment [Line Items]
Capital improvements	$ 69,800,000
Useful life (in years)	5 years
Vessels, Rigs And Equipment, Capital Upgrades
Property, Plant and Equipment [Line Items]
Capital improvements	$ 47,600,000
Useful life (in years)	10 years
Vessels, Rigs And Equipment, Ballast Water Treatment System
Property, Plant and Equipment [Line Items]
Capital improvements	$ 2,800,000
Cost
Property, Plant and Equipment [Line Items]
Impairment loss	40,714,000
Cost | Vessels, Rigs And Equipment
Property, Plant and Equipment [Line Items]
Capital improvements	$ 120,242,000

v3.23.2

CAPITAL IMPROVEMENTS, NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Capital improvements in progress	$ 306	$ 4,127
Newbuildings	112,493	93,733
Capital improvements, newbuildings and vessel purchase deposits	$ 112,799	$ 97,860

v3.23.2

CAPITAL IMPROVEMENTS, NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS - Narrative (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) contract carrier rig	Dec. 31, 2022 USD ($) rig contract
Property, Plant and Equipment [Line Items]
Capital improvements in progress	$ 306	$ 4,127
Additions to newbuildings and vessel purchase deposits	$ 0
Newbuilding vessels
Property, Plant and Equipment [Line Items]
Number of newbuilding contracts | contract	4	4
Interest costs capitalized	$ 5,200	$ 2,700
Construction in Progress
Property, Plant and Equipment [Line Items]
Number of vessels being upgraded | rig	1	2
Dual-fuel car carriers (Volkswagen)
Property, Plant and Equipment [Line Items]
Number of dual-fuel car carriers | carrier	2
2 dual-fuel car carriers (K Line)
Property, Plant and Equipment [Line Items]
Number of dual-fuel car carriers | carrier	2
Volkswagen Group
Property, Plant and Equipment [Line Items]
Term of lease or charter (in years)	10 years
Volkswagen Group | Dual-fuel car carriers (Volkswagen)
Property, Plant and Equipment [Line Items]
Total installments paid	$ 47,300
K Line
Property, Plant and Equipment [Line Items]
Term of lease or charter (in years)	10 years
K Line | 2 dual-fuel car carriers (K Line)
Property, Plant and Equipment [Line Items]
Total installments paid	$ 65,200

v3.23.2

VESSELS UNDER FINANCE LEASE, NET (Summary) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Cost
Beginning balance	$ 777,939
Ending balance	777,939
Accumulated Depreciation
Beginning balance	(163,176)
Depreciation	(20,485)
Ending balance	(183,661)
Vessels under Finance Lease, net
Beginning balance	614,763
Depreciation	(20,485)
Ending balance	$ 594,278

v3.23.2

VESSELS UNDER FINANCE LEASE, NET (Narrative) (Details)	6 Months Ended
	Jun. 30, 2023 vessel
Property, Plant and Equipment [Line Items]
Number of container vessels accounted for as right of use assets	7
Year option to purchase vessel (in years)	6 years
Minimum
Property, Plant and Equipment [Line Items]
Term of lease or charter (in years)	6 years
Maximum
Property, Plant and Equipment [Line Items]
Term of lease or charter (in years)	11 years
13,800 TEU Containership
Property, Plant and Equipment [Line Items]
Number of container vessels accounted for as right of use assets	4
10,600 TEU Containership
Property, Plant and Equipment [Line Items]
Number of container vessels accounted for as right of use assets	3

v3.23.2

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS (Summary) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Sale Leaseback Transaction [Line Items]
Total minimum lease payments to be received	$ 53,286	$ 64,868
Purchase obligations at the end of the leases	74,650	74,650
Net minimum lease payments receivable	127,936	139,518
Less: unearned income	(16,493)	(20,303)
Total investment in sales-type lease, direct financing lease and leaseback assets	111,443	119,215
Allowance for expected credit losses	(93)	(192)
Total investment in sales-type lease, direct financing lease and leaseback assets	111,350	119,023
Current portion	26,505	15,432
Long-term portion	84,845	103,591
Sales-Type Leases and Direct Financing Leases
Sale Leaseback Transaction [Line Items]
Total minimum lease payments to be received	23,424	30,708
Purchase obligations at the end of the leases	43,150	43,150
Net minimum lease payments receivable	66,574	73,858
Less: unearned income	(5,235)	(7,252)
Total investment in sales-type lease, direct financing lease and leaseback assets	61,339	66,606
Allowance for expected credit losses	(80)	(102)
Total investment in sales-type lease, direct financing lease and leaseback assets	61,259	66,504
Current portion	22,188	10,794
Long-term portion	39,071	55,710
Leaseback Assets
Sale Leaseback Transaction [Line Items]
Total minimum lease payments to be received	29,862	34,160
Purchase obligations at the end of the leases	31,500	31,500
Net minimum lease payments receivable	61,362	65,660
Less: unearned income	(11,258)	(13,051)
Total investment in sales-type lease, direct financing lease and leaseback assets	50,104	52,609
Allowance for expected credit losses	(13)	(90)
Total investment in sales-type lease, direct financing lease and leaseback assets	50,091	52,519
Current portion	4,317	4,638
Long-term portion	$ 45,774	$ 47,881

v3.23.2

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS (Narrative) (Details) - vessel	1 Months Ended
	May 31, 2020	Jun. 30, 2023	Dec. 31, 2022
Landbridge Universal Limited
Sale Leaseback Transaction [Line Items]
Term of lease or charter (in years)	7 years
Term of lease or charter, purchase obligation period	7 years
Sales-Type Leases and Direct Financing Leases
Sale Leaseback Transaction [Line Items]
Number of vessels under investments in sales-type leases, direct financing leases and leaseback assets		9	9
Assets accounted for as sales-type lease		9	9
Leaseback Assets
Sale Leaseback Transaction [Line Items]
Number of vessels under investments in sales-type leases, direct financing leases and leaseback assets		1	1

v3.23.2

INVESTMENTS IN ASSOCIATED COMPANIES (Summary) (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2020
Disposal group, disposed of by sale, not discontinued operations | River Box Holding Inc. ("River Box")
Schedule of Equity Method Investments [Line Items]
Subsidiary, percentage ownership sold (in percentage)				50.10%
River Box Holding Inc. ("River Box")
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in percentage)	49.90%	49.90%	49.90%
Equity method investment, ownership percentage				49.90%

v3.23.2

INVESTMENTS IN ASSOCIATED COMPANIES (Balance sheet information) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total current assets	$ 321,045		$ 296,982
Total assets	3,806,136		3,861,330
Current liabilities	588,934		1,056,611
Total liabilities	2,755,110		2,770,099
Loans to related parties - associated companies, long-term	45,000		45,000
Related Party
Schedule of Equity Method Investments [Line Items]
Loans to related parties - associated companies, long-term	45,000		45,000
River Box Holding Inc. ("River Box")
Schedule of Equity Method Investments [Line Items]
Total current assets	15,742		15,186
Non-current assets	227,886		234,572
Total assets	243,628		249,758
Current liabilities	14,699		14,267
Non-current liabilities (1)	212,387		218,944
Total liabilities	227,086		233,211
Total stockholders’ equity (2)	$ 16,542		$ 16,547
River Box Holding Inc. ("River Box")
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in percentage)	49.90%	49.90%	49.90%
Loans to related parties - associated companies, long-term	$ 45,000
River Box Holding Inc. ("River Box") | Related Party
Schedule of Equity Method Investments [Line Items]
Loans to related parties - associated companies, long-term	$ 45,000		$ 45,000

v3.23.2

INVESTMENTS IN ASSOCIATED COMPANIES (Income statement information) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Operating revenues	$ 337,827	$ 305,686
River Box Holding Inc. ("River Box")
Schedule of Equity Method Investments [Line Items]
Operating revenues	9,221	9,665
Net operating revenues	9,212	9,654
Net income	$ 1,451	$ 1,405
River Box Holding Inc. ("River Box")
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in percentage)	49.90%	49.90%	49.90%

v3.23.2

INVESTMENTS IN ASSOCIATED COMPANIES (Movements) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Allowance for credit loss, beginning balance	$ 3,266
Allowance recorded in net income of associated companies	(402)
Allowance for credit loss, ending balance	2,864		$ 3,266
River Box Holding Inc. ("River Box")
Schedule of Equity Method Investments [Line Items]
Allowance for credit loss, beginning balance	378
Allowance recorded in net income of associated companies	(62)
Allowance for credit loss, ending balance	$ 316		$ 378
River Box Holding Inc. ("River Box")
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in percentage)	49.90%	49.90%	49.90%

v3.23.2

INVESTMENTS IN ASSOCIATED COMPANIES (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
River Box Holding Inc. ("River Box")
Schedule of Equity Method Investments [Line Items]
Proceeds from dividends received	$ 1.5	$ 1.5	$ 2.9

v3.23.2

OTHER LONG TERM ASSETS (Schedule of Long-Term Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Collateral deposits on swap agreements	$ 14,800	$ 8,770
Value of acquired charter-out contracts, net	3,276	4,712
Other long-term assets	$ 18,076	$ 13,482

v3.23.2

OTHER LONG TERM ASSETS (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) vessel	Jun. 30, 2022 USD ($)	Dec. 31, 2018 USD ($) vessel
Property, Plant and Equipment [Line Items]
Number of container vessels accounted for as right of use assets | vessel	7
Evergreen Marine | Container vessels
Property, Plant and Equipment [Line Items]
Number of container vessels accounted for as right of use assets | vessel			4
Charters value on aquisition | $			$ 18.0
Amortization | $	$ (1.4)	$ (1.4)

v3.23.2

SHORT-TERM AND LONG-TERM DEBT (Summary of long-term debt) (Details) $ in Thousands, kr in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2023 NOK (kr)	Apr. 30, 2023 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total debt principal	$ 2,130,699				$ 2,213,636
Less: Unamortized debt issuance costs	(20,651)				(12,580)
Less: Current portion of long-term debt	(347,845)				(921,270)
Total long-term debt	1,762,203				1,279,786
U.S. dollar denominated fixed rate debt due 2026
Debt Instrument [Line Items]
Principal debt amount			$ 150,000
Long-term debt, gross	149,625				0
NOK700 million senior unsecured floating rate bonds due 2023
Debt Instrument [Line Items]
Principal debt amount | kr		kr 700
Long-term debt, gross	37,933				71,243
NOK700 million senior unsecured floating rate bonds due 2024
Debt Instrument [Line Items]
Principal debt amount | kr		700
Long-term debt, gross	64,775				70,734
NOK600 million senior unsecured floating rate bonds due 2025
Debt Instrument [Line Items]
Principal debt amount | kr		kr 600
Long-term debt, gross	54,989				60,048
4.875% senior unsecured convertible bonds due 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 0				137,900
Senior unsecured convertible notes interest rate (in percentage)	4.875%	4.875%
7.25% senior unsecured sustainability-linked bonds due 2026
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000				150,000
Senior unsecured convertible notes interest rate (in percentage)	7.25%	7.25%
8.875% senior unsecured sustainability-linked bonds due 2027
Debt Instrument [Line Items]
Principal debt amount				$ 150,000
Long-term debt, gross	$ 150,000				0
Senior unsecured convertible notes interest rate (in percentage)	8.875%	8.875%
Lease debt financing
Debt Instrument [Line Items]
Long-term debt, gross	$ 455,548				394,555
U.S. Dollar Floating Rate Debt
Debt Instrument [Line Items]
U.S. Dollar Floating Rate Debt	$ 1,067,829				$ 1,329,156

v3.23.2

SHORT-TERM AND LONG-TERM DEBT (Movement) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Total debt principal, beginning period	$ 2,213,636
Drawdowns and capitalized interest	720,187	$ 255,350
Repayments and redemptions	(788,196)
Effects of foreign exchange	(14,928)
Total debt principal, ending period	2,130,699
Fixed Rate, Lease Debt Financing and NOK Bonds
Debt Instrument [Line Items]
Long term debt, beginning of the period	884,480
Drawdowns and capitalized interest	384,576
Repayments and redemptions	(191,258)
Effects of foreign exchange	(14,928)
Long term debt, end of period	1,062,870
U.S. Dollar Floating Rate Debt
Debt Instrument [Line Items]
Long term debt with floating interest rate, beginning of period	1,329,156
Drawdowns and capitalized interest	335,611
Repayments and redemptions	(596,938)
Effects of foreign exchange	0
Long term debt with floating interest rate, end of period	$ 1,067,829

v3.23.2

SHORT-TERM AND LONG-TERM DEBT (Interest rate information) (Details)	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Weighted average interest rate	5.53%	5.30%
US Dollar London Interbank Offered Rate ("LIBOR"), 3-Month, closing rate	5.55%	4.77%
Secured Overnight Financing Rate ("SOFR"), closing rate	5.09%	4.30%
Norwegian Interbank Offered Rate ("NIBOR"), 3-Month, closing rate	4.37%	3.26%

v3.23.2

SHORT-TERM AND LONG-TERM DEBT (New Facilities, Renewals, and Redemptions) (Details) - 6 months ended Jun. 30, 2023 $ in Thousands, kr in Millions	USD ($)	NOK (kr)
Debt Instrument [Line Items]
Repayments of debt	$ 788,196
NOK700 million senior unsecured floating rate bonds due 2023
Debt Instrument [Line Items]
Repayments of debt	29,400
Principal debt amount | kr		kr 700
4.875% senior unsecured convertible bonds due 2023
Debt Instrument [Line Items]
Repayments of debt	$ 137,900
Senior unsecured convertible notes interest rate (in percentage)		4.875%

v3.23.2

SHORT-TERM AND LONG-TERM DEBT (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	May 31, 2023	Apr. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Feb. 28, 2023	Sep. 30, 2022	Jun. 30, 2020
Minimum
Debt Instrument [Line Items]
Term of lease or charter (in years)			6 years
Maximum
Debt Instrument [Line Items]
Term of lease or charter (in years)			11 years
Common stock - Frontline Ltd
Debt Instrument [Line Items]
Principal debt amount						$ 15.6	$ 36.8
Fixed Rate, Lease Debt Financing and NOK Bonds
Debt Instrument [Line Items]
Loss on repurchase of debt			$ 0.5	$ 0.0
8.875% senior unsecured sustainability-linked bonds due 2027
Debt Instrument [Line Items]
Senior unsecured convertible notes interest rate (in percentage)			8.875%
Principal debt amount					$ 150.0
Bond issue price, percentage					99.58%
Unamortized discount value					$ 0.6
Long-term debt			$ 150.0
U.S. dollar denominated fixed rate debt due 2026
Debt Instrument [Line Items]
Principal debt amount		$ 150.0
Long term debt, term		3 years
Long-term debt			149.6
Lease debt financing | 4,900 CEU Car Carrier
Debt Instrument [Line Items]
Long-term debt			44.1
Sales price for the vessel		$ 45.0
Term of lease or charter (in years)		5 years
Lease debt financing | 2,500 TEU Containership
Debt Instrument [Line Items]
Long-term debt			$ 38.5
Sales price for the vessel	$ 38.5
Term of lease or charter (in years)	9 years
Lease debt financing | 2,500 TEU Containership | Minimum
Debt Instrument [Line Items]
Term of lease or charter, purchase obligation period	6 years
Lease debt financing | 2,500 TEU Containership | Maximum
Debt Instrument [Line Items]
Term of lease or charter, purchase obligation period	7 years

v3.23.2

SHORT-TERM AND LONG-TERM DEBT (US floating rate) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) subsidiary
Debt Instrument [Line Items]
Repayments of debt	$ 788,196
US Dollar 144.625 Million Term Loan Facility
Debt Instrument [Line Items]
Principal debt amount	$ 144,625
Number of wholly owned subsidiaries entering into the facility | subsidiary	4
Term	2 years 11 months
Long-term debt	$ 142,100
US Dollar 150 Million Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Principal debt amount	$ 150,000
Number of wholly owned subsidiaries entering into the facility | subsidiary	1
Term	2 years 8 months
Long-term debt	$ 150,000
US Dollar 23.25 Million Term Loan Facility One
Debt Instrument [Line Items]
Principal debt amount	$ 23,250
Number of wholly owned subsidiaries entering into the facility | subsidiary	1
Term	1 year
Long-term debt	$ 13,900
US Dollar 23.25 Million Term Loan Facility Two
Debt Instrument [Line Items]
Principal debt amount	$ 23,250
Number of wholly owned subsidiaries entering into the facility | subsidiary	1
Term	1 year
Long-term debt	$ 18,600
US Dollar 8.44 Million Senior Unsecured Term Loan Facility
Debt Instrument [Line Items]
Principal debt amount	$ 8,440
Number of wholly owned subsidiaries entering into the facility | subsidiary	1
Term	2 years 8 months
Long-term debt	$ 8,400
US Dollar 375 Million Term Loan and Revolving Credit Facility
Debt Instrument [Line Items]
Principal debt amount	$ 375,000
Number of wholly owned subsidiaries entering into the facility | subsidiary	1
Term	10 years
Repayments of debt	$ 146,700
US Dollar 475 Million Term Loan and Revolving Credit Facility
Debt Instrument [Line Items]
Principal debt amount	$ 475,000
Number of wholly owned subsidiaries entering into the facility | subsidiary	1
Term	9 years
Repayments of debt	$ 178,400
US Dollar 33.1 Million Term Loan Facility
Debt Instrument [Line Items]
Principal debt amount	$ 33,100
Number of wholly owned subsidiaries entering into the facility | subsidiary	5
Term	4 years
Repayments of debt	$ 21,900
US Dollar 40.0 Million Term Loan Facility
Debt Instrument [Line Items]
Principal debt amount	$ 40,000
Number of wholly owned subsidiaries entering into the facility | subsidiary	2
Term	3 years
Repayments of debt	$ 31,900
US Dollar 290.0 Million Term Loan Facility
Debt Instrument [Line Items]
Principal debt amount	$ 290,000
Number of wholly owned subsidiaries entering into the facility | subsidiary	6
Term	6 months
Repayments of debt	$ 156,000

v3.23.2

FINANCIAL INSTRUMENTS (Schedule of fair values of derivative instruments designated and not designated as cash flow hedges) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Total derivative instruments - short-term assets	$ 1,355	$ 1,936
Total derivative instruments - long-term assets	23,717	26,716
Financial instruments at fair value, current portion	25,230	16,861
Financial instruments at fair value, long-term portion	12,416	14,357
Interest rate swaps | Designated as hedging instrument
Derivative [Line Items]
Total derivative instruments - short-term assets	1,219	1,229
Total derivative instruments - long-term assets	9,921	12,963
Interest rate swaps | Not designated as hedging instrument
Derivative [Line Items]
Total derivative instruments - short-term assets	136	707
Total derivative instruments - long-term assets	13,796	13,753
Cross currency swaps | Designated as hedging instrument
Derivative [Line Items]
Financial instruments at fair value, current portion	15,659	14,601
Financial instruments at fair value, long-term portion	12,416	10,233
Cross currency swaps | Not designated as hedging instrument
Derivative [Line Items]
Financial instruments at fair value, current portion	114	0
Financial instruments at fair value, long-term portion	0	70
Cross currency interest rate swaps | Designated as hedging instrument
Derivative [Line Items]
Financial instruments at fair value, current portion	9,457	2,260
Financial instruments at fair value, long-term portion	$ 0	$ 4,054

v3.23.2

FINANCIAL INSTRUMENTS (Narrative) (Details) $ in Thousands, shares in Millions, kr in Millions	1 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2019 shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2020 USD ($)	Jun. 30, 2023 NOK (kr)	Sep. 30, 2022 USD ($)	Jun. 30, 2020 USD ($)	May 31, 2018 USD ($)
Derivative [Line Items]
Proceeds from redemption of available-for-sale debt securities		$ 0	$ 5,124
Equity securities		5,866		$ 7,283
Common stock - Frontline Ltd
Derivative [Line Items]
Principal debt amount							$ 15,600	$ 36,800
Number of shares repurchased in forward contract (in shares) | shares	3.4			1.4
Debt and equity securities, realized gain				$ 4,600	$ 2,300
Corporate Bond Securities NT Rig Holdco 7.5%
Derivative [Line Items]
Debt instrument, redemption price (in percentage)				7.50%
Corporate Bond Securities NT Rig Holdco 12%
Derivative [Line Items]
Debt instrument, redemption price (in percentage)				12.00%
River Box Holding Inc. ("River Box")
Derivative [Line Items]
Loans to related parties - associated companies, long-term		$ 45,000		$ 45,000
River Box Holding Inc. ("River Box") | Net income | Customer concentration risk
Derivative [Line Items]
Concentration risk, percentage		16.00%	4.00%
4.875% senior unsecured convertible bonds due 2023
Derivative [Line Items]
Principal debt amount		$ 53,000							$ 164,000
Senior unsecured convertible notes interest rate (in percentage)		4.875%				4.875%			4.875%
NOK700 million senior unsecured floating rate bonds due 2023
Derivative [Line Items]
Principal debt amount | kr						kr 700
NOK700 million senior unsecured floating rate bonds due 2024
Derivative [Line Items]
Principal debt amount | kr						700
NOK600 million senior unsecured floating rate bonds due 2025
Derivative [Line Items]
Principal debt amount | kr						kr 600
7.25% senior unsecured sustainability-linked bonds due 2026
Derivative [Line Items]
Senior unsecured convertible notes interest rate (in percentage)		7.25%				7.25%
Interest rate swaps
Derivative [Line Items]
Derivative, notional amount		$ 400,000		$ 600,000

v3.23.2

FINANCIAL INSTRUMENTS (Schedule of currency swap transactions) (Details) kr in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 NOK (kr)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 NOK (kr)	Sep. 30, 2018 NOK (kr)
NOK700 million senior unsecured floating rate bonds due 2023
Derivative [Line Items]
Principal debt amount			kr 700
Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative, notional amount				kr 700
Derivative, notional amount cancelled	kr 300
Cross Currency Interest Rate Contract | Designated as hedging instrument
Derivative [Line Items]
Derivative, notional amount		$ 48.1	400
Cross Currency Interest Rate Contract 3 | Designated as hedging instrument
Derivative [Line Items]
Derivative, notional amount		80.5	700
Cross Currency Interest Rate Contract 4 | Designated as hedging instrument
Derivative [Line Items]
Derivative, notional amount		$ 67.5	kr 600

v3.23.2

FINANCIAL INSTRUMENTS (Schedule of carrying value and estimated fair value of financial assets and liabilities) (Details) $ in Thousands, kr in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2023 NOK (kr)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)
Non-derivatives:
Equity securities	$ 5,866			$ 7,283
Derivatives:
Total derivative instruments - short-term assets	1,355			1,936
Total derivative instruments - long-term assets	$ 23,717			26,716
NOK700 million senior unsecured floating rate bonds due 2023
Non-derivatives:
Principal debt amount | kr		kr 700
NOK700 million senior unsecured floating rate bonds due 2024
Non-derivatives:
Principal debt amount | kr		700
NOK600 million senior unsecured floating rate bonds due 2025
Non-derivatives:
Principal debt amount | kr		kr 600
4.875% senior unsecured convertible bonds due 2023
Non-derivatives:
Senior unsecured convertible notes interest rate (in percentage)	4.875%	4.875%
7.25% senior unsecured sustainability-linked bonds due 2026
Non-derivatives:
Senior unsecured convertible notes interest rate (in percentage)	7.25%	7.25%
8.875% senior unsecured sustainability-linked bonds due 2027
Non-derivatives:
Long-term debt	$ 150,000
Principal debt amount			$ 150,000
Senior unsecured convertible notes interest rate (in percentage)	8.875%	8.875%
Carrying value | Fair value, measurements, recurring
Non-derivatives:
Equity securities	$ 5,866			7,283
Derivatives:
Total derivative instruments - short-term assets	1,355			1,936
Total derivative instruments - long-term assets	23,717			26,716
Interest rate/currency swap contracts - short-term payables	25,230			16,861
Interest rate/currency swap contracts, long-term payables	12,416			14,357
Carrying value | Fair value, measurements, recurring | NOK700 million senior unsecured floating rate bonds due 2023
Non-derivatives:
Long-term debt	37,933			71,243
Carrying value | Fair value, measurements, recurring | NOK700 million senior unsecured floating rate bonds due 2024
Non-derivatives:
Long-term debt	64,775			70,734
Carrying value | Fair value, measurements, recurring | NOK600 million senior unsecured floating rate bonds due 2025
Non-derivatives:
Long-term debt	54,989			60,048
Carrying value | Fair value, measurements, recurring | 4.875% senior unsecured convertible bonds due 2023
Non-derivatives:
Long-term debt	0			137,900
Carrying value | Fair value, measurements, recurring | 7.25% senior unsecured sustainability-linked bonds due 2026
Non-derivatives:
Long-term debt	150,000			150,000
Carrying value | Fair value, measurements, recurring | 8.875% senior unsecured sustainability-linked bonds due 2027
Non-derivatives:
Long-term debt	150,000			0
Fair value | Fair value, measurements, recurring
Non-derivatives:
Equity securities	5,866			7,283
Derivatives:
Total derivative instruments - short-term assets	1,355			1,936
Total derivative instruments - long-term assets	23,717			26,716
Interest rate/currency swap contracts - short-term payables	25,230			16,861
Interest rate/currency swap contracts, long-term payables	12,416			14,357
Fair value | Fair value, measurements, recurring | NOK700 million senior unsecured floating rate bonds due 2023
Non-derivatives:
Long-term debt	38,123			71,421
Fair value | Fair value, measurements, recurring | NOK700 million senior unsecured floating rate bonds due 2024
Non-derivatives:
Long-term debt	65,585			70,734
Fair value | Fair value, measurements, recurring | NOK600 million senior unsecured floating rate bonds due 2025
Non-derivatives:
Long-term debt	56,020			60,348
Fair value | Fair value, measurements, recurring | 4.875% senior unsecured convertible bonds due 2023
Non-derivatives:
Long-term debt	0			137,211
Fair value | Fair value, measurements, recurring | 7.25% senior unsecured sustainability-linked bonds due 2026
Non-derivatives:
Long-term debt	144,255			144,188
Fair value | Fair value, measurements, recurring | 8.875% senior unsecured sustainability-linked bonds due 2027
Non-derivatives:
Long-term debt	$ 150,000			$ 0

v3.23.2

FINANCIAL INSTRUMENTS (Schedule of financial assets and liabilities measured at fair value on a recurring basis) (Details) $ in Thousands, kr in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2023 NOK (kr)	Dec. 31, 2022 USD ($)	May 31, 2018 USD ($)
Assets:
Equity securities	$ 5,866		$ 7,283
Total derivative instruments - short-term assets	1,355		1,936
Total derivative instruments - long-term assets	$ 23,717		26,716
NOK700 million senior unsecured floating rate bonds due 2023
Liabilities:
Principal debt amount | kr		kr 700
NOK700 million senior unsecured floating rate bonds due 2024
Liabilities:
Principal debt amount | kr		700
NOK600 million senior unsecured floating rate bonds due 2025
Liabilities:
Principal debt amount | kr		kr 600
4.875% senior unsecured convertible bonds due 2023
Liabilities:
Senior unsecured convertible notes interest rate (in percentage)	4.875%	4.875%
7.25% senior unsecured sustainability-linked bonds due 2026
Liabilities:
Senior unsecured convertible notes interest rate (in percentage)	7.25%	7.25%
4.875% senior unsecured convertible bonds due 2023
Liabilities:
Principal debt amount	$ 53,000			$ 164,000
Senior unsecured convertible notes interest rate (in percentage)	4.875%	4.875%		4.875%
Fair value | Fair value, measurements, recurring
Assets:
Equity securities	$ 5,866		7,283
Total derivative instruments - short-term assets	1,355		1,936
Total derivative instruments - long-term assets	23,717		26,716
Total assets	30,938
Liabilities:
NOK700 million senior unsecured floating rate bonds due 2023	38,123
NOK700 million senior unsecured floating rate bonds due 2024	65,585
NOK600 million senior unsecured floating rate bonds due 2025	56,020
Interest rate/currency swap contracts, short-term payables	25,230
Interest rate/currency swap contracts, long-term payables	12,416		14,357
Total liabilities	491,629
Fair value | Fair value, measurements, recurring | NOK700 million senior unsecured floating rate bonds due 2023
Liabilities:
Long-term debt	38,123		71,421
Fair value | Fair value, measurements, recurring | NOK700 million senior unsecured floating rate bonds due 2024
Liabilities:
Long-term debt	65,585		70,734
Fair value | Fair value, measurements, recurring | NOK600 million senior unsecured floating rate bonds due 2025
Liabilities:
Long-term debt	56,020		60,348
Fair value | Fair value, measurements, recurring | 4.875% senior unsecured convertible bonds due 2023
Liabilities:
Long-term debt	0		137,211
Fair value | Fair value, measurements, recurring | 7.25% senior unsecured sustainability-linked bonds due 2026
Liabilities:
Long-term debt	144,255		$ 144,188
Fair value | Fair value, measurements, recurring | 7.25% senior unsecured sustainability-linked bonds due 2026
Liabilities:
Long-term debt	144,255
Fair value | Fair value, measurements, recurring | 8.875% senior unsecured sustainability-linked bonds due 2027
Liabilities:
Long-term debt	150,000
Fair value | Fair value, measurements, recurring | Quoted Prices in Active Markets for identical Assets/Liabilities (Level 1)
Assets:
Equity securities	5,866
Total assets	5,866
Liabilities:
NOK700 million senior unsecured floating rate bonds due 2023	38,123
NOK700 million senior unsecured floating rate bonds due 2024	65,585
NOK600 million senior unsecured floating rate bonds due 2025	56,020
Total liabilities	453,983
Fair value | Fair value, measurements, recurring | Quoted Prices in Active Markets for identical Assets/Liabilities (Level 1) | 7.25% senior unsecured sustainability-linked bonds due 2026
Liabilities:
Long-term debt	144,255
Fair value | Fair value, measurements, recurring | Quoted Prices in Active Markets for identical Assets/Liabilities (Level 1) | 8.875% senior unsecured sustainability-linked bonds due 2027
Liabilities:
Long-term debt	150,000
Fair value | Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2)
Assets:
Total derivative instruments - short-term assets	1,355
Total derivative instruments - long-term assets	23,717
Total assets	25,072
Liabilities:
Interest rate/currency swap contracts, short-term payables	25,230
Interest rate/currency swap contracts, long-term payables	12,416
Total liabilities	37,646
Fair value | Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0
Liabilities:
Total liabilities	$ 0

v3.23.2

FINANCIAL INSTRUMENTS (Schedule of concentration of revenue risk) (Details) - vessel_rig	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Maersk A/S (“Maersk”)
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of chartered vessels and rigs	16	15
Maersk A/S (“Maersk”) | Sales revenue, net | Customer concentration risk
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	31.00%	31.00%
Evergreen Marine Corporation (Taiwan) Ltd. and its affiliate Evergreen Marine (Singapore) Pte Ltd. (collectively “Evergreen”)
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of chartered vessels and rigs	6	6
Evergreen Marine Corporation (Taiwan) Ltd. and its affiliate Evergreen Marine (Singapore) Pte Ltd. (collectively “Evergreen”) | Sales revenue, net | Customer concentration risk
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	15.00%	17.00%
Conocophillips Skandinavia AS
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of chartered vessels and rigs	1
Conocophillips Skandinavia AS | Sales revenue, net | Customer concentration risk
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	11.00%
Trafigura Maritime Logistics Pte Ltd (“Trafigura”)
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of chartered vessels and rigs	7	7
Trafigura Maritime Logistics Pte Ltd (“Trafigura”) | Sales revenue, net | Customer concentration risk
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	9.00%	9.00%
Golden Ocean Group Limited (“Golden Ocean”)*
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of chartered vessels and rigs	8	8
Golden Ocean Group Limited (“Golden Ocean”)* | Sales revenue, net | Customer concentration risk
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	8.00%	9.00%
MSC
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of chartered vessels and rigs	9	9
MSC | Sales revenue, net | Customer concentration risk
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	1.00%	1.00%

v3.23.2

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Summary of Share Capital) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	May 31, 2018	Oct. 31, 2016
Stockholders' Equity Note [Abstract]
Value of authorized share capital	$ 3,000	$ 3,000
Value of issued and fully paid share capital	$ 1,386	$ 1,386
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01

v3.23.2

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Narrative) (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	May 31, 2023	May 15, 2023	May 08, 2023	Feb. 15, 2023	Apr. 15, 2022	Dec. 31, 2021	May 31, 2020	May 01, 2020	May 31, 2018	Oct. 31, 2016
Stockholders' equity attributable to parent	$ 1,051,026,000	$ 1,046,554,000	$ 1,091,231,000
Dividends payable (in usd per share)					$ 0.24		$ 0.24
Repurchase of shares, aggregate amount						$ 100,000,000
Number of shares repurchased (in shares)	527,417	0
Average price of shares (in dollars per share)	$ 9.15
Treasury stock acquired	$ 4,800,000
Options exercised (in shares)	0		85,500
Share options exercised, intrinsic value			$ 100,000
Share options issued, intrinsic value (in shares)			10,786
Shares option, weighted average exercise price (in dollars per share)			$ 8.87
Common stock, par value (in usd per share)	$ 0.01		$ 0.01									$ 0.01	$ 0.01
Repayments of debt	$ 788,196,000
5.75% senior unsecured convertible notes due 2021
Senior unsecured convertible notes interest rate (in percentage)													5.75%
Own-share lending arrangement, shares, issued (in shares)													8,000,000
Principal debt amount													$ 225,000,000
5.75% senior unsecured convertible notes due 2021 | Own-Share Lending Arrangement, New Counterparty
Own-share lending arrangement, shares, issued (in shares)	8,000,000
4.875% senior unsecured convertible bonds due 2023
Senior unsecured convertible notes interest rate (in percentage)	4.875%											4.875%
Own-share lending arrangement, shares, issued (in shares)												3,765,842
Total authorized shares in lending agreement (in shares)												7,000,000
Principal debt amount	$ 53,000,000											$ 164,000,000
4.875% senior unsecured convertible bonds due 2023 | Own-Share Lending Arrangement, Original Counterparties
Own-share lending arrangement, shares, issued (in shares)	2,268,542
4.875% senior unsecured convertible bonds due 2023 | Own-Share Lending Arrangement, New Counterparty
Own-share lending arrangement, shares, issued (in shares)	1,496,600			1,496,600
Dividend reinvestment plan (drip)
Dividend reinvestment plan, maximum number of shares authorized (in shares)								10,000,000			10,000,000
At the market
Equity distribution agreement, maximum value of shares authorized										$ 100,000,000
Accumulated profit/(deficit)
Stockholders' equity attributable to parent	$ 2,417,000	$ 0	$ 40,015,000						$ (92,720,000)
Dividends, common stock	60,862,000	15,994,000
Additional paid-in capital
Stockholders' equity attributable to parent	617,370,000	$ 615,913,000	616,554,000						621,037,000
Contributed surplus
Dividends, common stock	$ 0		$ 37,300,000
Cumulative effect, period of adoption, adjustment
Stockholders' equity attributable to parent									(1,600,000)
Cumulative effect, period of adoption, adjustment | Accumulated profit/(deficit)
Stockholders' equity attributable to parent									4,285,000
Cumulative effect, period of adoption, adjustment | Additional paid-in capital
Stockholders' equity attributable to parent									$ (5,863,000)
4.875% senior unsecured convertible bonds due 2023
Senior unsecured convertible notes interest rate (in percentage)	4.875%
Repayments of debt	$ 137,900,000

v3.23.2

SHARE OPTION PLAN (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2023	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares expired (in shares)		68,000
Shares expired, weighted average exercise price (in dollars per share)		$ 9.47
Shares expired, aggregate intrinsic value		$ 0.0
Number of options awarded (shares)	440,000
Options, expected term	5 years
Vesting period of options awarded to employees	3 years
Initial strike price (usd per share)	$ 10.34
Unrecognized compensation costs related to non-vested options granted		1.9	$ 1.0
Additional paid-in capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options, compensation cost recognized in the period		$ 0.8

v3.23.2

FINANCE LEASE LIABILITY (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) containership	Jun. 30, 2022 USD ($)	Dec. 31, 2022 containership
Other Liabilities Disclosure [Abstract]
Number of container vessels under sale and leaseback transactions	7		7
Number of vessels under finance lease liability accounted for as vessels under finance lease	7
Interest incurred on capital leases | $	$ 10.8	$ 12.0

v3.23.2

FINANCE LEASE LIABILITY (Obligations) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Finance lease liability, current portion	$ 54,873	$ 53,655
Finance lease liability, long-term portion	391,553	419,341
Finance lease liability	$ 446,426	$ 472,996

v3.23.2

RELATED PARTY TRANSACTIONS (Schedule of amounts due from and to related parties, excluding direct financing lease balances) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2020
Amounts due from and to related parties [Abstract]
Loans to related parties - associated companies, long-term	$ 45,000	$ 45,000
Disposal group, disposed of by sale, not discontinued operations | River Box
Amounts due from and to related parties [Abstract]
Subsidiary, percentage ownership sold (in percentage)			50.10%
River Box
Amounts due from and to related parties [Abstract]
Loans to related parties - associated companies, long-term	45,000
Equity method investment, ownership percentage			49.90%
Related Party
Amounts due from and to related parties [Abstract]
Allowance for expected credit losses	(25)	(30)
Other receivables	3,589	4,392
Loans to related parties - associated companies, long-term	45,000	45,000
Due to related parties	1,504	1,936
Related Party | Frontline Shipping
Amounts due from and to related parties [Abstract]
Due to related parties	1,192	1,788
Related Party | Frontline
Amounts due from and to related parties [Abstract]
Other receivables, gross	3,298	3,854
Due to related parties	0	2
Related Party | Seatankers
Amounts due from and to related parties [Abstract]
Other receivables, gross	88	0
Due to related parties	95	0
Related Party | Golden Ocean
Amounts due from and to related parties [Abstract]
Other receivables, gross	0	374
Due to related parties	173	141
Related Party | Sloan Square Capital
Amounts due from and to related parties [Abstract]
Other receivables, gross	195	183
Related Party | NorAm Drilling
Amounts due from and to related parties [Abstract]
Other receivables, gross	19	0
Related Party | River Box
Amounts due from and to related parties [Abstract]
Other receivables, gross	10	10
Related Party | Front Ocean
Amounts due from and to related parties [Abstract]
Due to related parties	39	0
Related Party | Other related parties
Amounts due from and to related parties [Abstract]
Other receivables, gross	4	1
Due to related parties	5	5
Related Party | River Box
Amounts due from and to related parties [Abstract]
Loans to related parties - associated companies, long-term	$ 45,000	$ 45,000

v3.23.2

RELATED PARTY TRANSACTIONS (Schedule of related party leasing revenues and repayments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Profit sharing income – related parties	$ 0	$ 1,510
Interest income related parties – direct financing leases	0	382
Service revenue related parties – direct financing leases	0	1,746
Golden Ocean
Related Party Transaction [Line Items]
Operating lease income	27,195	25,689
Profit sharing income – related parties	0	1,510
Frontline Shipping
Related Party Transaction [Line Items]
Interest income related parties – direct financing leases	0	382
Service revenue related parties – direct financing leases	0	1,746
Direct financing lease repayments	0	1,752
Seadrill
Related Party Transaction [Line Items]
Operating lease income	$ 0	$ 17,770

v3.23.2

RELATED PARTY TRANSACTIONS (Schedule of fees with related parties) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Vessel operating expenses – related parties	$ 11,343	$ 12,826
Administrative expenses – related parties	785	757
Golden Ocean
Related Party Transaction [Line Items]
Vessel operating expenses – related parties	10,136	10,135
Commissions and Brokerage	81	0
Operating Management Fees	0	22
Seatankers
Related Party Transaction [Line Items]
Administrative expenses – related parties	143	251
Front Ocean
Related Party Transaction [Line Items]
Administrative expenses – related parties	311	210
Seatankers Management Norway AS
Related Party Transaction [Line Items]
Office facilities	35	62
Frontline Management AS
Related Party Transaction [Line Items]
Office facilities	156	128
Frontline Corporate Services Ltd.
Related Party Transaction [Line Items]
Office facilities	95	60
Flex LNG Management Ltd
Related Party Transaction [Line Items]
Office facilities	0	3
Golden Ocean Shipping Co Pte. Ltd.
Related Party Transaction [Line Items]
Office facilities	43	41
Frontline
Related Party Transaction [Line Items]
Vessel operating expenses – related parties	1,207	2,669
Newbuilding Supervision Fees	709	466
Commissions and Brokerage	280	152
Administrative expenses – related parties	$ 2	$ 2

v3.23.2

RELATED PARTY TRANSACTIONS (Schedule of related party loans and interest – associated companies) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Loans to related parties - associated companies, long-term	$ 45,000		$ 45,000
Interest income – related parties, long term loans to associated companies	2,263	$ 2,263
River Box
Related Party Transaction [Line Items]
Loans to related parties - associated companies, long-term	45,000
Interest income – related parties, long term loans to associated companies	$ 2,300	$ 2,300

v3.23.2

RELATED PARTY TRANSACTIONS (Narrative) (Details) $ in Thousands, shares in Millions	1 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) shares	Dec. 31, 2019 shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($) vessel	Dec. 31, 2022 USD ($) shares	Dec. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)
Related Party Transaction [Line Items]
Number of vessels owned | vessel				2
Number of vessels sold | vessel				2
Dividend income - related parties			$ 802	$ 0
Common stock - Frontline Ltd
Related Party Transaction [Line Items]
Number of shares repurchased in forward contract (in shares) | shares		3.4			1.4
Repurchase price, including accrued interest					$ 16,700
Shares sold in forward contract (in shares) | shares	1.4
Principal debt amount	$ 15,600						$ 36,800
Debt and equity securities, realized gain					$ 4,600	$ 2,300
Front Force and Front Energy
Related Party Transaction [Line Items]
Termination fee on termination of charters				4,500
Front Force and Front Energy
Related Party Transaction [Line Items]
Gain (loss) on sale of loans and leases				$ 1,500

v3.23.2

ALLOWANCE FOR EXPECTED CREDIT LOSSES (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Disclosure of Allowance for Expected Credit Losses by Balance Sheet Items [Line Items]
Allowance for credit loss, beginning balance	$ 3,266
Net investment in lease, allowance for credit loss, beginning balance	192
Allowance recorded in net income of associated companies	(402)
Allowance for credit loss, ending balance	2,864
Net investment in lease, allowance for credit loss, ending balance	93
Trade receivables
Disclosure of Allowance for Expected Credit Losses by Balance Sheet Items [Line Items]
Allowance for credit loss, beginning balance	260
Allowance recorded in net income of associated companies	(235)
Allowance for credit loss, ending balance	25
Other receivables
Disclosure of Allowance for Expected Credit Losses by Balance Sheet Items [Line Items]
Allowance for credit loss, beginning balance	904
Allowance recorded in net income of associated companies	(63)
Allowance for credit loss, ending balance	841
Related Party receivables
Disclosure of Allowance for Expected Credit Losses by Balance Sheet Items [Line Items]
Allowance for credit loss, beginning balance	30
Allowance recorded in net income of associated companies	(5)
Allowance for credit loss, ending balance	25
Investment in sales-type, direct financing leases and leaseback assets
Disclosure of Allowance for Expected Credit Losses by Balance Sheet Items [Line Items]
Net investment in lease, allowance for credit loss, beginning balance	192
Allowance recorded in net income of associated companies	(99)
Net investment in lease, allowance for credit loss, ending balance	93
Other long-term assets
Disclosure of Allowance for Expected Credit Losses by Balance Sheet Items [Line Items]
Allowance for credit loss, beginning balance	1,880
Allowance recorded in net income of associated companies	0
Allowance for credit loss, ending balance	$ 1,880

v3.23.2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies [Line Items]
Vessels, rigs and equipment, net	$ 2,589,834	$ 2,646,389
Total investment in sales-type lease, direct financing lease and leaseback assets	111,350	119,023
Total assets	3,806,136	3,861,330
Book value of assets with finance lease liabilities	594,000	615,000
Asset Pledged as Collateral without Right
Commitments and Contingencies [Line Items]
Vessels, rigs and equipment, net	2,532,000	2,460,000
Total investment in sales-type lease, direct financing lease and leaseback assets	111,000	119,000
Total assets	2,643,000	2,579,000
Vessels under finance lease, net
Commitments and Contingencies [Line Items]
Book value of assets with finance lease liabilities	$ 594,000	$ 615,000

v3.23.2

COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Details) $ in Thousands	Jun. 30, 2023 USD ($) carrier vessel well	Dec. 31, 2022 USD ($) vessel
Commitments and Contingencies [Line Items]
Finance lease liability	$ 446,426	$ 472,996
Number of wells | well	2
Contractual commitment term	115 days
Debt for acquired equipment
Commitments and Contingencies [Line Items]
Line of credit	$ 2,100,000	2,200,000
Newbuilding dual-fuel car carriers using liquefied natural gas
Commitments and Contingencies [Line Items]
Number of dual-fuel car carriers | carrier	4
Dual-fuel car carriers
Commitments and Contingencies [Line Items]
Number of container vessels with amended charter terms	$ 194,200	209,700
Procurement Of Scrubbers
Commitments and Contingencies [Line Items]
Number of container vessels with amended charter terms	$ 57,000	$ 35,300
Number of vessels being upgraded | vessel	6	6

v3.23.2

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions	1 Months Ended	2 Months Ended	6 Months Ended
	Aug. 31, 2023 USD ($) well	Aug. 31, 2023 USD ($) well shares	Jun. 30, 2023 USD ($) well shares	Jun. 30, 2022 shares	Aug. 17, 2023 $ / shares	May 15, 2023 $ / shares	Feb. 15, 2023 $ / shares
Subsequent Event [Line Items]
Dividends payable (in usd per share) | $ / shares						$ 0.24	$ 0.24
Number of wells | well			2
Contractual commitment term			115 days
Number of shares repurchased (in shares) | shares			527,417	0
Treasury stock acquired | $			$ 4.8
Subsequent event
Subsequent Event [Line Items]
Dividends payable (in usd per share) | $ / shares					$ 0.24
Number of wells | well	1	1
Number of optional wells | well	1
Contractual commitment term	200 days	200 days
Proceeds from sale of leaseback asset | $	$ 52.0
Number of shares repurchased (in shares) | shares		566,378
Treasury stock acquired | $		$ 5.3

v3.23.2

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]

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