SFL (SFL) 20-F 22 Mar 21 2020 FY Annual report (foreign) Financial data

COVER

COVER	12 Months Ended
	Dec. 31, 2020shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-32199
Entity Registrant Name	SFL Corporation Ltd.
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line Two	Par-la-Ville Place
Entity Address, Address Line One	14 Par-la-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
Title of 12(b) Security	Common Shares, $0.01 Par Value
Trading Symbol	SFL
Security Exchange Name	NYSE
Security Reporting Obligation	15(d)
Entity Common Stock, Shares Outstanding	127,810,064
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001289877
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document Information [Line Items]
Entity Address, Address Line Two	Par-la-Ville Place
Entity Address, Address Line One	14 Par-la-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
Contact Personnel Name	James Ayers
City Area Code	+1 (441)
Local Phone Number	295-9500
Contact Personnel Fax Number	+1 (441) 295-3494

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating revenues
Interest income related parties – direct financing leases	$ 1,744	$ 3,796	$ 9,623
Interest income other – sales-type, direct financing leases and leaseback assets	69,472	56,524	30,055
Service revenue related parties – direct financing leases	6,903	9,855	22,095
Profit sharing revenues – related parties	18,677	5,615	1,779
Profit sharing income – other	3,892	0	0
Time charter revenues – related parties	51,954	51,132	53,258
Time charter revenues – other	268,635	288,019	239,468
Bareboat charter revenues – other	7,863	23,490	36,222
Voyage charter revenues – other	37,287	17,617	24,339
Other operating income	4,620	2,801	1,873
Total operating revenues	471,047	458,849	418,712
Gain/(loss) on sale of assets and termination of charters, net	2,250	0	(2,578)
Gain on sale of subsidiaries, operating	0	0	7,613
Operating expenses
Vessel operating expenses – related parties	30,276	33,092	45,266
Vessel operating expenses – other	125,367	101,342	83,282
Depreciation	111,279	116,381	104,079
Vessel impairment charge	333,149	60,054	64,338
Administrative expenses – related parties	1,178	1,484	1,072
Administrative expenses – other	10,222	8,719	8,095
Total operating expenses	611,471	321,072	306,132
Net operating (loss)/income	(138,174)	137,777	117,615
Non-operating income / (expense)
Interest income – related parties, long term loans to associated companies	11,925	14,128	14,128
Interest income – related parties, other	599	1,642	880
Interest income – other	876	4,294	2,943
Interest expense – related parties	0	0	(6,378)
Interest expense – other	(135,442)	(145,058)	(107,508)
(Loss)/gain on investments in debt and equity securities	(22,453)	67,701	25,754
Gain on purchase of  bonds and debt extinguishment	67,533	1,802	1,146
Gain on settlement of related party loan notes	4,446	0	0
Dividend income – related parties	6,030	2,590	0
Gain on sale of subsidiaries, non-operating	1,894	0	0
Other financial items, net	(25,945)	(12,753)	10,407
Net (loss)/income before equity in earnings of associated companies	(228,711)	72,123	58,987
Equity in earnings of associated companies	4,286	17,054	14,635
Net (loss)/income	$ (224,425)	$ 89,177	$ 73,622
Per share information:
Basic (loss)/earnings per share (in dollars per share)	$ (2.06)	$ 0.83	$ 0.70
Weighted average number of shares outstanding, basic (in shares)	108,972	107,614	105,898
Diluted (loss)/earnings per share (in dollars per share)	$ (2.06)	$ 0.83	$ 0.69
Weighted average number of shares outstanding, diluted (in shares)	108,972	107,696	107,606
Cash dividend per share declared and paid (in dollars per share)	$ 1	$ 1.40	$ 1.40

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net (loss)/income	$ (224,425)	$ 89,177	$ 73,622
Fair value adjustments to hedging financial instruments	(7,695)	(12,748)	(3,433)
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments	1,059	0	(3,127)
Fair value adjustments to investment securities classified as available-for-sale	(4,608)	(2,190)	2,244
Earnings reclassification of previously deferred fair value adjustments to investment securities classified as available-for-sale securities	4,888	2,181	0
Fair value adjustments to hedging financial instruments in associated companies			(206)
Other comprehensive income/(loss)	55	(6)	(74)
Other comprehensive loss, net of tax	(6,301)	(12,763)	(4,596)
Comprehensive (loss)/income	$ (230,726)	$ 76,414	$ 69,026

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 215,445	$ 199,521
Restricted cash	8,953	3,495
Investment in debt and equity securities	28,805	74,079
Due from related parties	7,718	22,399
Trade accounts receivable	6,666	4,583
Other receivables	22,024	20,132
Inventories	8,808	7,934
Prepaid expenses and accrued income	2,597	1,635
Investment in sales-type leases, direct financing leases and leaseback assets, current portion	55,420	56,189
Financial instruments at fair value, current portion	0	520
Total current assets	356,436	390,487
Vessels and equipment, net	1,240,698	1,404,705
Vessels under finance lease, net	697,380	714,476
Investment in sales-type leases, direct financing leases and leaseback assets, long-term portion	622,123	938,198
Investment in associated companies	27,297	42,161
Loans and long term receivables from related parties including associates	123,910	327,616
Other long-term assets	21,961	64,248
Financial instruments at fair value, long-term portion	3,406	3,479
Total assets	3,093,211	3,885,370
Current liabilities
Short-term debt and current portion of long-term debt	484,956	253,059
Finance lease liability, current portion	48,887	68,874
Due to related parties	2,724	3,980
Trade accounts payable	1,247	3,445
Accrued expenses	21,060	17,132
Financial instruments at fair value, current portion	1,572	6,067
Other current liabilities	16,085	13,279
Total current liabilities	576,531	365,836
Long-term liabilities
Long-term debt	1,164,113	1,355,029
Finance lease liability, long-term portion	524,200	1,037,553
Financial instruments at fair value, long-term portion	32,712	20,579
Other long-term liabilities	4	4
Total liabilities	2,297,560	2,779,001
Commitments and contingent liabilities
Stockholders' equity
Share capital ($0.01 par value; 300,000,000 shares authorized; 127,810,064 shares issued and outstanding at December 31, 2020). ($0.01 par value; 200,000,000 shares authorized; 119,391,310 shares issued and outstanding at December 31, 2019).	1,278	1,194
Additional paid-in capital	531,382	469,426
Contributed surplus	539,370	648,764
Accumulated other comprehensive loss	(19,316)	(13,015)
Accumulated deficit	(257,063)	0
Total stockholders' equity	795,651	1,106,369
Total liabilities and stockholders' equity	$ 3,093,211	$ 3,885,370

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Apr. 30, 2018	Dec. 31, 2017	Nov. 30, 2016
Stockholders' equity
Share capital, par value (in dollars per share)	$ 0.01		$ 0.01			$ 0.01		$ 0.01
Share capital, shares authorized (in shares)	300,000,000	200,000,000	200,000,000		150,000,000
Share capital, shares issued (in shares)	127,810,064		119,391,310
Share Capital, shares outstanding (in shares)	127,810,064		119,391,310	119,373,064			110,930,873

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net (loss)/income	$ (224,425)	$ 89,177	$ 73,622
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation	111,279	116,381	104,079
Amortization of deferred charges	9,040	8,085	10,187
Amortization of seller's credit	0	(103)	(447)
Amortization of deferred charter revenue	6,641	5,406	1,699
Vessel impairment charge	333,149	60,054	64,338
Long-term assets impairment charge	0	9,168	1,730
Adjustment of derivatives to fair value recognized in net income	20,432	3,449	(13,898)
Loss/(gain) on investments in debt and equity securities	22,453	(67,701)	(25,754)
Equity in earnings of associated companies	(4,286)	(17,054)	(14,635)
(Gain)/loss on sale of assets and termination of charters	(2,250)	0	2,578
Gain on sale of subsidiaries	(1,894)	0	(7,613)
Repayments from investment in sales-type, direct financing and leaseback assets	60,590	44,143	0
Gain on repurchase of bonds	(67,533)	(1,802)	(1,146)
Loss on early termination of swaps	4,538	0	0
Other, net	(6,559)	(4,620)	1,108
Changes in operating assets and liabilities
Trade accounts receivable	(2,352)	(1,608)	9,607
Due from related parties	21,035	5,652	(1,308)
Other receivables and other current assets	(2,628)	(7,088)	(4,027)
Inventories	(873)	613	(3,423)
Prepaid expenses and accrued income	(962)	958	(301)
Trade accounts payable	(2,198)	1,500	2,370
Accrued expenses and other current liabilities	3,278	5,097	2,209
Net cash provided by operating activities	276,475	249,707	200,975
Investing activities
Repayments from investment in direct financing and sales-type leases	0	0	33,486
Additions to direct financing leases and leaseback assets	(65,030)	(211,065)	0
Purchase of vessels, capital improvements and other additions	(55,016)	(39,326)	(1,137,703)
Proceeds from sale of vessels and termination of charters	210,920	0	145,654
Proceeds from sale of subsidiaries, net of cash disposed of	14,676	0	83,485
Net amounts received from/(paid to) associated companies	31,467	15,925	(24,161)
Proceeds from sale of shares	23,661	82,783	0
Other investments and long-term assets, net	15,661	(18,198)	32,675
Net cash provided by/(used in) investing activities	176,339	(169,881)	(866,564)
Financing activities
Repayments of lease obligation liability	(68,599)	(63,663)	(11,653)
Proceeds from issuance of short-term and long-term debt	397,231	458,781	825,984
Repayments of short-term and long-term debt	(624,588)	(208,538)	(778,731)
Repurchase of bonds	(66,570)	(80,749)	(97,248)
Proceeds from finance leases	0	0	944,097
Discount received on debt repurchased	0	1,654	0
Debt fees paid	(4,752)	(4,261)	(8,257)
Payment for early settlements of interest rate swaps, net	(4,539)	0	0
Principal settlements of cross currency swaps, net	(11,706)	(41,769)	0
Proceeds from shares issued, net of issuance costs	61,485	0	0
Cash dividends paid	(109,394)	(150,659)	(149,261)
Net cash (used in)/provided by financing activities	(431,432)	(89,204)	724,931
Net change in restricted cash and cash and cash equivalents	21,382	(9,378)	59,342
Cash, restricted cash and cash equivalents at start of the year	203,016	212,394	153,052
Cash, restricted cash and cash equivalents at end of the year	224,398	203,016	212,394
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	$ 71,476	$ 72,344	$ 104,620

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Share capital	Additional paid-in capital	Contributed surplus	Accumulated other comprehensive loss	Accumulated other comprehensive loss – associated companies	(Accumulated deficit)/retained earnings	Senior Unsecured Convertible Bonds due 2018Additional paid-in capital	4.875% unsecured convertible bonds due 2023	4.875% unsecured convertible bonds due 2023Additional paid-in capital	Senior Unsecured Convertible Bonds due 2021 and 2023Additional paid-in capital	Designated as Hedging InstrumentInterest Rate Swap	Designated as Hedging InstrumentCross Currency Swaps	Designated as Hedging InstrumentCross Currency Interest Rate Contract
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of the adoption of ASU 2016-13 on retained earnings | Accounting Standards Update 2016-01							$ (98,782)
Balance, at beginning of year (in shares) at Dec. 31, 2017	110,930,873
Balance, at beginning of year at Dec. 31, 2017		$ 1,109	$ 403,659	$ 680,703	$ (94,612)	$ 206	203,932
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	8,442,191
Amortization of stock-based compensation			454
Stock-based compensation forfeitures			(33)
Shares issued- share option, dividend reinvestment and other schemes		85
Shares issued- consideration paid on vessel acquisition			57,960
Shares issued- conversion of 3.25% convertible bonds due 2018			9,927
Adjustment to equity component of convertible bonds arising from reacquisition of bonds								$ (9,933)			$ (1,096)
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023										$ 7,906
Fair value adjustments to hedging financial instruments					(3,433)
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments	$ (3,127)
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments					(3,127)
Fair value adjustments to available-for-sale securities					2,244
Earnings reclassification of previously deferred fair value adjustments to available-for-sale securities	0
Reclassification of of unrealised losses upon adoption of new ASU | Accounting Standards Update 2016-01					98,782
Other comprehensive income/(loss)	(74)				(74)
Fair value adjustments to hedging financial instruments in associated companies	(206)					(206)
Net (loss)/income	$ 73,622						73,622
Dividends declared							(149,261)
Balance, at end of year (in shares) at Dec. 31, 2018	119,373,064
Balance, at end of year at Dec. 31, 2018	$ 1,180,032	1,194	468,844	680,703	(220)	0	29,511
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of the adoption of ASU 2016-13 on retained earnings | Accounting Standards Update 2017-12							32
Accumulated other comprehensive loss
Fair value adjustments to hedging financial instruments												$ 6,714	$ (7,076)	$ (126)
Reclassification of unrealized losses upon adoption of ASU 2017-12	0
Fair value adjustments to available-for-sale securities	644
Other items	(376)
Accumulated other comprehensive loss	$ (220)
Shares issued (in shares)	18,246
Amortization of stock-based compensation			896
Stock-based compensation forfeitures			(83)
Shares issued- share option, dividend reinvestment and other schemes		0
Adjustment to equity component of convertible bonds arising from reacquisition of bonds											(231)
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023									$ 7,100
Fair value adjustments to hedging financial instruments					(12,748)
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments	$ 0
Fair value adjustments to available-for-sale securities					(2,190)
Earnings reclassification of previously deferred fair value adjustments to available-for-sale securities	2,181				2,181
Reclassification of of unrealised losses upon adoption of new ASU | Accounting Standards Update 2017-12					(32)
Other comprehensive income/(loss)	(6)				(6)
Net (loss)/income	$ 89,177						89,177
Dividends declared				(31,939)			(118,720)
Balance, at end of year (in shares) at Dec. 31, 2019	119,391,310
Balance, at end of year at Dec. 31, 2019	$ 1,106,369	1,194	469,426	648,764	(13,015)	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of the adoption of ASU 2016-13 on retained earnings	5,614
Impact of the adoption of ASU 2016-13 on retained earnings | Accounting Standards Update 2016-13							(32,638)
Accumulated other comprehensive loss
Fair value adjustments to hedging financial instruments												(1,514)	(7,289)	(4,433)
Reclassification of unrealized losses upon adoption of ASU 2017-12	(32)
Fair value adjustments to available-for-sale securities	635
Other items	(382)
Accumulated other comprehensive loss	$ (13,015)
Shares issued (in shares)	8,418,754
Amortization of stock-based compensation			966
Stock-based compensation forfeitures			(96)
Shares issued- share option, dividend reinvestment and other schemes		84	61,400
Adjustment to equity component of convertible bonds arising from reacquisition of bonds											$ (314)
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023									$ 6,800
Fair value adjustments to hedging financial instruments					(7,695)
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments	$ 1,059				1,059
Fair value adjustments to available-for-sale securities					(4,608)
Earnings reclassification of previously deferred fair value adjustments to available-for-sale securities	4,888				4,888
Other comprehensive income/(loss)	55				55
Net (loss)/income	$ (224,425)						(224,425)
Dividends declared				(109,394)
Balance, at end of year (in shares) at Dec. 31, 2020	127,810,064
Balance, at end of year at Dec. 31, 2020	$ 795,651	$ 1,278	$ 531,382	$ 539,370	$ (19,316)	$ 0	$ (257,063)
Accumulated other comprehensive loss
Fair value adjustments to hedging financial instruments												$ (5,564)	$ (7,162)	$ (7,146)
Reclassification of unrealized losses upon adoption of ASU 2017-12	(32)
Fair value adjustments to available-for-sale securities	915
Other items	(327)
Accumulated other comprehensive loss	$ (19,316)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	Dec. 31, 2020	Apr. 30, 2018
Senior Unsecured Convertible Bonds due 2018
Interest rate	3.25%
4.875% unsecured convertible bonds due 2023
Interest rate	4.875%	4.875%

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	GENERAL SFL Corporation Ltd. ("SFL" or the "Company") is an international maritime and offshore asset owning and chartering company, incorporated in October 2003 in Bermuda as a Bermuda exempted company. The Company's common shares are listed on the New York Stock Exchange under the symbol "SFL". The Company is primarily engaged in the ownership, operation and chartering out of vessels and offshore related assets on medium and long-term charters. As of December 31, 2020, the Company owned two very large crude oil carriers ("VLCCs"), two Suezmax crude oil carriers, five Supramax dry bulk carriers, seven Handysize dry bulk carriers, two Kamsarmax dry bulk carriers, eight Capesize dry bulk carriers, 45 container vessels (including four chartered-in 19,200 and 19,400 twenty-foot equivalent units ("TEU") container vessels and seven 10,600 TEU and 13,800 TEU container vessels financed through sale and leaseback), two car carriers, one jack-up drilling rig, two ultra-deepwater drilling units, two chemical tankers and two oil product tankers. In addition, the Company has one VLCC and three container vessels which are accounted for as leaseback assets (see Note 16 Investments in sales-type leases, direct financing leases and leaseback assets). As of December 31, 2020, one of the two ultra-deepwater drilling unit referred to above is owned by wholly-owned subsidiaries of the Company that is accounted for using the equity method. In addition, from December 31, 2020, the four chartered-in 19,200 and 19,400 TEU container vessels referred to above were included in an entity accounted for using the equity method following the sale of 50.1% of the shares of its holding company. (see Note 17: Investment in associated companies). Since the Company's incorporation in 2003 and public listing in 2004, SFL has established itself as a leading international ship and offshore asset owning and chartering company, expanding both its asset and customer base.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
ACCOUNTING POLICIES	ACCOUNTING POLICIES Basis of Accounting The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ("US GAAP"). The consolidated financial statements include the assets and liabilities and results of operations of the Company and its subsidiaries. All inter-company balances and transactions have been eliminated on consolidation. Where necessary, comparative figures for previous years have been reclassified to conform to changes in presentation in the current year. Consolidation of variable interest entities A variable interest entity is defined in Accounting Standards Codification ("ASC") Topic 810 "Consolidation" ("ASC 810") as a legal entity where either (a) the total equity at risk is not sufficient to permit the entity to finance its activities without additional subordinated support; (b) equity interest holders as a group lack either i) the power to direct the activities of the entity that most significantly impact on its economic success, ii) the obligation to absorb the expected losses of the entity, or iii) the right to receive the expected residual returns of the entity; or (c) the voting rights of some investors in the entity are not proportional to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. ASC 810 requires a variable interest entity to be consolidated by its primary beneficiary, being the interest holder, if any, which has both (1) the power to direct the activities of the entity which most significantly impact on the entity's economic performance, and (2) the right to receive benefits or the obligation to absorb losses from the entity which could potentially be significant to the entity. The Company evaluates its subsidiaries, and any other entities in which it holds a variable interest, in order to determine whether the Company is the primary beneficiary of the entity, and where it is determined that the Company is the primary beneficiary the Company fully consolidate the entity. Use of accounting estimates The preparation of financial statements in accordance with US 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue and expense recognition Effective from January 1, 2018, the Company adopted the new accounting standard ASC Topic 606 "Revenue from Contracts with Customers" using the modified retrospective method, which resulted in no adjustment to our retained earnings on adoption and comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company generates its revenues from the charter hire of its vessels and offshore related assets, and freight billings. Revenues are generated from time charter hire, bareboat charter hire, direct financing lease interest income, sales-type lease interest income, leaseback assets interest income, direct financing lease service revenues, profit sharing arrangements, voyage charters and other freight billings. In a time charter voyage, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, lubrication oil and other costs relevant to operate the vessel. The charterer bears the voyage related costs such as bunker expenses, port charges, and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are either operating or direct financing or sales type leases. Where time charters and bareboat charters are considered operating leases, revenues are recorded over the term of the charter as a service is provided. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period. Rental payments from direct financing and sales-type leases and leaseback assets are allocated between service revenues, if applicable, interest income and capital repayments. The amount allocated to lease service revenue is based on the estimated fair value, at the time of entering the lease agreement, of the services provided which consist of ship management and operating services. In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or "dead" freight. The voyage charter party generally has standard payment terms with freight paid on completion of discharge. The voyage charter party generally has a "demurrage" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as voyage revenue. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. Such estimate is reviewed and updated over the term of the voyage charter contract. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. We have determined that our voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight line basis over the voyage days from the commencement of loading to completion of discharge. Contract assets with regards to voyage revenues are reported as "Voyages in progress" as the performance obligation is satisfied over time. Voyage revenues typically become billable and due for payment on completion of the voyage and discharge of the cargo, at which point the receivable is recognized as "Trade accounts receivable, net". In a voyage contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. For our vessels operating under revenue sharing agreements, or in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants in accordance with an agreed-upon formula. Revenues generated through revenue sharing agreements are presented gross when we are considered the principal under the charter parties with the net income allocated under the revenue sharing agreement presented as within voyage charter income. For revenue sharing agreements that meet the definition of a lease, we account for such contracts as variable rate operating leases and recognize revenue for the applicable period based on the actual net revenue distributed by the pool. As detailed in Note 24: Related party transactions, the Company has, or has had, profit sharing arrangements with Frontline Shipping Limited ("Frontline Shipping"), Golden Ocean Group Limited ("Golden Ocean"). The Company also had profit sharing agreements with Deep Sea Supply Shipowning II AS (the “Solstad Charterer”), a wholly owned subsidiary of Solship Invest 3 AS (“Solship”, formerly Deep Sea Supply Plc, or Deep Sea). Amounts receivable under these arrangements are accrued on the basis of amounts earned at the reporting date. Any contingent elements of rental income, such as profit share, fuel saving payments and interest rate adjustments, are recognized when the contingent conditions have materialized. Foreign currencies The Company's functional currency is the U.S. dollar as the majority of revenues are received in U.S. dollars and the majority of the Company's expenditures are made in U.S. dollars. The Company's reporting currency is also the U.S. dollar. Most of the Company's subsidiaries report in U.S. dollars. Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet date. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction gains or losses are included under "Other financial items" in the consolidated statements of operations. Cash and cash equivalents For the purposes of the consolidated statements of cash flows, all demand and time deposits and highly liquid, low risk investments with original maturities of three months or less are considered equivalent to cash. Restricted cash Restricted cash consists of cash which may only be used for certain purposes and is held under a contractual arrangement. The Company classifies restricted cash as short-term and a current asset if the cash is restricted for less than a year. Otherwise, the restricted cash is classified as long-term. Investment in debt and equity securities Investments in debt and equity securities include share investments and interest-earning listed and unlisted corporate bonds. Any premium paid on their acquisition is amortized over the life of the bond. Investments in debt securities are recorded at fair value, with unrealized gains and losses recorded as a separate component of other comprehensive income. Investments in equity securities are recorded at fair value, with unrealized gains and losses recorded in the consolidated statement of operations. If circumstances arise which lead the Company to believe that the issuer of a corporate bond may be unable meet its payment obligations in full, or that the fair value at acquisition of the share investment or corporate bond may otherwise not be fully recoverable, then to the extent that a loss is expected to arise that unrealized loss is recorded as an impairment in the statement of operations, with an adjustment if necessary to any unrealized gains or losses previously recorded in other comprehensive income. In determining whether the Company has an other-than-temporary impairment in its investment in bonds, in addition to the Company’s intention and ability to hold the investments until the market recovers, the Company considers the period of decline, the amount and the severity of the decline and the ability of the investment to recover in the near to medium term. The Company also evaluates if the underlying security provided by the bonds is sufficient to ensure that the decline in fair value of these bonds did not result in an other-than-temporary impairment. The cost of disposals or reclassifications from other comprehensive income is calculated on an average cost basis, where applicable. The fair value of unlisted corporate bonds is determined from an analysis of projected cash flows, based on factors including the terms, provisions and other characteristics of the bonds, credit ratings and default risk of the issuing entity, the fundamental financial and other characteristics of that entity, and the current economic environment and trading activity in the debt market. Investments in associated companies Investments in affiliates in which the Company has significant influence but does not exercise control are accounted for using the equity method of accounting. Under the equity method, the Company records its investments in equity-method investees on the consolidated balance sheets as "Investment in associated companies" and its share of the nonconsolidated affiliate's income or loss is recognized in the consolidated statement of operations as "Equity in earnings of associated companies". The cumulative post-acquisition changes in the investment are adjusted against the carrying amount of the investment. As of December 31, 2020, one ultra-deepwater drilling unit owned by wholly-owned subsidiaries of the Company is accounted for using the equity method of accounting as it has been determined under ASC 810 that they are a variable interest entity in which SFL is not the primary beneficiary. (see Note 17: Investment in associated companies). In addition, on December 31, 2020, the Company sold 50.1% of the shares of River Box to a subsidiary of Hemen, a related party. The Company has accounted for its remaining 49.9% ownership in River Box using the equity method from this date. (see Note 17: Investment in associated companies). Allowance for expected credit losses The balances recorded in respect of T rade receivables, Other receivables, Related party receivables, Other long term assets and Investments in sales-type leases, direct financing leases and leaseback assets reflect the risk that our customers may fail to meet their payment obligations and the risk that the underlying asset value of the vessels and rigs could be less than the unguaranteed residual value. The Company estimates the expected risk of loss over the remaining life using a probability of default and net exposure analysis. The probability of default is estimated based on historical cumulative default data, adjusted for current conditions of similarly risk-rated counterparties over the contractual term. The net exposure is estimated based on the exposure, net of the estimated value of the underlying vessels and rigs in the instance of Investments in sales-type leases, direct financing leases and leaseback assets , over the contractual term. Current expected credit loss provisions are classified as expenses in the Consolidated Statement of Operations, with a corresponding allowance for credit loss amount reported as a reduction in the related balance sheet amount of Tr ade receivables, Other receivables, Related party receivables, Other long term assets and Investments in sales-type leases, direct financing leases and leaseback assets . Partial or full recoveries of amounts previously written off are generally recognized as a reduction in the provision for credit losses. Trade accounts receivable The amount shown as trade accounts receivable at each balance sheet date includes receivables due from customers for hire of vessels and offshore related assets, net of allowance for expected credit losses. Inventories Inventories are comprised principally of fuel and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in first-out basis. Vessels and equipment (including operating lease assets) Vessels and equipment are recorded at historical cost less accumulated depreciation and, if appropriate, impairment charges. The cost of these assets less estimated residual value is depreciated on a straight-line basis over the estimated remaining economic useful life of the asset. The estimated economic useful life of our offshore drilling rigs is 30 years and for all other vessels it is 25 years. Where an asset is subject to an operating lease that includes fixed price purchase options, the projected net book value of the asset is compared to the option price at the various option dates. If any option price is less than the projected net book value at an option date, the initial depreciation schedule is amended so that the carrying value of the asset is written down on a straight line basis to the option price at the option date. If the option is not exercised, this process is repeated so as to amortize the remaining carrying value, on a straight line basis, to the estimated scrap recycling value or the option price at the next option date, as appropriate. This accounting policy for fixed assets has the effect that if an option is exercised there will be either a) no gain or loss on the sale of the asset or b) in the event that the option is exercised at a price in excess of the net book value at the option date, a gain will be reported in the statement of operations at the date of delivery to the new owners, under the heading "gain on sale of assets and termination of charters". The Company capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel’s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management’s judgment as to expenditures that extend a vessel’s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred. Advances paid in respect of vessel upgrades in relation to Exhaust Gas Cleaning Systems ("EGCS" or "scrubbers") and Ballast water treatment systems ("BWTS") are included within "other long-term assets", until such time as the equipment is installed on a vessel, at which point it is transferred to "Vessels and equipment, net". Office equipment is depreciated at 20% per annum on a reducing balance basis. Vessels and equipment under finance lease The Company charters-in certain vessels and equipment under leasing agreements. Leases of vessels and equipment, where the Company has substantially all the risks and rewards of ownership, are classified as "vessels under finance lease", with corresponding lease liabilities recorded. The Company capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel’s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management’s judgment as to expenditures that extend a vessel’s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred. Advances paid in respect of vessel upgrades in relation to EGCS and BWTS are included within "other long-term assets", until such time as the equipment is installed on a vessel, at which point it is transferred to "Vessels under finance lease, net". Depreciation of vessels and equipment under finance lease is included within "Depreciation" in the consolidated statement of operations. Vessels and equipment under finance lease are depreciated on a straight-line basis over the vessels' remaining economic useful lives or on a straight-line basis over the term of the lease. The method applied is determined by the criteria by which the lease has been assessed to be a finance lease. Newbuildings The carrying value of vessels under construction ("newbuildings") represents the accumulated costs to the balance sheet date which the Company has paid by way of purchase installments and other capital expenditures together with capitalized loan interest and associated finance costs. No charge for depreciation is made until a newbuilding is put into operation. Capitalized interest Interest expense is capitalized during the period of construction of newbuilding vessels based on accumulated expenditures for the applicable vessel at the Company's capitalization rate of interest. The amount of interest capitalized in an accounting period is determined by applying an interest rate (the "capitalization rate") to the average amount of accumulated expenditures for the vessel during the period. The capitalization rate used in an accounting period is based on the rates applicable to borrowings outstanding during the period. The Company does not capitalize amounts in excess of actual interest expense incurred in the period. No interest was capitalized in the cost of newbuildings in the year ended December 31, 2020 (2019: $0.0 million; 2018: $0.0 million). Investment in sales-type leases and direct financing leases Leases (charters) of our vessels where we are the lessor are classified as either direct financing, sales-type leases, operating leases, or leaseback assets based on an assessment of the terms of the lease. For charters classified as direct financing leases, the minimum lease payments (reduced in the case of time-chartered vessels by projected vessel operating costs) plus the estimated residual value of the vessel are recorded as the gross investment in the direct financing lease. For direct financing leases, the difference between the gross investment in the lease and the carrying value of the vessel is recorded as unearned lease interest income. The net investment in the lease consists of the gross investment less the unearned income. Over the period of the lease each charter payment received, net of vessel operating costs if applicable, is allocated between "lease interest income" and "repayment of investment in lease" in such a way as to produce a constant percentage rate of return on the balance of the net investment in the direct financing lease. Thus, as the balance of the net investment in each direct financing lease decreases, a lower proportion of each lease payment received is allocated to lease interest income and a greater proportion is allocated to lease repayment. For direct financing leases relating to time chartered vessels, the portion of each time charter payment received that relates to vessel operating costs is classified as "service revenue - direct financing leases". For sales-type leases, the difference between the gross investment in the lease and the present value of its components, i.e. the minimum lease payments and the estimated residual value, is recorded as unearned lease interest income. The discount rate used in determining the present values is the interest rate implicit in the lease. The present value of the minimum lease payments, computed using the interest rate implicit in the lease, is recorded as the sales price, from which the carrying value of the vessel at the commencement of the lease is deducted in order to determine the profit or loss on sale. As is the case for direct financing leases, the unearned lease interest income is amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in the lease. The Company adopted ASC 842 Leases on January 1, 2019 (which replaced ASC 840 Leases) using the modified retrospective transition approach, which allows the Company to recognize a cumulative effect adjustment to the opening balance of accumulated deficit in the period of adoption rather than restate our comparative prior year periods. The Company elected the package of practical expedients applied to all of its leases (including those for which it is a lessee and lessor) that permit it not to (i) reassess whether any expired or existing contracts are or contain leases; (ii) reassess the lease classification for any expired or existing leases , (iii) reassess initial direct costs for any existing leases and (iv) to not separate lease and non-lease components of lease revenue. Furthermore, the Company has not elected the practical expedient to use hindsight when determining the lease term. For leases entered into on or after January 1, 2019, any difference between the fair value of the leased asset and the costs results in a selling profit or loss. A selling profit is recognized at lease commencement for sales-type leases and over the lease term for direct financing leases. Selling loss is recognized at lease commencement for both sales-type and direct financing leases. The fair value is considered to be the cost of acquiring the vessel unless a significant period has elapsed between the acquisition of the vessel and the commencement of the lease. Where a sales-type lease, direct financing lease or leaseback asset charter arrangement containing fixed price purchase options, the projected carrying value of the net investment in the lease is compared to the option price at the various option dates. If any option price is less than the projected net investment in the lease at an option date, the rate of amortization of unearned lease interest income is adjusted to reduce the net investment to the option price at the option date. If the option is not exercised, this process is repeated so as to reduce the net investment in the lease to the un-guaranteed residual value or the option price at the next option date, as appropriate. This accounting policy for investments in direct financing or sales-type leases or leaseback assets has the effect that if an option is exercised there will either be a) no gain or loss on the exercise of the option or b) in the event that an option is exercised at a price in excess of the net investment in the lease at the option date, a gain will be reported in the statement of operations at the date of delivery to the new owners. If the terms of an existing lease are agreed to be amended, the modification is evaluated to consider if it is a contract which occurs when the modification grants the lessee an additional right-of-use not included in the original lease and the lease payments increase commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. If both conditions are met, the amendments are treated as a separate lease. If the conditions are not met, the lease is re-evaluated under ASC 842, as a new lease with the new terms. Leaseback assets From January 1, 2019, any vessels purchased and leased back to the same party are evaluated under ASC 842. If control is deemed not to have passed to the Company as purchaser, due for example to the lessee having purchase options, the transaction is accounted for under ASC 310 where the purchase price paid is accounted for as loan receivable and described as a leaseback asset. Interest income is recognized on the aggregate loan receivable based on the imputed interest rate and the part of the rental income received is allocated as a reduction of the vessel loan balance. Any purchase and leaseback transactions entered into before January 1, 2019, were accounted for as leases under ASC 840 and no changes have been made as the Company applied the practical expedients in ASC 842. Finance lease liability The Company charters-in seven container vessels through sale and leaseback financing arrangements with corresponding lease assets classified as "vessels under finance lease". Leases of vessels and equipment, where the Company has substantially all the risks and rewards of ownership, are classified as finance lease liabilities. Each lease payment is allocated between reduction in liability and finance charges to achieve a constant rate on the capital balance outstanding. The interest element of the capital cost is charged to the Consolidated Statement of Operations over the lease period. Impairment of long-lived assets, including other long-term investments The carrying value of long-lived assets, including other long-term investments, that are held by the Company are reviewed whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For vessels, such indicators may include historically low spot charter rates and second hand vessel values. The Company assesses recoverability of the carrying value of the asset by estimating the future net cash flows expected to result from the asset, including eventual disposition, taking into account the possibility of any existing medium and long-term charter arrangements being terminated early. If the future expected net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the carrying value of the asset and its fair value. In addition, long-lived assets to be disposed of are reported at the lower of carrying amount and fair value less estimated costs to sell. Fair value is generally based on values achieved for the sale/purchase of similar vessels and external appraisals. Deferred charges Loan costs, including debt arrangement fees, are capitalized and amortized on a straight line basis over the term of the relevant loan. The straight line basis of amortization approximates the effective interest method in the Company's statement of operations. Amortization of loan costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. Similarly, if a portion of a loan is repaid early, the corresponding portion of the unamortized related deferred charges is charged against income in the period in which the early repayment is made. Convertible bonds The Company accounts for debt instruments with convertible features in accordance with the details and substance of the instruments at the time of their issuance. For convertible debt instruments issued at a substantial premium to equivalent instruments without conversion features, or those that may be settled in cash upon conversion, it is presumed that the premium or cash conversion option represents an equity component. Accordingly, the Company determines the carrying amounts of the liability and equity components of such convertible debt instruments by first determining the carrying amount of the liability component by measuring the fair value of a similar liability that does not have an equity component. The carrying amount of the equity component representing the embedded conversion option is then determined by deducting the fair value of the liability component from the total proceeds from the issue. The resulting equity component is recorded, with a corresponding offset to debt discount which is subsequently amortized to interest cost using the effective interest method over the period the debt is expected to be outstanding as an additional non-cash interest expense. Transaction costs associated with the instrument are allocated pro-rata between the debt and equity components. For conventional convertible bonds which do not have a cash conversion option or where no substantial premium is received on issuance, it may not be appropriate to split the bond into the liability and equity components. A conversion of the bonds at more favorable terms than the original bond is treated as an inducement and the Company recognizes a debt conversion expense equal to the fair value of all securities and other consideration transferred in the transaction in excess of the fair value of securities or consideration issuable pursuant to the original conversion terms. Financial instruments In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. Interest rate a

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	12 Months Ended
	Dec. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. 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 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. The amendments in these updates are effective for all entities since March 12, 2020 through to December 31, 2022. The Company has determined that the reference rate reform will impact its floating rate debt facilities and interest rate swaps contracts. The Company expects to take advantage of the expedients and exceptions for applying GAAP provided by the updates when LIBOR is discontinued and replaced with alternative reference rates. In August 2020, the FASB issued ASU No. 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" ("ASU 2020-06"). This new standard changes the accounting and measurement of convertible instruments. It eliminates the treasury stock method for convertible instruments and requires application of the “if-converted” method for certain agreements. This standard is effective for the Company beginning January 1, 2022. The Company is currently evaluating the impact of ASU 2020-06 on its interest expense and earnings (loss) per share calculation under the "if-converted" method related to its convertible debt.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has only one reportable segment. The Company's assets operate on a world-wide basis and the Company's management does not evaluate performance by geographical region or by asset type, as they believe that any such information would not be meaningful.

TAXATION

TAXATION	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
TAXATION	TAXATION Bermuda Under current Bermudan law, the Company is not required to pay taxes in Bermuda on either income or capital gains. The Company has received written assurance from the Minister of Finance in Bermuda that, in the event of any such taxes being imposed, the Company will be exempted from taxation until the year 2035. United States The Company does not accrue U.S. income taxes as, in the opinion of U.S. counsel, the Company is not engaged in a U.S. trade or business and is exempted from a gross basis tax under Section 883 of the U.S. Internal Revenue Code. A reconciliation between the income tax expense resulting from applying statutory income tax rates and the reported income tax expense has not been presented herein, as it would not provide additional useful information to users of the financial statements as the Company's net income is subject to neither Bermuda nor U.S. tax. Other Jurisdictions Certain of the Company's subsidiaries and branches in Norway and the United Kingdom are subject to income tax in their respective jurisdictions. The tax paid by subsidiaries of the Company that are subject to income tax is not material.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE The computation of basic earnings (loss) per share ("EPS") is based on the weighted average number of shares outstanding during the year and the consolidated net income or loss of the Company. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments. The components of the numerator for the calculation of basic and diluted EPS are as follows: Year ended December 31, (in thousands of $) 2020 2019 2018 Basic earnings (loss) per share: Net (loss)/income available to stockholders (224,425) 89,177 73,622 Diluted earnings (loss) per share: Net (loss)/income available to stockholders (224,425) 89,177 73,622 Interest and other expenses/(gains) attributable to convertible bonds — (304) 123 Net (loss)/income assuming dilution (224,425) 88,873 73,745 The components of the denominator for the calculation of basic and diluted EPS are as follows: Year ended December 31, (in thousands) 2020 2019 2018 Basic earnings per share: Weighted average number of common shares outstanding* 108,972 107,614 105,898 Diluted earnings per share: Weighted average number of common shares outstanding* 108,972 107,614 105,898 Effect of dilutive share options — 81 59 Effect of dilutive convertible bonds — 1 1,649 Weighted average number of common shares outstanding assuming dilution 108,972 107,696 107,606 Year ended December 31, 2020 2019 2018 Basic (loss)/earnings per share: $ (2.06) $ 0.83 $ 0.70 Diluted (loss)/earnings per share: $ (2.06) $ 0.83 $ 0.69 *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 bonds in October 2016. It also excludes 3,765,842 shares issued as of December 31, 2020 from up to 7,000,000 shares issuable under a share lending arrangement relating to the Company's issuance of 4.875% senior unsecured convertible bonds in April and May 2018. These lent shares are owned by the Company and will be returned on or before maturity of the bonds in 2021 and 2023, respectively. As of December 31, 2020, the outstanding balances on the 4.875% senior unsecured convertible bonds issued in April and May 2018 and the 5.75% senior unsecured convertible bonds issued in October 2016 were both anti-dilutive. As of December 31, 2019, the outstanding balances on the 4.875% senior unsecured convertible bonds issued in April and May 2018 and the 5.75% senior unsecured convertible bonds issued in October 2016 were both anti-dilutive. In February 2018, the Company redeemed the full outstanding amount under the 3.25% senior unsecured convertible bonds due 2018. The remaining outstanding principal amount of $63.2 million was paid in cash, and the premium settled in common shares with the issue of 651,365 new shares.

OPERATING LEASES

OPERATING LEASES	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES Rental income The minimum future revenues to be received under the Company's non-cancelable operating leases on its vessels as of December 31, 2020, are as follows: Year ending December 31, (in thousands of $) 2021 345,881 2022 318,085 2023 332,149 2024 250,045 2025 45,799 Thereafter 119,019 Total minimum lease revenues 1,410,978 The minimum future revenues above are based on payments receivable from the charterers and do not include contingent rental income. Revenues included in income are recognized on a straight-line basis. Contingent rental income As at December 31, 2020, the Company had installed scrubbers or EGCS on 14 vessels accounted for as operating leases (five container vessels, seven capesize bulk carriers and two suezmax tankers), and three container vessels accounted for as finance leases. As part of the agreement for the installation of scrubbers on the five container vessels, which were on time-charter contract, accounted for as operating leases, it was agreed that the Company will receive contingent income based on the cost savings achieved by the charterer on fuel arising from using the scrubbers from January 1, 2020. During the year ended December 31, 2020, the Company recorded an income of $3.9 million in connection with the cost savings agreement. The cost and accumulated depreciation of vessels (owned and under finance leases) leased to third parties on non-cancelable operating leases at December 31, 2020 and 2019 were as follows: (in thousands of $) 2020 2019 Cost 2,245,889 2,100,533 Accumulated depreciation 465,033 315,934 Total 1,780,856 1,784,599

GAIN_(LOSS) ON SALE OF ASSETS A

GAIN/(LOSS) ON SALE OF ASSETS AND TERMINATION OF CHARTERS	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
GAIN/(LOSS) ON SALE OF ASSETS AND TERMINATION OF CHARTERS	GAIN/(LOSS) ON SALE OF ASSETS AND TERMINATION OF CHARTERS The Company has recorded gains/losses on sale of assets and termination of charters as follows: Year ended December 31, (in thousands of $) 2020 2019 2018 Gain/(loss) on sale of vessels 2,250 — (2,578) Gain on termination of charters — — — Total Gain/(loss) on sale of assets 2,250 — (2,578) The Company distinguishes between gains or losses on termination of charters, where ownership of the underlying vessel is retained, and gains or losses on sale of assets, where the vessel is disposed of and there may be an associated charter termination fee paid or received for early termination of the underlying charter. Gain/(loss) on sale of vessels: During the year ended December 31, 2020, the VLCC Front Hakata, which was accounted for as a direct financing lease asset, was sold to an unrelated third party. A gain of $1.4 million was recorded on the disposal. The Company received net sale proceeds of $30.3 million, net of $3.2 million compensation paid for early termination of the charter (see Note 24: Related party transactions). The four offshore support vessels Sea Cheetah, Sea Jaguar, Sea Halibut and Sea Pike, which were accounted for as operating lease assets, were sold to an unrelated third party for total net sale proceeds of $4.3 million. A gain of $0.9 million was recorded on the disposal during the year ended December 31, 2020. The offshore support vessel Sea Leopard, which was accounted for as a direct financing lease asset, was sold to an unrelated third party for recycling. A loss of $0.03 million was recorded on the disposal during the year ended December 31, 2020. The VLCCs Hunter Atla, Hunter Saga and Hunter Laga, which were accounted for as leaseback assets, were sold to an unrelated third party for total net sale proceeds of $176.2 million. The Company recorded no gain or loss on the sale of these vessels during the year ended December 31, 2020 as the sale proceeds equaled their carrying value at date of sale. No gain or loss on sale of assets and termination of charters was recorded during the year ended December 31, 2019. During the year ended December 31, 2018, the VLCC Front Circassia , which was accounted for as a direct financing lease asset, was sold to an unrelated third party. A loss of $1.4 million was recorded on the disposal, the proceeds of which included $17.9 million gross sales proceeds and compensation in the form of a loan note of $4.4 million at fair value was received for the early termination of the charter. This loan note was settled in February 2020 (see Note 24: Related party transactions). The container vessel SFL Avon , which was accounted for as an operating lease asset, was sold to an unrelated third party during the year ended December 31, 2018 for a loss of $0.2 million on disposal. The VLCCs Front Page , Front Stratus and Front Serenade, which were accounted for as direct financing lease assets during the year ended December 31, 2018, were sold to a related party, ADS Maritime Holding. Gains of $0.3 million, $0.2 million and $0.3 million were recorded on the disposal of the vessels, respectively. The gross proceeds from the sale were $22.5 million per vessel in addition to compensation, in the form of loan notes of $3.4 million each, received for the early termination of the charters. These loan notes were settled in February 2020 (see Note 24: Related party transactions). During the year ended December 31, 2018, the VLCCs Front Ariake and Front Falcon , which were accounted for as a direct financing lease assets, were sold to an unrelated third party. A gain of $1,000 and a loss of $1.8 million was recorded on the disposals respectively, and compensation in the form of a loan note of $3.4 million at fair value was received for the early termination of the Front Ariake charter. This loan note was fully settled in February 2020 (see Note 24: Related party transactions). River Box Holding Inc. (“River Box”) was a previously 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 Holding Limited ("Hemen"), a related party. Net proceeds of $17.5 million were received for the shares, resulting in a net gain of $1.9 million on the sale. At the time of disposal on December 31, 2020, the consolidated net assets held by River Box were as follows: (in thousands of $) 2020 Cash and cash equivalents 2,859 Investments in sales-type and direct financing leases 540,908 Finance lease liability (464,740) Long-term loan from related party (45,000) Other current liabilities (2,861) Net assets 31,166 As of December 31, 2020 the balance of the long-term loan from SFL to River Box was $45.0 million (see Note 24: Related party transactions). The Company has accounted for the remaining 49.9% ownership in River Box using the equity method. (See Note 17: Investment in associated companies). No subsidiaries were sold during the year ended December 31, 2019. During 2018, the Company entered into an agreement to sell 100% of the share capital of Rig Finance Limited ("Rig Finance"), a wholly owned subsidiary, to an unrelated third party. Rig Finance owned the jack-up drilling rig Soehanah . Net proceeds of $84.4 million were received for the shares, resulting in a net gain of $7.6 million on the sale. At the time of disposal on December 31, 2018, net assets held by Rig Finance were as follows: (in thousands of $) 2018 Cash and cash equivalents 915 Vessel and equipment, net 76,875 Charter deposit (913) Other current liabilities (90) Net assets 76,787

GAIN ON SALE OF SUBSIDIARIES

GAIN ON SALE OF SUBSIDIARIES	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
GAIN ON SALE OF SUBSIDIARIES	GAIN/(LOSS) ON SALE OF ASSETS AND TERMINATION OF CHARTERS The Company has recorded gains/losses on sale of assets and termination of charters as follows: Year ended December 31, (in thousands of $) 2020 2019 2018 Gain/(loss) on sale of vessels 2,250 — (2,578) Gain on termination of charters — — — Total Gain/(loss) on sale of assets 2,250 — (2,578) The Company distinguishes between gains or losses on termination of charters, where ownership of the underlying vessel is retained, and gains or losses on sale of assets, where the vessel is disposed of and there may be an associated charter termination fee paid or received for early termination of the underlying charter. Gain/(loss) on sale of vessels: During the year ended December 31, 2020, the VLCC Front Hakata, which was accounted for as a direct financing lease asset, was sold to an unrelated third party. A gain of $1.4 million was recorded on the disposal. The Company received net sale proceeds of $30.3 million, net of $3.2 million compensation paid for early termination of the charter (see Note 24: Related party transactions). The four offshore support vessels Sea Cheetah, Sea Jaguar, Sea Halibut and Sea Pike, which were accounted for as operating lease assets, were sold to an unrelated third party for total net sale proceeds of $4.3 million. A gain of $0.9 million was recorded on the disposal during the year ended December 31, 2020. The offshore support vessel Sea Leopard, which was accounted for as a direct financing lease asset, was sold to an unrelated third party for recycling. A loss of $0.03 million was recorded on the disposal during the year ended December 31, 2020. The VLCCs Hunter Atla, Hunter Saga and Hunter Laga, which were accounted for as leaseback assets, were sold to an unrelated third party for total net sale proceeds of $176.2 million. The Company recorded no gain or loss on the sale of these vessels during the year ended December 31, 2020 as the sale proceeds equaled their carrying value at date of sale. No gain or loss on sale of assets and termination of charters was recorded during the year ended December 31, 2019. During the year ended December 31, 2018, the VLCC Front Circassia , which was accounted for as a direct financing lease asset, was sold to an unrelated third party. A loss of $1.4 million was recorded on the disposal, the proceeds of which included $17.9 million gross sales proceeds and compensation in the form of a loan note of $4.4 million at fair value was received for the early termination of the charter. This loan note was settled in February 2020 (see Note 24: Related party transactions). The container vessel SFL Avon , which was accounted for as an operating lease asset, was sold to an unrelated third party during the year ended December 31, 2018 for a loss of $0.2 million on disposal. The VLCCs Front Page , Front Stratus and Front Serenade, which were accounted for as direct financing lease assets during the year ended December 31, 2018, were sold to a related party, ADS Maritime Holding. Gains of $0.3 million, $0.2 million and $0.3 million were recorded on the disposal of the vessels, respectively. The gross proceeds from the sale were $22.5 million per vessel in addition to compensation, in the form of loan notes of $3.4 million each, received for the early termination of the charters. These loan notes were settled in February 2020 (see Note 24: Related party transactions). During the year ended December 31, 2018, the VLCCs Front Ariake and Front Falcon , which were accounted for as a direct financing lease assets, were sold to an unrelated third party. A gain of $1,000 and a loss of $1.8 million was recorded on the disposals respectively, and compensation in the form of a loan note of $3.4 million at fair value was received for the early termination of the Front Ariake charter. This loan note was fully settled in February 2020 (see Note 24: Related party transactions). River Box Holding Inc. (“River Box”) was a previously 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 Holding Limited ("Hemen"), a related party. Net proceeds of $17.5 million were received for the shares, resulting in a net gain of $1.9 million on the sale. At the time of disposal on December 31, 2020, the consolidated net assets held by River Box were as follows: (in thousands of $) 2020 Cash and cash equivalents 2,859 Investments in sales-type and direct financing leases 540,908 Finance lease liability (464,740) Long-term loan from related party (45,000) Other current liabilities (2,861) Net assets 31,166 As of December 31, 2020 the balance of the long-term loan from SFL to River Box was $45.0 million (see Note 24: Related party transactions). The Company has accounted for the remaining 49.9% ownership in River Box using the equity method. (See Note 17: Investment in associated companies). No subsidiaries were sold during the year ended December 31, 2019. During 2018, the Company entered into an agreement to sell 100% of the share capital of Rig Finance Limited ("Rig Finance"), a wholly owned subsidiary, to an unrelated third party. Rig Finance owned the jack-up drilling rig Soehanah . Net proceeds of $84.4 million were received for the shares, resulting in a net gain of $7.6 million on the sale. At the time of disposal on December 31, 2018, net assets held by Rig Finance were as follows: (in thousands of $) 2018 Cash and cash equivalents 915 Vessel and equipment, net 76,875 Charter deposit (913) Other current liabilities (90) Net assets 76,787

OTHER FINANCIAL ITEMS, NET

OTHER FINANCIAL ITEMS, NET	12 Months Ended
	Dec. 31, 2020
Other Income and Expenses [Abstract]
OTHER FINANCIAL ITEMS, NET	OTHER FINANCIAL ITEMS, NET Other financial items comprise the following items: Year ended December 31, (in thousands of $) 2020 2019 2018 Net payments on non-designated derivatives relating to interest rate swaps (4,575) 1,389 170 Net payments on non-designated derivatives relating to cross currency swaps (6) — — Net payments on non-designated derivatives relating to combined cross currency and interest rate swaps (152) (194) (891) Net payments relating to the settlement of interest rate swaps following the refinancing of debt (4,539) — — Total net cash movement on non-designated derivatives and swap settlements (9,272) 1,195 (721) Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to interest rate swaps (15,314) (4,123) 2,687 Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to cross currency swaps 5 — — Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to combined cross currency and interest rate swaps (5,124) 673 11,221 Total net movement in fair value of non-designated derivatives (20,433) (3,450) 13,908 Net movement in fair value of designated derivatives (ineffective portion) — — (11) Allowance for expected credit losses (1,771) — — Impairment of long-term receivables — (9,168) (1,730) Other items 5,531 (1,330) (1,039) Total other financial items, net (25,945) (12,753) 10,407 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". Following the adoption of ASU 2017-12 from January 2019, the Company now recognizes all changes in the fair value of swaps designated as accounting hedges in other comprehensive income. The adoption of the standard resulted in an opening balance adjustments of $32,000 to retained earnings and other comprehensive income on January 1, 2019. The above net movement in the valuation of non-designated derivatives in the year ended December 31, 2020, includes $1.1 million (2019: $0.0 million; 2018: $3.1 million) reclassified from "Other comprehensive income", as a result of certain interest rate swaps relating to loan facilities no longer being designated as cash flow hedges. Following the adoption of ASU 2016-13 "Financial Instruments - Credit Losses" from January 2020, the Company now recognizes, among other things, a measurement of expected credit losses for financial assets held at the reporting date which are within the scope of the ASU, based on historical experience, current conditions and reasonable supportable forecasts. During the year ended December 31, 2020, the Company recorded a credit loss provision of $1.8 million in the Consolidated Statement of Operations, with a corresponding allowance for credit loss amount reported as a reduction in the related balance sheet amount of Trade receivables, Other receivables, Related party receivables, Other long term assets and Investments in sales-type leases, direct financing leases and leaseback assets. (See also Note 3: Recently Issued Accounting Standards and Note 26: Allowance for Expected Credit Losses). In February 2016, the offshore support vessel Sea Bear, then chartered to a subsidiary of Deep Sea was sold and its lease canceled. An agreed termination fee was received in the form of a loan note from Deep Sea, receivable over the approximately six remaining years of the canceled lease. The note has an interest rate of 7.25% and has a face value of $14.6 million. The note was evaluated to have an initial fair value of $11.6 million which was determined from analysis of projected cash flows, based on factors including the terms, provisions and other characteristics of the notes, default risk of the issuing entity, the fundamental financial and other characteristics of that entity, and the current economic environment and relevant trading activity in the debt market. In June 2017, Deep Sea completed a merger with Solstad Offshore ASA and Farstad Shipping ASA, creating Solstad Farstad ASA. In October 2018, Solstad Farstad ASA changed its name to Solstad Offshore ASA ("Solstad"). The loan note is unsecured and not guaranteed by its holding company. During the year ended December 31, 2019, the Company concluded that the loan note may no longer be recoverable and recorded an impairment charge of long term receivables of $8.2 million (2018: $1.7 million) against it. During the year ended December 31, 2019, the Company also recorded an impairment charge of long term receivables of $0.9 million (2018: $0.0 million) against its non-amortizing loan note from Apexindo, following revisions to the agreement. On October 20, 2020, Solstad held an extraordinary general meeting to approve its proposed debt restructuring to partly compensate stakeholders for prior losses incurred in connection with their failure to meet obligations on certain loans and lease agreements. SFL received 4.4 million shares in Solstad and cash compensation of NOK10 million ($1.1 million) which is included in other items above. The shares were subsequently sold by the Company and a gain on the sale of shares of $2.6 million was recorded in the Statement of Operations in the year ended December 31, 2020. See Note 11: Investment in Debt and equity securities. Other items in the year ended December 31, 2020, include a net gain of $5.6 million arising from foreign currency translation (2019: gain $0.3 million; 2018: loss $2.0 million). Other items also include bank charges and fees relating to loan facilities.

INVESTMENTS IN DEBT AND EQUITY

INVESTMENTS IN DEBT AND EQUITY SECURITIES	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN DEBT AND EQUITY SECURITIES	INVESTMENTS IN DEBT AND EQUITY SECURITIES Marketable securities held by the Company consist of corporate bonds and equity securities. (in thousands of $) 2020 2019 Corporate Bonds Balance at start of the year 12,753 13,245 Disposals during the year — (583) Additions during the year 1,287 2,281 Unrealized gain/(loss) recorded in other comprehensive income 279 (9) Accumulated other-than-temporary impairment* (4,888) (2,181) Balance at end of the year 9,431 12,753 2020 2019 Shares Balance at start of the year 61,326 73,929 Disposals during the year (23,661) (82,783) Unrealized gain /(loss)* (22,428) 29,104 Realized gain/(loss)* 4,864 40,777 FX gain/(loss) (727) 299 Balance at the end of year 19,374 61,326 Total Investment in Debt and Equity Securities 28,805 74,079 Equity Securities pledged to creditors 9,006 43,775 *Balances included in "Gain on investments in debt and equity securities" in the Consolidated Statements of Operations. Corporate Bonds The corporate bonds are classified as available-for-sale securities and are recorded at fair value, with unrealized gains and losses recorded as a separate component of "Other comprehensive income". Year ended December 31, 2020 Year ended December 31, 2019 (in thousands of $) Amortised Cost Unrealised gains/ (losses)* Fair value Amortised Cost Unrealised gains/ (losses)* Fair value NorAm Drilling 4,132 511 4,643 4,132 558 4,690 Oro Negro 7.5% — — — 5,705 — 5,705 Oro Negro 12% — — — 2,281 77 2,358 NT Rig Holdco 12% 3,567 404 3,971 — — — NT Rig Holdco 7.5% 817 — 817 — — — Total corporate bonds 8,516 915 9,431 12,118 635 12,753 NorAm Drilling Company AS ("NorAm Drilling") During the year ended December 31, 2020, the Company recognized an unrealized gain of $0.0 million in Other Comprehensive Income (2019: $0.1 million; 2018: $0.2 million). In the year ended December 31, 2019, the Company redeemed $0.6 million of bonds recognizing no gain or loss. Oro Negro Drilling Pte. Ltd ("Oro Negro") and NT Rig Holdco ("NT Rig Holdco") During the year ended December 31, 2020, the existing Oro Negro 12% Bonds and Oro Negro 7.5% Bonds were restructured by the issuer thereby resulting in the recognition of NT Rig Holdco Liquidity 12% Bonds and NT Rig Holdco 7.5% Bonds, and redemption of all the Oro Negro 12% Bonds and a substantial proportion of the Oro Negro 7.5% Bonds. The Company recorded no gain or loss on redemption of the bonds. The accumulated gain of $0.1 million previously recognized in the Consolidated Statement of Operations in respect of the Oro Negro 12% Bonds was reversed. The Company also acquired an additional $1.3 million of the NT Rig Holdco Liquidity 12% Bonds in the year ended December 31, 2020 . In the year ended December 31, 2020, the Company recognized an unrealized gain of $0.4 million in respect of the NT Rig Holdco 12% Bonds and an unrealized gain of $0.0 million in respect of the NT Rig Holdco 7.5% Bonds. An impairment loss of $4.3 million was recorded in the Consolidated Statement of Operations in relation to the NT Rig Holdco 7.5% Bonds. In the year ended December 31, 2019, the Company acquired $2.3 million of 12% Super Senior Callable Liquidity Bonds from Oro Negro with a face value of $2.3 million. During the year ended December 31, 2019, the Company recognized an unrealized gain of $0.1 million (2018: $0.0 million) in respect of these bonds. During the year ended December 31, 2020, the Company recognized an unrealized gain of $0.0 million in Other Comprehensive Income (2019: loss $0.2 million; 2018: gain $0.2 million) on the 7.5% Oro Negro bonds. In the year ended December 31, 2020 it was determined that the bonds were other-than-temporarily impaired and an aggregate impairment loss of $0.6 million was recorded in the Consolidated Statement of Operations (2019: $2.2 million; 2018: $0.0 million). Shares Changes in the fair value of equity investments are recognized in net income. (in thousands of $) 2020 2019 Frontline* 9,007 43,775 NorAm Drilling 1,484 4,326 ADS Maritime Holding (formally ADS Crude Carriers) 8,883 13,225 Total shares 19,374 61,326 * As at December 31, 2020, the carrying value of the shares held in Frontline pledged to creditors is $9.0 million (2019: $43.8 million). Frontline Shares As of December 31, 2020 the Company held approximately 1.4 million shares (2019: 3.4 million shares) in Frontline (see Note 24: Related Party Transactions). During the year ended December 31, 2020, the Company sold approximately 2.0 million shares (2019: 7.6 million shares) in Frontline for total proceeds of $21.1 million (2019: $23.7 million) and recorded realized gains of $2.3 million (2019: $40.8 million) in the statement of operations in respect of the sales. In December 2019 the Company sold 3.4 million shares subject to a repurchase agreement and as at December 31, 2019, the Company had a forward contract to purchase the approximately 3.4 million shares on June 30, 2020 for $36.8 million. During the year ended December 31, 2020, the Company repurchased approximately 2.0 million shares in Frontline. In June 2020, the Company rolled forward the forward contract related to the remaining approximately 1.4 million shares until September of 2020 at a purchase price of $16.1 million including deemed interest. In September 2020, the Company rolled forward the forward contract related to 1.4 million shares until January of 2021, and has subsequently been rolled over to April 2021, at a repurchase price of $16.2 million including deemed interest. These transactions have been accounted for as secured borrowing, with the shares retained in 'Marketable Securities pledged to creditors' and a liability recorded at December 31, 2020 within debt for $15.6 million (2019: $36.8 million). (See also Note 20: Short-Term and Long-Term Debt). In the year ended December 31, 2020, the Company recognized a fair value adjustment loss of $16.0 million (2019: gain $25.0 million; 2018: gain $10.3 million) in the Statement of Operations. NorAm Drilling As of December 31, 2020 and 2019 the Company held approximately 1.3 million shares in NorAm Drilling which traded in the Norwegian Over the Counter market ("OTC"). The Company recognized a mark to market loss of $2.5 million (2019: gain $0.4 million, 2018: gain $1.0 million) in the Statement of Operations in the year ended December 31, 2020, together with a foreign exchange loss of $0.3 million (2019: $0.0 million; 2018: $0.2 million) in Other Financial Items in the Statement of Operations. (See also Note 24: Related Party Transactions). ADS Maritime Holding As of December 31, 2020 and 2019 the Company held approximately 4.0 million shares in ADS Maritime Holding. The Company had acquired all of the shares in ADS Maritime Holding for $10 million in 2018. (See also Note 24: Related Party Transactions). In the year ended December 31, 2020, the Company recognized a mark to market loss of $3.9 million (2019: gain $3.7 million; 2018: loss $0.8 million) in the Statement of Operations, along with a foreign exchange loss of $0.4 million (2019: gain $0.3 million; 2018: gain $0.0 million) in Other Financial Items in the Statement of Operations. In March 2021, the Company received a capital dividend of approximately $8.8 million from ADS Maritime Holding following the sale of its remaining two vessels. Also in March 2021, the Company sold its remaining shares in ADS Maritime Holding for a consideration of approximately$0.8 million. (See Note 29: Subsequent Events). Solstad Offshore ASA During the year ended December 31, 2020, the Company received 4.4 million shares in Solstad Offshore ASA as part of a debt restructuring agreement, along side a cash compensation of NOK10 million ($1.1 million). The shares were subsequently sold by the Company and a gain of $2.6 million was recorded in connection with the sale of the shares in the Statement of Operations in the year ended December 31, 2020. (See also Note 10: Other Financial Items).

TRADE ACCOUNTS RECEIVABLE AND O

TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES	TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES Trade accounts receivable Trade accounts receivable are presented net of the allowances for doubtful debts and expected credit losses. The allowance for doubtful debts was $0.0 million (2019: $0.0 million) and expected credit losses relating to trade accounts receivable was $0.0 million as at December 31, 2020 (2019: $0.0 million). As at December 31, 2020, the Company has no reason to believe that any remaining amount included in trade accounts receivable will not be recovered through due process or negotiation. (See also to Note 26: Allowance for expected credit losses). Other receivables Other receivables, mainly include amounts due from vessel managers and claims receivable, which are presented net of the allowance for doubtful debts and expected credit losses. The allowance for doubtful debts was $0.0 million (2019: $0.0 million) and the allowance for expected credit losses relating to other receivables was $0.9 million as at December 31, 2020 (2019: $0.0 million). (See also Note 26: Allowance for expected credit losses).

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
VESSELS AND EQUIPMENT, NET	VESSELS AND EQUIPMENT, NET Movements in the year ended December 31, 2020 summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels and Equipment, net Balance at December 31, 2019 1,867,873 (463,168) 1,404,705 Depreciation — (71,302) (71,302) Capital improvements 52,676 — 52,676 Additions 258,138 — 258,138 Transfers to Investments in Sales-Type Leases (87,570) 20,368 (67,202) Vessel disposals (7,362) 3,963 (3,399) Impairment loss (390,584) 57,666 (332,918) Other movements — — — Balance at December 31, 2020 1,693,171 (452,473) 1,240,698 In the year ended December 31, 2020, seven 4,100 TEU container vessels, previously recorded as operating lease assets, were reclassified as sales-type leases. The reclassification occurred as a result of amendments including extensions to the existing charter contracts. The cost and accumulated depreciation of the vessels reclassified from vessels and equipment to investment in sales-type leases were $87.6 million and $20.4 million, respectively. (Refer to Note 16: Investment in sales-type leases, direct financing leases and leaseback assets). In the year ended December 31, 2019, the 5,800 TEU container vessels MSC Margarita and MSC Vidhi , previously recorded as operating lease assets, were reclassified as sales-type leases. The reclassification occurred as a result of amendments to the existing charter contracts. The cost and accumulated depreciation of the container vessels reclassified from vessels and equipment to investment in direct financing leases were $40.3 million and $13.0 million. The capital improvements of $52.7 million (2019: $9.7 million) relate to exhaust gas cleaning systems ("EGCS" or "scrubbers") and ballast water treatment systems ("BWTS") installed on 16 vessels (2019: five vessels) during the year ended December 31, 2020. Advances paid in respect of vessel upgrades in relation to EGCS and BWTS were included within "other long-term assets", until such time as the equipment was installed on the vessels, at which point the amounts were transferred to "Vessels and equipment, net". Total depreciation expense for vessels and equipment was $71.3 million for the year ended December 31, 2020 (2019: $80.3 million; 2018: $99.6 million). In the year ended December 31, 2020, the Company consolidated the wholly owned subsidiary owning the drilling unit West Taurus that was previously accounted for using the equity method of accounting (Refer to Note 17: Investment in associated companies). As a result, the entity has been consolidated in the financial statements and the carrying value of the drilling unit, of $258.1 million, was recognized in vessels and equipment, net. An impairment charge of $252.6 million was recorded in the year ended December 31, 2020 against the carrying value of the drilling unit. A further impairment charge of $80.3 million was recorded in the year ended December 31, 2020 against the carrying value of seven Handysize bulk carriers (2019: $55.5 million against the carrying value of four offshore support vessels and two feeder container vessels; 2018: $25.4 million in respect of four offshore support vessels). The impairment charge arose in the year ended December 31, 2020, as a result of revised future cashflow estimates following uncertainty over future demand combined with negative implications for global trade of dry bulk commodities as a result of the COVID-19 outbreak. During the year ended December 31, 2020 the Company sold five offshore support vessels which had been chartered on a long-term bareboat charter to Deep Sea Supply Shipowning II AS (the “Solstad Charterer”), an indirect wholly owned subsidiary of Solship Invest 3 AS (“Solship”) which is in turn a wholly owned subsidiary of Solstad Offshore ASA (“Solstad”). A net gain of $0.9 million was recorded in connection with the disposal of these vessels. Refer to Note 8: Gain on sale of assets and termination of charters. No vessel disposals took place in the year ended December 31, 2019. Four of these vessels were accounted for as operating leases within Vessels and Equipment, net, and the other one was accounted for as a direct financing lease (Refer to Note 16: Investment in direct financing, sales-type and leaseback assets). In 2018, the Company had entered into a restructuring agreement with subsidiaries of Solstad, whereby the Company would receive 50% of the agreed charter hire for two of the offshore support vessels. All other contracted charter hire income earned from fixed assets and direct financing lease assets was to be deferred until the end of 2019. In April 2019, Solship announced that a Standstill Agreement had been entered into with, amongst others, the Company whereby 100% of charter hire for vessels on charter to Solship was to be deferred. Solship announced that the Standstill Agreement had been extended until March 31, 2020, subject to agreed milestones being met throughout the suspension period. During the year ended December 31, 2019, all the vessels were impaired as described above. In October 2020, Solstad held an extraordinary general meeting (“EGM”) to approve its proposed debt restructuring to partly compensate stakeholders for prior losses incurred in connection with their failure to meet obligations on certain loans and lease agreements. SFL received 4.4 million shares in Solstad and cash compensation of NOK10 million ($1.1 million) which is included in other financial. The shares were subsequently sold by the Company and a gain on the sale of shares of $2.6 million was recorded in the Statement of Operations in the year ended December 31, 2020. See Note 11: Investment in Debt and equity securities. Acquisitions, disposals and impairments in respect of vessels accounted for as sales-type leases, direct financing leases, leaseback assets and vessels under finance leases are discussed in Note 16: Investment in sales-type leases, direct financing leases and leaseback assets and Note 14: Vessels under finance lease, net.

VESSELS UNDER FINANCE LEASE, NE

VESSELS UNDER FINANCE LEASE, NET	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
VESSELS UNDER FINANCE LEASE, NET	VESSELS UNDER FINANCE LEASE, NET Movements in the year ended December 31, 2020 summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels under Finance Lease, net Balance at December 31, 2019 755,058 (40,582) 714,476 Depreciation — (39,977) (39,977) Capital improvements 22,881 — 22,881 Balance at December 31, 2020 777,939 (80,559) 697,380 As at December 31, 2020, seven vessels were accounted for as vessels under finance lease, made up of four 13,800 TEU container vessels and three 10,600 TEU container vessels. The vessels are leased back for an original term ranging from six Total depreciation expense for vessels under finance lease amounted to 40.0 million for the year ended December 31, 2020 and is included in depreciation in the consolidated statements of operations. (2019: $36.1 million; 2018: $4.5 million).

OTHER LONG TERM ASSETS

OTHER LONG TERM ASSETS	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER LONG TERM ASSETS	OTHER LONG TERM ASSETS Other long term assets comprise the following items: (in thousands of $) 2020 2019 Capital improvements in progress 10,099 30,642 Collateral deposits on swap agreements 398 17,520 Value of acquired charter-out contracts, net 10,503 13,407 Long term receivables — 1,880 Other 961 799 Total other long-term assets 21,961 64,248 Capital improvements in progress comprises of advances paid and costs incurred in respect of vessel upgrades in relation to EGCS and BWTS on 11 vessels (2019: nine vessels). This is recorded in other long term assets until such time as the equipment is installed on a vessel, at which point it is transferred to "Vessels and equipment, net" or "Investment in sales-type leases and direct financing leases'. In the year ended December 31, 2020, the Company transferred costs of $52.7 million in respect of 16 vessels (2019: $9.7 million in respect of five vessels) to "Vessels and equipment, net". During 2019, the Company agreed to fund EGCS installations on three 10,600 TEU container vessels. The installation of EGCS was completed in the year ended December 31, 2020 and costs of $22.9 million in respect of these vessels were transferred to 'Vessels under finance lease, net'. During 2018, the Company purchased four container vessels, Thalassa Mana , Thalassa Tyhi , Thalassa Doxa and Thalassa Axia with pre-existing time charters to Evergreen Marine. A value of $18.0 million was assigned to these charters in 2018, in the year ended December 31, 2020 the amortization charged to time charter revenue was $2.9 million (2019: $2.9 million; 2018: $2.9 million). The long term receivables balance at December 31, 2019 of $1.9 million comprised of loan notes due from third parties arising from the early termination of charters. Following the adoption of ASU 2016-13 from January 1, 2020, the Company recognized a credit loss provision totaling $1.9 million against this long term receivables balance thereby resulting in the balance of $0.0 million as at December 31, 2020. (see also Note 26: Allowance for expected credit losses and Note 10: Other financial items).

INVESTMENTS IN SALES-TYPE LEASE

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS	12 Months Ended
	Dec. 31, 2020
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 Foll owing the adoption of ASU 2016-02 from January 2019, the Company records new and modified leases as per ASC 842. The Company has elected the practical expedient to not reassess existing leases. The adoption of the standard resulted in no opening balance adjustments. See also Accounting policies within Note 2. (in thousands of $) 2020 2019 Investments in sales-type and direct financing leases 592,102 786,598 Investments in leaseback assets 85,441 207,789 677,543 994,387 As at December 31, 2020, the Company had a total of 28 vessel charters accounted for as sales-type and direct financing leases (2019: 26 vessels) and four vessel charters classified as leaseback assets (2019: six vessels). Investments in sales type and direct financing leases As of December 31, 2020, the Company had two VLCC crude tankers accounted for as direct financing leases (2019: three VLCCs). These vessels are on charter to Frontline Shipping Limited ("Frontline Shipping") on long-term, fixed rate time charters which spans an average term of approximately six years as at December 31, 2020. Frontline Shipping is a wholly owned subsidiary of Frontline, a related party. The terms of the charters do not provide Frontline Shipping with an option to terminate the charters before the end of their terms. During the year ended December 31, 2019, these VLCC crude tankers, Front Energy and Front Force underwent EGCS installations. Costs of $4.2 million were capitalized to the net investment in lease balance of the two vessels, which represents a 50% share of joint costs with Frontline Shipping Limited. The VLCC Front Hakata was sold to an unrelated third party in February 2020. A gain on sale of $1.4 million was recognized in the Consolidated Statement of Operations (refer to Note 8: Gain on sale of assets and termination of charters and Note 24: Related party transactions). During the year ended December 31, 2019 there was no disposals to VLCCs accounted for as direct financing leases. At December 31, 2019, the Company owned one offshore supply vessel accounted for as a direct financing lease which was chartered on a long-term bareboat charter. I n February 2020, the Company entered into a Memorandum of Agreement to sell the offshore support vessel Sea Leopard for recycling to Green Yard AS, an unrelated third party. The vessel was delivered in May 2020. During the year ended December 31, 2020 t he Company recorded an impairment loss of $0.2 million ( 2019: $5.0 million) prior to disposal and a loss on sale of $0.03 million was recognized in the Consolidated Statement of Operations (refer to Note 8 Gain on sale of assets and termination of charters and Note 24: Related party transaction). As at December 31, 2020, the Company had 15 (2019: 19) container vessels accounted for as direct financing leases and 10 (2019: three) container vessels accounted for as a sales-type leases, all of which are on long-term bareboat charters to MSC Mediterranean Shipping Company S.A. ("MSC"), an unrelated party. The terms of the charters for 15 container vessels provide the charterer with purchase options throughout the term of the charters and the Company with a put option at the end of the seven years charter period. The charter contract for the 10 container vessels accounted for as a sales-type leases provides the charterer with a minimum fixed price purchase obligation at the expiry of each of the charters. During the year ended December 31, 2020, seven 4,100 TEU container vessels, with a total net book value of $67.2 million (2019: two 5,800 TEU container vessels with a total net book value of $27.3 million), were reclassified from Vessels and Equipment net, to Investment in Sales-Type Leases. The reclassification occurred as a result of amendments to the existing charter contracts. Pursuant to each amended contract, the charterer has a fixed price purchase obligation at the expiry of the additional five During the year ended December 31, 2020, the Company recognized the amount of $361.0 million in investments in direct financing leases in respect of one drilling unit ( West Linus ) which is held by a wholly owned subsidiary of the Company (SFL Linus Ltd) and leased to a subsidiary of Seadrill. SFL Linus Ltd was previously determined to be a variable interest entity in which the Company was not the primary beneficiary and the subsidiary was accounted for under the equity method. Following changes to the financing agreement in October 2020 as a result of defaults by Seadrill, the Company was determined to be the primary beneficiary of SFL Linus Ltd and consolidates it from this date. (See Note 17: Investment in Associated Companies). River Box was a previously 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. Following the sale of River Box, the investments in the four container vessels accounted for as direct financing leases of $540.9 million have been derecognized from the consolidated financial statements of the Company. (Refer to Note 9: Gain on sale of subsidiaries and disposal groups and Note 17: Investment in Associated Companies). In 2018, and in respect of assets classified as Investments in sales type and direct financing leases, an impairment charge of $38.9 million was recorded against the carrying value of four VLCC's ( Front Page, Front Stratus, Front Serenade and Front Ariake ) and one offshore supply vessel ( Sea Leopard). 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, SFL acquired a newbuild VLCC from Landbridge Universal Limited ("Landbridge") where control was not deemed to have passed to the Company due to the presence of repurchase options in the lease on acquisition and therefore was classified as a leaseback asset. Upon delivery, the vessel immediately commenced a seven seven During the year ended December 31, 2019, the Company acquired six vessels where control was not deemed to have passed to the Company due to the existence of repurchase options in the leases on acquisition. These have therefore been classified as 'leaseback assets'. These comprised of three second-hand feeder size container vessels which were acquired in a purchase and leaseback with subsidiaries of MSC. The vessels were chartered back for approximately six years on bareboat basis. The charterer has purchase options throughout the term of the charters and the Company has a put option at the end of the six five During the year ended December 31, 2020, SFL redelivered all three VLCC's to the Hunter Group in August 2020 ( Hunte r Atla and Hunte r Saga ) and November 2020 (Hunter Laga ), following exercise of options. Net proceeds of $176.2 million were received and debt of $142.5 million repaid. (Refer to Note 8 Gain on sale of assets.) The following lists the components of investments in sales-type leases, direct financing leases and leaseback assets as at December 31, 2020 and December 31, 2019: (in thousands of $) December 31, 2020 Sales-Type Leases and Direct Financing Leases Leaseback Assets Total Total minimum lease payments to be received 705,196 79,786 784,982 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (40,698) — (40,698) Net minimum lease payments receivable 664,498 79,786 744,284 Estimated residual values of leased property (un-guaranteed) 79,621 31,500 111,121 Less : unearned income (147,876) (25,596) (173,472) Total investment in sales-type lease, direct financing lease and leaseback assets 596,243 85,690 681,933 Allowance for expected credit losses* (4,141) (249) (4,390) Total investment in sales-type lease, direct financing lease and leaseback assets 592,102 85,441 677,543 Current portion 45,888 9,532 55,420 Long-term portion 546,214 75,909 622,123 (in thousands of $) December 31, 2019 Sales-Type Leases and Direct Financing Leases Leaseback Assets Total Total minimum lease payments to be received 1,085,642 134,073 1,219,715 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (64,222) — (64,222) Net minimum lease payments receivable 1,021,420 134,073 1,155,493 Estimated residual values of leased property (un-guaranteed) 192,429 139,500 331,929 Less : unearned income (427,251) (65,784) (493,035) Total investment in sales-type lease, direct financing lease and leaseback assets 786,598 207,789 994,387 Allowance for expected credit losses* — — — Total investment in sales-type lease, direct financing lease and leaseback assets 786,598 207,789 994,387 Current portion 45,361 10,828 56,189 Long-term portion 741,237 196,961 938,198 *See Note 2: Accounting policies and Note 26: Allowance for expected credit losses. The minimum future gross revenues to be received under the Company's non-cancellable sales type leases, direct financing leases and leaseback assets as of December 31, 2020, are as follows: (in thousands of $) Sales-Type Leases and Direct Financing Leases Leaseback Assets Total 2021 84,206 15,410 99,616 2022 81,628 15,410 97,038 2023 111,874 14,630 126,504 2024 101,775 14,172 115,947 2025 78,058 9,517 87,575 Thereafter 247,655 10,647 258,302 Total minimum lease payments to be received 705,196 79,786 784,982 The above minimum lease revenues includes $89.2 million related to the two VLCCs leased to Frontline Shipping as of December 31, 2020 (See Note 24: Related Party Transactions). Interest income earned on investments in direct financing leases, sales type leases and leaseback assets in the year ended December 31, 2020 was as follows: (in thousands of $) 2020 2019 2018 Investments in sales type and direct financing leases* 57,579 56,764 39,678 Investments in leaseback assets 13,637 3,556 — Total 71,216 60,320 39,678 *Interest income earned on investments in sales-type leases and direct financing leases in the above table includes $1.7 million in relation to Frontline Shipping, a related party (2019: $3.8 million; 2018: $9.6 million).

INVESTMENT IN ASSOCIATED COMPAN

INVESTMENT IN ASSOCIATED COMPANIES	12 Months Ended
	Dec. 31, 2020
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
INVESTMENT IN ASSOCIATED COMPANIES	INVESTMENT IN ASSOCIATED COMPANIES The Company has, and has had, certain wholly-owned subsidiaries which are accounted for using the equity method of accounting, as it has been determined under ASC 810 that they are variable interest entities in which SFL is not the primary beneficiary. At December 31, 2020, 2019 and 2018, the Company had the following participation in investments that are recorded using the equity method: 2020 2019 2018 River Box Holding Inc. 49.90 % — % — % SFL Deepwater Ltd — % 100.00 % 100.00 % SFL Hercules Ltd 100.00 % 100.00 % 100.00 % SFL Linus Ltd — % 100.00 % 100.00 % River Box was a previously wholly owned subsidiary of the Company. River Box 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. A gain of $1.9 million was recognized in the Statement of Operations for the year ended December 31, 2020 in relation to the disposal. See Note 9: Gain on sale of subsidiaries. The Company has accounted for the remaining 49.9% ownership in River Box using the equity method. SFL Deepwater Ltd ("SFL Deepwater"), SFL Hercules Ltd ("SFL Hercules") and SFL Linus Ltd ("SFL Linus") each own the drilling units West Taurus , West Hercules and West Linu s respectively. These units are leased to subsidiaries of Seadrill Limited (“Seadrill”), a related party. Because the main assets of SFL Deepwater, SFL Hercules and SFL Linus are the subject of leases which each include both fixed price call options and a fixed price purchase obligation or put option, they were previously determined to be variable interest entities in which the Company was not the primary beneficiary. In September 2017, Seadrill announced that it has entered into a restructuring agreement (the “2017 Restructuring Plan”) with more than 97% of its secured bank lenders, approximately 40% of its bondholders and a consortium of investors led by its largest shareholder, Hemen Holding Limited (“Hemen”), who is also the largest shareholder in the Company. The Company, SFL Deepwater, SFL Hercules and SFL Linus also entered into the 2017 Restructuring Plan, which was implemented by way of prearranged Chapter 11 cases. As part of the 2017 Restructuring Plan, the financial covenants on Seadrill were replaced by financial covenants on a newly established subsidiary of Seadrill, Seadrill Rig Holding Company Limited (“RigCo”), who also acts as guarantor for the obligations under the leases for the three drilling units, on a subordinated basis to the senior secured lenders in Seadrill and secured notes. During the year ended December 31, 2020, Seadrill publicly disclosed that they had appointed financial and legal advisors to evaluate comprehensive restructuring alternatives to reduce debt service costs and overall indebtedness. In September and October 2020, Seadrill failed to pay hire when due under the leases for the three drilling unit. The overdue hires along with certain other events, constituted an event of default under such leases and the related financing agreements. Under the terms of the leases, charter payment from the sub-charterers of West Hercules and West Linus , were paid into accounts pledged to SFL and its financing banks. During November and December 2020, Seadrill and SFL entered into forbearance and funds withdrawal agreements during which Seadrill was allowed to use certain funds received from the sub-charterers to pay operating expenses for the rigs in exchange for the Company being paid approximately 65 -75% of the existing contracted lease hire related to the West Hercules and the West Linus. Any hire received by Seadrill relating to the sub-charters on these two rigs in excess of the withdrawn amounts remained in Seadrill’s earnings accounts pledged to SFL. In February 2021, Seadrill and most of its subsidiaries filed Chapter 11 cases in the Southern District of Texas. SFL and certain of its subsidiaries have entered into court approved interim agreements with Seadrill relating to two of the Company’s drilling rigs, West Linus and West Hercules , allowing for the uninterrupted performance of sub-charters to oil majors while the Chapter 11 process is ongoing. Pursuant to these agreements, Seadrill will be allowed to use funds received from the respective sub-charterers to pay a fixed level of operating and maintenance expenses in additional to general and administrative costs. In exchange, SFL will receive approximately 65 - 75% of the lease hire under the existing charter agreements for West Linu s and West Hercules for the same period. With regards to the third rig, West Taurus , the lease has been rejected by the court and the rig will be redelivered to SFL within approximately three months. This rig is debt free and has been held in layup by Seadrill for more than five years. SFL is currently evaluating strategic alternatives for this rig, including potential recycling at an EU approved recycling facility. (See Note 29: Subsequent Events). In October 2020, the Company was determined to be the primary beneficiary of SFL Linus and SFL Deepwater following changes to the financing agreements and as a result of defaults by Seadrill. Therefore, from October 2020 these subsidiaries were consolidated by the Company. Details are as follows: SFL Deepwater is a 100% owned subsidiary of SFL, incorporated in 2008 for the purpose of holding two ultra-deepwater drilling rigs and leasing those rigs to Seadrill Deepwater Charterer Ltd. and Seadrill Offshore AS, fully guaranteed by their parent company Seadrill. In June 2013, SFL Deepwater transferred one of the rigs and the corresponding lease to SFL Hercules (see below). Accordingly, SFL Deepwater now holds one ultra deepwater drilling rig which is leased to Seadrill Deepwater Charterer Ltd. In October 2013, SFL Deepwater entered into a $390 million five years term loan and revolving credit facility with a syndicate of banks, which was used in November 2013 to refinance the previous loan facility. In connection with a Restructuring Plan in 2017, certain amendments were agreed with the banks under the loan facility, including an extension of the final maturity date by four years. In October 2020, the Company repurchased the total debt outstanding under the facility of $176.1 million for $110.0 million and recognized a gain on debt extinguishment of $66.1 million. At December 31, 2020, the balance outstanding under the facility was $0.0 million (2019: $187.9 million). The Company guaranteed $0.0 million of this debt at December 31, 2020 (2019: $84.7 million). SFL Linus is a 100% owned subsidiary of SFL, acquired in 2013 from North Atlantic Drilling Ltd ("NADL"), a related party. SFL Linus holds a harsh environment jack-up drilling rig which was delivered from the shipyard in February 2014 and immediately leased to North Atlantic Linus Charterer Ltd., fully guaranteed by its parent company NADL. NADL is now a subsidiary of Seadrill. In October 2013, SFL Linus entered into a $475 million five years term loan and revolving credit facility with a syndicate of banks to partly finance the acquisition of the rig. The facility was drawn in February 2014. In connection with the 2017 Restructuring Plan, certain amendments were agreed with the banks under the loan facility, including an extension of the final maturity date by four years. In October 2020, the Company agreed to fully guarantee the facility (2019: $102.5 million) and the balance outstanding under this facility at December 31, 2020, of $216.0 million was consolidated by the Company (2019: $232.1 million equity accounted) together with the other assets and liabilities of SFL Linus. SFL Hercules is a 100% owned subsidiary of SFL, incorporated in 2012 for the purpose of holding an ultra-deepwater drilling rig and leasing that rig to Seadrill Offshore AS, fully guaranteed by its parent company Seadrill. The rig was transferred, together with the corresponding lease, to SFL Hercules from SFL Deepwater in June 2013. In May 2013, SFL Hercules entered into a $375 million six years term loan and revolving credit facility with a syndicate of banks to partly finance its acquisition of the rig from SFL Deepwater. The facility was drawn in June 2013. In connection with the 2017 Restructuring Plan, certain amendments were agreed with the banks under the loan facility, including an extension of the final maturity date by four years. At December 31, 2020, the balance outstanding under this facility was $185.8 million (2019: $201.9 million). The Company guaranteed $83.1 million of this debt at December 31, 2020 (2019: $78.9 million). In addition, the Company has given the banks a first priority pledge over all shares of SFL Hercules and assigned all claims under a secured loan made by the Company to SFL Hercules in favor of the banks. This loan is secured by a second priority mortgage over the rig which has been assigned to the banks. The rig is chartered on a bareboat basis and the terms of the charter provide the charterer with various call options to acquire the rig at certain dates throughout the charter. In addition, there is an obligation for the charterer to purchase the rig at a fixed price at the end of the charter, which originally expired in November 2023. In connection with the 2017 Restructuring Plan, the lease has been extended by 13 months until December 2024. Because the main asset of SFL Hercules is the subject of a lease which includes both fixed price call options and a fixed price purchase obligation at the end of the charter, and due to the substantive restrictions in the debt facility, it has been determined that this subsidiary of SFL is a variable interest entity in which SFL is not the primary beneficiary. As discussed above, following the 2017 Restructuring Plan, RigCo acts as guarantor for the obligations under the leases for the three drilling units, on a subordinated basis to the senior secured lenders in Seadrill and new secured notes. Seadrill was in default on its leases with the Company at December 31, 2020, as well as on certain credit facilities with other lenders. Seadrill's failure to pay hire under the leases for the Company's drilling rigs when due, along with certain other events, including the commencement of its Chapter 11 Proceedings, constitute events of default under such leases and the related financing agreements. Unless cured or waived, the event of default could result in enforcement including making payments under certain guarantees of the loan facility. Due to the default on the SFL Hercules loan agreement, the balance of the long term loan in SFL Hercules was reclassified to short-term as shown below in the summarized balance sheet information. Summarized balance sheet information of the Company's equity method investees is as follows: As of December 31, 2020 (in thousands of $) TOTAL River Box SFL SFL SFL Share presented 49.90 % 100.00 % Current assets 34,763 12,475 — 22,288 — Non-current assets 513,918 258,865 — 255,053 — Total assets 548,681 271,340 — 277,341 — Current liabilities 199,255 12,569 — 186,686 — Non-current liabilities (1) 322,129 243,219 — 78,910 — Total liabilities 521,384 255,788 — 265,596 — Total stockholders' equity (2) 27,297 15,552 — 11,745 — As of December 31, 2019 (in thousands of $) TOTAL River Box SFL SFL SFL Current assets 75,079 — 29,047 22,645 23,387 Non-current assets 920,801 — 286,222 273,621 360,958 Total assets 995,880 — 315,269 296,266 384,345 Current liabilities 65,832 — 19,168 20,761 25,903 Non-current liabilities (1) 887,887 — 285,147 265,769 336,971 Total liabilities 953,719 — 304,315 286,530 362,874 Total stockholders' equity (2) 42,161 — 10,954 9,736 21,471 (1) River Box and SFL Hercules non-current liabilities at December 31, 2020, include $45.0 million and $78.9 million due to SFL, respectively (see Note 24: Related party transactions). At December 31, 2019 SFL Deepwater, SFL Hercules and SFL Linus non-current liabilities include $113.0 million, $80.0 million and $121.0 million respectively (see Note 24: Related party transactions). In addition, SFL Deepwater, SFL Hercules and SFL Linus current liabilities at December 31, 2019, include a further $1.2 million, $3.4 million and $7.4 million due to SFL, respectively (see Note 24: Related party transactions). (2) In the year ended December 31, 2020, 2019 and 2018, the Company did not receive any dividends from its associates. Summarized statement of operations information of the Company's equity method investees is shown below. Year ended December 31, 2020 (in thousands of $) TOTAL River Box SFL SFL SFL Operating revenues 45,573 — 11,835 15,072 18,666 Net operating revenues 45,532 — 11,892 15,050 18,590 Net income (3) 4,286 — (6,002) 3,827 6,461 Year ended December 31, 2019 (in thousands of $) TOTAL River Box SFL SFL SFL Operating revenues 64,142 — 18,966 18,378 26,798 Net operating revenues 64,142 — 18,966 18,378 26,798 Net income (3) 17,054 — 4,346 3,622 9,086 Year ended December 31, 2018 (in thousands of $) TOTAL River Box SFL SFL SFL Operating revenues 64,572 — 19,594 19,126 25,852 Net operating revenues 64,410 — 19,540 19,049 25,821 Net income (3) 14,635 — 3,973 3,372 7,290 (3) The net income of River Box, SFL Deepwater, SFL Hercules and SFL Linus for the year ended December 31, 2020, includes interest payable to SFL amounting to $0.0 million, $3.8 million (2019: $5.1 million; 2018: $5.1 million), $3.6 million (2019: $3.6 million; 2018: $3.6 million), and $4.5 million (2019: $5.4 million; 2018: $5.4 million), respectively (see Note 24: Related party transactions). As required by ASU 2016-13 ' Financial Instruments - Credit Losses' from January 2020, SFL Deepwater, SFL Hercules and SFL Linus recognized an allowance for expected credit losses in respect of their principal financial assets : 'Investment in d irect f inanc ing l ease s ' and 'Related p arty r eceivable balances', held at the reporting date , which are within the scope of the ASU. Movements in the year ended December 31, 2020, in the allowance for expected credit losses can be summarized as follows: As of December 31, 2020 (in thousands of $) TOTAL River Box SFL SFL SFL Share presented 49.90 % 100.00 % Balance at December 31, 2019 — — — — — Adjustment for adoption of the ASU 2016-13 (Note 2) 27,024 — 23,493 1,816 1,715 Transferred from associates (35,665) — (32,964) — (2,701) Addition from new associate 786 786 — — — Allowance recorded in net income of associated company 11,276 — 9,471 819 986 Balance at December 31, 2020 3,421 786 — 2,635 — As indicated in Note 2 : 'Accounting Policies', the allowance for expected credit losses is based on an analysis of factors including the credit rating assigned to the lessee, Seadrill, management ' s assessment of current and expected conditions in the offshore drilling market and calculated collateral exposure. SFL Deepwater had a significantly higher allowance for expected credit losses due to calculated collateral exposure. In October 2020, SFL's Deepwater's direct financing lease was transferred to the Company net of its credit loss provision and recorded in vessels and equipment net, and was subsequently impaired. See Note 13: Vessels and equipment, net. In the year ended December 31, 2020, December 31, 2019, and December 2018, SFL Deepwater, SFL Hercules and SFL Linus did not pay any dividends.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2020
Accrued Liabilities [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES (in thousands of $) 2020 2019 Vessel operating expenses 12,841 8,668 Administrative expenses 1,603 1,694 Interest expense 6,616 6,770 21,060 17,132

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIES (in thousands of $) 2020 2019 Deferred and prepaid charter revenue 15,156 10,000 Employee taxes 34 3,117 Other items 895 162 16,085 13,279

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2020
Long-term Debt, by Current and Noncurrent [Abstract]
SHORT-TERM AND LONG-TERM DEBT	SHORT-TERM AND LONG-TERM DEBT (in thousands of $) 2020 2019 Long-term debt: Norwegian kroner 500 million senior unsecured floating rate bonds due 2020 — 56,910 5.75% senior unsecured convertible bonds due 2021 212,230 212,230 Norwegian kroner 700 million senior unsecured floating rate bonds due 2023 81,572 79,674 4.875% senior unsecured convertible bonds due 2023 139,900 148,300 Norwegian kroner 700 million senior unsecured floating rate bonds due 2024 80,989 79,674 Norwegian kroner 600 million senior unsecured floating rate bonds due 2025 62,927 — Borrowings secured on Frontline shares 15,639 36,763 U.S. dollar denominated floating rate debt due through 2025 1,070,137 1,013,626 Total debt principal 1,663,394 1,627,177 Less : unamortized debt issuance costs (14,325) (19,089) Less : current portion of long-term debt (484,956) (253,059) Total long-term debt 1,164,113 1,355,029 The outstanding debt as of December 31, 2020, is repayable as follows: Year ending December 31, (in thousands of $) 2021 484,956 2022 262,059 2023 493,535 2024 227,703 2025 195,141 Thereafter — Total debt principal 1,663,394 Interest rate information December 31, 2020 December 31, 2019 Weighted average interest rate 2.91 % 4.27 % US Dollar London Interbank Offered Rate ("LIBOR") 0.24 % 1.91 % Norwegian Interbank Offered Rate ("NIBOR") 0.49 % 1.84 % 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. NOK500 million senior unsecured bonds due 2020 On June 22, 2017, the Company issued a senior unsecured bond loan totaling NOK500 million in the Norwegian credit market. The bonds bear quarterly interest at NIBOR plus a margin. In January and March 2020, the Company purchased bonds with principal amounts totaling NOK174 million, equivalent to $19.5 million. A loss of $0.4 million was recorded on the transaction. The remaining balance of NOK326 million, equivalent to $33.7 million, was repaid in full on June 22, 2020. The net amount outstanding at December 31, 2020, was NOK0.0 million, equivalent to $0.0 million (2019: NOK500.0 million, equivalent to $56.9 million). 5.75% senior unsecured convertible bonds due 2021 On October 5, 2016, the Company issued a senior unsecured convertible bond loan totaling $225 million. Interest on the bonds is fixed at 5.75% per annum and is payable in cash quarterly in arrears on January 15, April 15, July 15 and October 15. The bonds are convertible into SFL Corporation Ltd. common shares and mature on October 15, 2021. The net amount outstanding at December 31, 2020 was $212.2 million (2019: $212.2 million). The initial conversion rate at the time of issuance was 56.2596 common shares per $1,000 bond, equivalent to a conversion price of approximately $17.7747 per share. The conversion rate will be adjusted for dividends in excess of $0.225 per common share per quarter. Since the issuance, dividend distributions have increased the conversion rate to 65.8012 common shares per $1,000 bond, equivalent to a conversion price of approximately $15.20 per share. Based on the closing price of our common stock of $6.28 on December 31, 2020, the if-converted value was less than the principal amounts by $124.5 million. No bonds were purchased in the years ended December 31, 2020 and December 31, 2019. In conjunction with the bond issue, the Company loaned up to 8,000,000 of its common shares to an affiliate of one of the underwriters of the issue, in order to assist investors in the bonds to hedge their position. The shares that were lent by the Company were initially borrowed from Hemen, the largest shareholder of the Company, for a one-time loan fee of $120,000. In November 2016, the Company issued 8,000,000 new shares, to replace the shares borrowed from Hemen and received $80,000 from Hemen upon the return of the borrowed shares. As required by ASC 470-20 "Debt with conversion and Other Options", the Company calculated the equity component of the convertible bond, taking into account both the fair value of the conversion option and the fair value of the share lending arrangement. The equity component was valued at $4.6 million at issuance and this amount was recorded as "Additional paid-in capital", with a corresponding adjustment to "Deferred charges", which are amortized to "Interest expense" over the appropriate period. The amortization of this item amounted to $0.8 million in the year ended December 31, 2020 (2019: $0.7 million). The balance remaining in equity as at December 31, 2020 was $4.0 million (2019: $4.0 million). NOK700 million senior unsecured bonds due 2023 On September 13, 2018 the Company issued a senior unsecured bond totaling NOK600 million in the Norwegian credit market. The bonds bear quarterly interest at NIBOR plus a margin and are redeemable in full on September 13, 2023. On July 30, 2019, the Company conducted a tap issue of NOK100 million under this facility. The bonds were issued at 101.625% of par, and the new outstanding amount after the tap issue is NOK700 million. The net amount outstanding at December 31, 2020, was NOK700 million, equivalent to $81.6 million (2019: NOK700 million, equivalent to $79.7 million). 4.875% senior unsecured convertible bonds due 2023 On April 23, 2018, the Company issued a senior unsecured convertible bond totaling $150 million. Additional bonds were issued on May 4, 2018 at a principal amount of $14.0 million. Interest on the bonds is fixed at 4.875% per annum and is payable in cash quarterly in arrears on February 1, May 1, August 1 and November 1. The bonds are convertible into SFL Corporation Ltd. common shares and mature on May 1, 2023. The net amount outstanding at December 31, 2020 was $139.9 million (2019: $148.3 million). The initial conversion rate at the time of issuance was 52.8157 common shares per $1,000 bond, equivalent to a conversion price of approximately $18.93 per share. Since the issuance, dividend distributions have increased the conversion rate to 71.8147 common shares per $1,000 bond, equivalent to a conversion price of approximately $13.92 per share. Based on the closing price of our common stock of $6.28 on December 31, 2020, the if-converted value was less than the principal amounts by $76.8 million. In March and December 2020, the Company purchased bonds with principal amounts totaling $8.4 million (2019: $3.4 million). A gain of $0.3 million was recorded on the transaction (2019: gain of $0.3 million). In conjunction with the bond issue, the Company agreed to loan up to 7,000,000 of its common shares to affiliates of the underwriters of the issue, in order to assist investors in the bonds to hedge their position. As at December 31, 2020, a total of 3,765,842 shares were issued from up to 7,000,000 shares issuable under a share lending arrangement. As required by ASC 470-20 "Debt with conversion and Other Options", the Company calculated the equity component of the convertible bond, taking into account both the fair value of the conversion option and the fair value of the share lending arrangement. The equity component was valued at $7.9 million at issuance and this amount was recorded as "Additional paid-in capital", with a corresponding adjustment to "Deferred charges", which are amortized to "Interest expense" over the appropriate period. The amortization of this item amounted to $1.3 million in the year ended December 31, 2020 (2019: $1.3 million). As a result of the purchase of bonds with principal amounts totaling $8.4 million (2019: $3.4 million), a total of $0.3 million (2019: $0.2 million) was allocated as the reacquisition of the equity component. The balance remaining in equity as at December 31, 2020 was $6.8 million (2019:$7.1 million). NOK700 million senior unsecured bonds due 2024 On June 4, 2019, the Company issued a senior unsecured bond totaling NOK700 million in the Norwegian credit market. The bonds bear quarterly interest at NIBOR plus a margin and are redeemable in full on June 4, 2024. In March 2020, the Company purchased bonds with principal amounts totaling NOK5 million equivalent to $0.5 million. A gain of $0.0 million was recorded on the transaction. The net amount outstanding at December 31, 2020 was NOK695 million equivalent to $81.0 million (2019: NOK700 million, equivalent to $79.7 million). NOK600 million senior unsecured bonds due 2025 On January 21, 2020, the Company issued a senior unsecured bond totaling NOK600 million in the Norwegian credit market. The bonds bear quarterly interest at NIBOR plus a margin and are redeemable in full on January 21, 2025. In February and March 2020, the Company purchased bonds with principal amounts totaling NOK60 million equivalent to $6.0 million. A gain of $1.4 million was recorded on the transaction. The net amount outstanding at December 31, 2020 was NOK540 million equivalent to $62.9 million (2019: NOK0 million, equivalent to $0.0 million). $40 million senior secured term loan facility In March 2020, two wholly-owned subsidiaries of the Company entered into a $40 million senior secured term loan facility with a bank, secured against two Suezmax tankers. The Company has provided a corporate guarantee for this facility, which bears interest at LIBOR plus a margin and with a term of approximately two years. The net amount outstanding at December 31, 2020, was $37.0 million (2019: $0.0 million). $15 million senior secured term loan facility In March 2020, three wholly-owned subsidiaries of the Company entered into a $15 million senior secured term loan facility with a bank, secured against three container vessels. The Company has provided a corporate guarantee for this facility, which bears interest at LIBOR plus a margin and with a term of approximately five years. The net amount outstanding at December 31, 2020, was $12.8 million (2019: $0.0 million). $175 million term loan facility In March 2020, four wholly-owned subsidiaries of the Company entered into a $175 million term loan facility with a syndicate of banks, secured against four 8,700 TEU containerships. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and with a term of approximately five years. The net amount outstanding at December 31, 2020, was $165.5 million (2019: $0.0 million). $50 million senior secured term loan facility In May 2020, a wholly-owned subsidiary of the Company entered into a $50 million senior secured term loan facility with a bank, bearing interest at LIBOR plus a margin and with a term of approximately five years. The facility is secured against a 308,000 dwt VLCC. The net amount outstanding at December 31, 2020, was $48.6 million (2019: $0.0 million). $50 million senior secured credit facility In November 2020, a wholly-owned subsidiary of the Company entered into a $50 million senior secured term loan facility with a bank, secured against a container vessel. The Company has provided a corporate guarantee for this facility, which bears interest at LIBOR plus a margin and with a term of approximately four years. The net amount outstanding at December 31, 2020, was $50.0 million (2019: $0.0 million). $475 million term loan and revolving credit facility SFL Linus was consolidated from October 29, 2020. (See Note 17: Investment in Associated Companies). In October 2013, SFL Linus entered into a $475 million five years term loan and revolving credit facility with a syndicate of banks to partly finance the acquisition of the rig. The facility was drawn in February 2014. During the year ended December 31, 2017, certain amendments were agreed with the banks under the loan facility, including an extension of the final maturity date by four years. In addition, the Company has given the banks a first priority pledge over all shares of SFL Linus and assigned all claims under a secured loan made by the Company to SFL Linus in favor of the banks. This loan is secured by a second priority mortgage over the rig which has been assigned to the banks. At December 31, 2020, the balance outstanding under this facility was $216.0 million (2019: $232.1 million included in Note 17: Investment in associated companies). The Company fully guaranteed the facility as at December 31, 2020 (2019: $102.5 million was guaranteed). $390 million term loan and revolving credit facility SFL Deepwater was consolidated from October 29, 2020. (See Note 17: Investment in Associated Companies). In October 2013, SFL Deepwater entered into a $390 million five years term loan and revolving credit facility with a syndicate of banks, which was used in November 2013 to refinance the previous loan facility. During the year ended December 31, 2017, certain amendments were agreed with the banks under the loan facility, including an extension of the final maturity date by four years. In addition, the Company had given the banks a first priority pledge over all shares of SFL Deepwater and assigned all claims under a secured loan made by the Company to SFL Deepwater in favor of the banks. This loan was secured by a second priority mortgage over the rig which has been assigned to the banks. In October 2020, the Company repurchased the total debt outstanding under the facility of $176.1 million for $110.0 million and recognized a gain on debt extinguishment of $66.1 million. At December 31, 2020, the balance outstanding under the facility was $0.0 million (2019: $187.9 million included in Note 17: Investment in associated companies). The Company guaranteed $0.0 million of this debt at December 31, 2020 (2019: $84.7 million). $24.9 million senior secured term loan facility In February 2019, three wholly-owned subsidiaries of the Company entered into a $24.9 million senior secured term loan facility with a bank, secured against three Supramax dry bulk carriers. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of approximately five years. The net amount outstanding at December 31, 2020, was $20.3 million (2019: $22.9 million). $50 million senior secured term loan facility In February 2019, three wholly-owned subsidiaries of the Company entered into a $50 million senior secured term loan facility with a bank, secured against three tankers chartered to Frontline Shipping. In 2020, $14.9 million of this facility was repaid following the sale of one tanker and the facility now relates to the remaining two tankers. The Company has provided a corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of approximately four years. The net amount outstanding at December 31, 2020, was $35.2 million (2019: $50.0 million). $29.5 million term loan facility In March 2019, two wholly-owned subsidiaries of the Company entered into a $29.5 million term loan facility with a bank, secured against two car carriers. The Company has provided a corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of approximately five years. The net amount outstanding at December 31, 2020, was $23.0 million (2019: $27.0 million). $33.1 million term loan facility In June 2019, five wholly-owned subsidiaries of the Company entered into a $33.1 million term loan facility with a syndicate of banks. The Company has provided a corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of approximately four years. During the year ended December 31, 2020 the five subsidiaries were dissolved and the facility was assigned to the Company. The net amount outstanding at December 31, 2020, was $28.8 million (2019: $33.1 million). $142.5 million senior secured term loan facility In September 2019, three wholly-owned subsidiaries of the Company entered into a $142.5 million senior secured term loan facility with a bank, to partly fund the acquisition of three newbuilding crude oil tankers, against which the facility was secured. The Company had provided a corporate guarantee for this facility, which bore interest at LIBOR plus a margin and had a term of five years from the delivery of each vessel. During the year ended December 31, 2020, purchase options were exercised on the three crude oil tankers. Two of the vessels were delivered in August 2020 and one was delivered in November 2020. The portion of the facility relating to each vessel was fully repaid upon delivery. The net amount outstanding at December 31, 2020, was $0.0 million (2019: $142.5 million). $42.6 million secured term loan facility In February 2010, a wholly-owned subsidiary of the Company entered into a $42.6 million secured term loan facility with a bank, bearing interest at LIBOR plus a margin and with a term of approximately five years. The facility was secured against a Suezmax tanker. In November 2014 and November 2019 the terms of the loan were amended and restated, and the facility matured in February 2020, at which date the loan was repaid in full. The net amount outstanding at December 31, 2020, was $0.0 million (2019: $14.9 million). $42.6 million secured term loan facility In March 2010, a wholly-owned subsidiary of the Company entered into a $42.6 million secured term loan facility with a bank, bearing interest at LIBOR plus a margin and with a term of approximately five years. The facility was secured against a Suezmax tanker. In March 2015, the terms of the loan were amended and restated, and the facility matured in March 2020, at which date the loan was repaid in full. The net amount outstanding at December 31, 2020, was $0.0 million (2019: $14.9 million). $171 million secured term loan facility In May 2011, eight wholly-owned subsidiaries of the Company entered into a $171 million secured loan facility with a syndicate of banks, secured against a 1,700 TEU container vessel and seven Handysize dry bulk carriers. The 1,700 TEU container vessel was sold in May 2018 and the facility now relates to the remaining seven vessels. The facility is supported by China Export & Credit Insurance Corporation, or SINOSURE, which provides an insurance policy in favor of the banks for part of the outstanding loan. The facility bears interest at LIBOR plus a margin and has a term of approximately ten years from delivery of each vessel. The net amount outstanding at December 31, 2020, was $53.2 million (2019: $63.4 million). $45 million secured term loan and revolving credit facility In June 2014, seven wholly-owned subsidiaries of the Company entered into a $45 million secured term loan and revolving credit facility with a bank, secured against seven 4,100 TEU container vessels. The facility bears interest at LIBOR plus a margin and has a term of five years. During June 2019, the terms of loan were amended and the loan was extended by a further two years. At December 31, 2020, the available amount under the revolving part of the facility was $0.0 million (2019: $0.0 million). The net amount outstanding at December 31, 2020, was $45.0 million (2019: $45.0 million). $20 million secured term loan facility In September 2014, two wholly-owned subsidiaries of the Company entered into a $20 million secured term loan facility with a bank, secured against two 5,800 TEU container vessels. The facility bears interest at LIBOR plus a margin and has a term of five years. In September 2019, the terms of the loan were amended and restated, and the facility now matures in March 2024. The net amount outstanding at December 31, 2020, was $17.3 million (2019: $19.1 million). $127.5 million secured term loan facility In September 2014, two wholly-owned subsidiaries of the Company entered into a $127.5 million secured term loan facility with a bank, secured against two 8,700 TEU container vessels, which were delivered in 2014. The Company had provided a limited corporate guarantee for this facility, which bore interest at LIBOR plus a margin and had a term of seven years. The facility matured in April 2020, and was repaid in full. The net amount outstanding at December 31, 2020, was $0.0 million (2019: $84.0 million). $127.5 million secured term loan facility In November 2014, two wholly-owned subsidiaries of the Company entered into a $127.5 million secured term loan facility with a bank, secured against two 8,700 TEU container vessels, which were delivered in 2015. The Company had provided a limited corporate guarantee for this facility, which bore interest at LIBOR plus a margin and had a term of seven years. The facility matured in April 2020, and was repaid in full. The net amount outstanding at December 31, 2020 was $0.0 million (2019: $87.1 million). $39 million secured term loan facility In December 2014, two wholly-owned subsidiaries of the Company entered into a $39 million secured term loan facility with a bank, secured against two Kamsarmax dry bulk carriers. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of approximately eight years. The net amount outstanding at December 31, 2020, was $21.8 million (2019: $24.3 million). $166.4 million secured term loan facility In July 2015, eight wholly-owned subsidiaries of the Company entered into a $166.4 million secured term loan facility with a syndicate of banks, secured against eight Capesize dry bulk carriers. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of seven years. The net amount outstanding at December 31, 2020 was $90.1 million (2019: $104.0 million). $210 million secured term loan facility In November 2015, three wholly-owned subsidiaries of the Company entered into a $210 million secured term loan facility with a syndicate of banks, to partly finance the acquisition of three container vessels, against which the facility is secured. One of the vessels was delivered in 2015, and the remaining two vessels were delivered in 2016. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of five years from the delivery of each vessel. In November 2020 the portion of the facility relating to one subsidiary matured, and the outstanding debt of $49.2 million was repaid in full. At December 31, 2020, the net amount outstanding was $99.5 million (2019: $160.8 million). $76 million secured term loan facility In August 2017, two wholly-owned subsidiaries of the Company entered into a $76 million secured term loan facility with a bank, secured against two product tanker vessels. The two vessels were delivered in August 2017. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of seven years. At December 31, 2020, the net amount outstanding was $59.1 million (2019: $64.3 million). $50 million secured term credit facility In June 2018, 15 wholly-owned subsidiaries of the Company entered into a $50 million secured term loan facility with a bank, secured against 15 feeder size container vessels. The 15 feeder size container vessels were delivered in April 2018. The Company has provided a corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of seven years. The net amount outstanding at December 31, 2020, was $34.1 million (2019: $40.7 million). $17.5 million secured term loan facility due 2023 In December 2018, two wholly-owned subsidiaries of the Company entered into a $17.5 million secured term loan facility with a bank, secured against two Supramax dry bulk carriers. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of approximately five years. The net amount outstanding at December 31, 2020, was $12.9 million (2019: $15.7 million). Borrowings secured on Frontline shares As at December 31, 2019, the Company had a forward contract to repurchase 3.4 million shares of Frontline which expired in June 2020 for $36.8 million . The transaction was accounted for as a secured borrowing, with the shares transferred to 'Marketable securities pledged to creditors' and a liability of $36.8 million recorded within debt at December 31, 2019. During the year ended December 31, 2020 the Company repurchased 2.0 million shares subject to the forward contact and repaid $21.1 million of the secured borrowing. As at December 31, 2020 , the Company had a forward contract which expi red in January of 2021, and has subsequently been rolled over to April 2021, to repurchase 1.4 million shares of Frontline at a repurchase price of $16.1 million including accrued interest. The transaction has been accounted for as a secured borrowing, with th e shares transferred to 'Marketable securities pledged to creditors' and a liability of $15.6 million recorded within debt at December 31, 2020 . The Company is required to post collateral of 20% of the total repurchase price plus any negative mark to market movement from the repurchase price for the duration of the agreement. As at December 31, 2020 $9.0 million ( 2019 : $3.5 million ) was held as collateral and recorded as restricted cash. The aggregate book value of assets pledged as security against borrowings at December 31, 2020, was $1,864 million (2019: $1,753 million).

FINANCE LEASE LIABILITY

FINANCE LEASE LIABILITY	12 Months Ended
	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
FINANCE LEASE LIABILITY	FINANCE LEASE LIABILITY (in thousands of $) 2020 2019 Finance lease liability, current portion 48,887 68,874 Finance lease liability, long-term portion 524,200 1,037,553 573,087 1,106,427 River Box was a previously 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 which were chartered-in on a bareboat basis, each for a period of 15 years from delivery by the shipyard. The four vessels are also chartered-out for the same 15-year period on a bareboat basis to MSC, an unrelated party. On December 31, 2020, the Company sold 50.1% of the shares of River Box to a subsidiary of Hemen, a related party. Following the sale of River Box, the investments in the four container vessels accounted for as direct financing leases of $540.9 million and its related finance lease liabilities of $464.7 million have been derecognized from the consolidated financial statements of the Company. Refer to Note 9: Gain on sale of subsidiaries and disposal groups and Note 17: Investment in Associated Companies. In 2018, the Company acquired four 13,800 TEU container vessels and three 10,600 TEU container vessels, which were subsequently refinanced with an Asian based financial institution by entering into separate sale and leaseback financing arrangements. The vessels are leased back for terms ranging from six The Company's future minimum lease liability under the non-cancellable finance leases are as follows: Year ending December 31, (in thousands of $) 2021 74,735 2022 74,735 2023 74,735 2024 433,866 2025 — Thereafter — Total finance lease liability 658,071 Less: imputed interest payable (84,984) Present value of finance lease liability 573,087 Less: current portion (48,887) Finance lease liability, long-term portion 524,200 Interest incurred on the finance lease liability in the year ended December 31, 2020 was $59.6 million (2019: $62.8 million; 2018: $21.8 million). Following the adoption of ASU 2016-02 from January 2019, the Company records new and modified leases in accordance with ASC 842. The Company elected the practical expedient to not reassess existing leases. The adoption of the standard resulted in no opening balance adjustments. See also Note 2: Accounting Policies.

SHARE CAPITAL, ADDITIONAL PAID-

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS	12 Months Ended
	Dec. 31, 2020
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) 2020 2019 300,000,000 common shares of $0.01 par value each (December 31, 2019: 200,000,000 common shares of $0.01 par value each) 3,000 2,000 Issued and fully paid share capital is as follows: (in thousands of $, except share data) 2020 2019 127,810,064 common shares of $0.01 par value each (December 31, 2019: 119,391,310 common shares of $0.01 par value each) 1,278 1,194 The Company's common shares are listed on the New York Stock Exchange. On May 1, 2020, SFL filed a registration statement to register the sale of up to 10,000,000 Common Shares pursuant to the dividend reinvestment plan, or 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, SFL may grant additional share sales to investors from time to time up to the amount registered under the plan. In May 2020, the Company entered into an equity distribution agreement with BTIG LLC ("BTIG") under which SFL may, from time to time, offer and sell new ordinary shares having aggregate sales proceeds of up to $100.0 million through an At-the-Market Sales Agreement offering ('ATM'). During the year ended December 31, 2020, the Company issued and sold 8.4 million shares under these arrangements and total proceeds of $61.5 million net of costs were received, resulting in a premium on issue of $61.4 million. At the Annual General Meeting of the Company held in August 2020, a resolution was passed to approve an increase of the Company’s authorized share capital from $2,000,000 equivalent to 200,000,000 common shares of $0.01 par value each to $3,000,000 equivalent to 300,000,000 common shares of $0.01 par value each by the authorization of an additional 100,000,000 common shares of $0.01 par value each. During the year ended December 31, 2020, the Company issued a total of 6,869 new shares of $0.01 each following the exercise of 17,500 share options (2019: 18,246 new shares issued to satisfy 65,000 options exercised and 2018: no new shares). The weighted average exercise price of the options exercised in 2020 was $8.63 per share. In November 2016, the Board of Directors renewed the Company's Share Option Scheme (the "Option Scheme"), originally approved in November 2006. The Option Scheme permits 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 (see also Note 23: Share option plan). At the Annual General Meeting of the Company held in September 2018, a resolution was passed to approve an increase of the Company’s authorized share capital from $1,500,000 divided into 150,000,000 common shares of $0.01 par value each to $2,000,000 divided into 200,000,000 common shares of $0.01 par value each by the authorization of an additional 50,000,000 common shares of $0.01 par value each. In May 2018, the Company issued a total of 4,024,984 new shares as part of the consideration paid for the acquisition of four 2014 built container vessels, each with 13,800 TEU carrying capacity. The vessels are employed under long-term time-charters to an unrelated third party. In April 2018, the Company issued a total of 3,765,842 new shares of par value $0.01 each from up to 7,000,000 issuable under a share lending arrangement in relation with the Company's issuance of 4.875% senior unsecured convertible bonds in April and May 2018. The shares issued have been loaned to affiliates of the underwriters of the bond issue in order to assist investors in the bonds to hedge their position. The bonds are convertible into common shares and mature on May 1, 2023. As required by ASC 470-20 "Debt with Conversion and Other Options", the Company calculated the equity component of the convertible bond, which was valued at $7.9 million at issue date and recorded as "Additional paid-in capital" (see Note 20: Short-term and long-term debt). During the year ended December 31, 2020, the Company purchased bonds with principal amounts totaling $8.4 million (2019: $3.4 million). The equity component of these extinguished bonds was valued at $0.3 million (2019: $0.2 million) and has been deducted from "Additional paid-in capital". In February 2018, the Company redeemed the full outstanding amount under the 3.25% senior unsecured convertible bonds due 2018. The remaining outstanding principal amount of $63.2 million was paid in cash, and the premium settled in common shares with the issue of 651,365 new shares. In October 2017, the Company issued a total of 9,418,798 new shares following separate privately negotiated transactions with certain holders of the 3.25% senior unsecured convertible bonds due 2018 for the conversion of a principal amount of $121.0 million from the outstanding balance of the convertible bonds. In November 2016, in relation with the Company's issue in October 2016 of senior unsecured convertible bonds totaling $225 million, the Company issued 8,000,000 new shares of par value $0.01 each. The shares were issued at par value and have 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 are convertible into common shares and mature on October 15, 2021. The initial conversion rate at the time of issuance was 56.2596 common shares per $1,000 bond, equivalent to a conversion price of approximately $17.7747 per share to the share price at the time. Since then, dividend distributions have increased the conversion rate to 65.8012, equivalent to a conversion price of approximately $15.20 per share. As required by ASC 470-20 "Debt with conversion and Other Options", the Company calculated the equity component of the convertible bond, which was valued at $4.0 million and recorded as "Additional paid-in capital" (see Note 20: Short-term and long-term debt). During the year ended December 31, 2020, $109.4 million of the dividend declared was paid from contributed surplus (2019:$31.9 million).

SHARE OPTION PLAN

SHARE OPTION PLAN	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
SHARE OPTION PLAN	SHARE OPTION PLAN In November 2006, the Board of Directors approved the Company's 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 permits 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. As of December 31, 2020 additional paid-in capital was credited with $1.0 million relating to the fair value of options granted in April 2018, January 2019, March 2019 and February 2020. In February 2020, the Company awarded a total of 350,000 options to officers, employees and directors, pursuant to the Company's Share Option Scheme. The options have a five three The following summarizes share option transactions related to the Option Scheme in 2020, 2019 and 2018: 2020 2019 2018 Options Weighted average exercise price $ Options Weighted average exercise price $ Options Weighted average exercise price $ Options outstanding at beginning of year 835,000 10.72 417,500 11.43 369,500 12.20 Granted 350,000 13.45 525,000 12.19 83,000 14.67 Exercised (17,500) 8.63 (65,000) 9.92 — — Forfeited (85,000) 11.02 (42,500) 11.80 (35,000) 10.03 Options outstanding at end of year 1,082,500 10.56 835,000 10.72 417,500 11.43 Exercisable at end of year 418,167 9.45 236,167 9.58 111,500 10.03 The exercise price of each option is progressively reduced by the amount of any dividends declared. The above figures show the average of the reduced exercise prices at the beginning and end of the year for options then outstanding. For options granted, exercised or forfeited during the year, the above figures show the average of the exercise prices at the time the options were granted, exercised or forfeited, as appropriate. The fair values of options granted are estimated on the date of the grant, using the Black-Scholes-Merton option valuation model. The fair values are then expensed over the periods in which the options vest. The weighted average fair value of options granted in 2020 was $1.76 per share as at grant date (2019: $2.68; 2018: $3.49). The weighted average assumptions used to calculate the fair values of the new options granted in 2020 were (a) risk free interest rate of 1.40% (2019: 2.36%; 2018: 2.63%); (b) expected share price volatility of 21.6% (2019: 25.0%; 2018: 29.5%); (c) expected dividend yield of 0% (2019: 0%; 2018: 0%) and (d) expected life of options 2 years (2019: 3.5 years; 2018: 3.5 years). The total intrinsic value of 17,500 options exercised in 2020 was $0.2 million on the day of exercise and the Company issued a total of 6,869 new shares in full satisfaction of this intrinsic value, with no cash exchanges. The total intrinsic value of 65,000 options exercised in 2019 was $0.3 million on the day of exercise and the Company issued a total of 18,246 new shares in full satisfaction of this intrinsic value, with no cash exchanges. There were no options exercises in 2018. As of December 31, 2020, there are 418,167 options fully vested but not exercised (2019: 236,167 options; 2018: 111,500 options) and their intrinsic value amounted to $0.0 million (2019: $1.2 million; 2018: $0.0 million). The weighted average remaining term of the vested exercisable options is 1.9 years as of December 31, 2020. As of December 31, 2020, the unrecognized compensation costs relating to non-vested options granted under the Option Scheme was $0.7 million (2019: $0.8 million; 2018: $0.3 million) and their intrinsic value amounted to $0.0 million (2019: $2.0 million; 2018: $0.0 million). This cost will be recognized over the remaining vesting periods, which average 0.7 years (2019: 1.3 years; 2018: 1.4 years).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has had transactions with the following related parties, being companies in which our principal shareholder Hemen Holding and companies associated with Hemen have, or had, a significant direct or indirect interest: – Frontline – Frontline Shipping Limited ("Frontline Shipping") – Seadrill – Golden Ocean – Seatankers Management Co. Ltd. (“Seatankers”) – NorAm Drilling – ADS Maritime Holding Plc, formerly known as ADS Crude Carriers Plc ("ADS Maritime Holding") – Golden Close Corporation. Ltd. ("Golden Close") – Sterna Finance Limited ("Sterna Finance") – River Box Holding Limited ("River Box") The Consolidated Balance Sheets include the following amounts due from and to related parties and associated companies, excluding investment in direct financing lease balances (Refer to Note 16: Investments in sales-type leases, direct financing leases and leaseback assets). (in thousands of $) 2020 2019 Amounts due from: Frontline Shipping 2,875 2,948 Frontline 3,202 6,708 Seadrill 3,613 51 SFL Linus — 7,392 SFL Deepwater — 1,246 SFL Hercules — 3,423 Golden Ocean — 627 Other related parties 2 4 Allowance for expected credit losses* (1,974) — Total amount due from related parties 7,718 22,399 Loans to related parties - associated companies, long-term River Box 45,000 — SFL Deepwater — 113,000 SFL Hercules 78,910 80,000 SFL Linus — 121,000 Total loans to related parties - associated companies, long-term 123,910 314,000 Long-term receivables from related parties Frontline — 9,171 Frontline Shipping — 4,445 Total long-term receivables from related parties — 13,616 Amounts due to: Frontline Shipping 836 3,884 Frontline 1,826 47 Golden Ocean 23 — Other related parties 39 49 Total amount due to related parties 2,724 3,980 *See Note 3: Recently issued accounting standards and Note 26: Allowance for expected credit losses. River Box was a previously 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. Net proceeds of $17.5 million were received for the shares, resulting in a net gain of $1.9 million on the sale. The Company has accounted for the remaining 49.9% ownership in River Box using the equity method (Refer to Note 17: Investment in associated companies). SFL Deepwater, SFL Hercules and SFL Linus each own the drilling units West Taurus , West Hercules and West Linu s respectively. These units are leased to subsidiaries of Seadrill, a related party. Because the main assets of SFL Deepwater, SFL Hercules and SFL Linus are the subject of leases which each include both fixed price call options and a fixed price purchase obligation or put option, they were previously determined to be variable interest entities in which the Company was not the primary beneficiary and therefore accounted for as investments in associated companies (Refer to Note 17: Investment in associated companies). During the year ended December 31, 2020, Seadrill publicly disclosed that they had appointed financial and legal advisors to evaluate comprehensive restructuring alternatives to reduce debt service costs and overall indebtedness. In September and October 2020, Seadrill failed to pay hire when due under the leases for the three drilling unit. The overdue hires along with certain other events, constituted an event of default under such leases and the related financing agreements. Under the terms of the leases, charter payment from the sub-charterers of West Hercules and West Linus , were paid into accounts pledged to SFL and its financing banks. During November and December 2020, Seadrill and SFL entered into forbearance and funds withdrawal agreements during which Seadrill was allowed to use certain funds received from the sub-charterers to pay operating expenses for the rigs in exchange for the Company being paid approximately 65 -75% of the existing contracted lease hire related to the West Hercules and the West Linus. Any hire received by Seadrill relating to the sub-charters on these two rigs in excess of the withdrawn amounts remained in Seadrill’s earnings accounts pledged to SFL. In February 2021, Seadrill and most of its subsidiaries filed Chapter 11 cases in the Southern District of Texas. SFL and certain of its subsidiaries have entered into court approved interim agreements with Seadrill relating to two of the Company’s drilling rigs, West Linus and West Hercules , allowing for the uninterrupted performance of sub-charters to oil majors while the Chapter 11 process is ongoing. Pursuant to these agreements, Seadrill will be allowed to use funds received from the respective sub-charterers to pay a fixed level of operating and maintenance expenses in additional to general and administrative costs. In exchange, SFL will receive approximately 65 - 75% of the lease hire under the existing charter agreements for West Linu s and West Hercules for the same period. With regards to the third rig, West Taurus , the lease has been rejected by the court and the rig will be redelivered to SFL within approximately three months. This rig is debt free and has been held in layup by Seadrill for more than five years. SFL is currently evaluating strategic alternatives for this rig, including potential recycling at an EU approved recycling facility. (See Note 29: Subsequent Events). In October 2020, the Company was determined to be the primary beneficiary of SFL Linus and SFL Deepwater following changes to the financing agreements as a result of defaults by Seadrill. Therefore, from October 2020, these subsidiaries were consolidated by the Company. As described below in "Related party loans", at December 31, 2020 and 2019, the long-term loan from the Company to SFL Hercules (2019: loans to SFL Deepwater, SFL Hercules, and SFL Linus) is presented net of its current account to the extent that it is an amount due to the associate. (Refer also to Concentration of Risk in Note 25). Related party leasing and service contracts As at December 31, 2020, two of the Company's vessels leased to Frontline Shipping (2019: three) are recorded as investment in direct financing leases. At December 31, 2020, the balance of net investments in direct financing leases with Frontline Shipping was $76.1 million before credit loss provision (2019: $111.5 million), of which $6.3 million (2019: $8.3 million) represents short-term maturities. In addition, included within vessels and equipment chartered under operating leases at December 31, 2020, there were eight Capesize dry bulk carriers leased to a fully guaranteed subsidiary of Golden Ocean (2019: eight). At December 31, 2020, the net book value of assets leased under operating leases to Golden Ocean was $200.5 million (2019: $201.7 million). A summary of leasing revenues and repayments from Frontline Shipping and Golden Ocean is as follows: (in millions of $) 2020 2019 2018 Golden Ocean: Operating lease income 52.0 51.1 53.3 Profit share — 0.8 0.3 Frontline Shipping: Direct financing lease interest income 1.7 3.8 9.6 Direct financing lease service revenue 6.9 9.9 22.1 Direct financing lease repayments 6.5 7.9 16.8 Profit share 18.6 4.8 1.5 In June 2015, amendments were made to the charter agreements relating to 17 vessels. The amendments, which are effective from July 1, 2015, and do not affect the duration of the leases, include reductions in the daily time-charter rates to $20,000 per day for VLCCs and $15,000 per day for Suezmax tankers. As consideration for the agreed amendments, the Company received 55 million shares, (which was reduced to 11 million shares in February 2016 after Frontline enacted a 1-for-5 reverse stock split of its ordinary shares) and also an increase in the profit sharing percentage (see below). A dividend restriction was introduced on Frontline Shipping whereby it can only make distributions to its parent company if it can demonstrate it meets certain conditions. During the year ended December 31, 2020, the Company sold approximately 2.0 million shares (2019: 7.6 million shares) and the investment in Frontline consists of approximately 1.4 million shares which are valued at $9.0 million at December 31, 2020. This investment is included in Note 11: Investments in debt and equity securities. In the year ended December 31, 2019, SFL entered into an agreement with Golden Ocean, where the Company agreed to finance EGCS installations on seven of the eight Capesize bulk carriers with an amount of up to $2.5 million per vessel, in return for increased charter hire of $1,535 per day for the 1 January 2020 to 30 June 2025. The installations have been completed during the year ended December 31, 2020, with the cost being capitalized into the value of the assets. Profits sharing arrangements were not changed. Also, two of the three VLCC crude tankers underwent EGCS installations during the year ended December 31, 2019. The Company incurred costs of $4.2 million, which represent a 50% share of joint costs with Frontline Shipping. Profits sharing arrangements were not changed. Frontline Shipping pays the Company profit sharing of 50% of their earnings on a time-charter equivalent basis from their use of the Company's fleet above average threshold charter rates calculated on a quarterly basis. The Company earns and recognizes profit sharing revenue under the 50% arrangement - see table above. In the event that vessels on charter to the Frontline Shipping are agreed to be sold, the Company may either pay or receive compensation for the early termination of the lease. In February 2018, the Company sold the VLCC Front Circassia to an unrelated third party and a termination fee of $4.4 million at fair value (face value $8.9 million) was received from Frontline Shipping in the form of a loan note. This loan note was settled in February 2020. In 2018, the Company also sold the VLCCs Front Page, Front Stratus and Front Serenade to a related third party. The vessels were delivered to the new owner, ADS Maritime Holding, in July 2018, August 2018 and September 2018, respectively, and an aggregate termination fee of $10.1 million at fair value was received from Frontline in the form of three loan notes. These loan notes were settled in February 2020. In October 2018, the Company sold and delivered the VLCC Front Ariake to an unrelated third party. A termination fee of $3.4 million at fair value was received from Frontline in the form of a loan note. This loan note was also settled in February 2020. In the year ended December 31, 2020, the Company had eight dry bulk carriers operating on time-charters to a subsidiary of Golden Ocean, which include profit sharing arrangements whereby the Company earns a 33% share of profits earned by the vessels above threshold levels - see table above. As at December 31, 2020, the Company was owed a total of $2.9 million (2019: $2.9 million) by Frontline Shipping in respect of leasing contracts and profit share. At December 31, 2020, the Company was owed $3.2 million (2019: $6.7 million) by Frontline in respect of various short-term items, including vessel management fees and items relating to the operation of vessels trading in a pool with two vessels owned by Frontline. The vessels leased to Frontline Shipping are on time charter terms and for each such vessel the Company pays a fixed management/operating fee of $9,000 per day to Frontline Management, a wholly owned subsidiary of Frontline. An exception to this arrangement is for any vessel leased to Frontline Shipping which is sub-chartered on a bareboat basis, for which there is no management fee payable for the duration of the bareboat sub-charter. In addition, during the year ended December 31, 2020, the Company also had 16 container vessels, 14 dry bulk carriers, two Suezmax tankers, two car carriers and two product tankers operating on time charter or in the spot market, for which the supervision of the technical management was sub-contracted to Frontline Management. Management fees incurred are included in the table below. The vessels leased to a subsidiary of Golden Ocean are on time charter terms and for each vessel the Company pays a fixed management/operating fee of $7,000 per day to Golden Ocean Management (Bermuda) Ltd. ("Golden Ocean Management"). Additionally, in the year ended December 31, 2020, the Company had 16 container vessels and 14 dry bulk carriers operating on time-charters or in the spot market, for which part of the operational management was sub-contracted to Golden Ocean Management. Management fees incurred are included in the table below. Management fees are classified as vessel operating expenses in the consolidated statements of operations. In addition to leasing revenues and repayments, the Company incurred fees with related parties. The Company operates the Suezmax tankers Glorycrown and Everbright in the spot market and pays Frontline and its subsidiaries a management fee of 1.25% of chartering revenues. The Company paid fees to Frontline Management for administrative services, including corporate services, and fees to Seatankers for the provision of advisory and support services. The Company also paid fees to Seatankers Management Norway AS for the provision of office facilities in Oslo, fees to Frontline Corporate Services Ltd for the provision of office facilities in London and Golden Ocean for administrative services. Year ended (in thousands of $) December 31, 2020 December 31, 2019 December 31, 2018 Frontline: Vessel Management Fees 8,893 11,758 24,033 Commissions and Brokerage 364 291 287 Administration Services Fees 82 201 323 Golden Ocean: Vessel Management Fees 20,496 20,440 20,440 Operating Management Fees 887 894 793 Administration Services Fees 70 30 — Seatankers: Administration Services Fees 520 739 290 Office Facilities: Seatankers Management Norway AS 94 104 108 Frontline Management AS 186 198 185 Frontline Corporate Services Ltd. 226 212 166 As at December 31, 2020, the Company owed Frontline Management and Frontline Management AS a combined total of $0.07 million (2019: $0.05 million) for various items, including technical supervision fees and office costs. Related party loans – associated companies A summary of loans entered into with River Box and SFL Hercules are as follows: (in millions of $) River Box SFL Hercules Loans granted 45 145 Loans outstanding at December 31, 2020 45 79 The loans to River Box and SFL Hercules are fixed interest rate loans. These loans are repayable in full on November 16, 2033 and October 1, 2023, respectively, or earlier if the companies sell their assets. SFL is entitled to take excess cash from SFL Hercules, and such amount is recorded within its current account with SFL. The loan agreement specifies that the balance on the current accounts will have no interest applied and will be settled via a net off against the eventual repayments of the fixed interest loan. In addition to this, as at December 31, 2020 the Company had current receivables of $0.0 million and $0.0 million from River Box and SFL Hercules, respectively (2019: $0.0 million; $3.4 million). SFL also has agreements with SFL Deepwater and SFL Linus granting them loans of $145 million and $125 million, respectively. The net outstanding loan balances as at December 31, 2019 were $113.0 million and $121.0 million for SFL Deepwater and SFL Linus, respectively. In addition to this, as at December 31, 2019 the Company had current receivables of $1.2 million and $7.4 million from SFL Deepwater and SFL Linus, respectively. In October 2020, the Company was determined to be the primary beneficiary of SFL Linus and SFL Deepwater following changes to the financing agreements and as a result of defaults by Seadrill and therefore consolidated these entities from this date. Interest income received on these loans is as follows: Year ended (in millions of $) December 31, 2020 December 31, 2019 December 31, 2018 River Box 0.0 0.0 0.0 SFL Deepwater* 3.8 5.1 5.1 SFL Hercules 3.6 3.6 3.6 SFL Linus* 4.5 5.4 5.4 *Interest income for the year ended December 31, 2020 is up until October 2020, while these entities were classified as associated companies. Related party purchases and sales of vessels In the year ended December 31, 2020 and December 31, 2019, no vessels were sold to related parties. In the year ended December 31, 2018, the VLCCs Front Page , Front Stratus and Front Serenade which were accounted for as direct financing leases, were sold to a related party, ADS Maritime Holding. Gains of $0.3 million, $0.2 million and $0.3 million were recorded on the disposal of the vessels, respectively. The gross proceeds from the sale was $22.5 million per vessel in addition to compensation, in the form of loan notes of $3.4 million each, received for the early termination of the charters. These loan notes were settled in full in February 2020. Long-term receivables from related parties In February 2020, Frontline Shipping redeemed in full the loan note received by the Company on the sale of one VLCC Front Circassia in 2018. The aggregate amount received on redemption was $8.9 million, the initial face value of the note. At the time of the redemption, the loan note had a carrying value of $4.4 million, resulting in a gain of $4.4 million on settlement. In February 2020, Frontline redeemed in full the loan notes received by the Company on the sale of four VLCCs Front Page, Front Stratus, Front Serenade and Front Ariake in 2018. The aggregate amount received on redemption was $11.0 million. At the time of the redemption, the loan notes had a carrying value of $11.0 million, resulting in a gain o f $0.0 million on d isposal. The Company received the following interest income and loan repayments on the loan notes: Year ended (in thousands of $) December 31, 2020 December 31, 2019 December 31, 2018 Interest income Frontline Shipping 82 734 537 Frontline 97 908 340 (in millions of $) Loan repayments Frontline Shipping* 8.9 — — Frontline 11.0 1.7 0.5 * Non amortizing loan note so there was no repayment received in 2019 and 2018. Other related party transactions In February 2020, the Company delivered the 2002-built VLCC Front Hakata to an unrelated third party for sale proceeds of $33.5 million. Furthermore, the Company agreed with Frontline Shipping to terminate the long-term charter for the vessel upon the sale and delivery, and paid $3.2 million compensation for early termination of the charter. A gain of $1.4 million was recognized on the sale during the year ended December 31, 2020. In December 2019, the Company signed a $7.5 million senior unsecured revolving credit facility agreement with ADS Maritime Holding, as ‘Borrower’ whereby SFL would provide $5 million of the unsecured facility or 67%. The facility was available for 12 months and carried an interest rate and a commitment fee on the undrawn available balance of the facility. The borrower could have voluntarily cancelled or repaid the facility, in whole or part. The Company received an upfront fee of $50,000 in respect of this contract in the year ended December 31, 2019. In May 2018, four wholly-owned subsidiaries of the Company entered into a $320.0 million unsecured loan facility provided by an affiliate of Hemen, Sterna Finance. The unsecured intermediary loan facility was entered into partly to fund the acquisition of four 13,800 TEU container vessels acquired in May 2018. The Company had provided a corporate guarantee for this loan facility, which had a fixed interest rate, was non-amortizing and had a term of 13 months from the drawdown date of the loan. Interest expense incurred on the loan in the year ended December 31, 2020 was $0.0 million (2019: $0.0 million; 2018: $6.4 million). The loan balance was prepaid in full in November 2018. In August 2018, the Company acquired approximately 4.0 million shares in ADS Maritime Holding, a newly formed company trading on the Oslo Merkur Market. The shares were purchased for $10.0 million, and have a fair value of $8.9 million at December 31, 2020 (Refer to Note 11: Investments in debt and equity securities). These shares represent 17% of the outstanding shares in the Company. In November 2016, the Company acquired approximately 12 million shares in NorAm Drilling for a consideration of approximately $0.7 million. In November 2018, NorAm undertook a share consolidation of 20:1, resulting in a revised investment of 601,023 shares. On the same day NorAm participated in a rights issue, increasing the Company's investment in shares by approximately 0.6 million shares. In December 2018, the Company acquired an additional 41,756 shares bringing the total investment in NorAm to approximately 1.3 million shares with a fair value of $3.9 million. At December 31, 2020 the fair value of the investment was $1.5 million (Refer to Note 11: Investments in debt and equity securities). The Company also holds within "Investments in Debt and Equity Securities" senior secured corporate bonds in NorAm Drilling due 2021. In 2018, the Company redeemed a total of approximately 0.5 million units at par value and recorded no gain or loss on redemption. In the year ended December 31, 2019, the Company partially disposed of its investment in NorAm Drilling securities at par value of $0.3 million. The fair value of the remaining holding at December 31, 2020 was $4.6 million (2019: $4.7 million; 2018: $5.2 million). (Refer to Note 11: Investments in debt and equity securities). During the year ended December 31, 2018, the Company divested its holding in Golden Close securities. The Company received net proceeds of $45.6 million, resulting in an overall gain of $13.5 million. The Company earned $0.2 million interest income on its holding of investments in secured notes issued by Golden Close, up to the date of divestment, in the year ended December 31, 2018. In the year ended December 31, 2019, the Company received $2.0 million final dividend distribution upon the liquidation of Golden Close. As at December 31, 2020, the net investment in Golden Close debt and equity securities is $0.0 million (2019: $0.0 million; 2018: $0.0 million). Dividends and interest income received from shares held in and secured notes issued by related parties: Year ended (in thousands of $) December 31, 2020 December 31, 2019 December 31, 2018 Dividends received ADS Maritime Holding 2,930 261 — Frontline 3,100 340 — Golden Close — 1,989 — Interest income received NorAm Drilling 420 459 506 Golden Close — — 242

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS In certain situations, the Company may enter into financial instruments to reduce the risk associated with fluctuations in interest rates and exchange rates. The Company has a portfolio of swaps which swap floating rate interest to fixed rate, and which also fix the Norwegian kroner to US dollar exchange rate applicable to the interest payable and principal repayment on the NOK bonds. From a financial perspective these swaps hedge interest rate and exchange rate exposure. The counterparties to such contracts are DNB Bank ASA, Nordea Bank Finland Plc., ABN AMRO Bank N.V., NIBC Bank N.V., Skandinaviska Enskilda Banken AB (publ), ING Bank N.V., Danske Bank A/S, Swedbank AB (publ), Credit Agricole Corporate & Investment Bank S.A., Sumitomo Mitsui Banking Corporation, BNP Paribas and Commonwealth Bank of Australia. Credit risk exists to the extent that the counterparties are unable to perform under the contracts, but this risk is considered not to be substantial as the counterparties are all banks which have provided the Company with loans. The following tables present 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 $) 2020 2019 Designated derivative instruments -short-term assets: Interest rate swaps — 520 Total derivative instruments - short-term assets — 520 Designated derivative instruments -long-term assets: Interest rate swaps — 377 Cross currency interest rate swaps 28 189 Cross currency swaps 3,373 — Non-designated derivative instruments -long-term assets: Interest rate swaps — 2,913 Cross currency swaps 5 — Total derivative instruments - long-term assets 3,406 3,479 (in thousands of $) 2020 2019 Designated derivative instruments -short-term liabilities: Interest rate swaps 703 6,067 Non-designated derivative instruments -short-term liabilities: Interest rate swaps 869 — Total derivative instruments - short-term liabilities 1,572 6,067 Designated derivative instruments -long-term liabilities: Interest rate swaps 7,926 5,477 Cross currency interest rate swaps 3,006 2,105 Cross currency swaps 8,301 11,049 Non-designated derivative instruments -long-term liabilities: Interest rate swaps 13,479 1,948 Total derivative instruments - long-term liabilities 32,712 20,579 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. At December 31, 2020, the Company and its consolidated subsidiaries had entered into interest rate swap transactions, involving the payment of fixed rates in exchange for LIBOR or NIBOR, as summarized below. The summary includes all swap transactions, most of which are hedges against specific loans. Notional Principal (in thousands of $) Trade date Maturity date Fixed interest rate $100,000 (remaining at $100,000) August 2011 August 2021 2.50% - 2.93% $96,600 (terminating at $79,733) May 2012 August 2022 1.76% - 1.85% $100,000 (remaining at $100,000) March 2013 April 2023 1.85% - 1.97% $39,313 (reducing to $35,063) December 2014 January 2022 2.97% $21,840 (reducing to $19,413) September 2015 March 2022 1.67% $50,313 (remaining at $50,313) June 2016 February 2021 1.07% $56,000 (remaining at $56,000) June 2019 September 2023 1.84% † $14,699 (equivalent to NOK128 million) June 2019 September 2023 6.70% - 6.77% * $11,254 (equivalent to NOK100 million) August 2019 September 2023 6.378% * $30,000 (remaining at $30,000) May 2019 June 2024 2.15% † $48,332 (equivalent to NOK420 million) May 2019 June 2024 6.85% - 6.90% * $100,000 (remaining at $100,000) August 2019 August 2029 1.45% - 1.60% $67,500 (remaining at $67,500) January 2020 October 2024 1.40% † $159,777 (reducing to $92,233) April 2020 October 2024 - January 2025 0.46% - 0.47% $48,610 (reducing to $45,135) May 2020 May 2022 0.28% * These swaps relate to the NOK700 million and NOK700 million unsecured bonds due 2023 and 2024 respectively, whereby the fixed interest rate paid is exchanged for NIBOR plus the margin on the bond. † These swaps relate to the NOK700 million, NOK700 million and NOK600 million unsecured bonds due 2023, 2024 and 2025 respectively, where a fixed interest rate is paid in exchange for LIBOR excluding margin on the underlying bonds. The total net notional principal amount subject to interest swap agreements as at December 31, 2020, was $0.9 billion (2019: $1.0 billion). 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 NOK600 million US$76.8 million September 2018 September 2023 NOK100 million US$11.3 million August 2019 September 2023 NOK700 million US$80.5 million May 2019 June 2024 NOK600 million US$67.5 million January 2020 January 2025 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 at December 31, 2020, and 2019, are as follows: 2020 2020 2019 2019 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available-for-sale debt securities 9,431 9,431 12,753 12,753 Equity Securities 10,367 10,367 17,551 17,551 Equity securities pledged to creditors 9,007 9,007 43,775 43,775 Floating rate NOK bonds due 2020 — — 56,910 58,191 Floating rate NOK bonds due 2023 81,572 78,513 79,674 81,567 Floating rate NOK bonds due 2024 80,989 76,940 79,674 79,674 Floating rate NOK bonds due 2025 62,927 57,421 — — 5.75% unsecured convertible bonds due 2021 212,230 199,496 212,230 227,025 4.875% unsecured convertible bonds due 2023 139,900 123,112 148,300 165,503 Derivatives: Interest rate/ currency swap contracts – short-term receivables — — 520 520 Interest rate/ currency swap contracts – long-term receivables 3,406 3,406 3,479 3,479 Interest rate/ currency swap contracts – short-term payables 1,572 1,572 6,067 6,067 Interest rate/ currency swap contracts – long-term payables 32,712 32,712 20,579 20,579 The above short-term receivables relating to interest rate/ currency swap contracts at December 31, 2019, all relate to designated hedges. The above long-term receivables relating to interest rate/ currency swap contracts at December 31, 2020, include $0.0 million which relates to non-designated swap contracts (2019: $2.9 million), with the balance relating to designated hedges. The above short-term payables relating to interest rate/ currency swap contracts at December 31, 2020, include $0.9 million which relates to non-designated swap contracts (2019: $0.0 million), with the balance relating to designated hedges. The above long-term payables relating to interest rate/ currency swap contracts at December 31, 2020, include $13.5 million which relates to non-designated swap contracts (2019: $1.9 million), with the balance relating to designated hedges. In accordance with the accounting policy relating to interest rate and currency swaps (see Note 2 "Accounting policies"), and following the adoption of ASU 2017-12, where the Company has designated the swap as a hedge, changes in the fair values of interest rate swaps are recognized in other comprehensive income. Changes in the fair value of other swaps not designated as hedges are recognized in the Consolidated Statement of Operations. The above fair values of financial assets and liabilities as at December 31, 2020, are measured as follows: Fair value measurements using December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands of $) (Level 1) (Level 2) (Level 3) Assets: Available-for-sale debt securities 9,431 4,643 4,788 Equity securities 10,367 10,367 Equity securities pledged to creditors 9,007 9,007 Interest rate/ currency swap contracts - long-term receivables 3,406 3,406 Total assets 32,211 24,017 8,194 — Liabilities: Floating rate NOK bonds due 2023 78,513 78,513 Floating rate NOK bonds due 2024 76,940 76,940 Floating rate NOK bonds due 2025 57,421 57,421 5.75% unsecured convertible bonds due 2021 199,496 199,496 4.875% unsecured convertible bonds due 2023 123,112 123,112 Interest rate/ currency swap contracts – short-term payables 1,572 1,572 Interest rate/ currency swap contracts – long-term payables 32,712 32,712 Total liabilities 569,766 535,482 34,284 — The above fair values of financial assets and liabilities as at December 31, 2019, were measured as follows: Fair value measurements using December 31, 2019 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands of $) (Level 1) (Level 2) (Level 3) Assets: Available-for-sale debt securities 12,753 4,690 8,063 — Equity securities 17,551 17,551 Equity securities pledged to creditors 43,775 43,775 Interest rate/ currency swap contracts – short-term receivables 520 520 Interest rate/ currency swap contracts – long-term receivables 3,479 3,479 Total assets 78,078 66,016 12,062 — Liabilities: Floating rate NOK bonds due 2020 58,191 58,191 Floating rate NOK bonds due 2023 81,567 81,567 Floating rate NOK bonds due 2024 79,674 79,674 5.75% unsecured convertible bonds due 2021 227,025 227,025 4.875% unsecured convertible bonds due 2023 165,503 165,503 Interest rate/ currency swap contracts – short-term payables 6,067 6,067 Interest rate/ currency swap contracts – long-term payables 20,579 20,579 Total liabilities 638,606 611,960 26,646 — 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 levels one and two of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within level three 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 one 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. Investment in equity securities consist of (i) listed Frontline shares (ii) NorAm Drilling shares traded in the OTC market and (iii) ADS Maritime Holding Plc shares traded on the Merkur Market whilst the investments in available-for-sale debt securities consist of listed and unlisted corporate bonds. At December 31, 2020, the Company determined that the available for sale corporate bonds held in Oro Negro and NT Rig Holdco valued at $4.8 million (2019: $8.1 million) should be classified as Level 2 measurements (2019: Level 2). The fair value of these corporate bonds is based on the latest available quoted prices, but due to low levels of trading the Company concluded that level one classification was not appropriate at December 31, 2020. The estimated fair values for the floating rate NOK bonds due 2023, 2024 and 2025, and the 5.75% and 4.875% unsecured convertible bonds are based on the quoted market prices as at the balance sheet date. The fair value of interest rate and currency swap contracts is calculated using established independent valuation techniques applied to contracted cash flows and LIBOR/NIBOR interest rates as at the balance sheet date. 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, ABN AMRO, Nordea, Credit Agricole Corporate and Investment Bank, ING Bank, Danske Bank, BNPP Bank, Credit Suisse, Morgan Stanley and DNB Bank. 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 is also a concentration of revenue risk with certain customers to whom the Company has chartered multiple vessels. In the year ended December 31, 2020, Frontline Shipping accounted for approximately 6% of our consolidated operating revenues (2019: 4%, 2018: 8%). Frontline Shipping is a 100% owned subsidiary of Frontline, but the performance under the leases is not guaranteed by Frontline following amendments agreed in 2015. There is no requirement for a minimum cash balance in Frontline Shipping, but in exchange for releasing the guarantee a dividend restriction was introduced on Frontline Shipping whereby it can only make distributions to its parent company if it can demonstrate it will have minimum free cash of $2 million per vessel both prior to and following (i) such distribution and (ii) the payment of the next hire due and any profit share accrued under the charters. Due to the current depressed tanker market, there is a risk that Frontline Shipping may not have sufficient funds to pay the agreed charterhires. However, the performance under the fixed price agreements with Frontline Management whereby we pay management fees of $9,000 per day for each vessel to cover all operating costs including drydocking costs, is guaranteed by Frontline. In the year ended December 31, 2020, the Company had eight Capesize dry bulk carriers leased to a subsidiary of Golden Ocean which accounted for approximately 11% of our consolidated operating revenues (2019: 11%, 2018: 13%). The Company also earned income on 32 container vessels on long-term bareboat charters to MSC, which accounted for approximately 13% of our consolidated operating revenues in the year ended December 31, 2020 (2019: 14%, 2018: 11%). The Company had 12 container vessels on long-term time charters to Maersk A/S (“Maersk”) at December 31, 2020, which accounted for approximately 29% of our consolidated operating revenues (2019: 30%; 2018: 27%). In the year ended December 31, 2020, the company had four container vessels on time charter to Evergreen Marine Corp., which accounted for approximately 15% of our consolidated operating revenues in the year ended December 31, 2020 (2019: 14%, 2018: 10%). In addition, a significant portion of our net income has been generated from our associated companies that lease rigs to subsidiaries of Seadrill. In October 2020, two of these three companies were consolidated. (see note 17: Investment in associated companies.) In the year ended December 31, 2020, income from our associated companies accounted for 7.2% of our net loss (2019: 35.0% of net income, 2018: 39.1% of net income). Also, in the year ended December 31, 2020, revenue from subsidiaries that were consolidated from October 2020 and leased to Seadrill, accounted for approximately 1% of our consolidated operating revenues (2019: 0%, 2018: 0%). During the year ended December 31, 2020, Seadrill publicly disclosed that they had appointed financial and legal advisors to evaluate comprehensive restructuring alternatives to reduce debt service costs and overall indebtedness. In September and October 2020, Seadrill failed to pay hire when due under the leases for the three drilling unit. The overdue hires along with certain other events, constituted an event of default under such leases and the related financing agreements. Under the terms of the leases, charter payment from the sub-charterers of West Hercules and West Linus , were paid into accounts pledged to SFL and its financing banks. During November and December 2020, Seadrill and SFL entered into forbearance and funds withdrawal agreements during which Seadrill was allowed to use certain funds received from the sub-charterers to pay operating expenses for the rigs in exchange for the Company being paid approximately 65 -75% of the existing contracted lease hire related to the West Hercules and the West Linus. Any hire received by Seadrill relating to the sub-charters on these two rigs in excess of the withdrawn amounts remained in Seadrill’s earnings accounts pledged to SFL. In October 2020, the Company was determined to be the primary beneficiary of SFL Linus and SFL Deepwater following changes to the financing agreements and as a result of defaults by Seadrill. Therefore, from October 2020 these subsidiaries were consolidated by the Company. (See Note 17: Investment in Associated Companies). River Box was a previously wholly owned subsidiary of the Company. River Box 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. The Company has accounted for the remaining 49.9% ownership in River Box using the equity method. (See Note 17: Investment in Associated Companies). As discussed in Note 27: Commitments and contingent liabilities, the Company, at December 31, 2020, guaranteed a total of $83.1 million (2019: $266.1 million) of the bank debt of its associated companies and had net outstanding receivable balance on loans granted by the Company to these associated companies totaling $123.9 million (2019: $326.1 million). The loans granted by the Company are considered not impaired at December 31, 2020 due to the fair value of the jack-up rig owned by SFL Hercules and the fair value of the vessels owned by River Box exceeding the book values at December 31, 2020.

ALLOWANCE FOR EXPECTED CREDIT L

ALLOWANCE FOR EXPECTED CREDIT LOSSES	12 Months Ended
	Dec. 31, 2020
Credit Loss [Abstract]
ALLOWANCE FOR EXPECTED CREDIT LOSSES	ALLOWANCE FOR EXPECTED CREDIT LOSSES On January 1, 2020 the Company was required to adopt ASU 2016-13 which introduces a new credit loss methodology, requiring earlier recognition of potential credit losses. ASU 2016-13, was adopted using the modified retrospective method (see Note 2: Accounting Policies). The provision is based on an assessment of the impact of current and expected future conditions, and at December 31, 2020, this is inclusive of the Company's estimate of the potential effect of the COVID-19 pandemic on credit losses. The duration and severity of COVID-19 and continued market volatility is highly uncertain and, as such, the impact on expected credit losses is 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 year ended December 31, 2020. (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 at December 31, 2019 — — — — — — Impact of the adoption of ASU 2016-13 on retained earnings (Note 2) 19 580 206 4,799 10 5,614 Additions from associates 1,336 2,025 3,361 Sale of 50.1% of subsidiary (1,575) (1,575) Change in allowance recorded in 'other financial items' 14 301 431 (859) 1,884 1,771 Balance at December 31, 2020 33 881 1,973 4,390 1,894 9,171 The impact of the allowance for expected credit losses on the associates is disclosed in Note 17: Investment in associated companies. In October, 2020, two of the 100% owned subsidiaries accounted for as associates, SFL Linus and SFL Deepwater, ceased to be accounted for as associates and become consolidated. Furthermore, the Company sold 50.1% of its subsidiary River Box Holding Inc. resulting in the remaining investment being accounted for as an investment in associates. Refer to Note 9: Gain on sale of subsidiaries and Note 17: Investment in associated companies.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Assets Pledged (in millions of $) 2020 2019 Vessels and equipment, net 1,189 1,352 Investments in sales-type, direct financing leases and leaseback assets 675 401 Book value of consolidated assets pledged under ship mortgages 1,864 1,753 Assets with finance lease liabilities (in millions of $) 2020 2019 Vessels under finance lease, net 697 714 Investments in direct financing leases — 563 Total book value 697 1,277 The Company and its equity-accounted subsidiaries have funded their acquisition of vessels, jack-up rig and ultra-deepwater drilling units 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 at December 31, 2020, the Company ($1.7 billion) and its 100% equity-accounted subsidiaries ($185.8 million) had a combined outstanding principal indebtedness of $1.8 billion (2019: $2.2 billion) under various credit facilities. As at December 31, 2020, the Company had a forward contract which expired in January of 2021, and has subsequently been rolled over to April 2021, to repurchase 1.4 million shares of Frontline (December 31, 2019: 3.4 million shares) with a carrying value of $9.0 million (December 31, 2019: $43.8 million). The transaction has been accounted for as a secured borrowing, with the shares transferred to 'Marketable securities pledged to creditors' and a liability of $15.6 million recorded within debt at December 31, 2020 (December 31, 2019: $36.8 million). At December 31, 2020 the shares, together with a restricted cash balance of $9.0 million (December 31, 2019: $3.5 million), have been pledged as part of the forward agreement. 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, The West of England Ship Owners Mutual Insurance Association (Luxembourg), 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. SFL Hercules is a wholly-owned subsidiary of the Company, which is accounted for using the equity method. Accordingly, their assets and liabilities are not consolidated in the Company's Consolidated Balance Sheets, but are presented on a net basis under "Investment in associated companies". See Note 17: Investment in associated companies. As at December 31, 2020, its bank borrowings amounted to $185.8 million (2019: $201.9 million) and the Company guaranteed $83.1 million (2019: $78.9 million) of this debt which is secured by first priority mortgage over the drilling unit. In addition, the Company has assigned all claims it may have under its secured loan to SFL Hercules in favor of the lender under its credit facility. This loan had a net outstanding balance of $78.9 million at December 31, 2020, (2019: $80.0 million) and is secured by second priority mortgage over the drilling unit, which has been assigned to the lender under the credit facilities. The lender has also been granted a first priority pledge over all shares of SFL Hercules. Capital commitments As at December 31, 2020, the Company has committed $5.8 million towards the procurement of scrubbers on nine vessels owned by the Company (December 31, 2019, $33.4 million on 13 vessels), with installations expected to take place up to the end of 2021. As at December 31, 2020, the Company has also committed to paying $7.0 million towards the installation of BWTS on 16 vessels from its fleet (December 31, 2019, $9.2 million on 18 vessels), with installations expected to take place up to 2022. There were no other material contractual commitments as at December 31, 2020.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2020
CONSOLIDATED VARIABLE INTEREST ENTITIES [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITIES	CONSOLIDATED VARIABLE INTEREST ENTITIES As at December 31, 2020, the Company's consolidated financial statements included 41 variable interest entities, all of which it has been determined that the Company is the primary beneficiary. These variable interest entities are all wholly-owned subsidiaries and own vessels with existing charters during which related and third parties have fixed price options or obligations to purchase the respective vessels, at dates varying from January 2021 to September 2025. At December 31, 2020, 28 of the consolidated variable interest entities have a vessel which is accounted for as investments in sales-type leases, direct financing leases and leaseback assets. At December 31, 2020, the vessels had a carrying value of $583.6 million before credit loss provision, unearned lease income of $161.3 million and total option prices at the earliest exercise date of $579.9 million. The outstanding loan balances in these entities amounted to a total of $356.4 million, of which the short-term portion was $73.8 million as at December 31, 2020. At December 31, 2020, 10 fully consolidated variable interest entities each own vessels which are accounted for as operating lease assets. At December 31, 2020 the vessels had a total net book value of $232.5 million. The outstanding loan balances in these entities amounted to a total of $90.1 million, of which the short-term portion was $13.9 million as at December 31, 2020. The remaining three consolidated variable interest entities each own vessels which are accounted for as vessels under finance lease and had a total net book value of $297.0 million at December 31, 2020. The outstanding total finance lease liabilities for these entities amounted to $231.8 million, of which the short-term portion was $20.0 million as at December 31, 2020.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In January 2021, the Company issued 0.3 million new shares pursuant to the Company's dividend reinvestment plan and At-the-Market Sales Agreement offering. On February 17, 2021, the Board of Directors of the Company declared a dividend of $0.15 per share which will be paid in cash on or around March 30, 2021. In February 2021, Seadrill and most of its subsidiaries filed Chapter 11 cases in the Southern District of Texas. SFL and certain of its subsidiaries have entered into court approved interim agreements with Seadrill relating to two of the Company’s drilling rigs, West Linus and West Hercules , allowing for the uninterrupted performance of sub-charters to oil majors while the Chapter 11 process is ongoing. Pursuant to these agreements, Seadrill will be allowed to use funds received from the respective sub-charterers to pay a fixed level of operating and maintenance expenses in additional to general and administrative costs. In exchange, SFL will receive approximately 65 - 75% of the lease hire under the existing charter agreements for West Linu s and West Hercules for the same period. With regards to the third rig, West Taurus , the lease has been rejected by the court and the rig will be redelivered to SFL within approximately three months. This rig is debt free and has been held in layup by Seadrill for more than five years. SFL is currently evaluating strategic alternatives for this rig, including potential recycling at an EU approved recycling facility. In March 2021, the Company received a capital dividend of approximately $8.8 million from ADS Maritime Holding following the sale of its remaining two vessels. Also in March 2021, the Company sold its remaining shares in ADS Maritime Holding for a consideration of approximately $0.8 million. In March 2021, the Company agreed to purchase a container vessel with a long term charter to a leading container liner operator. The delivery is expected to take place in the third quarter of 2021.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ("US GAAP"). The consolidated financial statements include the assets and liabilities and results of operations of the Company and its subsidiaries. All inter-company balances and transactions have been eliminated on consolidation. Where necessary, comparative figures for previous years have been reclassified to conform to changes in presentation in the current year.
Consolidation of variable interest entities	Consolidation of variable interest entities A variable interest entity is defined in Accounting Standards Codification ("ASC") Topic 810 "Consolidation" ("ASC 810") as a legal entity where either (a) the total equity at risk is not sufficient to permit the entity to finance its activities without additional subordinated support; (b) equity interest holders as a group lack either i) the power to direct the activities of the entity that most significantly impact on its economic success, ii) the obligation to absorb the expected losses of the entity, or iii) the right to receive the expected residual returns of the entity; or (c) the voting rights of some investors in the entity are not proportional to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. ASC 810 requires a variable interest entity to be consolidated by its primary beneficiary, being the interest holder, if any, which has both (1) the power to direct the activities of the entity which most significantly impact on the entity's economic performance, and (2) the right to receive benefits or the obligation to absorb losses from the entity which could potentially be significant to the entity. The Company evaluates its subsidiaries, and any other entities in which it holds a variable interest, in order to determine whether the Company is the primary beneficiary of the entity, and where it is determined that the Company is the primary beneficiary the Company fully consolidate the entity.
Use of accounting estimates	Use of accounting estimates The preparation of financial statements in accordance with US 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue and expense recognition	Revenue and expense recognition Effective from January 1, 2018, the Company adopted the new accounting standard ASC Topic 606 "Revenue from Contracts with Customers" using the modified retrospective method, which resulted in no adjustment to our retained earnings on adoption and comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company generates its revenues from the charter hire of its vessels and offshore related assets, and freight billings. Revenues are generated from time charter hire, bareboat charter hire, direct financing lease interest income, sales-type lease interest income, leaseback assets interest income, direct financing lease service revenues, profit sharing arrangements, voyage charters and other freight billings. In a time charter voyage, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, lubrication oil and other costs relevant to operate the vessel. The charterer bears the voyage related costs such as bunker expenses, port charges, and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are either operating or direct financing or sales type leases. Where time charters and bareboat charters are considered operating leases, revenues are recorded over the term of the charter as a service is provided. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period. Rental payments from direct financing and sales-type leases and leaseback assets are allocated between service revenues, if applicable, interest income and capital repayments. The amount allocated to lease service revenue is based on the estimated fair value, at the time of entering the lease agreement, of the services provided which consist of ship management and operating services. In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or "dead" freight. The voyage charter party generally has standard payment terms with freight paid on completion of discharge. The voyage charter party generally has a "demurrage" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as voyage revenue. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. Such estimate is reviewed and updated over the term of the voyage charter contract. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. We have determined that our voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight line basis over the voyage days from the commencement of loading to completion of discharge. Contract assets with regards to voyage revenues are reported as "Voyages in progress" as the performance obligation is satisfied over time. Voyage revenues typically become billable and due for payment on completion of the voyage and discharge of the cargo, at which point the receivable is recognized as "Trade accounts receivable, net". In a voyage contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. For our vessels operating under revenue sharing agreements, or in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants in accordance with an agreed-upon formula. Revenues generated through revenue sharing agreements are presented gross when we are considered the principal under the charter parties with the net income allocated under the revenue sharing agreement presented as within voyage charter income. For revenue sharing agreements that meet the definition of a lease, we account for such contracts as variable rate operating leases and recognize revenue for the applicable period based on the actual net revenue distributed by the pool. As detailed in Note 24: Related party transactions, the Company has, or has had, profit sharing arrangements with Frontline Shipping Limited ("Frontline Shipping"), Golden Ocean Group Limited ("Golden Ocean"). The Company also had profit sharing agreements with Deep Sea Supply Shipowning II AS (the “Solstad Charterer”), a wholly owned subsidiary of Solship Invest 3 AS (“Solship”, formerly Deep Sea Supply Plc, or Deep Sea). Amounts receivable under these arrangements are accrued on the basis of amounts earned at the reporting date. Any contingent elements of rental income, such as profit share, fuel saving payments and interest rate adjustments, are recognized when the contingent conditions have materialized.
Foreign currencies	Foreign currencies
Cash and cash equivalents	Cash and cash equivalents For the purposes of the consolidated statements of cash flows, all demand and time deposits and highly liquid, low risk investments with original maturities of three months or less are considered equivalent to cash.
Restricted cash	Restricted cashRestricted cash consists of cash which may only be used for certain purposes and is held under a contractual arrangement. The Company classifies restricted cash as short-term and a current asset if the cash is restricted for less than a year. Otherwise, the restricted cash is classified as long-term.
Investment in debt and equity securities	Investment in debt and equity securities Investments in debt and equity securities include share investments and interest-earning listed and unlisted corporate bonds. Any premium paid on their acquisition is amortized over the life of the bond. Investments in debt securities are recorded at fair value, with unrealized gains and losses recorded as a separate component of other comprehensive income. Investments in equity securities are recorded at fair value, with unrealized gains and losses recorded in the consolidated statement of operations. If circumstances arise which lead the Company to believe that the issuer of a corporate bond may be unable meet its payment obligations in full, or that the fair value at acquisition of the share investment or corporate bond may otherwise not be fully recoverable, then to the extent that a loss is expected to arise that unrealized loss is recorded as an impairment in the statement of operations, with an adjustment if necessary to any unrealized gains or losses previously recorded in other comprehensive income. In determining whether the Company has an other-than-temporary impairment in its investment in bonds, in addition to the Company’s intention and ability to hold the investments until the market recovers, the Company considers the period of decline, the amount and the severity of the decline and the ability of the investment to recover in the near to medium term. The Company also evaluates if the underlying security provided by the bonds is sufficient to ensure that the decline in fair value of these bonds did not result in an other-than-temporary impairment. The cost of disposals or reclassifications from other comprehensive income is calculated on an average cost basis, where applicable. The fair value of unlisted corporate bonds is determined from an analysis of projected cash flows, based on factors including the terms, provisions and other characteristics of the bonds, credit ratings and default risk of the issuing entity, the fundamental financial and other characteristics of that entity, and the current economic environment and trading activity in the debt market.
Investments in associated companies	Investments in associated companies Investments in affiliates in which the Company has significant influence but does not exercise control are accounted for using the equity method of accounting. Under the equity method, the Company records its investments in equity-method investees on the consolidated balance sheets as "Investment in associated companies" and its share of the nonconsolidated affiliate's income or loss is recognized in the consolidated statement of operations as "Equity in earnings of associated companies". The cumulative post-acquisition changes in the investment are adjusted against the carrying amount of the investment. As of December 31, 2020, one ultra-deepwater drilling unit owned by wholly-owned subsidiaries of the Company is accounted for using the equity method of accounting as it has been determined under ASC 810 that they are a variable interest entity in which SFL is not the primary beneficiary. (see Note 17: Investment in associated companies).
Allowance for expected credit losses	Allowance for expected credit losses The balances recorded in respect of T rade receivables, Other receivables, Related party receivables, Other long term assets and Investments in sales-type leases, direct financing leases and leaseback assets reflect the risk that our customers may fail to meet their payment obligations and the risk that the underlying asset value of the vessels and rigs could be less than the unguaranteed residual value. The Company estimates the expected risk of loss over the remaining life using a probability of default and net exposure analysis. The probability of default is estimated based on historical cumulative default data, adjusted for current conditions of similarly risk-rated counterparties over the contractual term. The net exposure is estimated based on the exposure, net of the estimated value of the underlying vessels and rigs in the instance of Investments in sales-type leases, direct financing leases and leaseback assets , over the contractual term. Current expected credit loss provisions are classified as expenses in the Consolidated Statement of Operations, with a corresponding allowance for credit loss amount reported as a reduction in the related balance sheet amount of Tr ade receivables, Other receivables, Related party receivables, Other long term assets and Investments in sales-type leases, direct financing leases and leaseback assets . Partial or full recoveries of amounts previously written off are generally recognized as a reduction in the provision for credit losses.
Trade accounts receivable	Trade accounts receivableThe amount shown as trade accounts receivable at each balance sheet date includes receivables due from customers for hire of vessels and offshore related assets, net of allowance for expected credit losses.
Inventories	Inventories Inventories are comprised principally of fuel and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in first-out basis.
Vessels and equipment (including operating and finance lease assets)	Vessels and equipment (including operating lease assets) Vessels and equipment are recorded at historical cost less accumulated depreciation and, if appropriate, impairment charges. The cost of these assets less estimated residual value is depreciated on a straight-line basis over the estimated remaining economic useful life of the asset. The estimated economic useful life of our offshore drilling rigs is 30 years and for all other vessels it is 25 years. Where an asset is subject to an operating lease that includes fixed price purchase options, the projected net book value of the asset is compared to the option price at the various option dates. If any option price is less than the projected net book value at an option date, the initial depreciation schedule is amended so that the carrying value of the asset is written down on a straight line basis to the option price at the option date. If the option is not exercised, this process is repeated so as to amortize the remaining carrying value, on a straight line basis, to the estimated scrap recycling value or the option price at the next option date, as appropriate. This accounting policy for fixed assets has the effect that if an option is exercised there will be either a) no gain or loss on the sale of the asset or b) in the event that the option is exercised at a price in excess of the net book value at the option date, a gain will be reported in the statement of operations at the date of delivery to the new owners, under the heading "gain on sale of assets and termination of charters". The Company capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel’s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management’s judgment as to expenditures that extend a vessel’s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred. Advances paid in respect of vessel upgrades in relation to Exhaust Gas Cleaning Systems ("EGCS" or "scrubbers") and Ballast water treatment systems ("BWTS") are included within "other long-term assets", until such time as the equipment is installed on a vessel, at which point it is transferred to "Vessels and equipment, net". Office equipment is depreciated at 20% per annum on a reducing balance basis. Vessels and equipment under finance lease The Company charters-in certain vessels and equipment under leasing agreements. Leases of vessels and equipment, where the Company has substantially all the risks and rewards of ownership, are classified as "vessels under finance lease", with corresponding lease liabilities recorded. The Company capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel’s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management’s judgment as to expenditures that extend a vessel’s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred. Advances paid in respect of vessel upgrades in relation to EGCS and BWTS are included within "other long-term assets", until such time as the equipment is installed on a vessel, at which point it is transferred to "Vessels under finance lease, net". Depreciation of vessels and equipment under finance lease is included within "Depreciation" in the consolidated statement of operations. Vessels and equipment under finance lease are depreciated on a straight-line basis over the vessels' remaining economic useful lives or on a straight-line basis over the term of the lease. The method applied is determined by the criteria by which the lease has been assessed to be a finance lease.
Newbuildings	Newbuildings The carrying value of vessels under construction ("newbuildings") represents the accumulated costs to the balance sheet date which the Company has paid by way of purchase installments and other capital expenditures together with capitalized loan interest and associated finance costs. No charge for depreciation is made until a newbuilding is put into operation.
Capitalized interest	Capitalized interestInterest expense is capitalized during the period of construction of newbuilding vessels based on accumulated expenditures for the applicable vessel at the Company's capitalization rate of interest. The amount of interest capitalized in an accounting period is determined by applying an interest rate (the "capitalization rate") to the average amount of accumulated expenditures for the vessel during the period. The capitalization rate used in an accounting period is based on the rates applicable to borrowings outstanding during the period. The Company does not capitalize amounts in excess of actual interest expense incurred in the period. No interest was capitalized in the cost of newbuildings in the year ended December 31, 2020 (2019: $0.0 million; 2018: $0.0 million).
Investment in sales-type leases and direct financing leases and leaseback assets	Investment in sales-type leases and direct financing leases Leases (charters) of our vessels where we are the lessor are classified as either direct financing, sales-type leases, operating leases, or leaseback assets based on an assessment of the terms of the lease. For charters classified as direct financing leases, the minimum lease payments (reduced in the case of time-chartered vessels by projected vessel operating costs) plus the estimated residual value of the vessel are recorded as the gross investment in the direct financing lease. For direct financing leases, the difference between the gross investment in the lease and the carrying value of the vessel is recorded as unearned lease interest income. The net investment in the lease consists of the gross investment less the unearned income. Over the period of the lease each charter payment received, net of vessel operating costs if applicable, is allocated between "lease interest income" and "repayment of investment in lease" in such a way as to produce a constant percentage rate of return on the balance of the net investment in the direct financing lease. Thus, as the balance of the net investment in each direct financing lease decreases, a lower proportion of each lease payment received is allocated to lease interest income and a greater proportion is allocated to lease repayment. For direct financing leases relating to time chartered vessels, the portion of each time charter payment received that relates to vessel operating costs is classified as "service revenue - direct financing leases". For sales-type leases, the difference between the gross investment in the lease and the present value of its components, i.e. the minimum lease payments and the estimated residual value, is recorded as unearned lease interest income. The discount rate used in determining the present values is the interest rate implicit in the lease. The present value of the minimum lease payments, computed using the interest rate implicit in the lease, is recorded as the sales price, from which the carrying value of the vessel at the commencement of the lease is deducted in order to determine the profit or loss on sale. As is the case for direct financing leases, the unearned lease interest income is amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in the lease. The Company adopted ASC 842 Leases on January 1, 2019 (which replaced ASC 840 Leases) using the modified retrospective transition approach, which allows the Company to recognize a cumulative effect adjustment to the opening balance of accumulated deficit in the period of adoption rather than restate our comparative prior year periods. The Company elected the package of practical expedients applied to all of its leases (including those for which it is a lessee and lessor) that permit it not to (i) reassess whether any expired or existing contracts are or contain leases; (ii) reassess the lease classification for any expired or existing leases , (iii) reassess initial direct costs for any existing leases and (iv) to not separate lease and non-lease components of lease revenue. Furthermore, the Company has not elected the practical expedient to use hindsight when determining the lease term. For leases entered into on or after January 1, 2019, any difference between the fair value of the leased asset and the costs results in a selling profit or loss. A selling profit is recognized at lease commencement for sales-type leases and over the lease term for direct financing leases. Selling loss is recognized at lease commencement for both sales-type and direct financing leases. The fair value is considered to be the cost of acquiring the vessel unless a significant period has elapsed between the acquisition of the vessel and the commencement of the lease. Where a sales-type lease, direct financing lease or leaseback asset charter arrangement containing fixed price purchase options, the projected carrying value of the net investment in the lease is compared to the option price at the various option dates. If any option price is less than the projected net investment in the lease at an option date, the rate of amortization of unearned lease interest income is adjusted to reduce the net investment to the option price at the option date. If the option is not exercised, this process is repeated so as to reduce the net investment in the lease to the un-guaranteed residual value or the option price at the next option date, as appropriate. This accounting policy for investments in direct financing or sales-type leases or leaseback assets has the effect that if an option is exercised there will either be a) no gain or loss on the exercise of the option or b) in the event that an option is exercised at a price in excess of the net investment in the lease at the option date, a gain will be reported in the statement of operations at the date of delivery to the new owners.
Leaseback assets	Leaseback assets From January 1, 2019, any vessels purchased and leased back to the same party are evaluated under ASC 842. If control is deemed not to have passed to the Company as purchaser, due for example to the lessee having purchase options, the transaction is accounted for under ASC 310 where the purchase price paid is accounted for as loan receivable and described as a leaseback asset. Interest income is recognized on the aggregate loan receivable based on the imputed interest rate and the part of the rental income received is allocated as a reduction of the vessel loan balance. Any purchase and leaseback transactions entered into before January 1, 2019, were accounted for as leases under ASC 840 and no changes have been made as the Company applied the practical expedients in ASC 842.
Finance lease liability	Finance lease liabilityThe Company charters-in seven container vessels through sale and leaseback financing arrangements with corresponding lease assets classified as "vessels under finance lease". Leases of vessels and equipment, where the Company has substantially all the risks and rewards of ownership, are classified as finance lease liabilities. Each lease payment is allocated between reduction in liability and finance charges to achieve a constant rate on the capital balance outstanding. The interest element of the capital cost is charged to the Consolidated Statement of Operations over the lease period.
Impairment of long-lived assets, including other long-term investments	Impairment of long-lived assets, including other long-term investments The carrying value of long-lived assets, including other long-term investments, that are held by the Company are reviewed whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For vessels, such indicators may include historically low spot charter rates and second hand vessel values. The Company assesses recoverability of the carrying value of the asset by estimating the future net cash flows expected to result from the asset, including eventual disposition, taking into account the possibility of any existing medium and long-term charter arrangements being terminated early. If the future expected net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the carrying value of the asset and its fair value. In addition, long-lived assets to be disposed of are reported at the lower of carrying amount and fair value less estimated costs to sell. Fair value is generally based on values achieved for the sale/purchase of similar vessels and external appraisals.
Deferred charges	Deferred charges Loan costs, including debt arrangement fees, are capitalized and amortized on a straight line basis over the term of the relevant loan. The straight line basis of amortization approximates the effective interest method in the Company's statement of operations. Amortization of loan costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. Similarly, if a portion of a loan is repaid early, the corresponding portion of the unamortized related deferred charges is charged against income in the period in which the early repayment is made.
Convertible bonds	Convertible bonds The Company accounts for debt instruments with convertible features in accordance with the details and substance of the instruments at the time of their issuance. For convertible debt instruments issued at a substantial premium to equivalent instruments without conversion features, or those that may be settled in cash upon conversion, it is presumed that the premium or cash conversion option represents an equity component. Accordingly, the Company determines the carrying amounts of the liability and equity components of such convertible debt instruments by first determining the carrying amount of the liability component by measuring the fair value of a similar liability that does not have an equity component. The carrying amount of the equity component representing the embedded conversion option is then determined by deducting the fair value of the liability component from the total proceeds from the issue. The resulting equity component is recorded, with a corresponding offset to debt discount which is subsequently amortized to interest cost using the effective interest method over the period the debt is expected to be outstanding as an additional non-cash interest expense. Transaction costs associated with the instrument are allocated pro-rata between the debt and equity components. For conventional convertible bonds which do not have a cash conversion option or where no substantial premium is received on issuance, it may not be appropriate to split the bond into the liability and equity components.
Financial instruments	Financial instruments In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. Interest rate and currency swaps The Company enters into interest rate swap transactions from time to time to hedge a portion of its exposure to floating interest rates. These transactions involve the conversion of floating interest rates into fixed rates over the life of the transactions without an exchange of underlying principal. The Company also enters into currency swap transactions from time to time to hedge against the effects of exchange rate fluctuations on loan liabilities. Currency swap transactions involve the exchange of fixed amounts of other currencies for fixed US dollar amounts over the life of the transactions, including an exchange of underlying principal. The Company may also enter into a combination of interest and currency swaps "cross currency interest rate swaps". The fair values of the interest rate and currency swap contracts, including cross currency interest rate swaps, are recognized as assets or liabilities. When the interest rate or currency swap does not qualify for hedge accounting under ASC Topic 815 "Derivatives and Hedging" ("ASC 815"), changes in fair values are recognized in the consolidated statements of operations. When the interest rate and/or currency swap or combination, qualifies for hedge accounting under ASC Topic 815 "Derivatives and Hedging" ("ASC 815"), and the Company has formally designated the swap as a hedge to the underlying loan, and when the hedge is effective, the changes in the fair value of the swap are recognized in other comprehensive income. If it becomes probable that the hedged forecasted transaction to which these swaps relate will not occur, the amounts in other comprehensive income will be reclassified into earnings immediately.
Drydocking provisions	Drydocking provisions Normal vessel repair and maintenance costs are charged to expense when incurred. The Company recognizes the cost of a drydocking at the time the drydocking takes place, that is, it applies the "expense as incurred" method.
Earnings per share	Earnings per share Basic earnings per share ("EPS") is computed based on the income available to common stockholders and the weighted average number of shares outstanding for basic EPS. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments.
Share-based compensation	Share-based compensation The Company accounts for share-based payments in accordance with ASC Topic 718 "Compensation – Stock Compensation" ("ASC 718"), under which the fair value of stock options issued to employees is expensed over the period in which the options vest. The Company uses the simplified method for making estimates of the expected term of stock options.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13). ASU 2016-13 introduces a new credit loss methodology, which requires earlier recognition of potential credit losses, while also providing additional transparency about credit risk. This new credit loss methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. This methodology replaces multiple impairment methods under previous GAAP for these types of assets, which generally required that a loss be incurred before it was recognized. The Company and its 100% owned subsidiaries accounted as "Investments and Deficit in Associated Companies" adopted this update on January 1, 2020 using the modified-retrospective approach, whereby a cumulative effect adjustment was made to reduce retained earnings on January 1, 2020 without any retroactive application to prior periods. On adoption, the Company recognized a cumulative adjustment of $32.6 million to its retained earnings with corresponding decreases in the carrying value of equity-accounted investments of $27.0 million (see Note 17: Investment in Associated Companies), and decreases the carrying value of Trade receivables, Other receivables, Related party receivables, Other long term assets and Investments in sales-type leases, direct financing leases and leaseback assets totaling $5.6 million (see Note 26: Allowance for expected credit losses). In August 2018, the FASB issued ASU 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement". ASU 2018-13 includes certain removals, modifications and additions to the disclosure requirements on fair value measurements in Topic 820. The updated guidance is effective for fiscal years, and interim periods beginning after December 15, 2019. The adoption of ASU 2018-13 did not have a material effect on the consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16 "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes." In the United States, eligible benchmark interest rates under Topic 815 are interest rates on direct Treasury obligations of the U.S. government (UST), the London Interbank Offered Rate (LIBOR) swap rate, and the Overnight Index Swap (OIS) Rate based on the Federal Funds Effective Rate. When the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, in August 2017, it introduced the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate as the fourth permissible U.S. benchmark rate. The new ASU adds the OIS rate based on SOFR as a U.S. benchmark interest rate to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. ASU 2018-16 was effective for fiscal years and interim periods beginning after December 15, 2019. The adoption of ASU 2018-16 did not have a material effect on the consolidated financial statements. In April 2019, the FASB issued ASU No. 2019-04 "Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments" to clarify and improve areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement. ASU 2019-04 was effective as of the beginning of the first annual reporting period beginning after April 25, 2019 for amendments to ASU 2017-12 and for fiscal and interim periods beginning after December 15, 2019 for amendments relating to ASU 2016-01 and ASU 2016-13. The impact of adopting ASU 2016-13 is shown above, the adoption of the remaining provisions of ASU 2019-04 had no further a material effect on the consolidated financial statements. In May 2019, the FASB issued ASU No. 2019-05 "Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief" to provide an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2019-05 was effective for fiscal years and interim periods beginning after December 15, 2019. The impact of adopting ASU 2016-13 and any related improvements is shown above, the adoption of the remaining provisions of ASU 2019-05 had no further material effect on its consolidated financial position, results of operations and cash flows. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. 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 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. The amendments in these updates are effective for all entities since March 12, 2020 through to December 31, 2022. The Company has determined that the reference rate reform will impact its floating rate debt facilities and interest rate swaps contracts. The Company expects to take advantage of the expedients and exceptions for applying GAAP provided by the updates when LIBOR is discontinued and replaced with alternative reference rates. In August 2020, the FASB issued ASU No. 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" ("ASU 2020-06"). This new standard changes the accounting and measurement of convertible instruments. It eliminates the treasury stock method for convertible instruments and requires application of the “if-converted” method for certain agreements. This standard is effective for the Company beginning January 1, 2022. The Company is currently evaluating the impact of ASU 2020-06 on its interest expense and earnings (loss) per share calculation under the "if-converted" method related to its convertible debt.

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Components of calculation of earnings per share	The components of the numerator for the calculation of basic and diluted EPS are as follows: Year ended December 31, (in thousands of $) 2020 2019 2018 Basic earnings (loss) per share: Net (loss)/income available to stockholders (224,425) 89,177 73,622 Diluted earnings (loss) per share: Net (loss)/income available to stockholders (224,425) 89,177 73,622 Interest and other expenses/(gains) attributable to convertible bonds — (304) 123 Net (loss)/income assuming dilution (224,425) 88,873 73,745 The components of the denominator for the calculation of basic and diluted EPS are as follows: Year ended December 31, (in thousands) 2020 2019 2018 Basic earnings per share: Weighted average number of common shares outstanding* 108,972 107,614 105,898 Diluted earnings per share: Weighted average number of common shares outstanding* 108,972 107,614 105,898 Effect of dilutive share options — 81 59 Effect of dilutive convertible bonds — 1 1,649 Weighted average number of common shares outstanding assuming dilution 108,972 107,696 107,606 Year ended December 31, 2020 2019 2018 Basic (loss)/earnings per share: $ (2.06) $ 0.83 $ 0.70 Diluted (loss)/earnings per share: $ (2.06) $ 0.83 $ 0.69 *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 bonds in October 2016. It also excludes 3,765,842 shares issued as of December 31, 2020 from up to 7,000,000 shares issuable under a share lending arrangement relating to the Company's issuance of 4.875% senior unsecured convertible bonds in April and May 2018. These lent shares are owned by the Company and will be returned on or before maturity of the bonds in 2021 and 2023, respectively.

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Minimum future revenue to be received under non-cancelable operating leases	The minimum future revenues to be received under the Company's non-cancelable operating leases on its vessels as of December 31, 2020, are as follows: Year ending December 31, (in thousands of $) 2021 345,881 2022 318,085 2023 332,149 2024 250,045 2025 45,799 Thereafter 119,019 Total minimum lease revenues 1,410,978
Cost and accumulated depreciation of vessels leased to third parties on operating leases	The cost and accumulated depreciation of vessels (owned and under finance leases) leased to third parties on non-cancelable operating leases at December 31, 2020 and 2019 were as follows: (in thousands of $) 2020 2019 Cost 2,245,889 2,100,533 Accumulated depreciation 465,033 315,934 Total 1,780,856 1,784,599

GAIN_(LOSS) ON SALE OF ASSETS_2

GAIN/(LOSS) ON SALE OF ASSETS AND TERMINATION OF CHARTERS (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Gains on sale of assets and termination of charters	The Company has recorded gains/losses on sale of assets and termination of charters as follows: Year ended December 31, (in thousands of $) 2020 2019 2018 Gain/(loss) on sale of vessels 2,250 — (2,578) Gain on termination of charters — — — Total Gain/(loss) on sale of assets 2,250 — (2,578)

GAIN ON SALE OF SUBSIDIARIES (T

GAIN ON SALE OF SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	At the time of disposal on December 31, 2020, the consolidated net assets held by River Box were as follows: (in thousands of $) 2020 Cash and cash equivalents 2,859 Investments in sales-type and direct financing leases 540,908 Finance lease liability (464,740) Long-term loan from related party (45,000) Other current liabilities (2,861) Net assets 31,166 (in thousands of $) 2018 Cash and cash equivalents 915 Vessel and equipment, net 76,875 Charter deposit (913) Other current liabilities (90) Net assets 76,787

OTHER FINANCIAL ITEMS, NET (Tab

OTHER FINANCIAL ITEMS, NET (Tables)	12 Months Ended
	Dec. 31, 2020
Other Income and Expenses [Abstract]
Other financial items	Other financial items comprise the following items: Year ended December 31, (in thousands of $) 2020 2019 2018 Net payments on non-designated derivatives relating to interest rate swaps (4,575) 1,389 170 Net payments on non-designated derivatives relating to cross currency swaps (6) — — Net payments on non-designated derivatives relating to combined cross currency and interest rate swaps (152) (194) (891) Net payments relating to the settlement of interest rate swaps following the refinancing of debt (4,539) — — Total net cash movement on non-designated derivatives and swap settlements (9,272) 1,195 (721) Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to interest rate swaps (15,314) (4,123) 2,687 Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to cross currency swaps 5 — — Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to combined cross currency and interest rate swaps (5,124) 673 11,221 Total net movement in fair value of non-designated derivatives (20,433) (3,450) 13,908 Net movement in fair value of designated derivatives (ineffective portion) — — (11) Allowance for expected credit losses (1,771) — — Impairment of long-term receivables — (9,168) (1,730) Other items 5,531 (1,330) (1,039) Total other financial items, net (25,945) (12,753) 10,407

INVESTMENTS IN DEBT AND EQUIT_2

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Debt and Equity Securities	Marketable securities held by the Company consist of corporate bonds and equity securities. (in thousands of $) 2020 2019 Corporate Bonds Balance at start of the year 12,753 13,245 Disposals during the year — (583) Additions during the year 1,287 2,281 Unrealized gain/(loss) recorded in other comprehensive income 279 (9) Accumulated other-than-temporary impairment* (4,888) (2,181) Balance at end of the year 9,431 12,753 2020 2019 Shares Balance at start of the year 61,326 73,929 Disposals during the year (23,661) (82,783) Unrealized gain /(loss)* (22,428) 29,104 Realized gain/(loss)* 4,864 40,777 FX gain/(loss) (727) 299 Balance at the end of year 19,374 61,326 Total Investment in Debt and Equity Securities 28,805 74,079 Equity Securities pledged to creditors 9,006 43,775 *Balances included in "Gain on investments in debt and equity securities" in the Consolidated Statements of Operations. (in thousands of $) 2020 2019 Frontline* 9,007 43,775 NorAm Drilling 1,484 4,326 ADS Maritime Holding (formally ADS Crude Carriers) 8,883 13,225 Total shares 19,374 61,326
Schedule of Corporate Bonds	The corporate bonds are classified as available-for-sale securities and are recorded at fair value, with unrealized gains and losses recorded as a separate component of "Other comprehensive income". Year ended December 31, 2020 Year ended December 31, 2019 (in thousands of $) Amortised Cost Unrealised gains/ (losses)* Fair value Amortised Cost Unrealised gains/ (losses)* Fair value NorAm Drilling 4,132 511 4,643 4,132 558 4,690 Oro Negro 7.5% — — — 5,705 — 5,705 Oro Negro 12% — — — 2,281 77 2,358 NT Rig Holdco 12% 3,567 404 3,971 — — — NT Rig Holdco 7.5% 817 — 817 — — — Total corporate bonds 8,516 915 9,431 12,118 635 12,753

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Movements in the year ended December 31, 2020 summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels and Equipment, net Balance at December 31, 2019 1,867,873 (463,168) 1,404,705 Depreciation — (71,302) (71,302) Capital improvements 52,676 — 52,676 Additions 258,138 — 258,138 Transfers to Investments in Sales-Type Leases (87,570) 20,368 (67,202) Vessel disposals (7,362) 3,963 (3,399) Impairment loss (390,584) 57,666 (332,918) Other movements — — — Balance at December 31, 2020 1,693,171 (452,473) 1,240,698

VESSELS UNDER FINANCE LEASE, _2

VESSELS UNDER FINANCE LEASE, NET (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of of Finance Lease	Movements in the year ended December 31, 2020 summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels under Finance Lease, net Balance at December 31, 2019 755,058 (40,582) 714,476 Depreciation — (39,977) (39,977) Capital improvements 22,881 — 22,881 Balance at December 31, 2020 777,939 (80,559) 697,380

OTHER LONG TERM ASSETS (Tables)

OTHER LONG TERM ASSETS (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Long-Term Assets	Other long term assets comprise the following items: (in thousands of $) 2020 2019 Capital improvements in progress 10,099 30,642 Collateral deposits on swap agreements 398 17,520 Value of acquired charter-out contracts, net 10,503 13,407 Long term receivables — 1,880 Other 961 799 Total other long-term assets 21,961 64,248

INVESTMENTS IN SALES-TYPE LEA_2

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS (Tables)	12 Months Ended
	Dec. 31, 2020
Net Investment in Direct Financing and Sales Type Leases [Abstract]
Schedule of sales-type leases, direct financing leases, and leaseback assets	(in thousands of $) 2020 2019 Investments in sales-type and direct financing leases 592,102 786,598 Investments in leaseback assets 85,441 207,789 677,543 994,387 The following lists the components of investments in sales-type leases, direct financing leases and leaseback assets as at December 31, 2020 and December 31, 2019: (in thousands of $) December 31, 2020 Sales-Type Leases and Direct Financing Leases Leaseback Assets Total Total minimum lease payments to be received 705,196 79,786 784,982 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (40,698) — (40,698) Net minimum lease payments receivable 664,498 79,786 744,284 Estimated residual values of leased property (un-guaranteed) 79,621 31,500 111,121 Less : unearned income (147,876) (25,596) (173,472) Total investment in sales-type lease, direct financing lease and leaseback assets 596,243 85,690 681,933 Allowance for expected credit losses* (4,141) (249) (4,390) Total investment in sales-type lease, direct financing lease and leaseback assets 592,102 85,441 677,543 Current portion 45,888 9,532 55,420 Long-term portion 546,214 75,909 622,123 (in thousands of $) December 31, 2019 Sales-Type Leases and Direct Financing Leases Leaseback Assets Total Total minimum lease payments to be received 1,085,642 134,073 1,219,715 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (64,222) — (64,222) Net minimum lease payments receivable 1,021,420 134,073 1,155,493 Estimated residual values of leased property (un-guaranteed) 192,429 139,500 331,929 Less : unearned income (427,251) (65,784) (493,035) Total investment in sales-type lease, direct financing lease and leaseback assets 786,598 207,789 994,387 Allowance for expected credit losses* — — — Total investment in sales-type lease, direct financing lease and leaseback assets 786,598 207,789 994,387 Current portion 45,361 10,828 56,189 Long-term portion 741,237 196,961 938,198
Minimum future gross revenues to be received under non-cancellable direct financing and sales-type leases	The minimum future gross revenues to be received under the Company's non-cancellable sales type leases, direct financing leases and leaseback assets as of December 31, 2020, are as follows: (in thousands of $) Sales-Type Leases and Direct Financing Leases Leaseback Assets Total 2021 84,206 15,410 99,616 2022 81,628 15,410 97,038 2023 111,874 14,630 126,504 2024 101,775 14,172 115,947 2025 78,058 9,517 87,575 Thereafter 247,655 10,647 258,302 Total minimum lease payments to be received 705,196 79,786 784,982
Schedule of interest income earned on investments	Interest income earned on investments in direct financing leases, sales type leases and leaseback assets in the year ended December 31, 2020 was as follows: (in thousands of $) 2020 2019 2018 Investments in sales type and direct financing leases* 57,579 56,764 39,678 Investments in leaseback assets 13,637 3,556 — Total 71,216 60,320 39,678 *Interest income earned on investments in sales-type leases and direct financing leases in the above table includes $1.7 million in relation to Frontline Shipping, a related party (2019: $3.8 million; 2018: $9.6 million).

INVESTMENT IN ASSOCIATED COMP_2

INVESTMENT IN ASSOCIATED COMPANIES (Tables)	12 Months Ended
	Dec. 31, 2020
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Percentage participation using the equity method of accounting	At December 31, 2020, 2019 and 2018, the Company had the following participation in investments that are recorded using the equity method: 2020 2019 2018 River Box Holding Inc. 49.90 % — % — % SFL Deepwater Ltd — % 100.00 % 100.00 % SFL Hercules Ltd 100.00 % 100.00 % 100.00 % SFL Linus Ltd — % 100.00 % 100.00 %
Summarized financial statement information of equity method investees	Summarized balance sheet information of the Company's equity method investees is as follows: As of December 31, 2020 (in thousands of $) TOTAL River Box SFL SFL SFL Share presented 49.90 % 100.00 % Current assets 34,763 12,475 — 22,288 — Non-current assets 513,918 258,865 — 255,053 — Total assets 548,681 271,340 — 277,341 — Current liabilities 199,255 12,569 — 186,686 — Non-current liabilities (1) 322,129 243,219 — 78,910 — Total liabilities 521,384 255,788 — 265,596 — Total stockholders' equity (2) 27,297 15,552 — 11,745 — As of December 31, 2019 (in thousands of $) TOTAL River Box SFL SFL SFL Current assets 75,079 — 29,047 22,645 23,387 Non-current assets 920,801 — 286,222 273,621 360,958 Total assets 995,880 — 315,269 296,266 384,345 Current liabilities 65,832 — 19,168 20,761 25,903 Non-current liabilities (1) 887,887 — 285,147 265,769 336,971 Total liabilities 953,719 — 304,315 286,530 362,874 Total stockholders' equity (2) 42,161 — 10,954 9,736 21,471 (1) River Box and SFL Hercules non-current liabilities at December 31, 2020, include $45.0 million and $78.9 million due to SFL, respectively (see Note 24: Related party transactions). At December 31, 2019 SFL Deepwater, SFL Hercules and SFL Linus non-current liabilities include $113.0 million, $80.0 million and $121.0 million respectively (see Note 24: Related party transactions). In addition, SFL Deepwater, SFL Hercules and SFL Linus current liabilities at December 31, 2019, include a further $1.2 million, $3.4 million and $7.4 million due to SFL, respectively (see Note 24: Related party transactions). (2) In the year ended December 31, 2020, 2019 and 2018, the Company did not receive any dividends from its associates. Summarized statement of operations information of the Company's equity method investees is shown below. Year ended December 31, 2020 (in thousands of $) TOTAL River Box SFL SFL SFL Operating revenues 45,573 — 11,835 15,072 18,666 Net operating revenues 45,532 — 11,892 15,050 18,590 Net income (3) 4,286 — (6,002) 3,827 6,461 Year ended December 31, 2019 (in thousands of $) TOTAL River Box SFL SFL SFL Operating revenues 64,142 — 18,966 18,378 26,798 Net operating revenues 64,142 — 18,966 18,378 26,798 Net income (3) 17,054 — 4,346 3,622 9,086 Year ended December 31, 2018 (in thousands of $) TOTAL River Box SFL SFL SFL Operating revenues 64,572 — 19,594 19,126 25,852 Net operating revenues 64,410 — 19,540 19,049 25,821 Net income (3) 14,635 — 3,973 3,372 7,290 (3) The net income of River Box, SFL Deepwater, SFL Hercules and SFL Linus for the year ended December 31, 2020, includes interest payable to SFL amounting to $0.0 million, $3.8 million (2019: $5.1 million; 2018: $5.1 million), $3.6 million (2019: $3.6 million; 2018: $3.6 million), and $4.5 million (2019: $5.4 million; 2018: $5.4 million), respectively (see Note 24: Related party transactions).
Financing Receivable, Allowance for Credit Loss	Movements in the year ended December 31, 2020, in the allowance for expected credit losses can be summarized as follows: As of December 31, 2020 (in thousands of $) TOTAL River Box SFL SFL SFL Share presented 49.90 % 100.00 % Balance at December 31, 2019 — — — — — Adjustment for adoption of the ASU 2016-13 (Note 2) 27,024 — 23,493 1,816 1,715 Transferred from associates (35,665) — (32,964) — (2,701) Addition from new associate 786 786 — — — Allowance recorded in net income of associated company 11,276 — 9,471 819 986 Balance at December 31, 2020 3,421 786 — 2,635 —

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2020
Accrued Liabilities [Abstract]
Schedule of Accrued Liabilities	(in thousands of $) 2020 2019 Vessel operating expenses 12,841 8,668 Administrative expenses 1,603 1,694 Interest expense 6,616 6,770 21,060 17,132

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	(in thousands of $) 2020 2019 Deferred and prepaid charter revenue 15,156 10,000 Employee taxes 34 3,117 Other items 895 162 16,085 13,279

SHORT-TERM AND LONG-TERM DEBT (

SHORT-TERM AND LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2020
Long-term Debt, by Current and Noncurrent [Abstract]
Schedule of long-term debt	(in thousands of $) 2020 2019 Long-term debt: Norwegian kroner 500 million senior unsecured floating rate bonds due 2020 — 56,910 5.75% senior unsecured convertible bonds due 2021 212,230 212,230 Norwegian kroner 700 million senior unsecured floating rate bonds due 2023 81,572 79,674 4.875% senior unsecured convertible bonds due 2023 139,900 148,300 Norwegian kroner 700 million senior unsecured floating rate bonds due 2024 80,989 79,674 Norwegian kroner 600 million senior unsecured floating rate bonds due 2025 62,927 — Borrowings secured on Frontline shares 15,639 36,763 U.S. dollar denominated floating rate debt due through 2025 1,070,137 1,013,626 Total debt principal 1,663,394 1,627,177 Less : unamortized debt issuance costs (14,325) (19,089) Less : current portion of long-term debt (484,956) (253,059) Total long-term debt 1,164,113 1,355,029
Schedule of maturities of debt	The outstanding debt as of December 31, 2020, is repayable as follows: Year ending December 31, (in thousands of $) 2021 484,956 2022 262,059 2023 493,535 2024 227,703 2025 195,141 Thereafter — Total debt principal 1,663,394
Schedule of long-term debt instruments	Interest rate information December 31, 2020 December 31, 2019 Weighted average interest rate 2.91 % 4.27 % US Dollar London Interbank Offered Rate ("LIBOR") 0.24 % 1.91 % Norwegian Interbank Offered Rate ("NIBOR") 0.49 % 1.84 %

FINANCE LEASE LIABILITY (Tables

FINANCE LEASE LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Schedule of Finance Leases	(in thousands of $) 2020 2019 Finance lease liability, current portion 48,887 68,874 Finance lease liability, long-term portion 524,200 1,037,553 573,087 1,106,427
Finance Lease, Liability, Maturity	The Company's future minimum lease liability under the non-cancellable finance leases are as follows: Year ending December 31, (in thousands of $) 2021 74,735 2022 74,735 2023 74,735 2024 433,866 2025 — Thereafter — Total finance lease liability 658,071 Less: imputed interest payable (84,984) Present value of finance lease liability 573,087 Less: current portion (48,887) Finance lease liability, long-term portion 524,200

SHARE CAPITAL, ADDITIONAL PAI_2

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Schedule of Share Capital	Authorized share capital is as follows: (in thousands of $, except share data) 2020 2019 300,000,000 common shares of $0.01 par value each (December 31, 2019: 200,000,000 common shares of $0.01 par value each) 3,000 2,000 Issued and fully paid share capital is as follows: (in thousands of $, except share data) 2020 2019 127,810,064 common shares of $0.01 par value each (December 31, 2019: 119,391,310 common shares of $0.01 par value each) 1,278 1,194

SHARE OPTION PLAN (Tables)

SHARE OPTION PLAN (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of share option transactions	The following summarizes share option transactions related to the Option Scheme in 2020, 2019 and 2018: 2020 2019 2018 Options Weighted average exercise price $ Options Weighted average exercise price $ Options Weighted average exercise price $ Options outstanding at beginning of year 835,000 10.72 417,500 11.43 369,500 12.20 Granted 350,000 13.45 525,000 12.19 83,000 14.67 Exercised (17,500) 8.63 (65,000) 9.92 — — Forfeited (85,000) 11.02 (42,500) 11.80 (35,000) 10.03 Options outstanding at end of year 1,082,500 10.56 835,000 10.72 417,500 11.43 Exercisable at end of year 418,167 9.45 236,167 9.58 111,500 10.03

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Amounts due from and to related parties, excluding direct financing lease balances	The Consolidated Balance Sheets include the following amounts due from and to related parties and associated companies, excluding investment in direct financing lease balances (Refer to Note 16: Investments in sales-type leases, direct financing leases and leaseback assets). (in thousands of $) 2020 2019 Amounts due from: Frontline Shipping 2,875 2,948 Frontline 3,202 6,708 Seadrill 3,613 51 SFL Linus — 7,392 SFL Deepwater — 1,246 SFL Hercules — 3,423 Golden Ocean — 627 Other related parties 2 4 Allowance for expected credit losses* (1,974) — Total amount due from related parties 7,718 22,399 Loans to related parties - associated companies, long-term River Box 45,000 — SFL Deepwater — 113,000 SFL Hercules 78,910 80,000 SFL Linus — 121,000 Total loans to related parties - associated companies, long-term 123,910 314,000 Long-term receivables from related parties Frontline — 9,171 Frontline Shipping — 4,445 Total long-term receivables from related parties — 13,616 Amounts due to: Frontline Shipping 836 3,884 Frontline 1,826 47 Golden Ocean 23 — Other related parties 39 49 Total amount due to related parties 2,724 3,980 *See Note 3: Recently issued accounting standards and Note 26: Allowance for expected credit losses.
Summary of leasing revenues earned from related parties	A summary of leasing revenues and repayments from Frontline Shipping and Golden Ocean is as follows: (in millions of $) 2020 2019 2018 Golden Ocean: Operating lease income 52.0 51.1 53.3 Profit share — 0.8 0.3 Frontline Shipping: Direct financing lease interest income 1.7 3.8 9.6 Direct financing lease service revenue 6.9 9.9 22.1 Direct financing lease repayments 6.5 7.9 16.8 Profit share 18.6 4.8 1.5
Schedule of related party transactions	In addition to leasing revenues and repayments, the Company incurred fees with related parties. The Company operates the Suezmax tankers Glorycrown and Everbright in the spot market and pays Frontline and its subsidiaries a management fee of 1.25% of chartering revenues. The Company paid fees to Frontline Management for administrative services, including corporate services, and fees to Seatankers for the provision of advisory and support services. The Company also paid fees to Seatankers Management Norway AS for the provision of office facilities in Oslo, fees to Frontline Corporate Services Ltd for the provision of office facilities in London and Golden Ocean for administrative services. Year ended (in thousands of $) December 31, 2020 December 31, 2019 December 31, 2018 Frontline: Vessel Management Fees 8,893 11,758 24,033 Commissions and Brokerage 364 291 287 Administration Services Fees 82 201 323 Golden Ocean: Vessel Management Fees 20,496 20,440 20,440 Operating Management Fees 887 894 793 Administration Services Fees 70 30 — Seatankers: Administration Services Fees 520 739 290 Office Facilities: Seatankers Management Norway AS 94 104 108 Frontline Management AS 186 198 185 Frontline Corporate Services Ltd. 226 212 166 The Company received the following interest income and loan repayments on the loan notes: Year ended (in thousands of $) December 31, 2020 December 31, 2019 December 31, 2018 Interest income Frontline Shipping 82 734 537 Frontline 97 908 340 (in millions of $) Loan repayments Frontline Shipping* 8.9 — — Frontline 11.0 1.7 0.5 Dividends and interest income received from shares held in and secured notes issued by related parties: Year ended (in thousands of $) December 31, 2020 December 31, 2019 December 31, 2018 Dividends received ADS Maritime Holding 2,930 261 — Frontline 3,100 340 — Golden Close — 1,989 — Interest income received NorAm Drilling 420 459 506 Golden Close — — 242
Related party loans, associated companies	A summary of loans entered into with River Box and SFL Hercules are as follows: (in millions of $) River Box SFL Hercules Loans granted 45 145 Loans outstanding at December 31, 2020 45 79
Interest income on related party loan notes	Interest income received on these loans is as follows: Year ended (in millions of $) December 31, 2020 December 31, 2019 December 31, 2018 River Box 0.0 0.0 0.0 SFL Deepwater* 3.8 5.1 5.1 SFL Hercules 3.6 3.6 3.6 SFL Linus* 4.5 5.4 5.4

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair values of derivative instruments designated and not designated as cash flow hedges	The following tables present 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 $) 2020 2019 Designated derivative instruments -short-term assets: Interest rate swaps — 520 Total derivative instruments - short-term assets — 520 Designated derivative instruments -long-term assets: Interest rate swaps — 377 Cross currency interest rate swaps 28 189 Cross currency swaps 3,373 — Non-designated derivative instruments -long-term assets: Interest rate swaps — 2,913 Cross currency swaps 5 — Total derivative instruments - long-term assets 3,406 3,479 (in thousands of $) 2020 2019 Designated derivative instruments -short-term liabilities: Interest rate swaps 703 6,067 Non-designated derivative instruments -short-term liabilities: Interest rate swaps 869 — Total derivative instruments - short-term liabilities 1,572 6,067 Designated derivative instruments -long-term liabilities: Interest rate swaps 7,926 5,477 Cross currency interest rate swaps 3,006 2,105 Cross currency swaps 8,301 11,049 Non-designated derivative instruments -long-term liabilities: Interest rate swaps 13,479 1,948 Total derivative instruments - long-term liabilities 32,712 20,579
Schedule of interest rate swap transactions designated as hedges against specific loans	At December 31, 2020, the Company and its consolidated subsidiaries had entered into interest rate swap transactions, involving the payment of fixed rates in exchange for LIBOR or NIBOR, as summarized below. The summary includes all swap transactions, most of which are hedges against specific loans. Notional Principal (in thousands of $) Trade date Maturity date Fixed interest rate $100,000 (remaining at $100,000) August 2011 August 2021 2.50% - 2.93% $96,600 (terminating at $79,733) May 2012 August 2022 1.76% - 1.85% $100,000 (remaining at $100,000) March 2013 April 2023 1.85% - 1.97% $39,313 (reducing to $35,063) December 2014 January 2022 2.97% $21,840 (reducing to $19,413) September 2015 March 2022 1.67% $50,313 (remaining at $50,313) June 2016 February 2021 1.07% $56,000 (remaining at $56,000) June 2019 September 2023 1.84% † $14,699 (equivalent to NOK128 million) June 2019 September 2023 6.70% - 6.77% * $11,254 (equivalent to NOK100 million) August 2019 September 2023 6.378% * $30,000 (remaining at $30,000) May 2019 June 2024 2.15% † $48,332 (equivalent to NOK420 million) May 2019 June 2024 6.85% - 6.90% * $100,000 (remaining at $100,000) August 2019 August 2029 1.45% - 1.60% $67,500 (remaining at $67,500) January 2020 October 2024 1.40% † $159,777 (reducing to $92,233) April 2020 October 2024 - January 2025 0.46% - 0.47% $48,610 (reducing to $45,135) May 2020 May 2022 0.28% * These swaps relate to the NOK700 million and NOK700 million unsecured bonds due 2023 and 2024 respectively, whereby the fixed interest rate paid is exchanged for NIBOR plus the margin on the bond.
Schedule of currency swap transactions	Principal Receivable Principal Payable Trade date Maturity date NOK600 million US$76.8 million September 2018 September 2023 NOK100 million US$11.3 million August 2019 September 2023 NOK700 million US$80.5 million May 2019 June 2024 NOK600 million US$67.5 million January 2020 January 2025
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 at December 31, 2020, and 2019, are as follows: 2020 2020 2019 2019 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available-for-sale debt securities 9,431 9,431 12,753 12,753 Equity Securities 10,367 10,367 17,551 17,551 Equity securities pledged to creditors 9,007 9,007 43,775 43,775 Floating rate NOK bonds due 2020 — — 56,910 58,191 Floating rate NOK bonds due 2023 81,572 78,513 79,674 81,567 Floating rate NOK bonds due 2024 80,989 76,940 79,674 79,674 Floating rate NOK bonds due 2025 62,927 57,421 — — 5.75% unsecured convertible bonds due 2021 212,230 199,496 212,230 227,025 4.875% unsecured convertible bonds due 2023 139,900 123,112 148,300 165,503 Derivatives: Interest rate/ currency swap contracts – short-term receivables — — 520 520 Interest rate/ currency swap contracts – long-term receivables 3,406 3,406 3,479 3,479 Interest rate/ currency swap contracts – short-term payables 1,572 1,572 6,067 6,067 Interest rate/ currency swap contracts – long-term payables 32,712 32,712 20,579 20,579
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The above fair values of financial assets and liabilities as at December 31, 2020, are measured as follows: Fair value measurements using December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands of $) (Level 1) (Level 2) (Level 3) Assets: Available-for-sale debt securities 9,431 4,643 4,788 Equity securities 10,367 10,367 Equity securities pledged to creditors 9,007 9,007 Interest rate/ currency swap contracts - long-term receivables 3,406 3,406 Total assets 32,211 24,017 8,194 — Liabilities: Floating rate NOK bonds due 2023 78,513 78,513 Floating rate NOK bonds due 2024 76,940 76,940 Floating rate NOK bonds due 2025 57,421 57,421 5.75% unsecured convertible bonds due 2021 199,496 199,496 4.875% unsecured convertible bonds due 2023 123,112 123,112 Interest rate/ currency swap contracts – short-term payables 1,572 1,572 Interest rate/ currency swap contracts – long-term payables 32,712 32,712 Total liabilities 569,766 535,482 34,284 — The above fair values of financial assets and liabilities as at December 31, 2019, were measured as follows: Fair value measurements using December 31, 2019 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands of $) (Level 1) (Level 2) (Level 3) Assets: Available-for-sale debt securities 12,753 4,690 8,063 — Equity securities 17,551 17,551 Equity securities pledged to creditors 43,775 43,775 Interest rate/ currency swap contracts – short-term receivables 520 520 Interest rate/ currency swap contracts – long-term receivables 3,479 3,479 Total assets 78,078 66,016 12,062 — Liabilities: Floating rate NOK bonds due 2020 58,191 58,191 Floating rate NOK bonds due 2023 81,567 81,567 Floating rate NOK bonds due 2024 79,674 79,674 5.75% unsecured convertible bonds due 2021 227,025 227,025 4.875% unsecured convertible bonds due 2023 165,503 165,503 Interest rate/ currency swap contracts – short-term payables 6,067 6,067 Interest rate/ currency swap contracts – long-term payables 20,579 20,579 Total liabilities 638,606 611,960 26,646 —

ALLOWANCE FOR EXPECTED CREDIT_2

ALLOWANCE FOR EXPECTED CREDIT LOSSES (Tables)	12 Months Ended
	Dec. 31, 2020
Credit Loss [Abstract]
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 year ended December 31, 2020. (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 at December 31, 2019 — — — — — — Impact of the adoption of ASU 2016-13 on retained earnings (Note 2) 19 580 206 4,799 10 5,614 Additions from associates 1,336 2,025 3,361 Sale of 50.1% of subsidiary (1,575) (1,575) Change in allowance recorded in 'other financial items' 14 301 431 (859) 1,884 1,771 Balance at December 31, 2020 33 881 1,973 4,390 1,894 9,171

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of assets pledged	Assets Pledged (in millions of $) 2020 2019 Vessels and equipment, net 1,189 1,352 Investments in sales-type, direct financing leases and leaseback assets 675 401 Book value of consolidated assets pledged under ship mortgages 1,864 1,753
Schedule of assets with finance lease liabilities	Assets with finance lease liabilities (in millions of $) 2020 2019 Vessels under finance lease, net 697 714 Investments in direct financing leases — 563 Total book value 697 1,277

GENERAL (Details)

GENERAL (Details)	Dec. 31, 2020carriervesseldrillingRigtanker	Dec. 31, 2019tanker
Off Shore Assets And Charters [Line Items]
Number of very large crude oil carriers owned	2	3
Number of Suezmax crude oil carriers owned | carrier	2
Number of Supramax drybulk carriers owned | carrier	5
Number of Handysize drybulk carriers owned | carrier	7
Number of Kamsarmax drybulk carriers owned | carrier	2
Number of capesize drybulk carriers owned | carrier	8
Number of container vessels owned	45
Number of container vessels contracted to be chartered in	4
Vessels with finance lease liabilities with a net book value	7
Number of car carriers | carrier	2
Number of jack-up drilling rigs owned | drillingRig	1
Number of ultra deepwater drilling units owned | drillingRig	2
Number of chemical tankers owned | tanker	2
Number of oil product tankers contracted to be acquired | tanker	2
Number of VLCCs accounted for as leaseback assets	1
Number of container vessels	3
Equity method investment, number of chartered-in vessels	4
Variable Interest Entity, Not Primary Beneficiary
Off Shore Assets And Charters [Line Items]
Number of ultra deepwater drilling units owned	1
River Box | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Off Shore Assets And Charters [Line Items]
Ownership percentage of disposed assets	50.10%

ACCOUNTING POLICIES (Details)

ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2020USD ($)vesseldrillingRig	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of ultra deepwater drilling units owned | drillingRig	2
Interest costs capitalized	$ 0	$ 0	$ 0
Number of vessels with finance lease liabilities | vessel	7
Impact of the adoption of ASU 2016-13 on retained earnings		5,614,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | River Box
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage of disposed assets	50.10%
Investments in sales-type and direct financing leases	$ 540,908,000
River Box
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage	49.90%
Variable Interest Entity, Not Primary Beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of ultra deepwater drilling units owned | vessel	1
Offshore Vessels and Rigs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated economic useful life (in years)	30 years
Other Capitalized Property Plant and Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated economic useful life (in years)	25 years
Office Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Depreciation, rate	20.00%
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of the adoption of ASU 2016-13 on retained earnings				$ (32,600,000)
Accounting Standards Update 2016-13 | Accounts Receivable including Trade Other and Related Party Receivables and Investment In Sales Type Direct Finance and Leaseback Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of the adoption of ASU 2016-13 on retained earnings				5,600,000
Accounting Standards Update 2016-13 | (Accumulated deficit)/retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of the adoption of ASU 2016-13 on retained earnings		$ (32,638,000)
Accounting Standards Update 2016-13 | (Accumulated deficit)/retained earnings | Equity Accounted Subsidiaries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of the adoption of ASU 2016-13 on retained earnings				$ 27,000,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	12 Months Ended
	Dec. 31, 2020carrier
Segment Reporting [Abstract]
Number of reportable segments	1

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic earnings (loss) per share:
Net (loss)/income available to stockholders	$ (224,425)	$ 89,177	$ 73,622
Diluted earnings (loss) per share:
Interest and other expenses/(gains) attributable to convertible bonds	0	(304)	123
Net (loss)/income assuming dilution	$ (224,425)	$ 88,873	$ 73,745
Basic earnings per share:
Weighted average number of common shares outstanding (in shares)	108,972	107,614	105,898
Diluted earnings per share:
Weighted average number of common shares outstanding (in shares)	108,972	107,614	105,898
Effect of dilutive share options (in shares)	0	81	59
Effect of dilutive convertible bonds (in shares)	0	1	1,649
Weighted average number of diluted common shares outstanding (in shares)	108,972	107,696	107,606
Basic (loss)/earnings per share (in dollars per share)	$ (2.06)	$ 0.83	$ 0.70
Diluted (loss)/earnings per share (in dollars per share)	$ (2.06)	$ 0.83	$ 0.69

EARNINGS (LOSS) PER SHARE (Narr

EARNINGS (LOSS) PER SHARE (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2018	Oct. 31, 2016	Dec. 31, 2020	Apr. 30, 2018	Oct. 05, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issued and loaned to affiliate (in shares)		8,000,000
Total authorized for share lending arrangement (in shares)				7,000,000
Senior Unsecured Convertible Bonds due 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate					5.75%
4.875% unsecured convertible bonds due 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate			4.875%	4.875%
Common stock, shares loaned to affiliate (in shares)			3,765,842	3,765,842
Senior Unsecured Convertible Bonds due 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate			3.25%
Amount of debt repurchased	$ 63.2
Shares issued on conversion of convertible debt (in shares)	651,365

OPERATING LEASES (Details)

OPERATING LEASES (Details) $ in Thousands	Dec. 31, 2020USD ($)
Minimum future revenues to be received under non-cancelable operating leases [Abstract]
2021	$ 345,881
2022	318,085
2023	332,149
2024	250,045
2025	45,799
Thereafter	119,019
Total minimum lease revenues	$ 1,410,978

OPERATING LEASES - Additional I

OPERATING LEASES - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)vesselcarriertanker
Leases [Abstract]
Number of vessels upgraded	14
Number of container vessels being upgraded	5
Number of capesize bulk carriers being upgraded | carrier	7
Number of suezmax tankers being upgraded | tanker	2
Number of container vessels accounted for as direct financing leases upgraded	3
Income from cost savings agreement | $	$ 3.9

OPERATING LEASES - Cost and Acc

OPERATING LEASES - Cost and Accumulated Depreciation of Vessels Leased to Third Parties on Non-cancelable Operating Leases (Details) - Assets Leased to Others - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Property, plant and equipment, gross	$ 2,245,889	$ 2,100,533
Accumulated depreciation	465,033	315,934
Total	$ 1,780,856	$ 1,784,599

GAIN_(LOSS) ON SALE OF ASSETS_3

GAIN/(LOSS) ON SALE OF ASSETS AND TERMINATION OF CHARTERS (Summary) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 29, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Gain/(loss) on sale of vessels		$ 2,250,000	$ 0	$ (2,578,000)
Gain on termination of charters		0	0	0
Total Gain/(loss) on sale of assets	$ 2,250,000	$ 2,250,000	$ 0	$ (2,578,000)

GAIN_(LOSS) ON SALE OF ASSETS_4

GAIN/(LOSS) ON SALE OF ASSETS AND TERMINATION OF CHARTERS (Gain on Sale of Vessels) (Details)	1 Months Ended	12 Months Ended
	Feb. 29, 2020USD ($)	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Gain/(loss) on sale of vessels		$ 2,250,000	$ 0	$ (2,578,000)
Termination fee		$ 3,200,000
Lessor, operating lease, number of lease assets sold | vessel		4
Gain (loss) on termination charters		$ 0	$ 0	0
Front Hakata
Property, Plant and Equipment [Line Items]
Gain/(loss) on sale of vessels		1,400,000
Proceeds from sale of vessels and termination of charters		30,300,000
Sea Cheetah, Sea Jaguar, Sea Halibut and Sea Pike
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels and termination of charters		4,300,000
Gain (loss) on sale of leased assets, net, operating leases		900,000
Sea Leopard
Property, Plant and Equipment [Line Items]
Gain/(loss) on sale of vessels		(30,000)
Hunter Atla, Hunter Saga and Hunter Laga
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels and termination of charters		$ 176,200,000
Front Circassia
Property, Plant and Equipment [Line Items]
Gain/(loss) on sale of vessels				(1,400,000)
Proceeds from sale of vessels and termination of charters				17,900,000
Compensation received on termination of charters, notes receivable	$ 4,400,000
SFL Avon
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of leased assets, net, operating leases				(200,000)
Front Page
Property, Plant and Equipment [Line Items]
Gain/(loss) on sale of vessels				300,000
Front Stratus
Property, Plant and Equipment [Line Items]
Gain/(loss) on sale of vessels				200,000
Front Serenade
Property, Plant and Equipment [Line Items]
Gain/(loss) on sale of vessels				300,000
Front Page, Front Stratus Front Serenade
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels and termination of charters				22,500,000
Compensation received on termination of charters, notes receivable				3,400,000
Front Ariake
Property, Plant and Equipment [Line Items]
Gain/(loss) on sale of vessels				1,000
Compensation received on termination of charters, notes receivable				3,400,000
Front Falcon
Property, Plant and Equipment [Line Items]
Gain/(loss) on sale of vessels				$ (1,800,000)

GAIN ON SALE OF SUBSIDIARIES (N

GAIN ON SALE OF SUBSIDIARIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of subsidiaries, operating	$ 1,894	$ 0	$ 7,613
River Box
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	49.90%
River Box | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage of disposed assets	50.10%
Net proceeds received	$ 17,500
Gain on sale of subsidiaries, operating	1,900
Long-term loan from related party	$ 45,000
Rig Finance
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds received			84,400
Gain on sale of subsidiaries, operating			$ 7,600
Percentage held in consolidated subsidiary sold to a third party			100.00%

GAIN ON SALE OF SUBSIDIARIES -

GAIN ON SALE OF SUBSIDIARIES - River Box Company Net Assets Held at time of Disposal (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		$ 915
Disposal Group, Disposed of by Sale, Not Discontinued Operations | River Box
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 2,859
Investments in sales-type and direct financing leases	540,908
Finance lease liability	(464,740)
Long-term loan from related party	(45,000)
Other current liabilities	(2,861)
Net assets	$ 31,166

GAIN ON SALE OF SUBSIDIARIES _2

GAIN ON SALE OF SUBSIDIARIES - Rig Finance Net Assets Held at the Time of Disposal (Details) $ in Thousands	Dec. 31, 2018USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Cash and cash equivalents	$ 915
Vessel and equipment, net	76,875
Charter deposit	(913)
Other current liabilities	(90)
Net assets	$ 76,787

OTHER FINANCIAL ITEMS, NET (Det

OTHER FINANCIAL ITEMS, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net cash movement on non-designated derivatives and swap settlements	$ (9,272)	$ 1,195	$ (721)
Total net movement in fair value of non-designated derivatives	(20,433)	(3,450)	13,908
Net movement in fair value of designated derivatives (ineffective portion)			(11)
Allowance for expected credit losses	(1,771)	0	0
Impairment of long-term receivables	0	(9,168)	(1,730)
Other items	5,531	(1,330)	(1,039)
Total other financial items, net	(25,945)	(12,753)	10,407
Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net cash movement on non-designated derivatives and swap settlements	(4,575)	1,389	170
Total net movement in fair value of non-designated derivatives	(15,314)	(4,123)	2,687
Cross Currency Interest Rate Contract
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net cash movement on non-designated derivatives and swap settlements	(152)	(194)	(891)
Total net movement in fair value of non-designated derivatives	(5,124)	673	11,221
Interest Rate Swap After Debt Refinancing
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net cash movement on non-designated derivatives and swap settlements	(4,539)	0	0
Cross Currency Swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net cash movement on non-designated derivatives and swap settlements	(6)	0	0
Total net movement in fair value of non-designated derivatives	$ 5	$ 0	$ 0

OTHER FINANCIAL ITEMS, NET - Ad

OTHER FINANCIAL ITEMS, NET - Additional Information (Details) shares in Millions, kr in Millions	Oct. 20, 2020USD ($)shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Oct. 20, 2020NOK (kr)	Jan. 01, 2019USD ($)	Dec. 31, 2017USD ($)	Feb. 29, 2016USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent		$ 795,651,000	$ 1,106,369,000	$ 1,180,032,000
Loss on derivative instrument reclassified from another comprehensive income		1,059,000	0	(3,127,000)
Loss on derivative instrument reclassified from other comprehensive income				3,100,000
Credit loss provision		(1,771,000)	0	0
Impairment of long-term receivables		0	9,168,000	1,730,000
Shares received under debt restructuring agreement | shares	4.4
Cash compensation received under debt restructuring agreement	$ 1,100,000				kr 10
Gain on foreign currency translation		5,600,000	300,000	2,000,000
Solstad Offshore ASA
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gain on the sale of shares		2,600,000
Apexindo
Accumulated Other Comprehensive Income (Loss) [Line Items]
Impairment of long-term receivables			900,000	0
Sale of offshore support vessel Sea Bear | Deep Sea
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stated interest rate								7.25%
Face value of note								$ 14,600,000
Initial fair value of note								$ 11,600,000
Impairment of long-term receivables			8,200,000	1,700,000
(Accumulated deficit)/retained earnings
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent		$ (257,063,000)	$ 0	$ 29,511,000			$ 203,932,000
Accounting Standards Update 2017-12 | (Accumulated deficit)/retained earnings
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent						$ (32,000)

INVESTMENTS IN DEBT AND EQUIT_3

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Schedule of Marketable Securities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Corporate Bonds
Balance at start of the year	$ 12,753	$ 13,245
Disposals during the year	0	(583)
Additions during the year	1,287	2,281
Unrealized gain/(loss) recorded in other comprehensive income	279	(9)
Accumulated other-than-temporary impairment*	(4,888)	(2,181)
Balance at end of the year	9,431	12,753
Shares
Balance at start of the year	61,326	73,929
Disposals during the year	(23,661)	(82,783)
Unrealized gain /(loss)*	(22,428)	29,104
Realized gain/(loss)*	4,864	40,777
FX gain/(loss)	(727)	299
Balance at the end of year	19,374	61,326
Total Investment in Debt and Equity Securities	28,805	74,079
Equity Securities pledged to creditors	$ 9,006	$ 43,775

INVESTMENTS IN DEBT AND EQUIT_4

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Schedule of Corporate Bonds) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortised Cost	$ 8,516	$ 12,118
Unrealised gains/ (losses)*	915	635
Fair value	9,431	12,753	$ 13,245
NorAm Drilling
Debt Securities, Available-for-sale [Line Items]
Amortised Cost	4,132	4,132
Unrealised gains/ (losses)*	511	558
Fair value	$ 4,643	4,690	$ 5,200
Oro Negro 7.5%
Debt Securities, Available-for-sale [Line Items]
Redemption price, percentage	7.50%
Amortised Cost	$ 0	5,705
Unrealised gains/ (losses)*	0	0
Fair value	$ 0	5,705
Oro Negro 12%
Debt Securities, Available-for-sale [Line Items]
Redemption price, percentage	12.00%
Amortised Cost	$ 0	2,281
Unrealised gains/ (losses)*	0	77
Fair value	$ 0	2,358
NT Rig Holdco 12%
Debt Securities, Available-for-sale [Line Items]
Redemption price, percentage	12.00%
Amortised Cost	$ 3,567	0
Unrealised gains/ (losses)*	404	0
Fair value	$ 3,971	0
NT Rig Holdco 7.5%
Debt Securities, Available-for-sale [Line Items]
Redemption price, percentage	7.50%
Amortised Cost	$ 817	0
Unrealised gains/ (losses)*	0	0
Fair value	$ 817	$ 0

INVESTMENTS IN DEBT AND EQUIT_5

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Narrative) (Details) $ in Thousands, shares in Millions, kr in Millions	Oct. 20, 2020USD ($)shares	Mar. 31, 2021USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Oct. 20, 2020NOK (kr)	Sep. 30, 2020USD ($)shares	Jun. 30, 2020USD ($)shares
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) recorded in other comprehensive income				$ 279	$ (9)
Repurchase of bonds				66,570	80,749	$ 97,248
Unrealized gain /(loss)*				(22,428)	$ 29,104
Shares received under debt restructuring agreement | shares	4.4
Cash compensation received under debt restructuring agreement	$ 1,100						kr 10
Solstad Offshore ASA
Debt Securities, Available-for-sale [Line Items]
Gain on the sale of shares				$ 2,600
Subsequent Event | Equity Securities
Debt Securities, Available-for-sale [Line Items]
Disposition of investment		$ 800
Frontline Forward Contract
Debt Securities, Available-for-sale [Line Items]
Investment owned (in shares) | shares			3.4		3.4
Debt Restructuring Agreement
Debt Securities, Available-for-sale [Line Items]
Shares received under debt restructuring agreement | shares				4.4
NorAm Drilling
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) recorded in other comprehensive income				$ 0	$ 100	200
Repurchase of bonds					600
Disposition of investment					300
Oro Negro 12%
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) recorded in other comprehensive income				$ 100
Redemption price, percentage				12.00%
Oro Negro 7.5%
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) recorded in other comprehensive income				$ 0	(200)	200
Redemption price, percentage				7.50%
Aggregate impairment charge				$ 600	2,200	0
NT Rig Holdco 12%
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) recorded in other comprehensive income				$ 400
Redemption price, percentage				12.00%
Purchase of corporate bonds				$ 1,300
NT Rig Holdco 7.5%
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) recorded in other comprehensive income				$ 0
Redemption price, percentage				7.50%
Aggregate impairment charge				$ 4,300
Corporate Bond Securities, Oro Negro, Super Senior Callable Liquidity Bonds
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss) recorded in other comprehensive income					100	0
Repurchase of bonds					$ 2,300
Redemption price, percentage					12.00%
Debt amount			$ 2,300		$ 2,300
Common stock - Frontline Ltd
Debt Securities, Available-for-sale [Line Items]
Debt amount			$ 36,800	$ 15,600	$ 36,800				$ 36,800
Investment owned (in shares) | shares			3.4	1.4	3.4				1.4
Number of shares sold (in shares) | shares				2	7.6
Disposals during the year				$ 21,100	$ 23,700
Gain/(Loss) on investments in debt and equity securities				2,300	$ 40,800
Forward contract to repurchase shares (shares) | shares					3.4
Forward contract shares, purchase price								$ 16,200	$ 16,100
Secured borrowings, liability recorded			$ 36,800	15,600	$ 36,800
Unrealized gain /(loss)*				$ (16,000)	$ 25,000	$ 10,300
Common stock - Frontline Ltd | Frontline Forward Contract
Debt Securities, Available-for-sale [Line Items]
Investment owned (in shares) | shares								1.4
Common stock - Frontline Ltd | Repurchase Agreements
Debt Securities, Available-for-sale [Line Items]
Remaining shares sold (in shares) | shares			3.4
Common stock - NorAm Drilling
Debt Securities, Available-for-sale [Line Items]
Investment owned (in shares) | shares			1.3	1.3	1.3	1.3
Unrealized gain /(loss)*				$ (2,500)	$ 400	$ 1,000
Foreign exchange gain (loss)				(300)	0	(200)
Common Stock, ADS
Debt Securities, Available-for-sale [Line Items]
Unrealized gain /(loss)*				(3,900)	3,700	(800)
Foreign exchange gain (loss)				$ (400)	$ 300	0
ADS Maritime Holding | Subsequent Event
Debt Securities, Available-for-sale [Line Items]
Final dividend distribution		$ 8,800
ADS Maritime Holding | Common Stock, ADS
Debt Securities, Available-for-sale [Line Items]
Investment owned (in shares) | shares			4	4	4
Payments to acquire businesses, gross						$ 10,000

INVESTMENTS IN DEBT AND EQUIT_6

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Shares) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 19,374	$ 61,326	$ 73,929
Equity Securities pledged to creditors	9,006	43,775
Common stock - Frontline Ltd
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	9,007	43,775
Equity Securities pledged to creditors	9,000	43,800
Common stock - NorAm Drilling
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	1,484	4,326
Common Stock, ADS
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 8,883	$ 13,225

TRADE ACCOUNTS RECEIVABLE AND_2

TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Allowance for Expected Credit Losses [Line Items]
Allowance for doubtful debts	$ 9,171	$ 0
Trade receivables
Allowance for Expected Credit Losses [Line Items]
Allowance for doubtful debts	0	0
Accounts receivable, credit loss expense (reversal)	0	0
Other receivables
Allowance for Expected Credit Losses [Line Items]
Allowance for doubtful debts	0	0
Accounts receivable, credit loss expense (reversal)	$ 900	$ 0

VESSELS AND EQUIPMENT, NET (Sch

VESSELS AND EQUIPMENT, NET (Schedule of Vessels and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cost
Transfers to Investments in Sales-Type Leases	$ (67,200)	$ (27,300)
Impairment loss	(333,149)	(60,054)	$ (64,338)
Accumulated Depreciation
Depreciation	(111,279)	(116,381)	(104,079)
Vessels and Equipment, net
Depreciation	(111,279)	(116,381)	(104,079)
Transfers to Investments in Sales-Type Leases	(67,200)	(27,300)
Impairment loss	(333,149)	(60,054)	(64,338)
Vessels and equipment, net
Cost
Capital improvements	52,676
Additions	258,138
Transfers to Investments in Sales-Type Leases	(67,202)
Vessel disposals	(3,399)
Impairment loss	(332,918)
Other movements	0
Accumulated Depreciation
Beginning balance	(463,168)
Depreciation	(71,302)	(80,300)	(99,600)
Transfers to Investments in Sales-Type Leases	20,368
Vessel disposals	3,963
Impairment loss	57,666
Ending balance	(452,473)	(463,168)
Vessels and Equipment, net
Beginning balance	1,404,705
Depreciation	(71,302)	(80,300)	$ (99,600)
Capital improvements	52,676
Additions	258,138
Transfers to Investments in Sales-Type Leases	(67,202)
Vessel disposals	(3,399)
Impairment loss	(332,918)
Other movements	0
Ending balance	1,240,698	1,404,705
Property Plant and Equipment, Before Accumulated Depreciation
Cost
Capital improvements	52,700	9,700
Vessels and Equipment, net
Capital improvements	52,700	9,700
Property Plant and Equipment, Before Accumulated Depreciation | Vessels and equipment, net
Cost
Beginning balance	1,867,873
Capital improvements	52,676
Additions	258,138
Transfers to Investments in Sales-Type Leases	(87,570)
Vessel disposals	(7,362)
Impairment loss	(390,584)
Other movements	0
Ending balance	1,693,171	$ 1,867,873
Vessels and Equipment, net
Capital improvements	52,676
Additions	258,138
Transfers to Investments in Sales-Type Leases	(87,570)
Vessel disposals	(7,362)
Impairment loss	(390,584)
Other movements	$ 0

VESSELS AND EQUIPMENT, NET (Nar

VESSELS AND EQUIPMENT, NET (Narrative) (Details) shares in Millions, kr in Millions	Oct. 20, 2020USD ($)shares	Feb. 29, 2020USD ($)	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)vessel	Dec. 31, 2018USD ($)vessel	Oct. 20, 2020NOK (kr)	Apr. 30, 2019Rate
Property Subject to or Available for Operating Lease [Line Items]
Number of container vessels reclassified as sales-type leases | vessel			7	2
Transfers to Investments in Sales-Type Leases			$ 67,200,000	$ 27,300,000
Depreciation			$ 111,279,000	$ 116,381,000	$ 104,079,000
Number of vessels for which impairment has been recognized | vessel			7
Number of offshore support vessels which were impaired | vessel				4	4
Number of feeder container vessels which were impaired | vessel				2
Number of offshore support vessels sold | vessel			5
Gain (loss) on disposition of assets and termination of charters, net		$ 2,250,000	$ 2,250,000	$ 0	$ (2,578,000)
Number of offshore supply vessels under operating leases | vessel					2
Charter hire, percentage rate					50.00%		100.00%
Shares received under debt restructuring agreement | shares	4.4
Cash compensation received under debt restructuring agreement	$ 1,100,000					kr 10
Solstad Offshore ASA
Property Subject to or Available for Operating Lease [Line Items]
Gain on the sale of shares			2,600,000
Property Plant and Equipment, Before Accumulated Depreciation
Property Subject to or Available for Operating Lease [Line Items]
Capital improvements			$ 52,700,000	9,700,000
Deep Sea Supply BTG
Property Subject to or Available for Operating Lease [Line Items]
Number of offshore supply vessels under finance lease | vessel			1
Vessels and equipment, net
Property Subject to or Available for Operating Lease [Line Items]
Transfers to Investments in Sales-Type Leases			$ 67,202,000
Transfers to Investments in Sales-Type Leases			20,368,000
Accumulated depreciation			452,473,000	463,168,000
Capital improvements			52,676,000
Depreciation			71,302,000	80,300,000	$ 99,600,000
Additions			258,138,000
Tangible asset impairment charges			80,300,000	55,500,000	$ 25,400,000
Vessels and equipment, net | Property Plant and Equipment, Before Accumulated Depreciation
Property Subject to or Available for Operating Lease [Line Items]
Transfers to Investments in Sales-Type Leases			87,570,000
Property, plant and equipment, gross			1,693,171,000	$ 1,867,873,000
Capital improvements			52,676,000
Additions			$ 258,138,000
Construction in Progress
Property Subject to or Available for Operating Lease [Line Items]
Number of container vessels transferred | vessel			16	5
MSC Margarita And MSC Vidhi
Property Subject to or Available for Operating Lease [Line Items]
Property, plant and equipment, gross				$ 40,300,000
Accumulated depreciation				13,000,000
West Taurus
Property Subject to or Available for Operating Lease [Line Items]
Tangible asset impairment charges			$ 252,600,000
West Taurus | Property Plant and Equipment, Before Accumulated Depreciation
Property Subject to or Available for Operating Lease [Line Items]
Additions			258,100,000
Sea Cheetah, Sea Jaguar, Sea Halibut, Sea Pike and Sea Leopard
Property Subject to or Available for Operating Lease [Line Items]
Gain (loss) on disposition of assets and termination of charters, net			$ 900,000
Offshore Support Vessels Accounted For As Vessels And Equipment
Property Subject to or Available for Operating Lease [Line Items]
Gain (loss) on disposition of assets and termination of charters, net				$ 0
Sea Cheetah, Sea Jaguar, Sea Halibut and Sea Pike | Deep Sea Supply BTG
Property Subject to or Available for Operating Lease [Line Items]
Number of offshore supply vessels under operating leases | vessel			4

VESSELS UNDER FINANCE LEASE, _3

VESSELS UNDER FINANCE LEASE, NET (Schedule of Finance Lease) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cost
Beginning balance	$ 755,058
Capital improvements	22,881
Ending balance	777,939
Accumulated Depreciation
Beginning balance	(40,582)
Depreciation	(39,977)
Ending balance	(80,559)	$ (40,582)
Vessels under Finance Lease, net
Beginning balance		714,476
Depreciation	(39,977)	(36,100)	$ (4,500)
Capital improvements	22,881
Ending balance	$ 697,380	$ 714,476

VESSELS UNDER FINANCE LEASE, _4

VESSELS UNDER FINANCE LEASE, NET (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Vessels under capital lease, net [Line Items]
Number of vessels accounted for under finance leases	7
Term of lease or charter	5 years
Number of years before option to buy vessel is available	6 years		6 years
Depreciation | $	$ 39,977	$ 36,100	$ 4,500
13,800 TEU Containership
Vessels under capital lease, net [Line Items]
Number of vessels accounted for under finance leases	4
10,600 TEU Containership
Vessels under capital lease, net [Line Items]
Number of vessels accounted for under finance leases	3
Minimum
Vessels under capital lease, net [Line Items]
Term of lease or charter	6 years		6 years
Maximum
Vessels under capital lease, net [Line Items]
Term of lease or charter	11 years		11 years

OTHER LONG TERM ASSETS (Schedul

OTHER LONG TERM ASSETS (Schedule of Long-Term Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capital improvements in progress	$ 10,099	$ 30,642
Collateral deposits on swap agreements	398	17,520
Value of acquired charter-out contracts, net	10,503	13,407
Long term receivables	0	1,880
Other	961	799
Total other long-term assets	$ 21,961	$ 64,248

OTHER LONG TERM ASSETS (Narrati

OTHER LONG TERM ASSETS (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)vessel	Dec. 31, 2018USD ($)vessel	Jun. 30, 2018vessel	May 31, 2018vessel
Property, Plant and Equipment [Line Items]
Number of vessels acquired | vessel				15	4
Long term receivables	$ 0	$ 1,880
Credit loss provision	(1,900)
Property Plant and Equipment, Before Accumulated Depreciation
Property, Plant and Equipment [Line Items]
Capital improvements	52,700	$ 9,700
10,600 TEU Containership
Property, Plant and Equipment [Line Items]
Capital improvements	$ 22,900
Number of vessels with EGCS Installations | vessel		3
Construction in Progress
Property, Plant and Equipment [Line Items]
Number of vessels committed to vessel upgrades | vessel	11	9
Number of container vessels transferred | vessel	16	5
Container vessels | Evergreen Marine
Property, Plant and Equipment [Line Items]
Number of vessels acquired | vessel			4
Time charters			$ 18,000
Amortization of time charters	$ 2,900	$ 2,900	$ 2,900

INVESTMENTS IN SALES-TYPE LEA_3

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS (Schedule of Investments in Sales-Type and Direct Financing Leases and Leaseback Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Investments in sales-type and direct financing leases	$ 592,102	$ 786,598
Investments in leaseback assets	85,441	207,789
Total	$ 677,543	$ 994,387

INVESTMENTS IN SALES-TYPE LEA_4

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS (Narrative) (Details) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2020USD ($)vesseltankerRate	Dec. 31, 2019USD ($)tankervesselRate	Dec. 31, 2018USD ($)vessel	Jun. 05, 2015vessel
Sale Leaseback Transaction [Line Items]
Term of charters, maximum (in years)	7 years	6 years
Gain/(loss) on sale of vessels | $		$ 2,250	$ 0	$ (2,578)
Number of vlccs sold, direct financing lease | tanker			0
Vessel impairment charge | $		$ (333,149)	$ (60,054)	$ (64,338)
Number of container vessels accounted for as direct financing leases		15	19
Assets accounted for as sales-type lease		10
Number of container vessels providing the charterer with purchase options and put options		15
Term of lease or charter		5 years
Number of container vessels reclassified as sales-type leases		7	2
Transfers to Investments in Sales-Type Leases | $		$ 67,200	$ 27,300
Equity method investment, number of chartered-in vessels		4
Number of vessels accounted for as leaseback assets			6
Number of container vessels		3
Sales-type and direct financing leases, lease receivable, payments to be received | $		$ 705,196
West Linus
Sale Leaseback Transaction [Line Items]
Direct financing lease following the sale of River Box | $		$ 361,000
River Box | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Sale Leaseback Transaction [Line Items]
Ownership percentage of disposed assets		50.10%
Investments in sales-type and direct financing leases | $		$ 540,908
Sales-Type Leases and Direct Financing Leases
Sale Leaseback Transaction [Line Items]
Number of vessel charters		28	26
Leaseback Assets
Sale Leaseback Transaction [Line Items]
Number of vessel charters		4	6
Investments in sales-type, direct financing leases and leaseback assets
Sale Leaseback Transaction [Line Items]
Vessel impairment charge | $		$ (200)	$ (5,000)
Frontline Charterers
Sale Leaseback Transaction [Line Items]
Assets accounted for as direct financing leases and leased to related parties		2	3		17
Direct financing lease following the sale of River Box | $		$ 76,100	$ 111,500
Sales-type and direct financing leases, lease receivable, payments to be received | $		$ 89,200
Frontline Charterers | Sales-Type Leases and Direct Financing Leases
Sale Leaseback Transaction [Line Items]
Assets accounted for as direct financing leases and leased to related parties | tanker		2	3
Frontline Shipping
Sale Leaseback Transaction [Line Items]
Capitalized costs | $			$ 4,200
Number of VLCCs accounts for as leaseback assets		2
Percentage share of joint costs | Rate		50.00%	50.00%
MSC
Sale Leaseback Transaction [Line Items]
Term of lease or charter			6 years
Number of vessels accounted for as leaseback assets			3
Hunter Group ASA
Sale Leaseback Transaction [Line Items]
Term of lease or charter			5 years
Number of vessels accounted for as leaseback assets | tanker			3
Number of container vessels		3
Proceeds from sale of vessels and termination of charters | $		$ 176,200
Debt repaid | $		142,500
Front Hakata
Sale Leaseback Transaction [Line Items]
Gain/(loss) on sale of vessels | $		1,400
Sea Leopard
Sale Leaseback Transaction [Line Items]
Number of offshore supply vessels under finance lease			1
Gain (loss) on disposition | $		$ (30)
Number of offshore supply vessels				1
MSC Margarita And MSC Vidhi
Sale Leaseback Transaction [Line Items]
Assets accounted for as sales-type lease			3
Term of lease or charter		7 years
Front Page, Front Status, Front Serenade, And Front Ariake
Sale Leaseback Transaction [Line Items]
Vessel impairment charge | $				$ (38,900)
Front Page, Front Status, Front Serenade And Front Circassia
Sale Leaseback Transaction [Line Items]
Number of VLCCs accounts for as leaseback assets				4

INVESTMENTS IN SALES-TYPE LEA_5

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS (Components of Investments in Direct Financing and Sales-type Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Sale Leaseback Transaction [Line Items]
Total minimum lease payments to be received	$ 784,982	$ 1,219,715
Less: amounts representing estimated executory costs including profit thereon, included in total minimum lease payments	(40,698)	(64,222)
Net minimum lease payments receivable	744,284	1,155,493
Estimated residual values of leased property (un-guaranteed)	111,121	331,929
Less: unearned income	(173,472)	(493,035)
Total investment in sales-type lease, direct financing lease and leaseback assets	681,933	994,387
Allowance for expected credit losses	(4,390)	0
Total investment in sales-type lease, direct financing lease and leaseback assets	677,543	994,387
Current portion	55,420	56,189
Long-term portion	622,123	938,198
Sales-Type Leases and Direct Financing Leases
Sale Leaseback Transaction [Line Items]
Total minimum lease payments to be received	705,196	1,085,642
Less: amounts representing estimated executory costs including profit thereon, included in total minimum lease payments	(40,698)	(64,222)
Net minimum lease payments receivable	664,498	1,021,420
Estimated residual values of leased property (un-guaranteed)	79,621	192,429
Less: unearned income	(147,876)	(427,251)
Total investment in sales-type lease, direct financing lease and leaseback assets	596,243	786,598
Allowance for expected credit losses	(4,141)	0
Total investment in sales-type lease, direct financing lease and leaseback assets	592,102	786,598
Current portion	45,888	45,361
Long-term portion	546,214	741,237
Leaseback Assets
Sale Leaseback Transaction [Line Items]
Total minimum lease payments to be received	79,786	134,073
Less: amounts representing estimated executory costs including profit thereon, included in total minimum lease payments	0	0
Net minimum lease payments receivable	79,786	134,073
Estimated residual values of leased property (un-guaranteed)	31,500	139,500
Less: unearned income	(25,596)	(65,784)
Total investment in sales-type lease, direct financing lease and leaseback assets	85,690	207,789
Allowance for expected credit losses	(249)	0
Total investment in sales-type lease, direct financing lease and leaseback assets	85,441	207,789
Current portion	9,532	10,828
Long-term portion	$ 75,909	$ 196,961

INVESTMENTS IN SALES-TYPE LEA_6

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS (Schedule of Minimum Future Gross Revenues) (Details) $ in Thousands	Dec. 31, 2020USD ($)
Sales-Type Leases and Direct Financing Leases
2021	$ 84,206
2022	81,628
2023	111,874
2024	101,775
2025	78,058
Thereafter	247,655
Total minimum lease payments to be received	705,196
Leaseback Assets
2021	15,410
2022	15,410
2023	14,630
2024	14,172
2025	9,517
Thereafter	10,647
Total minimum lease payments to be received	79,786
Total
2021	99,616
2022	97,038
2023	126,504
2024	115,947
2025	87,575
Thereafter	258,302
Total minimum lease payments to be received	$ 784,982

INVESTMENTS IN SALES-TYPE LEA_7

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS (Schedule of Interest Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Investments in sales type and direct financing leases	$ 57,579	$ 56,764	$ 39,678
Investments in leaseback assets	13,637	3,556	0
Total	71,216	60,320	39,678
Interest income related parties – direct financing leases	$ 1,744	$ 3,796	$ 9,623

INVESTMENT IN ASSOCIATED COMP_3

INVESTMENT IN ASSOCIATED COMPANIES (Details)	1 Months Ended				2 Months Ended	12 Months Ended
	Feb. 28, 2021	Oct. 31, 2020USD ($)	Sep. 30, 2017drillingRig	Oct. 31, 2013USD ($)	Dec. 31, 2020USD ($)drillingRig	Dec. 31, 2020USD ($)drillingRig	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2013	Dec. 31, 2008	May 31, 2013USD ($)	Dec. 31, 2009drillingRig
Schedule of Equity Method Investments [Line Items]
Gain on sale of subsidiaries, operating						$ 1,894,000	$ 0	$ 7,613,000
Proportion of secured bank lenders in restructuring agreement with Seadrill Limited			97.00%
Proportion of bondholders in restructuring agreement with Seadrill Limited			40.00%
Number of drilling units | drillingRig			3			3
Gain on extinguishment of debt						$ 67,533,000	1,802,000	1,146,000
Term loan facility, amount outstanding					$ 1,663,394,000	1,663,394,000	1,627,177,000
Summarized balance sheet information [Abstract]
Due to related parties					$ 2,724,000	2,724,000	3,980,000
Statement of operations information [Abstract]
Interest payable to parent						$ 0	0	6,378,000
West Linus and West Hercules | Minimum
Schedule of Equity Method Investments [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)					65.00%	65.00%
West Linus and West Hercules | Minimum | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)	65.00%
West Linus and West Hercules | Maximum
Schedule of Equity Method Investments [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)					75.00%	75.00%
West Linus and West Hercules | Maximum | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)	75.00%
Debt for Acquired Equipment | Equity Accounted Subsidiaries
Schedule of Equity Method Investments [Line Items]
Term loan facility, amount outstanding					$ 185,800,000	$ 185,800,000	201,900,000
River Box | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Ownership percentage of disposed assets					50.10%	50.10%
Gain on sale of subsidiaries, operating						$ 1,900,000
River Box
Schedule of Equity Method Investments [Line Items]
Ownership percentage					49.90%	49.90%
Summarized balance sheet information [Abstract]
Due to parent					$ 45,000,000	$ 45,000,000
Statement of operations information [Abstract]
Interest payable to parent						$ 0
SFL Deepwater
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)										100.00%
Number of main assets subject of leases which includes both fixed price call options and fixed price purchase obligations | drillingRig					1	1						2
Debt amount				$ 390,000,000
Term loan facility, term				5 years
Term loan facility, extension term						4 years
Debt instrument, repurchased face amount		$ 176,100,000
Facility repurchased amount		110,000,000
Gain on extinguishment of debt		$ 66,100,000
Term loan facility, amount outstanding					$ 0	$ 0	187,900,000
Term loan facility, amount guaranteed					0	0	84,700,000
Summarized balance sheet information [Abstract]
Due to parent							113,000,000
Due to related parties							1,200,000
Statement of operations information [Abstract]
Interest payable to parent						$ 3,800,000	5,100,000	5,100,000
SFL Hercules
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)						100.00%
Debt amount											$ 375,000,000
Term loan facility, term				6 years
Term loan facility, extension term						4 years
Term loan facility, amount outstanding					185,800,000	$ 185,800,000
Term loan facility, amount guaranteed					83,100,000	$ 83,100,000	78,900,000
Extension term						13 months
Summarized balance sheet information [Abstract]
Due to parent					78,900,000	$ 78,900,000	80,000,000
Due to related parties							3,400,000
Statement of operations information [Abstract]
Interest payable to parent						$ 3,600,000	3,600,000	3,600,000
SFL Linus
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)									100.00%
Debt amount				$ 475,000,000
Term loan facility, term				5 years
Term loan facility, extension term						4 years
Term loan facility, amount outstanding					216,000,000	$ 216,000,000	232,100,000
Term loan facility, amount guaranteed							102,500,000
Summarized balance sheet information [Abstract]
Due to parent							121,000,000
Due to related parties							7,400,000
Statement of operations information [Abstract]
Interest payable to parent						4,500,000	5,400,000	5,400,000
Variable Interest Entity, Not Primary Beneficiary
Summarized balance sheet information [Abstract]
Current assets					34,763,000	34,763,000	75,079,000
Non-current assets					513,918,000	513,918,000	920,801,000
Total assets					548,681,000	548,681,000	995,880,000
Current liabilities					199,255,000	199,255,000	65,832,000
Non-current liabilities					322,129,000	322,129,000	887,887,000
Total liabilities					521,384,000	521,384,000	953,719,000
Total stockholders' equity					27,297,000	27,297,000	42,161,000
Statement of operations information [Abstract]
Operating revenues						45,573,000	64,142,000	64,572,000
Net operating revenues						45,532,000	64,142,000	64,410,000
Net income						$ 4,286,000	$ 17,054,000	$ 14,635,000
Variable Interest Entity, Not Primary Beneficiary | River Box
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)						49.90%	0.00%	0.00%
Summarized balance sheet information [Abstract]
Current assets					12,475,000	$ 12,475,000	$ 0
Non-current assets					258,865,000	258,865,000	0
Total assets					271,340,000	271,340,000	0
Current liabilities					12,569,000	12,569,000	0
Non-current liabilities					243,219,000	243,219,000	0
Total liabilities					255,788,000	255,788,000	0
Total stockholders' equity					15,552,000	15,552,000	0
Statement of operations information [Abstract]
Operating revenues						0	0	$ 0
Net operating revenues						0	0	0
Net income						$ 0	$ 0	$ 0
Variable Interest Entity, Not Primary Beneficiary | SFL Deepwater
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)						0.00%	100.00%	100.00%
Summarized balance sheet information [Abstract]
Current assets					0	$ 0	$ 29,047,000
Non-current assets					0	0	286,222,000
Total assets					0	0	315,269,000
Current liabilities					0	0	19,168,000
Non-current liabilities					0	0	285,147,000
Total liabilities					0	0	304,315,000
Total stockholders' equity					0	0	10,954,000
Statement of operations information [Abstract]
Operating revenues						11,835,000	18,966,000	$ 19,594,000
Net operating revenues						11,892,000	18,966,000	19,540,000
Net income						$ (6,002,000)	$ 4,346,000	$ 3,973,000
Variable Interest Entity, Not Primary Beneficiary | SFL Hercules
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)						100.00%	100.00%	100.00%
Summarized balance sheet information [Abstract]
Current assets					22,288,000	$ 22,288,000	$ 22,645,000
Non-current assets					255,053,000	255,053,000	273,621,000
Total assets					277,341,000	277,341,000	296,266,000
Current liabilities					186,686,000	186,686,000	20,761,000
Non-current liabilities					78,910,000	78,910,000	265,769,000
Total liabilities					265,596,000	265,596,000	286,530,000
Total stockholders' equity					11,745,000	11,745,000	9,736,000
Statement of operations information [Abstract]
Operating revenues						15,072,000	18,378,000	$ 19,126,000
Net operating revenues						15,050,000	18,378,000	19,049,000
Net income						$ 3,827,000	$ 3,622,000	$ 3,372,000
Variable Interest Entity, Not Primary Beneficiary | SFL Linus
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)						0.00%	100.00%	100.00%
Summarized balance sheet information [Abstract]
Current assets					0	$ 0	$ 23,387,000
Non-current assets					0	0	360,958,000
Total assets					0	0	384,345,000
Current liabilities					0	0	25,903,000
Non-current liabilities					0	0	336,971,000
Total liabilities					0	0	362,874,000
Total stockholders' equity					$ 0	0	21,471,000
Statement of operations information [Abstract]
Operating revenues						18,666,000	26,798,000	$ 25,852,000
Net operating revenues						18,590,000	26,798,000	25,821,000
Net income						$ 6,461,000	$ 9,086,000	$ 7,290,000

INVESTMENT IN ASSOCIATED COMP_4

INVESTMENT IN ASSOCIATED COMPANIES - Movement in Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2013	Dec. 31, 2008
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Ending balance	$ 9,171	$ 0
River Box | Variable Interest Entity, Not Primary Beneficiary
Financing Receivable, Allowance for Credit Loss [Line Items]
Participation in equity method investee (percent)	49.90%	0.00%	0.00%
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Transferred from associates	0
Addition from new associate	786
Allowance recorded in net income of associated company	0
Ending balance	786	$ 0
River Box | Cumulative Effect, Period Of Adoption, Adjustment | Variable Interest Entity, Not Primary Beneficiary
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Ending balance		$ 0
SFL Hercules
Financing Receivable, Allowance for Credit Loss [Line Items]
Participation in equity method investee (percent)	100.00%
SFL Hercules | Variable Interest Entity, Not Primary Beneficiary
Financing Receivable, Allowance for Credit Loss [Line Items]
Participation in equity method investee (percent)	100.00%	100.00%	100.00%
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Transferred from associates	0
Addition from new associate	0
Allowance recorded in net income of associated company	819
Ending balance	2,635	$ 0
SFL Hercules | Cumulative Effect, Period Of Adoption, Adjustment | Variable Interest Entity, Not Primary Beneficiary
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,816
Ending balance		1,816
SFL Deepwater, SFL Hercules, SFL Linus and River Box | Variable Interest Entity, Not Primary Beneficiary
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Transferred from associates	(35,665)
Addition from new associate	786
Allowance recorded in net income of associated company	11,276
Ending balance	3,421	0
SFL Deepwater, SFL Hercules, SFL Linus and River Box | Cumulative Effect, Period Of Adoption, Adjustment | Variable Interest Entity, Not Primary Beneficiary
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 27,024
Ending balance		$ 27,024
SFL Deepwater
Financing Receivable, Allowance for Credit Loss [Line Items]
Participation in equity method investee (percent)					100.00%
SFL Deepwater | Variable Interest Entity, Not Primary Beneficiary
Financing Receivable, Allowance for Credit Loss [Line Items]
Participation in equity method investee (percent)	0.00%	100.00%	100.00%
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Transferred from associates	(32,964)
Addition from new associate	0
Allowance recorded in net income of associated company	9,471
Ending balance	0	$ 0
SFL Deepwater | Cumulative Effect, Period Of Adoption, Adjustment | Variable Interest Entity, Not Primary Beneficiary
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 23,493
Ending balance		$ 23,493
SFL Linus
Financing Receivable, Allowance for Credit Loss [Line Items]
Participation in equity method investee (percent)				100.00%
SFL Linus | Variable Interest Entity, Not Primary Beneficiary
Financing Receivable, Allowance for Credit Loss [Line Items]
Participation in equity method investee (percent)	0.00%	100.00%	100.00%
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Transferred from associates	(2,701)
Addition from new associate	0
Allowance recorded in net income of associated company	986
Ending balance	0	$ 0
SFL Linus | Cumulative Effect, Period Of Adoption, Adjustment | Variable Interest Entity, Not Primary Beneficiary
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,715
Ending balance		$ 1,715

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued Liabilities [Abstract]
Vessel operating expenses	$ 12,841	$ 8,668
Administrative expenses	1,603	1,694
Interest expense	6,616	6,770
Accrued expenses	$ 21,060	$ 17,132

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Deferred and prepaid charter revenue	$ 15,156	$ 10,000
Employee taxes	34	3,117
Other items	895	162
Other current liabilities	$ 16,085	$ 13,279

SHORT-TERM AND LONG-TERM DEBT_2

SHORT-TERM AND LONG-TERM DEBT (Schedule of Long-Term Debt) (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2020NOK (kr)	Jun. 30, 2020USD ($)	Jan. 21, 2020NOK (kr)	Dec. 31, 2019USD ($)	Dec. 31, 2019NOK (kr)	Jun. 04, 2019NOK (kr)	Jun. 22, 2017NOK (kr)	Oct. 05, 2016USD ($)
Debt Instrument [Line Items]
Total debt principal	$ 1,663,394,000				$ 1,627,177,000
Less: unamortized debt issuance costs	(14,325,000)				(19,089,000)
Less : current portion of long-term debt	(484,956,000)				(253,059,000)
Long-term debt	1,164,113,000				1,355,029,000
Norwegian kroner 500 million senior unsecured floating rate bonds due 2020
Debt Instrument [Line Items]
Term loan facility, principal amount | kr								kr 500,000,000
Long-term debt, gross	0				56,910,000
Total debt principal	0	kr 0			56,900,000	kr 500,000,000
5.75% unsecured convertible bonds due 2021
Debt Instrument [Line Items]
Term loan facility, principal amount									$ 225,000,000
Long-term debt, gross	212,230,000				212,230,000
Norwegian kroner 700 million senior unsecured floating rate bonds due 2023
Debt Instrument [Line Items]
Term loan facility, principal amount	81,600,000	700,000,000			79,700,000	700,000,000
Long-term debt, gross	81,572,000				79,674,000
4.875% unsecured convertible bonds due 2023
Debt Instrument [Line Items]
Long-term debt, gross	139,900,000				148,300,000
Norwegian kroner 700 million senior unsecured floating rate bonds due 2024
Debt Instrument [Line Items]
Term loan facility, principal amount | kr		700,000,000					kr 700,000,000
Long-term debt, gross	80,989,000				79,674,000
Total debt principal	81,000,000	695,000,000			79,700,000	700,000,000
NOK600 Million Senior Unsecured Bonds due 2025
Debt Instrument [Line Items]
Term loan facility, principal amount | kr		600,000,000		kr 600,000,000
Long-term debt, gross	62,927,000				0
Total debt principal	62,900,000	kr 540,000,000			0	kr 0
Floating Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	1,070,137,000				1,013,626,000
Common stock - Frontline Ltd
Debt Instrument [Line Items]
Term loan facility, principal amount	15,600,000		$ 36,800,000		36,800,000
Long-term debt, gross	$ 15,639,000				$ 36,763,000

SHORT-TERM AND LONG-TERM DEBT_3

SHORT-TERM AND LONG-TERM DEBT (Schedule of Debt Principal) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 484,956
2022	262,059
2023	493,535
2024	227,703
2025	195,141
Thereafter	0
Total debt principal	$ 1,663,394	$ 1,627,177

SHORT-TERM AND LONG-TERM DEBT_4

SHORT-TERM AND LONG-TERM DEBT (Interest Rate Information) (Details)	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted average interest rate (in hundredths)	2.91%	4.27%
US Dollar London Interbank Offered Rate ("LIBOR")
Debt Instrument [Line Items]
Three month U.S. Dollar LIBOR rate	0.24%	1.91%
Norwegian Interbank Offered Rate ("NIBOR")
Debt Instrument [Line Items]
Three month Norwegian kroner NIBOR rate	0.49%	1.84%

SHORT-TERM AND LONG-TERM DEBT_5

SHORT-TERM AND LONG-TERM DEBT (Narrative) (Details)	Jun. 22, 2020USD ($)	Jun. 22, 2020NOK (kr)	Sep. 13, 2018NOK (kr)	Apr. 23, 2018USD ($)$ / shares	Oct. 05, 2016USD ($)$ / sharesshares	Nov. 30, 2020USD ($)	Oct. 31, 2020USD ($)	May 31, 2020USD ($)	Mar. 31, 2020USD ($)subsidiarycarriervessel	Sep. 30, 2019USD ($)tankersubsidiary	Jun. 30, 2019USD ($)subsidiary	Mar. 31, 2019USD ($)subsidiarycarrier	Feb. 28, 2019USD ($)subsidiarytankercarrier	Dec. 31, 2018USD ($)carriersubsidiary	Jun. 30, 2018USD ($)vesselsubsidiary	Apr. 30, 2018USD ($)shares	Aug. 31, 2017USD ($)carriersubsidiary	Nov. 30, 2015USD ($)carriersubsidiary	Jul. 31, 2015USD ($)subsidiarycarrier	Dec. 31, 2014subsidiary	Nov. 30, 2014USD ($)subsidiaryvessel	Sep. 30, 2014USD ($)subsidiaryvessel	Jun. 30, 2014USD ($)subsidiaryvessel	Oct. 31, 2013USD ($)	May 31, 2011USD ($)vesselsubsidiary	Mar. 31, 2010USD ($)	Feb. 28, 2010USD ($)	Mar. 31, 2020USD ($)vesselcarrier	Mar. 31, 2020USD ($)vesselcarrier	Dec. 31, 2020USD ($)tankercarrier$ / sharesshares	Dec. 31, 2019USD ($)carriershares	Dec. 31, 2018USD ($)carrier	Dec. 31, 2017	Dec. 31, 2016carrier	Dec. 31, 2020USD ($)tankercarrier$ / sharesshares	Dec. 31, 2020USD ($)tankercarrier$ / sharesshares	Dec. 31, 2020NOK (kr)tankercarriershares	Jun. 30, 2020USD ($)shares	Mar. 31, 2020NOK (kr)vesselcarrier	Jan. 21, 2020NOK (kr)	Dec. 31, 2019NOK (kr)carriershares	Jul. 30, 2019NOK (kr)	Jun. 04, 2019NOK (kr)	May 31, 2018vessel	May 04, 2018USD ($)	Jun. 22, 2017NOK (kr)	Nov. 30, 2016USD ($)shares	Dec. 30, 2014USD ($)
Debt Instrument [Line Items]
Long-term debt																														$ 1,663,394,000	$ 1,627,177,000				$ 1,663,394,000	$ 1,663,394,000
Share price (usd per share) | $ / shares																														$ 6.28					$ 6.28	$ 6.28
Repurchase of bonds																														$ 66,570,000	80,749,000	$ 97,248,000
Total authorized for share lending arrangement (in shares) | shares																7,000,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary															15
Gain on purchase of  bonds and debt extinguishment																														$ 67,533,000	1,802,000	1,146,000
Number of car carriers | carrier																														2					2	2	2
Number of vessels acquired | vessel															15																													4
Restricted cash																														$ 9,000,000	3,500,000				$ 9,000,000	$ 9,000,000
Book value of consolidated assets pledged under ship mortgages																														1,864,000,000	1,753,000,000				1,864,000,000	1,864,000,000
Financial Guarantee | SFL Linus
Debt Instrument [Line Items]
Term loan facility, amount guaranteed																															102,500,000
Financial Guarantee | SFL Deepwater
Debt Instrument [Line Items]
Term loan facility, amount guaranteed																														0	84,700,000				0	0
5.75% unsecured convertible bonds due 2021
Debt Instrument [Line Items]
Long-term debt																														212,200,000	212,200,000				212,200,000	$ 212,200,000
Interest rate					5.75%
Debt instrument, convertible, conversion ratio					0.0562596000																															0.065451000
Conversion price (in dollars per share) | $ / shares					$ 17.7747
4.875% unsecured convertible bonds due 2023
Debt Instrument [Line Items]
Term loan facility, principal amount				$ 150,000,000																																									$ 14,000,000
Gain on purchased bonds																														300,000	300,000
Long-term debt																														$ 139,900,000	148,300,000				$ 139,900,000	$ 139,900,000
Interest rate																4.875%														4.875%					4.875%	4.875%	4.875%
Debt instrument, convertible, conversion ratio				0.0528157000																															0.0654462000
Conversion price (in dollars per share) | $ / shares				$ 18.93																										$ 13.92					$ 13.92	$ 13.92
Principal amounts																														$ 76,800,000					$ 76,800,000	$ 76,800,000
Common stock, shares loaned to affiliate (in shares) | shares																3,765,842														3,765,842					3,765,842	3,765,842	3,765,842
Recognition of equity component arising from issuance																														$ 6,800,000	7,100,000
Amortization of deferred charges																														1,300,000	1,300,000
Repurchase of bonds																														8,400,000	3,400,000
Total allocated as the reacquisition of the equity component																														300,000	200,000				$ 300,000	$ 300,000
US Dollar 40.0 million Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Long-term debt																														37,000,000	0				37,000,000	37,000,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary									2
Number of suezmax tankers against which loan was secured | carrier									2																			2	2										2
Term of loan in years									2 years
US Dollar 15.0 million Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Long-term debt																														12,800,000	0				12,800,000	12,800,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary									3
Term of loan in years									5 years
Number of vessels against which loan was secured | vessel									3																			3	3										3
US Dollar 175.0 million Term Loan Facility
Debt Instrument [Line Items]
Term loan facility, principal amount									$ 175,000,000																			$ 175,000,000	$ 175,000,000
Long-term debt																														165,500,000	0				165,500,000	165,500,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary									4
Term of loan in years									5 years
Number of container vessels | vessel									4																			4	4										4
US Dollar 50.0 million Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Term loan facility, principal amount								$ 50,000,000
Long-term debt																														48,600,000	0				48,600,000	48,600,000
Term of loan in years								5 years
US Dollar 50.0 million Senior Secured Credit Facility
Debt Instrument [Line Items]
Term loan facility, principal amount						$ 50,000,000
Long-term debt																														50,000,000	0				50,000,000	50,000,000
Term of loan in years						4 years
US Dollar 24.9 million Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Long-term debt																														20,300,000	22,900,000				20,300,000	20,300,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary													3
Term of loan in years													5 years
Number of vessels against which loan was secured | carrier													3
US Dollar 50 million Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Term loan facility, principal amount													$ 50,000,000
Long-term debt																														$ 35,200,000	50,000,000				$ 35,200,000	$ 35,200,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary													3
Term of loan in years													4 years
Number of tankers chartered | tanker													3																	2					2	2	2
Number of tankers sold | tanker																														1					1	1	1
Facility repurchased amount																														$ 14,900,000
US Dollar 29.5 million Term Loan Facility
Debt Instrument [Line Items]
Term loan facility, principal amount												$ 29,500,000
Long-term debt																														23,000,000	27,000,000				$ 23,000,000	$ 23,000,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary												2
Term of loan in years												5 years
Number of car carriers | carrier												2
US Dollar 33.1 million Term Loan Facility
Debt Instrument [Line Items]
Term loan facility, principal amount											$ 33,100,000
Long-term debt																														28,800,000	33,100,000				28,800,000	28,800,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary											5
Term of loan in years											4 years
US Dollar 142.5 million Term Loan Facility
Debt Instrument [Line Items]
Term loan facility, principal amount										$ 142,500,000
Long-term debt																														0	142,500,000				0	0
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary										3
Term of loan in years										5 years
Number of newbuilding crude oil tankers acquired | tanker										3
US Dollar 45 million secured term loan facility
Debt Instrument [Line Items]
Term loan facility, principal amount																							$ 45,000,000
Long-term debt																														45,000,000	45,000,000				45,000,000	45,000,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary																							7
Number of container vessels | vessel																							7
Term loan facility, term																							5 years
Term loan facility, extension term											2 years
SFL Deepwater
Debt Instrument [Line Items]
Term loan facility, principal amount																								$ 390,000,000
Facility repurchased amount							$ 110,000,000
Long-term debt																														0	187,900,000				0	0
Gain on purchase of  bonds and debt extinguishment							66,100,000
Term loan facility, term																								5 years
Term loan facility, amount guaranteed																														$ 0	84,700,000				0	0
Debt instrument, repurchased face amount							$ 176,100,000
Term loan facility, extension term																														4 years
Norwegian kroner 500 million senior unsecured floating rate bonds due 2020
Debt Instrument [Line Items]
Term loan facility, principal amount | kr																																														kr 500,000,000
Facility repurchased amount									$ 19,500,000																			$ 19,500,000	$ 19,500,000										kr 174,000,000
Gain on purchased bonds																													400,000
Repayments of unsecured debt	$ 33,700,000	kr 326,000,000
Long-term debt																														$ 0	56,900,000				0	0	kr 0				kr 500,000,000
Norwegian kroner 700 million senior unsecured floating rate bonds due 2023
Debt Instrument [Line Items]
Term loan facility, principal amount																														81,600,000	79,700,000				81,600,000	81,600,000	700,000,000				700,000,000
Percentage of par of bonds issued			101.625%
NOK600million senior unsecured floating rate bonds due 2023
Debt Instrument [Line Items]
Term loan facility, principal amount | kr			kr 600,000,000																																							kr 100,000,000
NOK700 Million Senior Unsecured Bonds due 2024
Debt Instrument [Line Items]
Term loan facility, principal amount | kr																																					700,000,000						kr 700,000,000
Facility repurchased amount									500,000																			500,000	500,000										5,000,000
Gain on purchased bonds									0
Long-term debt																														81,000,000	79,700,000				81,000,000	81,000,000	695,000,000				700,000,000
NOK600 Million Senior Unsecured Bonds due 2025
Debt Instrument [Line Items]
Term loan facility, principal amount | kr																																					600,000,000			kr 600,000,000
Facility repurchased amount									6,000,000																			6,000,000	6,000,000										kr 60,000,000
Gain on purchased bonds																												1,400,000
Long-term debt																														62,900,000	0				62,900,000	62,900,000	kr 540,000,000				kr 0
Floating Rate Debt | US Dollar 40.0 million Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Term loan facility, principal amount									40,000,000																			40,000,000	40,000,000
Floating Rate Debt | US Dollar 15.0 million Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Term loan facility, principal amount									$ 15,000,000																			$ 15,000,000	$ 15,000,000
Floating Rate Debt | US Dollar 24.9 million Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Term loan facility, principal amount													$ 24,900,000
Floating Rate Debt | US$ 43 million secured term loan facility (February 2010)
Debt Instrument [Line Items]
Term loan facility, principal amount																											$ 42,600,000
Long-term debt																														0	14,900,000				0	0
Term of loan in years																											5 years
Floating Rate Debt | US$ 43 million secured term loan facility (March 2010)
Debt Instrument [Line Items]
Term loan facility, principal amount																										$ 42,600,000
Long-term debt																														0	14,900,000				0	0
Term of loan in years																										5 years
Floating Rate Debt | US$ 171 million secured term loan facility
Debt Instrument [Line Items]
Term loan facility, principal amount																									$ 171,000,000
Long-term debt																														53,200,000	63,400,000				53,200,000	53,200,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary																									8
Term of loan in years																									10 years
Number of vessels against which loan was secured | vessel																									7
Floating Rate Debt | US Dollar 45 million secured term loan facility
Debt Instrument [Line Items]
Available amount under revolving part of credit facility																														0	0				0	0
Floating Rate Debt | US dollar 20 million secured term loan facility
Debt Instrument [Line Items]
Term loan facility, principal amount																						$ 20,000,000
Long-term debt																														17,300,000	19,100,000				17,300,000	17,300,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary																						2
Number of container vessels | vessel																						2
Term loan facility, term																						5 years
Floating Rate Debt | US dollar 128 million secured term loan facility (September 2014)
Debt Instrument [Line Items]
Term loan facility, principal amount																						$ 127,500,000
Long-term debt																														0	84,000,000				0	0
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary																						2
Number of container vessels | vessel																						2
Term loan facility, term																						7 years
Floating Rate Debt | US dollar 128 million secured term loan facility (November 2014)
Debt Instrument [Line Items]
Term loan facility, principal amount																					$ 127,500,000
Long-term debt																														0	87,100,000				0	0
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary																					2
Number of container vessels | vessel																					2
Term loan facility, term																					7 years
Floating Rate Debt | US dollar 39 million secured term loan facility
Debt Instrument [Line Items]
Term loan facility, principal amount																																																$ 39,000,000
Long-term debt																														21,800,000	$ 24,300,000				21,800,000	21,800,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary																				2
Term loan facility, term																				8 years
Number of drybulk carriers | carrier																															2										2
Floating Rate Debt | US dollar 166 million secured term loan facility
Debt Instrument [Line Items]
Term loan facility, principal amount																			$ 166,400,000
Long-term debt																														90,100,000	$ 104,000,000				90,100,000	90,100,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary																			8
Number of vessels against which loan was secured | carrier																			8
Term loan facility, term																			7 years
Floating Rate Debt | US dollar 210 million secured term loan facility (Maersk)
Debt Instrument [Line Items]
Term loan facility, principal amount																		$ 210,000,000
Long-term debt																														99,500,000	160,800,000				99,500,000	99,500,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary																		3
Number of vessels against which loan was secured | carrier																		3
Term loan facility, term																		5 years
Number of vessels delivered | carrier																		1																2
Facility repurchased amount						$ 49,200,000
Floating Rate Debt | US Dollar 76 Million Secured Term Loan Facility
Debt Instrument [Line Items]
Term loan facility, principal amount																	$ 76,000,000
Long-term debt																														59,100,000	64,300,000				59,100,000	59,100,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary																	2
Number of vessels against which loan was secured | carrier																	2
Term loan facility, term																	7 years
Floating Rate Debt | US dollar 50 million secured term loan facility
Debt Instrument [Line Items]
Term loan facility, principal amount															$ 50,000,000
Term of loan in years															7 years
Floating Rate Debt | US dollar 50 million secured term loan facility (June 2018)
Debt Instrument [Line Items]
Long-term debt																														34,100,000	40,700,000				34,100,000	34,100,000
Floating Rate Debt | US dollar 17.5 million secured term loan facility
Debt Instrument [Line Items]
Term loan facility, principal amount														$ 17,500,000																12,900,000	15,700,000	$ 17,500,000			12,900,000	12,900,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiary														2
Number of vessels against which loan was secured | carrier														2																		2
Term loan facility, term														5 years
Line of Credit
Debt Instrument [Line Items]
Debt instrument, maturity date extension term																																	4 years
Line of Credit | US Dollar 475.0 million Term Loan And Revolving Credit Facility
Debt Instrument [Line Items]
Term loan facility, principal amount																								$ 475,000,000
Long-term debt																														216,000,000	232,100,000				216,000,000	216,000,000
Term loan facility, term																								5 years
Line of Credit | US Dollar 390.0 million Term Loan And Revolving Credit Facility
Debt Instrument [Line Items]
Term loan facility, principal amount																								$ 390,000,000
Long-term debt																														0	187,900,000				$ 0	$ 0
Term loan facility, term																								5 years
5.75% unsecured convertible bonds due 2021
Debt Instrument [Line Items]
Term loan facility, principal amount					$ 225,000,000
Repayments of unsecured debt																														$ 0
Conversion price (in dollars per share) | $ / shares																														$ 15.20					$ 15.20	$ 15.20
Minimum dividend before convertible debt rate is adjusted (in dollars per share) | $ / shares					$ 0.225
Principal amounts																														$ 124,500,000					$ 124,500,000	$ 124,500,000
Common shares loan to affiliate | shares					8,000,000
Loan fee					$ 120,000																																										$ 80,000
Common stock, shares loaned to affiliate (in shares) | shares																																															8,000,000
Recognition of equity component arising from issuance																														4,000,000	4,000,000
Amortization of deferred charges																														800,000	700,000
4.875% unsecured convertible bonds due 2023
Debt Instrument [Line Items]
Recognition of equity component arising from issuance																$ 7,900,000														(300,000)	(200,000)
Common stock - Frontline Ltd
Debt Instrument [Line Items]
Term loan facility, principal amount																														$ 15,600,000	$ 36,800,000				$ 15,600,000	$ 15,600,000		$ 36,800,000
Forward contract to repurchase shares (shares) | shares																															3,400,000
Number of shares sold (in shares) | shares																														2,000,000	7,600,000
Secured borrowings, amount repaid																														$ 21,100,000
Investment owned (in shares) | shares																														1,400,000	3,400,000				1,400,000	1,400,000	1,400,000	1,400,000			3,400,000
Forward contract to repurchase shares																														$ 16,100,000					$ 16,100,000	$ 16,100,000
Secured borrowings, liability recorded																														$ 15,600,000	$ 36,800,000				$ 15,600,000	$ 15,600,000
Secured borrowings, collateral, percentage of repurchase price																														20.00%					20.00%	20.00%	20.00%
Additional paid-in capital | 4.875% unsecured convertible bonds due 2023
Debt Instrument [Line Items]
Recognition of equity component arising from issuance																																$ 7,906,000
Additional paid-in capital | 5.75% unsecured convertible bonds due 2021
Debt Instrument [Line Items]
Recognition of equity component arising from issuance																														$ 4,600,000
Additional paid-in capital | 4.875% unsecured convertible bonds due 2023
Debt Instrument [Line Items]
Recognition of equity component arising from issuance																														$ 7,900,000

FINANCE LEASE LIABILITY (Schedu

FINANCE LEASE LIABILITY (Schedule of Finance Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Finance lease liability, current portion	$ 48,887	$ 68,874
Finance lease liability, long-term portion	524,200	1,037,553
Present value of finance lease liability	$ 573,087
Finance lease liability, current portion		68,874
Finance lease liability, long-term portion		1,037,553
Present value of finance lease liability		$ 1,106,427

FINANCE LEASE LIABILITY (Narrat

FINANCE LEASE LIABILITY (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)doNotUseVessel
Lessee, Lease, Description [Line Items]
Finance lease, vessel bareboat charter period	15 years
Number of container vessels contracted to be chartered in | vessel	4
Term of lease or charter	5 years
Number of years before option to buy vessel is available	6 years		6 years
Finance lease, interest expense	$ 59,600	$ 62,800	$ 21,800
River Box | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Lessee, Lease, Description [Line Items]
Ownership percentage of disposed assets	50.10%
Investments in sales-type and direct financing leases	$ 540,908
Finance lease liability	$ (464,740)
Minimum
Lessee, Lease, Description [Line Items]
Term of lease or charter	6 years		6 years
Maximum
Lessee, Lease, Description [Line Items]
Term of lease or charter	11 years		11 years
13,800 TEU Containership
Lessee, Lease, Description [Line Items]
Container vessels acquired | doNotUseVessel			4
10,600 TEU Containership
Lessee, Lease, Description [Line Items]
Container vessels acquired | doNotUseVessel			3

FINANCE LEASE LIABILITY (Sche_2

FINANCE LEASE LIABILITY (Schedule of Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
2021	$ 74,735
2022	74,735
2023	74,735
2024	433,866
2025	0
Thereafter	0
Total finance lease liability	658,071
Less: imputed interest payable	(84,984)
Finance lease liability	573,087
Less: current portion	(48,887)	$ (68,874)
Finance lease liability, long-term portion	$ 524,200	$ 1,037,553

SHARE CAPITAL, ADDITIONAL PAI_3

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Summary of Share Capital) (Details) - USD ($)	Dec. 31, 2020	Aug. 31, 2020	Dec. 31, 2019	Sep. 30, 2018	Apr. 30, 2018	Nov. 30, 2016
Stockholders' Equity Note [Abstract]
Common shares, authorized (in shares)	300,000,000	200,000,000	200,000,000	150,000,000
Share capital, par value (in dollars per share)	$ 0.01		$ 0.01		$ 0.01	$ 0.01
Common shares, authorized	$ 3,000,000	$ 2,000,000	$ 2,000,000	$ 1,500,000
Share capital, shares issued (in shares)	127,810,064		119,391,310
Common stock, value, issued	$ 1,278,000		$ 1,194,000

SHARE CAPITAL, ADDITIONAL PAI_4

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Additional Information) (Details)	Apr. 23, 2018USD ($)$ / shares	Oct. 05, 2016USD ($)$ / shares	May 31, 2018vesselshares	Apr. 30, 2018USD ($)$ / sharesshares	Oct. 31, 2017USD ($)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Aug. 31, 2020USD ($)shares	May 01, 2020USD ($)shares	Sep. 30, 2018USD ($)shares	Jun. 30, 2018vessel	May 04, 2018USD ($)	Feb. 28, 2018USD ($)shares	Nov. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New shares issued (in shares) | shares						6,869	18,246	0	6,869	6,869
Proceeds from shares issued, net of issuance costs						$ 61,485,000	$ 0	$ 0
Common stock, value authorized						$ 3,000,000	$ 2,000,000		$ 3,000,000	$ 3,000,000	$ 2,000,000		$ 1,500,000
Share capital, shares authorized (in shares) | shares						300,000,000	200,000,000		300,000,000	300,000,000	200,000,000		150,000,000
Share capital, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01	$ 0.01		$ 0.01	$ 0.01							$ 0.01
Increase in authorized common stock (in shares) | shares						100,000,000		50,000,000	100,000,000	100,000,000
Options exercised (in shares) | shares						17,500	65,000	0
Exercised (in dollars per share) | $ / shares						$ 8.63	$ 9.92	$ 0
Shares acquired (in shares) | shares			4,024,984
Number of vessels acquired | vessel			4											15
Total authorized for share lending arrangement (in shares) | shares				7,000,000
Repurchase of bonds						$ 66,570,000	$ 80,749,000	$ 97,248,000
Long-term debt						1,663,394,000	1,627,177,000		$ 1,663,394,000	$ 1,663,394,000
4.875% unsecured convertible bonds due 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023				$ 7,900,000		(300,000)	(200,000)
Senior Unsecured Convertible Bonds due 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares loaned to affiliate (in shares) | shares																	8,000,000
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023						$ 4,000,000	4,000,000
Debt amount		$ 225,000,000
Conversion price (in dollars per share) | $ / shares						$ 15.20			$ 15.20	$ 15.20
Contributed surplus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared						$ (109,394,000)	(31,939,000)
4.875% unsecured convertible bonds due 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares loaned to affiliate (in shares) | shares				3,765,842		3,765,842			3,765,842	3,765,842
Interest rate				4.875%		4.875%			4.875%	4.875%
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023						$ 6,800,000	7,100,000
Repurchase of bonds						8,400,000	3,400,000
Long-term debt						$ 139,900,000	148,300,000		$ 139,900,000	$ 139,900,000
Debt amount	$ 150,000,000														$ 14,000,000
Debt instrument, convertible, conversion ratio	0.0528157000								0.0654462000
Conversion price (in dollars per share) | $ / shares	$ 18.93					$ 13.92			$ 13.92	$ 13.92
3.25% Senior Unsecured Convertible Bonds Due 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate					3.25%											3.25%
Shares issued on conversion of convertible debt (in shares) | shares					9,418,798
Conversion of principal amount					$ 121,000,000
3.25% Senior Unsecured Convertible Bonds Due 2018 | Senior Unsecured Convertible Bonds due 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New shares issued (in shares) | shares																651,365
Long-term debt																$ 63,200,000
Senior Unsecured Convertible Bonds due 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate		5.75%
Long-term debt						$ 212,200,000	$ 212,200,000		$ 212,200,000	$ 212,200,000
Debt instrument, convertible, conversion ratio		0.0562596000								0.065451000
Conversion price (in dollars per share) | $ / shares		$ 17.7747
Dividend Reinvestment Plan (DRIP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend reinvestment plan, maximum number of shares authorized (in shares) | shares												10,000,000
At The Market
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity distribution agreement, maximum value of shares authorized												$ 100,000,000
At The Market and Dividend Reinvestment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New shares issued (in shares) | shares						8,400,000			8,400,000	8,400,000
Proceeds from shares issued, net of issuance costs						$ 61,500,000
Premium on issuance of new shares						$ 61,400,000

SHARE OPTION PLAN (Narrative) (

SHARE OPTION PLAN (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 29, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	350,000	350,000	525,000	83,000
Expected life of options (in years)	5 years	2 years	3 years 6 months	3 years 6 months
Vesting period	3 years
Granted (in dollars per share)	$ 13.45	$ 13.45	$ 12.19	$ 14.67
Weighted average fair value of options granted (in dollars per share)		$ 1.76	$ 2.68	$ 3.49
Risk free interest rate		1.40%	2.36%	2.63%
Expected share price volatility		21.60%	25.00%	29.50%
Expected dividend yield		0.00%	0.00%	0.00%
Options exercised (in shares)		17,500	65,000	0
Total intrinsic value of options exercised during the period		$ 0.2	$ 0.3
New shares issued (in shares)		6,869	18,246	0
Exercisable at end of year (in shares)		418,167	236,167	111,500
Intrinsic value of exercisable options		$ 0	$ 1.2	$ 0
Weighted average remaining contractual term		1 year 10 months 24 days
Unrecognized compensation costs related to non-vested options granted		$ 0.7	0.8	0.3
Unrecognized compensation costs		$ 0	$ 2	$ 0
Unrecognized compensation costs, period of recognition (in years)		8 months 12 days	1 year 3 months 18 days	1 year 4 months 24 days
Additional paid-in capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options, compensation cost recognized in the period		$ 1
APIC, share-based payment arrangement, option, increase for cost recognition		$ 0.9	$ 0.8	$ 0.4

SHARE OPTION PLAN (Details)

SHARE OPTION PLAN (Details) - $ / shares	1 Months Ended	12 Months Ended
	Feb. 29, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Options
Options outstanding at beginning of year (in shares)		835,000	417,500	369,500
Granted (in shares)	350,000	350,000	525,000	83,000
Options exercised (in shares)		(17,500)	(65,000)	0
Forfeited (in shares)		(85,000)	(42,500)	(35,000)
Options outstanding at end of year (in shares)		1,082,500	835,000	417,500
Exercisable at end of year (in shares)		418,167	236,167	111,500
Weighted average exercise price $
Options outstanding at beginning of year (in dollars per share)		$ 10.72	$ 11.43	$ 12.20
Granted (in dollars per share)	$ 13.45	13.45	12.19	14.67
Exercised (in dollars per share)		8.63	9.92	0
Forfeited (in dollars per share)		11.02	11.80	10.03
Options outstanding at end of year (in dollars per share)		10.56	10.72	11.43
Exercisable at end of year (in dollars per share)		$ 9.45	$ 9.58	$ 10.03

RELATED PARTY TRANSACTIONS (Sch

RELATED PARTY TRANSACTIONS (Schedule of Amounts Due From and to Related Parties, Excluding Direct Financing Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Total amount due from related parties	$ 7,718	$ 22,399
Total loans to related parties - associated companies, long-term	123,910	314,000
Total long-term receivables from related parties	0	13,616
Total amount due to related parties	2,724	3,980
Frontline Shipping
Related Party Transaction [Line Items]
Total amount due from related parties	2,875	2,948
Total long-term receivables from related parties	0	4,445
Total amount due to related parties	836	3,884
Frontline
Related Party Transaction [Line Items]
Total amount due from related parties	3,202	6,708
Total long-term receivables from related parties	0	9,171
Total amount due to related parties	1,826	47
Seadrill
Related Party Transaction [Line Items]
Total amount due from related parties	3,613	51
Golden Ocean
Related Party Transaction [Line Items]
Total amount due to related parties	23	0
Other related parties
Related Party Transaction [Line Items]
Total amount due from related parties	2	4
Total amount due to related parties	39	49
Affiliated Entity
Related Party Transaction [Line Items]
Allowance for expected credit losses	(1,974)	0
SFL Linus
Related Party Transaction [Line Items]
Total amount due from related parties	0	7,392
Total loans to related parties - associated companies, long-term	0	121,000
Total amount due to related parties		7,400
SFL Deepwater
Related Party Transaction [Line Items]
Total amount due from related parties	0	1,246
Total loans to related parties - associated companies, long-term	0	113,000
Total amount due to related parties		1,200
SFL Hercules
Related Party Transaction [Line Items]
Total amount due from related parties	0	3,423
Total loans to related parties - associated companies, long-term	78,910	80,000
Total amount due to related parties		3,400
Golden Ocean
Related Party Transaction [Line Items]
Total amount due from related parties	0	627
River Box
Related Party Transaction [Line Items]
Total amount due from related parties	0	0
Total loans to related parties - associated companies, long-term	$ 45,000	$ 0

RELATED PARTY TRANSACTIONS (Add

RELATED PARTY TRANSACTIONS (Additional Information) (Details) $ in Thousands	1 Months Ended		2 Months Ended	12 Months Ended
	Feb. 28, 2021	Sep. 30, 2017drillingRig	Dec. 31, 2020	Dec. 31, 2020USD ($)drillingRig	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Gain on sale of subsidiaries, operating				$ 1,894	$ 0	$ 7,613
Number of drilling units | drillingRig		3		3
Minimum | West Linus and West Hercules
Related Party Transaction [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)			65.00%	65.00%
Minimum | West Linus and West Hercules | Subsequent Event
Related Party Transaction [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)	65.00%
Maximum | West Linus and West Hercules
Related Party Transaction [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)			75.00%	75.00%
Maximum | West Linus and West Hercules | Subsequent Event
Related Party Transaction [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)	75.00%
River Box
Related Party Transaction [Line Items]
Ownership percentage			49.90%	49.90%
River Box | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Related Party Transaction [Line Items]
Ownership percentage of disposed assets			50.10%	50.10%
Net proceeds received				$ 17,500
Gain on sale of subsidiaries, operating				$ 1,900

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Related Party Leasing and Service Contracts) (Details)	1 Months Ended					12 Months Ended
	Oct. 31, 2018USD ($)	Feb. 28, 2018USD ($)	Nov. 30, 2016shares	Feb. 29, 2016shares	Jun. 30, 2015USD ($)shares	Dec. 31, 2020USD ($)vesselcarriertankerRateshares	Dec. 31, 2019USD ($)vesseltankercarrierRateshares	Dec. 31, 2018USD ($)noteshares	Jun. 30, 2020shares	Jun. 05, 2015vessel
Related Party Transaction [Line Items]
Payments to be received, next twelve months						$ 84,206,000
Time charter rate for VLCCs from July 1, 2015 onwards					$ 20,000
Time charter rate for Suezmax tankers from July 1, 2015 onwards					$ 15,000
Number of shares received (in shares) | shares					55,000,000
Equity Securities pledged to creditors						$ 9,006,000	$ 43,775,000
Number of capesize drybulk carriers owned | carrier						8
Number of VLCC crude tankers under construction | tanker							2
Number of very large crude oil carriers owned						2	3
Profit sharing percent of earnings from Frontline from July 1, 2015 onwards						50.00%
Due from related parties, current						$ 7,718,000	$ 22,399,000
Number of container vessels owned | vessel						45
Common stock - Frontline Ltd
Related Party Transaction [Line Items]
Number of shares sold (in shares) | shares						2,000,000	7,600,000
Investment owned (in shares) | shares						1,400,000	3,400,000		1,400,000
Equity Securities pledged to creditors						$ 9,000,000	$ 43,800,000
Common stock - NorAm Drilling
Related Party Transaction [Line Items]
Number of shares received (in shares) | shares			12,000,000
Reverse stock split (in shares) | shares				0.20
Investment owned (in shares) | shares						1,300,000	1,300,000	1,300,000
Front Circassia
Related Party Transaction [Line Items]
Compensation payable (receivable) for early contract termination of charter		$ 8,900,000
Frontline Charterers
Related Party Transaction [Line Items]
Number of vessels leased to related parties classified as direct financing leases | vessel						2	3			17
Combined balance of net investments in direct financing leases						$ 76,100,000	$ 111,500,000
Payments to be received, next twelve months						6,300,000	8,300,000
Due from related parties						$ 2,900,000	$ 2,900,000
Golden Ocean
Related Party Transaction [Line Items]
Lessee, operating lease, number of leased carriers | carrier						8
Property subject to or available for operating lease, number of units | vessel							8
Operating lease, right-of-use asset						$ 200,500,000	$ 201,700,000
Number of capesize drybulk carriers financed | carrier							7
Number of capesize drybulk carriers owned | carrier							8
Finance lease per vessel							$ 2,500,000
Increase in charter hire per day							1,535
Number of dry bulk carriers operating on time-charters | carrier						8
Related party transactions profit share of earnings on lease vessels received from related party						33.00%
Number of container vessels operating on time charter, subcontracted to related party | vessel						16
Number of drybulk carriers operating on time charter, sub contracted to related party | carrier						14
Frontline reverse stock split
Related Party Transaction [Line Items]
Number of shares received (in shares) | shares					11,000,000
Frontline Shipping
Related Party Transaction [Line Items]
Capitalized costs							$ 4,200,000
Percentage share of joint costs | Rate						50.00%	50.00%
Compensation received on termination of charters, notes receivable		$ 4,400,000
Due from related parties, current						$ 2,875,000	$ 2,948,000
Frontline
Related Party Transaction [Line Items]
Compensation received on termination of charters, notes receivable	$ 3,400,000							$ 10,100,000
Number of loan notes | note								3
Due from related parties, current						$ 3,200,000	$ 6,700,000
Frontline Management
Related Party Transaction [Line Items]
Number of container vessels operating on time charter, subcontracted to related party | vessel						16
Number of drybulk carriers operating on time charter, sub contracted to related party | carrier						14
Number of suezmax tankers operating on time charter, subcontracted to related party | tanker						2
Number of car carriers operating on time charter, subcontracted to related party | carrier						2
Number of product tankers operating on time charter, sub contracted to related party | tanker						2
Frontline Management | Vessels Leased to Frontline Charterers
Related Party Transaction [Line Items]
Management/operating fee per day						$ 9,000
Golden Ocean Management | Golden Ocean
Related Party Transaction [Line Items]
Management/operating fee per day						$ 7,000
Frontline Charterers
Related Party Transaction [Line Items]
Number of container vessels owned | vessel						2

RELATED PARTY TRANSACTIONS (Sum

RELATED PARTY TRANSACTIONS (Summary of Leasing Revenues Earned From Related Parties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Profit share	$ 18,677	$ 5,615	$ 1,779
Direct financing lease interest income	1,744	3,796	9,623
Direct financing lease service revenue	6,903	9,855	22,095
Golden Ocean
Related Party Transaction [Line Items]
Operating lease income	52,000	51,100
Operating lease income			53,300
Profit share	0	800	300
Frontline Shipping
Related Party Transaction [Line Items]
Profit share	18,600	4,800	1,500
Direct financing lease interest income	1,700	3,800	9,600
Direct financing lease service revenue	6,900	9,900	22,100
Direct financing lease repayments	$ 6,500	$ 7,900	$ 16,800

RELATED PARTY TRANSACTIONS (S_2

RELATED PARTY TRANSACTIONS (Schedule of Fees Incurred with Related Parties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Management fee, percentage	1.25%
Vessel Management Fees	$ 30,276	$ 33,092	$ 45,266
Administration Services Fees	1,178	1,484	1,072
Due to related parties	2,724	3,980
Frontline Charterers
Related Party Transaction [Line Items]
Vessel Management Fees	8,893	11,758	24,033
Commissions and Brokerage	364	291	287
Administration Services Fees	82	201	323
Golden Ocean
Related Party Transaction [Line Items]
Vessel Management Fees	20,496	20,440	20,440
Administration Services Fees	70	30	0
Operating Management Fees	887	894	793
Due to related parties	23	0
Seatankers
Related Party Transaction [Line Items]
Administration Services Fees	520	739	290
Seatankers Management Norway AS
Related Party Transaction [Line Items]
Office Facilities	94	104	108
Frontline Management AS
Related Party Transaction [Line Items]
Office Facilities	186	198	185
Frontline Corporate Services Ltd.
Related Party Transaction [Line Items]
Administration Services Fees	226	212	$ 166
Frontline Management and Frontline Management AS
Related Party Transaction [Line Items]
Due to related parties	$ 70	$ 50

RELATED PARTY TRANSACTIONS (R_2

RELATED PARTY TRANSACTIONS (Related Party Loans – Associated Companies) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from related parties	$ 7,718	$ 22,399
Total loans to related parties - associated companies, long-term	123,910	314,000
River Box
Related Party Transaction [Line Items]
Loans advanced to related parties	45,000
Due to parent	45,000
Due from related parties	0	0
Total loans to related parties - associated companies, long-term	45,000	0
SFL Hercules
Related Party Transaction [Line Items]
Loans advanced to related parties	145,000
Due to parent	78,900	80,000
Due from related parties	0	3,423
Total loans to related parties - associated companies, long-term	78,910	80,000
SFL Deepwater
Related Party Transaction [Line Items]
Loans advanced to related parties	145,000
Due to parent		113,000
Due from related parties	0	1,246
Total loans to related parties - associated companies, long-term	0	113,000
SFL Linus
Related Party Transaction [Line Items]
Loans advanced to related parties	125,000
Due to parent		121,000
Due from related parties	0	7,392
Total loans to related parties - associated companies, long-term	$ 0	$ 121,000

RELATED PARTY TRANSACTIONS (Int

RELATED PARTY TRANSACTIONS (Interest Income Received on Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Interest income – related parties, long term loans to associated companies	$ 11,925	$ 14,128	$ 14,128
River Box
Related Party Transaction [Line Items]
Interest income – related parties, long term loans to associated companies	0	0	0
SFL Deepwater
Related Party Transaction [Line Items]
Interest income – related parties, long term loans to associated companies	3,800	5,100	5,100
SFL Hercules
Related Party Transaction [Line Items]
Interest income – related parties, long term loans to associated companies	3,600	3,600	3,600
SFL Linus
Related Party Transaction [Line Items]
Interest income – related parties, long term loans to associated companies	$ 4,500	$ 5,400	$ 5,400

RELATED PARTY TRANSACTIONS (R_3

RELATED PARTY TRANSACTIONS (Related Party Purchases and Sales of Vessels) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Proceeds from sale of vessels and termination of charters	$ 210,920	$ 0	$ 145,654
Front Page
Related Party Transaction [Line Items]
Gain/(Loss) on sale of assets and termination of charters, net			300
Front Stratus
Related Party Transaction [Line Items]
Gain/(Loss) on sale of assets and termination of charters, net			200
Front Serenade
Related Party Transaction [Line Items]
Gain/(Loss) on sale of assets and termination of charters, net			300
Front Page, Front Stratus Front Serenade
Related Party Transaction [Line Items]
Proceeds from sale of vessels and termination of charters			22,500
Compensation received on termination of charters, notes receivable			$ 3,400

RELATED PARTY TRANSACTIONS (Lon

RELATED PARTY TRANSACTIONS (Long-Term Receivables From Related Parties) (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Feb. 29, 2020USD ($)vessel	Oct. 31, 2018USD ($)	Feb. 28, 2018USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Front Circassia
Related Party Transaction [Line Items]
Compensation received on termination of charters, notes receivable	$ 4,400
Frontline Shipping
Related Party Transaction [Line Items]
Compensation received on termination of charters, notes receivable			$ 4,400
Interest income received				$ 82	$ 734	$ 537
Repayment of notes receivable from related parties				8,900	0	0
Frontline
Related Party Transaction [Line Items]
Compensation received on termination of charters, notes receivable		$ 3,400				10,100
Interest income received				97	908	340
Repayment of notes receivable from related parties				$ 11,000	$ 1,700	$ 500
Front Circassia
Related Party Transaction [Line Items]
Number of very large crude carriers sold | vessel	1
Notes compensation received on termination of charters, face value	$ 8,900
Gain (loss) on settlement of loan notes receivable	$ 4,400
Front Page, Front Stratus, Front Serenade And Front Ariake
Related Party Transaction [Line Items]
Number of very large crude carriers sold | vessel	4
Notes compensation received on termination of charters, face value	$ 11,000
Compensation received on termination of charters, notes receivable	11,000
Gain (loss) on settlement of loan notes receivable	$ 0

RELATED PARTY TRANSACTIONS (Oth

RELATED PARTY TRANSACTIONS (Other Related Party Transactions) (Details)	1 Months Ended								12 Months Ended
	Feb. 29, 2020USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Nov. 30, 2018shares	Aug. 31, 2018USD ($)shares	May 31, 2018USD ($)subsidiaryvesselshares	Nov. 30, 2016USD ($)shares	Jun. 30, 2015shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Jun. 30, 2018vessel
Related Party Transaction [Line Items]
Proceeds from sale of vessels and termination of charters									$ 210,920,000	$ 0	$ 145,654,000
Termination fee									3,200,000
Number of vessels acquired | vessel						4						15
Interest payable to parent									0	0	6,378,000
Number of shares received (in shares) | shares								55,000,000
Shares acquired (in shares) | shares						4,024,984
Fair value		$ 12,753,000	$ 13,245,000						9,431,000	12,753,000	13,245,000
Proceeds from sale of shares									23,661,000	82,783,000	0
Gain/(loss) on sale of vessels									2,250,000	0	(2,578,000)
Sterna Finance
Related Party Transaction [Line Items]
Number of wholly owned subsidiaries | subsidiary						4
Debt amount						$ 320,000,000
Golden Close
Related Party Transaction [Line Items]
Fair value		$ 0	0						0	0	0
Proceeds from sale of shares											45,600,000
Gain/(Loss) on investments in debt and equity securities											13,500,000
Interest income received									0	0	242,000
Final dividend distribution										$ 2,000,000
Common Stock, ADS | ADS Maritime Holding
Related Party Transaction [Line Items]
Number of shares received (in shares) | shares					4,000,000
Shares acquired					$ 10,000,000
Fair value									$ 8,900,000
Percentage of shares outstanding									17.00%
Investment owned (in shares) | shares		4,000,000							4,000,000	4,000,000
Common stock - NorAm Drilling
Related Party Transaction [Line Items]
Number of shares received (in shares) | shares							12,000,000
Shares acquired							$ 700,000
Fair value			$ 3,900,000								$ 3,900,000
Share consolidation ratio				20
Number of shares held after share consolidation | shares				601,023
Shares issued (in shares) | shares				600,000
Shares acquired (in shares) | shares			41,756
Investment owned (in shares) | shares		1,300,000	1,300,000						1,300,000	1,300,000	1,300,000
Investment and debt securities, fair value									$ 1,500,000
NorAm Drilling
Related Party Transaction [Line Items]
Marketable securities, shares, redeemed (in shares) | shares											500,000
Gain (loss) on redemption											$ 0
Disposition of investment										$ 300,000
Fair value		$ 4,690,000	$ 5,200,000						4,643,000	4,690,000	$ 5,200,000
ADS Crude Carriers Plc
Related Party Transaction [Line Items]
Long-term line of credit		7,500,000								7,500,000
Ship Finance | ADS Crude Carriers Plc
Related Party Transaction [Line Items]
Long-term line of credit		$ 5,000,000								$ 5,000,000
Percentage of long term line of credit provided		67.00%								67.00%
Commitment fee amount		$ 50,000
Front Hakata
Related Party Transaction [Line Items]
Proceeds from sale of vessels and termination of charters	$ 33,500,000
Termination fee	$ 3,200,000
Gain/(loss) on sale of vessels									$ 1,400,000
Floating Rate Debt | Sterna Finance
Related Party Transaction [Line Items]
Term loan facility, term						13 months

RELATED PARTY TRANSACTIONS (Div

RELATED PARTY TRANSACTIONS (Dividends and Income Received) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Dividend income – related parties	$ 6,030	$ 2,590	$ 0
ADS Maritime Holding
Related Party Transaction [Line Items]
Dividend income – related parties	2,930	261	0
Frontline
Related Party Transaction [Line Items]
Dividend income – related parties	3,100	340	0
Golden Close
Related Party Transaction [Line Items]
Dividend income – related parties	0	1,989	0
Interest income received	0	0	242
NorAm Drilling
Related Party Transaction [Line Items]
Interest income received	$ 420	$ 459	$ 506

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Total derivative instruments - short-term assets	$ 0	$ 520
Total derivative instruments - long-term assets	3,406	3,479
Total derivative instruments - short-term liabilities	1,572	6,067
Total derivative instruments - long-term liabilities	32,712	20,579
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Total derivative instruments - short-term assets	0	520
Total derivative instruments - long-term assets	0	377
Total derivative instruments - short-term liabilities	703	6,067
Total derivative instruments - long-term liabilities	7,926	5,477
Designated as Hedging Instrument | Cross Currency Interest Rate Contract
Derivative [Line Items]
Total derivative instruments - long-term assets	28	189
Total derivative instruments - long-term liabilities	3,006	2,105
Designated as Hedging Instrument | Cross Currency Swaps
Derivative [Line Items]
Total derivative instruments - long-term assets	3,373	0
Total derivative instruments - long-term liabilities	8,301	11,049
Not Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Total derivative instruments - long-term assets	0	2,913
Total derivative instruments - short-term liabilities	869	0
Total derivative instruments - long-term liabilities	13,479	1,948
Not Designated as Hedging Instrument | Cross Currency Swaps
Derivative [Line Items]
Total derivative instruments - long-term assets	$ 5	$ 0

FINANCIAL INSTRUMENTS (Interest

FINANCIAL INSTRUMENTS (Interest Rate Risk Management) (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2020NOK (kr)	Jan. 21, 2020NOK (kr)	Dec. 31, 2019USD ($)	Dec. 31, 2019NOK (kr)	Jun. 04, 2019NOK (kr)
Derivative [Line Items]
Notional principal amount	$ 900,000,000			$ 1,000,000,000
NOK700 Million Senior Unsecured Bonds Due 2023
Derivative [Line Items]
Debt amount	81,600,000	kr 700,000,000		$ 79,700,000	kr 700,000,000
NOK700 Million Senior Unsecured Bonds due 2024
Derivative [Line Items]
Debt amount | kr		700,000,000				kr 700,000,000
NOK600 Million Senior Unsecured Bonds due 2025
Derivative [Line Items]
Debt amount | kr		kr 600,000,000	kr 600,000,000
$100,000 (remaining at $100,000)
Derivative [Line Items]
Notional principal amount	100,000,000
Notional principal, at maturity	$ 100,000,000
$100,000 (remaining at $100,000) | Minimum
Derivative [Line Items]
Fixed interest rate	2.50%	2.50%
$100,000 (remaining at $100,000) | Maximum
Derivative [Line Items]
Fixed interest rate	2.93%	2.93%
$96,600 (terminating at $79,733)
Derivative [Line Items]
Notional principal amount	$ 96,600,000
Notional principal, at maturity	$ 79,733,000
$96,600 (terminating at $79,733) | Minimum
Derivative [Line Items]
Fixed interest rate	1.76%	1.76%
$96,600 (terminating at $79,733) | Maximum
Derivative [Line Items]
Fixed interest rate	1.85%	1.85%
$100,000 (remaining at $100,000)
Derivative [Line Items]
Notional principal amount	$ 100,000,000
Notional principal, at maturity	$ 100,000,000
$100,000 (remaining at $100,000) | Minimum
Derivative [Line Items]
Fixed interest rate	1.85%	1.85%
$100,000 (remaining at $100,000) | Maximum
Derivative [Line Items]
Fixed interest rate	1.97%	1.97%
$39,313 (reducing to $35,063)
Derivative [Line Items]
Notional principal amount	$ 39,313,000
Notional principal, at maturity	$ 35,063,000
Fixed interest rate	2.97%	2.97%
$21,840 (reducing to $19,413)
Derivative [Line Items]
Notional principal amount	$ 21,840,000
Notional principal, at maturity	$ 19,413,000
Fixed interest rate	1.67%	1.67%
$50,313 (remaining at $50,313)
Derivative [Line Items]
Notional principal amount	$ 50,313,000
Notional principal, at maturity	$ 50,313,000
Fixed interest rate	1.07%	1.07%
$56,000 (remaining at $56,000)
Derivative [Line Items]
Notional principal amount	$ 56,000,000
Notional principal, at maturity	$ 56,000,000
Fixed interest rate	1.84%	1.84%
$14,699 (equivalent to NOK128 million)
Derivative [Line Items]
Notional principal amount	$ 14,699,000	kr 128,000,000
$14,699 (equivalent to NOK128 million) | Minimum
Derivative [Line Items]
Fixed interest rate	6.70%	6.70%
$14,699 (equivalent to NOK128 million) | Maximum
Derivative [Line Items]
Fixed interest rate	6.77%	6.77%
$11,254 (equivalent to NOK100 million)
Derivative [Line Items]
Notional principal amount	$ 11,254,000	kr 100,000,000
Fixed interest rate	6.378%	6.378%
$30,000 (remaining at $30,000)
Derivative [Line Items]
Notional principal amount	$ 30,000,000
Notional principal, at maturity	$ 30,000,000
Fixed interest rate	2.15%	2.15%
$48,332 (equivalent to NOK420 million)
Derivative [Line Items]
Notional principal amount	$ 48,332,000	kr 420,000,000
$48,332 (equivalent to NOK420 million) | Minimum
Derivative [Line Items]
Fixed interest rate	6.85%	6.85%
$48,332 (equivalent to NOK420 million) | Maximum
Derivative [Line Items]
Fixed interest rate	6.90%	6.90%
$100,000 (remaining at $100,000)
Derivative [Line Items]
Notional principal amount	$ 100,000,000
Notional principal, at maturity	$ 100,000,000
$100,000 (remaining at $100,000) | Minimum
Derivative [Line Items]
Fixed interest rate	1.45%	1.45%
$100,000 (remaining at $100,000) | Maximum
Derivative [Line Items]
Fixed interest rate	1.60%	1.60%
$67,500 (remaining at $67,500)
Derivative [Line Items]
Notional principal amount	$ 67,500,000
Notional principal, at maturity	$ 67,500,000
Fixed interest rate	1.40%	1.40%
$159,777 (reducing to $92,233)
Derivative [Line Items]
Notional principal amount	$ 159,777,000
Notional principal, at maturity	$ 92,233,000
$159,777 (reducing to $92,233) | Minimum
Derivative [Line Items]
Fixed interest rate	0.46%	0.46%
$159,777 (reducing to $92,233) | Maximum
Derivative [Line Items]
Fixed interest rate	0.47%	0.47%
$48,610 (reducing to $45,135)
Derivative [Line Items]
Notional principal amount	$ 48,610,000
Notional principal, at maturity	$ 45,135,000
Fixed interest rate	0.28%	0.28%

FINANCIAL INSTRUMENTS (Foreign

FINANCIAL INSTRUMENTS (Foreign Currency Risk Management) (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2020NOK (kr)	Dec. 31, 2019USD ($)
Derivative [Line Items]
Debt amount	$ 900,000,000		$ 1,000,000,000
Designated as Hedging Instrument | Cross Currency Interest Rate Contract due September 2023
Derivative [Line Items]
Debt amount	76,800,000	kr 600,000,000
Designated as Hedging Instrument | Cross Currency Interest Rate Contract due September 2023
Derivative [Line Items]
Debt amount	11,300,000	100,000,000
Designated as Hedging Instrument | Cross Currency Interest Rate Contract due June 2024
Derivative [Line Items]
Debt amount	80,500,000	700,000,000
Designated as Hedging Instrument | Cross Currency Interest Rate Contract due January 2025
Derivative [Line Items]
Debt amount	$ 67,500,000	kr 600,000,000

FINANCIAL INSTRUMENTS (Fair Val

FINANCIAL INSTRUMENTS (Fair Value and Carrying Value) (Details) $ in Thousands, kr in Millions	Dec. 31, 2020USD ($)	Dec. 31, 2020NOK (kr)	Dec. 31, 2019USD ($)	Dec. 31, 2019NOK (kr)	Dec. 31, 2018USD ($)
Non-derivatives:
Available-for-sale debt securities	$ 9,431		$ 12,753		$ 13,245
Equity securities	19,374		61,326		$ 73,929
Equity Securities pledged to creditors	9,006		43,775
Long-term debt	1,663,394		1,627,177
Derivatives:
Financial instruments at fair value, current portion	0		520
Interest rate/ currency swap contracts – long-term receivables	3,406		3,479
Long term receivables, non-designated swap contracts	0		2,900
Long term payables, non-designated swap contracts	13,500		1,900
Not Designated as Hedging Instrument
Derivatives:
Interest rate/ currency swap contracts – short-term payables	900		0
5.75% unsecured convertible bonds due 2021
Non-derivatives:
Long-term debt	212,200		212,200
4.875% unsecured convertible bonds due 2023
Non-derivatives:
Long-term debt	139,900		148,300
NOK500million senior unsecured floating rate bonds due 2020
Non-derivatives:
Long-term debt	0	kr 0	56,900	kr 500
NOK700 Million Senior Unsecured Bonds due 2024
Non-derivatives:
Long-term debt	81,000	695	79,700	700
NOK600 Million Senior Unsecured Bonds due 2025
Non-derivatives:
Long-term debt	62,900	kr 540	0	kr 0
Fair Value, Recurring | Carrying value
Non-derivatives:
Available-for-sale debt securities	9,431		12,753
Equity securities	10,367		17,551
Equity Securities pledged to creditors	9,007		43,775
Derivatives:
Financial instruments at fair value, current portion	0		520
Interest rate/ currency swap contracts – long-term receivables	3,406		3,479
Interest rate/ currency swap contracts – short-term payables	1,572		6,067
Interest rate/ currency swap contracts – long-term payables	32,712		20,579
Fair Value, Recurring | Fair value
Non-derivatives:
Available-for-sale debt securities	9,431		12,753
Equity securities	10,367		17,551
Equity Securities pledged to creditors	9,007		43,775
Derivatives:
Financial instruments at fair value, current portion	0		520
Interest rate/ currency swap contracts – long-term receivables	3,406		3,479
Interest rate/ currency swap contracts – short-term payables	1,572		6,067
Interest rate/ currency swap contracts – long-term payables	32,712		20,579
Fair Value, Recurring | 5.75% unsecured convertible bonds due 2021 | Carrying value
Non-derivatives:
Long-term debt	212,230		212,230
Fair Value, Recurring | 5.75% unsecured convertible bonds due 2021 | Fair value
Non-derivatives:
Long-term debt	199,496		227,025
Fair Value, Recurring | 4.875% unsecured convertible bonds due 2023 | Carrying value
Non-derivatives:
Long-term debt	139,900		148,300
Fair Value, Recurring | 4.875% unsecured convertible bonds due 2023 | Fair value
Non-derivatives:
Long-term debt	123,112		165,503
Fair Value, Recurring | NOK500million senior unsecured floating rate bonds due 2020 | Carrying value
Non-derivatives:
Long-term debt	0		56,910
Fair Value, Recurring | NOK500million senior unsecured floating rate bonds due 2020 | Fair value
Non-derivatives:
Long-term debt	0		58,191
Fair Value, Recurring | NOK700 Million Senior Unsecured Bonds Due 2023 | Carrying value
Non-derivatives:
Long-term debt	81,572		79,674
Fair Value, Recurring | NOK700 Million Senior Unsecured Bonds Due 2023 | Fair value
Non-derivatives:
Long-term debt	78,513		81,567
Fair Value, Recurring | NOK700 Million Senior Unsecured Bonds due 2024 | Carrying value
Non-derivatives:
Long-term debt	80,989		79,674
Fair Value, Recurring | NOK700 Million Senior Unsecured Bonds due 2024 | Fair value
Non-derivatives:
Long-term debt	76,940		79,674
Fair Value, Recurring | NOK600 Million Senior Unsecured Bonds due 2025 | Carrying value
Non-derivatives:
Long-term debt	62,927		0
Fair Value, Recurring | NOK600 Million Senior Unsecured Bonds due 2025 | Fair value
Non-derivatives:
Long-term debt	$ 57,421		$ 0

FINANCIAL INSTRUMENTS (Fair V_2

FINANCIAL INSTRUMENTS (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018	Oct. 05, 2016
Assets:
Available-for-sale debt securities	$ 9,431	$ 12,753	$ 13,245
Equity securities	19,374	61,326	$ 73,929
Equity Securities pledged to creditors	9,006	43,775
Financial instruments at fair value, current portion	0	520
Interest rate/ currency swap contracts – long-term receivables	$ 3,406	3,479
Senior Unsecured Convertible Bonds due 2021
Liabilities:
Interest rate					5.75%
Senior Unsecured Convertible Bonds due 2023
Liabilities:
Interest rate	4.875%			4.875%
Fair Value, Recurring | Fair Value, Inputs, Level 2
Assets:
Available-for-sale debt securities	$ 4,800	8,100
Fair Value, Recurring | Fair value
Assets:
Available-for-sale debt securities	9,431	12,753
Equity securities	10,367	17,551
Equity Securities pledged to creditors	9,007	43,775
Financial instruments at fair value, current portion	0	520
Interest rate/ currency swap contracts – long-term receivables	3,406	3,479
Total assets	32,211	78,078
Liabilities:
Floating rate NOK bonds due 2020		58,191
Floating rate NOK bonds due 2023	78,513	81,567
Floating rate NOK bonds due 2024	76,940	79,674
Floating rate NOK bonds due 2025	57,421
Interest rate/ currency swap contracts – short-term payables	1,572	6,067
Interest rate/ currency swap contracts – long-term payables	32,712	20,579
Total liabilities	569,766	638,606
Fair Value, Recurring | Fair value | Senior Unsecured Convertible Bonds due 2021
Liabilities:
Unsecured convertible bonds	199,496	227,025
Fair Value, Recurring | Fair value | Senior Unsecured Convertible Bonds due 2023
Liabilities:
Unsecured convertible bonds	123,112	165,503
Fair Value, Recurring | Fair value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Available-for-sale debt securities	4,643	4,690
Equity securities	10,367	17,551
Equity Securities pledged to creditors	9,007	43,775
Total assets	24,017	66,016
Liabilities:
Floating rate NOK bonds due 2020		58,191
Floating rate NOK bonds due 2023	78,513	81,567
Floating rate NOK bonds due 2024	76,940	79,674
Floating rate NOK bonds due 2025	57,421
Total liabilities	535,482	611,960
Fair Value, Recurring | Fair value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Unsecured Convertible Bonds due 2021
Liabilities:
Unsecured convertible bonds	199,496
Fair Value, Recurring | Fair value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Unsecured Convertible Bonds due 2023
Liabilities:
Unsecured convertible bonds	123,112	165,503
Fair Value, Recurring | Fair value | Fair Value, Inputs, Level 2
Assets:
Available-for-sale debt securities	4,788	8,063
Financial instruments at fair value, current portion		520
Interest rate/ currency swap contracts – long-term receivables	3,406	3,479
Total assets	8,194	12,062
Liabilities:
Interest rate/ currency swap contracts – short-term payables	1,572	6,067
Interest rate/ currency swap contracts – long-term payables	32,712	20,579
Total liabilities	34,284	26,646
Fair Value, Recurring | Fair value | Significant Unobservable Inputs (Level 3)
Assets:
Available-for-sale debt securities		0
Total assets	0	0
Liabilities:
Total liabilities	$ 0	$ 0

FINANCIAL INSTRUMENTS (Concentr

FINANCIAL INSTRUMENTS (Concentrations of Risk) (Details)	1 Months Ended	2 Months Ended	12 Months Ended
	Sep. 30, 2017drillingRig	Dec. 31, 2020USD ($)doNotUseVesselvessel	Dec. 31, 2020USD ($)vesseldoNotUseVesseldrillingRig	Dec. 31, 2019USD ($)vessel	Dec. 31, 2018
Concentration Risk [Line Items]
Number of container vessels contracted to be chartered in | vessel		4	4
Number of drilling units | drillingRig	3		3
Total loans to related parties - associated companies, long-term		$ 123,910,000	$ 123,910,000	$ 314,000,000
River Box | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Concentration Risk [Line Items]
Ownership percentage of disposed assets		50.10%	50.10%
Frontline Charterers | Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage			6.00%	4.00%	8.00%
Golden Ocean | Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage			11.00%	11.00%	13.00%
MSC | Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage			13.00%	14.00%	11.00%
Maersk | Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage			29.00%	30.00%	27.00%
Evergreen Marine | Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage			15.00%	14.00%	10.00%
Seadrill | Comprehensive Income
Concentration Risk [Line Items]
Concentration risk, percentage			7.20%	35.00%	39.10%
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Seadrill
Concentration Risk [Line Items]
Concentration risk, percentage			1.00%	0.00%	0.00%
Frontline Shipping | Frontline
Concentration Risk [Line Items]
Noncontrolling interest, ownership percentage by parent		100.00%	100.00%
Seadrill
Concentration Risk [Line Items]
Total loans to related parties - associated companies, long-term		$ 123,900,000	$ 123,900,000	$ 326,100,000
River Box
Concentration Risk [Line Items]
Ownership percentage		49.90%	49.90%
Total loans to related parties - associated companies, long-term		$ 45,000,000	$ 45,000,000	$ 0
MSC
Concentration Risk [Line Items]
Number of container vessels contracted to be chartered in | doNotUseVessel		32	32
Maersk
Concentration Risk [Line Items]
Number of container vessels contracted to be chartered in | doNotUseVessel		12	12
Evergreen Marine
Concentration Risk [Line Items]
Number of container vessels contracted to be chartered in | doNotUseVessel		4	4
Frontline
Concentration Risk [Line Items]
Guarantee compliance, minimum free cash		$ 2,000,000	$ 2,000,000
Management/operating fee per day			$ 9,000
Golden Ocean
Concentration Risk [Line Items]
Property subject to or available for operating lease, number of units | vessel				8
West Linus and West Hercules | Minimum
Concentration Risk [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)		65.00%	65.00%
West Linus and West Hercules | Maximum
Concentration Risk [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)		75.00%	75.00%
Financial Guarantee
Concentration Risk [Line Items]
Guarantor obligations, current carrying value		$ 83,100,000	$ 83,100,000	$ 266,100,000

ALLOWANCE FOR EXPECTED CREDIT_3

ALLOWANCE FOR EXPECTED CREDIT LOSSES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Oct. 31, 2020subsidiary	Dec. 31, 2019USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Impact of the adoption of ASU 2016-13 on retained earnings			$ 5,614
Additions from associates	3,361
Sale of subsidiary	(1,575)
Change in allowance recorded in 'other financial items'	1,771
Ending balance	$ 9,171
Number equity method investments consolidated | subsidiary		2
River Box | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Ownership percentage of disposed assets	50.10%
Trade receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Impact of the adoption of ASU 2016-13 on retained earnings			19
Change in allowance recorded in 'other financial items'	14
Ending balance	33
Other receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Impact of the adoption of ASU 2016-13 on retained earnings			580
Change in allowance recorded in 'other financial items'	301
Ending balance	881
Related Party receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Impact of the adoption of ASU 2016-13 on retained earnings			206
Additions from associates	1,336
Change in allowance recorded in 'other financial items'	431
Ending balance	1,973
Investment in sales-type, direct financing leases and leaseback assets
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Impact of the adoption of ASU 2016-13 on retained earnings			4,799
Additions from associates	2,025
Sale of subsidiary	(1,575)
Change in allowance recorded in 'other financial items'	(859)
Ending balance	4,390
Other long-term assets
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Impact of the adoption of ASU 2016-13 on retained earnings			$ 10
Change in allowance recorded in 'other financial items'	1,884
Ending balance	$ 1,894

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES (Book Value of Assets Pledged) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Book value of consolidated assets pledged under ship mortgages	$ 1,864,000	$ 1,753,000
Vessels and equipment, net
Other Commitments [Line Items]
Book value of consolidated assets pledged under ship mortgages	1,189,000	1,352,000
Investments in sales-type, direct financing leases and leaseback assets
Other Commitments [Line Items]
Book value of consolidated assets pledged under ship mortgages	$ 675,000	$ 401,000

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES (Book Value of Assets with Finance Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Total book value	$ 697,000	$ 1,277,000
Vessels under finance lease, net
Other Commitments [Line Items]
Total book value	697,000	714,000
Investments in direct financing leases
Other Commitments [Line Items]
Total book value	$ 0	$ 563,000

COMMITMENTS AND CONTINGENT LI_5

COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Details) shares in Millions	12 Months Ended
	Dec. 31, 2020USD ($)vesselshares	Sep. 30, 2020shares	Jun. 30, 2020USD ($)shares	Dec. 31, 2019USD ($)vesselshares	May 31, 2013USD ($)
Loss Contingencies [Line Items]
Long-term debt	$ 1,663,394,000			$ 1,627,177,000
Restricted cash	8,953,000			3,495,000
Total loans to related parties - associated companies, long-term	123,910,000			314,000,000
Long-term purchase commitment, amount	0
SFL Hercules
Loss Contingencies [Line Items]
Long-term debt	185,800,000
Debt amount					$ 375,000,000
Total loans to related parties - associated companies, long-term	$ 78,910,000			$ 80,000,000
Common stock - Frontline Ltd
Loss Contingencies [Line Items]
Investment owned (in shares) | shares	1.4		1.4	3.4
Debt amount	$ 15,600,000		$ 36,800,000	$ 36,800,000
Long-term debt, gross	15,639,000			36,763,000
Financial Guarantee
Loss Contingencies [Line Items]
Guarantor obligations, current carrying value	83,100,000			266,100,000
Debt for Acquired Equipment
Loss Contingencies [Line Items]
Long-term line of credit	1,700,000,000
Debt for Acquired Equipment | Equity Accounted Subsidiaries
Loss Contingencies [Line Items]
Long-term debt	185,800,000			201,900,000
Debt for Acquired Equipment | Company and Subsidiaries
Loss Contingencies [Line Items]
Long-term line of credit	1,800,000,000			$ 2,200,000,000
Frontline Forward Contract
Loss Contingencies [Line Items]
Investment owned (in shares) | shares				3.4
Investment owned	9,000,000			$ 43,800,000
Frontline Forward Contract | Common stock - Frontline Ltd
Loss Contingencies [Line Items]
Investment owned (in shares) | shares		1.4
Installation of scrubbers
Loss Contingencies [Line Items]
Other commitment	$ 5,800,000			$ 33,400,000
Number of vessels committed to vessel upgrades | vessel	9			13
Installation of BWTS
Loss Contingencies [Line Items]
Other commitment	$ 7,000,000			$ 9,200,000
Number of vessels committed to vessel upgrades | vessel	16			18

CONSOLIDATED VARIABLE INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) $ in Thousands	Dec. 31, 2020USD ($)variable_interest_entity	Dec. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Long-term debt	$ 1,663,394	$ 1,627,177
Current portion of debt	484,956	253,059
Vessels under finance lease, net	697,380	714,476
Finance lease liability	573,087
Finance lease liability, current portion	$ 48,887	$ 68,874
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of variable interest entities | variable_interest_entity	41
VIEs with sales-type leases, direct financing leases, and leaseback assets | variable_interest_entity	28
Net investment in lease	$ 583,600
Residual value of leased asset	579,900
Long-term debt	356,400
Current portion of debt	$ 73,800
VIEs, number with operating lease assets | variable_interest_entity	10
Operating lease, right-of-use asset	$ 232,500
Operating lease liability	90,100
Operating lease liability, current	$ 13,900
VIEs, number with finance lease assets | variable_interest_entity	3
Vessels under finance lease, net	$ 297,000
Finance lease liability	231,800
Finance lease liability, current portion	20,000
Unearned Lease Income	$ 161,300

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 17, 2021	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Shares issued (in shares)						8,418,754	18,246	8,442,191
West Linus and West Hercules | Minimum
Subsequent Event [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)					65.00%	65.00%
West Linus and West Hercules | Maximum
Subsequent Event [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)					75.00%	75.00%
Subsequent Event
Subsequent Event [Line Items]
Shares issued (in shares)				300,000
Dividend declared (in dollars per share)	$ 0.15
Subsequent Event | Equity Securities
Subsequent Event [Line Items]
Disposition of investment		$ 0.8
Subsequent Event | ADS Maritime Holding
Subsequent Event [Line Items]
Final dividend distribution		$ 8.8
Subsequent Event | West Linus and West Hercules | Minimum
Subsequent Event [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)			65.00%
Subsequent Event | West Linus and West Hercules | Maximum
Subsequent Event [Line Items]
Expected percentage of revenue to be collected under existing charter agreements (as percent)			75.00%