SFL (SFL) 20-F 24 Mar 22 2021 FY Annual report (foreign) Financial data

COVER

COVER	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
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	138,551,387
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	2021
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

AUDIT INFORMATION

AUDIT INFORMATION	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	717
Auditor Name	MSPC Certified Public Accountants and Advisors,A Professional Corporation
Auditor Location	New York, New York

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating revenues
Interest income related parties – direct financing leases	$ 1,500	$ 1,744	$ 3,796
Interest income other – sales-type, direct financing leases and leaseback assets	18,024	69,472	56,524
Service revenue related parties – direct financing leases	6,570	6,903	9,855
Profit sharing revenues – related parties	10,103	18,677	5,615
Profit sharing income – other	10,601	3,892	0
Time charter revenues – related parties	50,463	51,954	51,132
Time charter revenues – other	319,282	268,635	288,019
Bareboat charter revenues – related parties	28,898	0	0
Bareboat charter revenues – other	1,798	7,863	23,490
Voyage charter revenues – other	61,804	37,287	17,617
Other operating income	4,353	4,620	2,801
Total operating revenues	513,396	471,047	458,849
Gain on sale of assets, net	39,405	2,250	0
Operating expenses
Vessel operating expenses – related parties	28,623	30,276	33,092
Vessel operating expenses – other	128,109	125,367	101,342
Depreciation	138,330	111,279	116,381
Vessel impairment charge	1,927	333,149	60,054
Administrative expenses – related parties	740	1,178	1,484
Administrative expenses – other	12,234	10,222	8,719
Total operating expenses	309,963	611,471	321,072
Net operating income/(loss)	242,838	(138,174)	137,777
Non-operating income / (expense)
Interest income – related parties, long term loans to associated companies	6,921	11,925	14,128
Interest income – related parties, other	443	599	1,642
Interest income – other	86	876	4,294
Interest expense – other	(97,090)	(135,442)	(145,058)
Gain/(loss) on investments in debt and equity securities	995	(22,453)	67,701
(Loss)/gain on purchase of bonds and debt extinguishment	(727)	67,533	1,802
Gain on settlement of related party loan notes	0	4,446	0
Dividend income – related parties	0	6,030	2,590
Gain on sale of subsidiaries, non-operating	0	1,894	0
Other financial items, net	6,683	(25,945)	(12,753)
Net income/(loss) before equity in earnings of associated companies	160,149	(228,711)	72,123
Equity in earnings of associated companies	4,194	4,286	17,054
Net income/(loss)	$ 164,343	$ (224,425)	$ 89,177
Per share information:
Basic earnings/(loss)per share (in dollars per share)	$ 1.35	$ (2.06)	$ 0.83
Weighted average number of shares outstanding, basic (in shares)	122,141	108,972	107,614
Diluted earnings/(loss) per share (in dollars per share)	$ 1.30	$ (2.06)	$ 0.83
Weighted average number of shares outstanding, diluted (in shares)	139,383	108,972	107,696
Cash dividend per share declared and paid (in dollars per share)	$ 0.63	$ 1	$ 1.40

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 164,343	$ (224,425)	$ 89,177
Fair value adjustments to hedging financial instruments	10,408	(7,695)	(12,748)
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments	0	1,059	0
Fair value adjustments to available-for-sale securities	(1,101)	(4,608)	(2,190)
Earnings reclassification of previously deferred fair value adjustments to investment securities classified as available-for-sale securities	817	4,888	2,181
Other comprehensive income/(loss)	(2)	55	(6)
Other comprehensive income/(loss), net of tax	10,122	(6,301)	(12,763)
Comprehensive income/(loss)	$ 174,465	$ (230,726)	$ 76,414

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 145,622	$ 215,445
Restricted cash	8,338	8,953
Investment in debt and equity securities	21,210	28,805
Due from related parties	8,557	7,718
Trade accounts receivable	11,134	6,666
Other receivables	15,444	22,024
Inventories	10,124	8,808
Prepaid expenses and accrued income	6,403	2,597
Investment in sales-type leases, direct financing leases and leaseback assets, current portion	23,484	55,420
Total current assets	250,316	356,436
Vessels and equipment, net	2,230,583	1,240,698
Vessels under finance lease, net	656,072	697,380
Investment in sales-type leases, direct financing leases and leaseback assets, long-term portion	181,282	622,123
Investment in associated companies	16,635	27,297
Newbuildings and vessel purchase deposits	57,093	0
Loans and long term receivables from related parties including associates	45,000	123,910
Financial instruments at fair value, long-term portion	3,184	3,406
Other long-term assets	19,132	21,961
Total assets	3,459,297	3,093,211
Current liabilities
Short-term debt and current portion of long-term debt	302,769	484,956
Finance lease liability, current portion	51,204	48,887
Due to related parties	1,295	2,724
Trade accounts payable	1,770	1,247
Accrued expenses	19,794	21,060
Financial instruments at fair value, current portion	738	1,572
Other current liabilities	22,746	16,085
Total current liabilities	400,316	576,531
Long-term liabilities
Long-term debt	1,586,445	1,164,113
Finance lease liability, long-term portion	472,996	524,200
Financial instruments at fair value, long-term portion	17,209	32,712
Other long-term liabilities	4	4
Total liabilities	2,476,970	2,297,560
Commitments and contingent liabilities
Stockholders' equity
Share capital ($0.01 par value; 300,000,000 shares authorized; 138,551,387 shares issued and outstanding as of December 31, 2021). ($0.01 par value; 300,000,000 shares authorized; 127,810,064 shares issued and outstanding as of December 31, 2020).	1,386	1,278
Additional paid-in capital	621,037	531,382
Contributed surplus	461,818	539,370
Accumulated other comprehensive loss	(9,194)	(19,316)
Accumulated deficit	(92,720)	(257,063)
Total stockholders' equity	982,327	795,651
Total liabilities and stockholders' equity	$ 3,459,297	$ 3,093,211

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020	Aug. 31, 2020	Aug. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 01, 2018	Sep. 30, 2018	Apr. 30, 2018	Nov. 30, 2016
Stockholders' equity
Share capital, par value (in dollars per share)	$ 0.01	$ 0.01			$ 0.01		$ 0.01			$ 0.01	$ 0.01
Share capital, shares authorized (in shares)	300,000,000	300,000,000	300,000,000	200,000,000				200,000,000	150,000,000
Share capital, shares issued (in shares)	138,551,387	127,810,064
Share Capital, shares outstanding (in shares)	138,551,387	127,810,064				119,391,310	119,373,064

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income/(loss)	$ 164,343	$ (224,425)	$ 89,177
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation	138,330	111,279	116,381
Amortization of deferred charges	6,704	9,040	8,085
Amortization of seller's credit	0	0	(103)
Amortization of deferred charter revenue	6,672	6,641	5,406
Vessel impairment charge	1,927	333,149	60,054
Long-term assets impairment charge	0	0	9,168
Adjustment of derivatives to fair value recognized in net income	(11,591)	20,432	3,449
(Gain)/loss on investments in debt and equity securities	(995)	22,453	(67,701)
Equity in earnings of associated companies	(4,194)	(4,286)	(17,054)
Gain on sale of assets	(39,405)	(2,250)	0
Gain on sale of subsidiaries	0	(1,894)	0
Repayments from investment in sales-type, direct financing and leaseback assets	36,276	60,590	44,143
Loss/(gain) on repurchase of bonds	727	(67,533)	(1,802)
Loss on early termination of swaps	0	4,538	0
Other, net	1,072	(6,559)	(4,620)
Changes in operating assets and liabilities
Trade accounts receivable	(4,073)	(2,352)	(1,608)
Due to/ from related parties	(4,317)	21,035	5,652
Other receivables and other current assets	6,518	(2,628)	(7,088)
Inventories	(1,315)	(873)	613
Prepaid expenses and accrued income	(3,806)	(962)	958
Trade accounts payable	447	(2,198)	1,500
Accrued expenses and other current liabilities	275	3,278	5,097
Net cash provided by operating activities	293,595	276,475	249,707
Investing activities
Additions to newbuildings and vessel purchase deposits	(61,351)	0	0
Additions to direct financing leases and leaseback assets	0	(65,030)	(211,065)
Purchase of vessels, capital improvements and other additions	(520,271)	(55,016)	(39,326)
Proceeds from sale of vessels	183,886	210,920	0
Proceeds from sale of subsidiaries, net of cash disposed of	0	14,676	0
Net amounts received from associated companies	9,998	31,467	15,925
Proceeds from sale of equity securities	0	23,661	82,783
Other investments and long-term assets, net	(1,312)	15,661	(18,198)
Net cash (used in)/provided by investing activities	(389,050)	176,339	(169,881)
Financing activities
Repayments of lease obligation liability	(48,887)	(68,599)	(63,663)
Proceeds from issuance of short-term and long-term debt	586,750	397,231	458,781
Repayments of short-term and long-term debt	(301,451)	(624,588)	(208,538)
Repurchase and redemption of bonds	(215,098)	(66,570)	(80,749)
Discount received on debt repurchased	0	0	1,654
Debt fees paid	(8,025)	(4,752)	(4,261)
Payment for early settlements of interest rate swaps, net	0	(4,539)	0
Principal settlements of cross currency swaps, net	0	(11,706)	(41,769)
Proceeds from shares issued, net of issuance costs	89,280	61,485	0
Cash dividends paid	(77,552)	(109,394)	(150,659)
Net cash provided by/(used in) financing activities	25,017	(431,432)	(89,204)
Net change in restricted cash and cash and cash equivalents	(70,438)	21,382	(9,378)
Cash, restricted cash and cash equivalents at start of the year	224,398	203,016	212,394
Cash, restricted cash and cash equivalents at end of the year	153,960	224,398	203,016
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	145,622	215,445	199,521
Restricted cash	8,338	8,953	3,495
Cash, restricted cash and cash equivalents at end of the year	153,960	224,398	203,016
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	$ 70,979	$ 71,476	$ 72,344

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 deficit)/retained earnings	(Accumulated deficit)/retained earningsCumulative Effect, Period Of Adoption, Adjustment	Designated as hedging instrumentInterest rate swaps	Designated as hedging instrumentCross currency swaps	Designated as hedging instrumentCross currency interest rate swaps
Balance, at beginning of year (in shares) at Dec. 31, 2018	119,373,064
Balance, at beginning of year at Dec. 31, 2018		$ 1,194	$ 468,844	$ 680,703	$ (220)	$ 29,511	$ 32
Balance, at beginning of year (Accounting Standards Update 2017-12) at Dec. 31, 2018							32
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	18,246
Shares issued- share option, dividend reinvestment and other schemes		0	0
Payments in lieu of issuing shares			0
Amortization of stock-based compensation			896
Stock-based compensation forfeitures			(83)
Adjustment to equity component of convertible bonds arising from reacquisition of bonds			(231)
Fair value adjustments to hedging financial instruments					(12,748)
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments	$ 0				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 income/(loss)	$ 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	$ (32,638)
Accumulated other comprehensive loss
Accounting Standards Update [Extensible List]	Accounting Standards Update 2017-12
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
Shares issued- share option, dividend reinvestment and other schemes		84	61,400
Payments in lieu of issuing shares			0
Amortization of stock-based compensation			966
Stock-based compensation forfeitures			(96)
Adjustment to equity component of convertible bonds arising from reacquisition of bonds			(314)
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
Reclassification of of unrealised losses upon adoption of new ASU | Accounting Standards Update 2017-12					0
Other comprehensive income/(loss)	55				55
Net income/(loss)	$ (224,425)					(224,425)
Dividends declared				(109,394)		0
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)	(257,063)
Accumulated other comprehensive loss
Accounting Standards Update [Extensible List]	Accounting Standards Update 2016-13 [Member]
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)
Shares issued (in shares)	10,741,323
Shares issued- share option, dividend reinvestment and other schemes		108	89,269
Payments in lieu of issuing shares	$ 100		(97)
Amortization of stock-based compensation			981
Stock-based compensation forfeitures			0
Adjustment to equity component of convertible bonds arising from reacquisition of bonds			(498)
Fair value adjustments to hedging financial instruments					10,408
Earnings reclassification of previously deferred fair value adjustments to hedging financial instruments	0				0
Fair value adjustments to available-for-sale securities					(1,101)
Earnings reclassification of previously deferred fair value adjustments to available-for-sale securities	817				817
Reclassification of of unrealised losses upon adoption of new ASU | Accounting Standards Update 2017-12					0
Other comprehensive income/(loss)	(2)				(2)
Net income/(loss)	$ 164,343					164,343
Dividends declared				(77,552)		0
Balance, at end of year (in shares) at Dec. 31, 2021	138,551,387
Balance, at end of year at Dec. 31, 2021	$ 982,327	$ 1,386	$ 621,037	$ 461,818	$ (9,194)	$ (92,720)
Accumulated other comprehensive loss
Fair value adjustments to hedging financial instruments								$ 2,758	$ (7,280)	$ (4,942)
Reclassification of unrealized losses upon adoption of ASU 2017-12	(32)
Fair value adjustments to available-for-sale securities	631
Other items	(329)
Accumulated other comprehensive loss	$ (9,194)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	Dec. 31, 2021	Apr. 23, 2018
4.875% unsecured convertible bonds due 2023
Interest rate (in percentage)	4.875%	4.875%

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2021
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, 2021, the Company owned two very large crude oil carriers ("VLCCs"), three Suezmax crude oil carriers, five Supramax dry bulk carriers, two Kamsarmax dry bulk carriers, eight Capesize dry bulk carriers, 35 container vessels (including four chartered-in 19,200 and 19,400 twenty-foot equivalent units ("TEU") container vessels and seven 10,600 TEU and 14,000 TEU container vessels financed through sale and leaseback), two car carriers, one jack-up drilling rig, one ultra-deepwater drilling unit, two chemical tankers and four oil product tankers. In addition, the Company has one VLCC which is accounted for as a leaseback asset. (See Note 17: Investments in Sales-Type Leases, Direct Financing Leases and Leaseback Assets). The Company has also contracted to acquire four dual-fuel 7,000 Car Equivalent Unit ("CEU") newbuilding car carriers, currently under construction. The vessels are expected to be delivered in 2023 and 2024. (See Note 14: Newbuildings and Vessel Purchase Deposits). As of December 31, 2021, 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 in 2020. (See Note 18: 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, 2021
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 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 25: Related Party Transactions, the Company has, or has had, profit sharing arrangements with Frontline Shipping Limited ("Frontline Shipping"), and Golden Ocean Group Limited ("Golden Ocean"). In addition, the Company's charter agreements relating to seven containerships chartered to Maersk on a time charter basis include an arrangement where we receive a share of the fuel savings, dependent on the price difference between IMO compliant fuel and IMO non-compliant fuel that is subsequently made compliant by the scrubbers. 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 to 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. On December 31, 2020, the Company sold 50.1% of the shares of River Box Holding Inc. (“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 18: 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 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". 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. In the year ended December 31, 2021, $0.4 million interest was capitalized in the cost of newbuildings (2020: $0.0 million; 2019: $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 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 Any vessels purchased and leased back to the same party are evaluated under sale and leaseback accounting to determine whether it is appropriate to account for the transaction as a sale and purchase of an asset, respectively. 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. 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 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

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	12 Months Ended
	Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS The following is a brief discussion of a selection of recently released accounting pronouncements that are pertinent to the Company's business: In October 2021, the FASB issued ASU No. 2021-08, "'Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08"). This ASU requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The amendments are effective for the Company beginning after December 15, 2022, and are applied prospectively to business combinations that occur after the effective date. The Company will evaluate these amendments based on the facts and circumstances of any future business combinations. In July 2021, the FASB issued ASU No. 2021-05, "Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments" ("ASU 2021-05"). The amendments in this ASU affect lessors with lease contracts that (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. The Update stipulates that lessors with such leases should classify them as operating leases if both of the following criteria are met: (1) The lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in ASC paragraphs 842-10-25-2 through 25-3; and (2) The lessor would have otherwise recognized a day-one loss. This new standard amends the lease classification requirements for lessors to align them with practice under ASC Topic 840. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. ASU 2021-05 is effective for fiscal years and interim periods beginning after December 15, 2021. Entities have the option to apply the amendments either (1) retrospectively to leases that commenced or were modified on or after the adoption of Update 2016- 02 or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. The Company intends to choose the prospective option and the effect on the financial statements will be evaluated based on the facts and circumstances of future lease contracts. In May 2021, the FASB issued ASU No. 2021-04, "Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options" ("ASU 2021-04"). This new standard provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. It specifically addresses: (1) How an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; (2) How an entity should measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; and (3) How an entity should recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange. ASU 2021-04 is effective for fiscal years and interim periods beginning after December 15, 2021. The Company does not expect the adoption of ASU 2021-04 will have a material effect on the consolidated financial statements. 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". Accounting Standards Codification (“ASC”) 848 provided temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to reduce the financial reporting burden in light of the market transition from London Interbank Offered Rates (“LIBOR”) and other reference interest rates to alternative reference rates. Under ASC 848, companies can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform if certain criteria are met. An entity that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. The amendments of ASC 848 apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 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 from 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. In order to preserve the presentation of derivatives consistent with past presentation, the Company expects to take advantage of the expedients and exceptions provided by the ASUs 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"). ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost or will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. By removing those separation models, the interest rate of convertible debt instruments typically will be closer to the coupon interest rate. ASU 2020-06 also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective from January 1, 2022 and the Company plans to adopt the amendments on a modified retrospective basis. Based on a preliminary assessment the Company expects the adoption of ASU 2020-06 to involve adjustments to the opening balance of retained earnings, additional paid-in capital and unamortized debt issuance costs. The Company estimates the net impact of this adjustment to stockholders' equity to be less than $2 million, although this is subject to change based upon repurchases and issuances of convertible debt prior to implementation. Also, it is not expected that the amendments will have any material impact on the Company's calculation of basic or diluted earnings per share.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2021
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, 2021
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, Singapore 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, 2021
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 $) 2021 2020 2019 Basic earnings (loss) per share: Net income/(loss) available to stockholders 164,343 (224,425) 89,177 Diluted earnings (loss) per share: Net income/(loss) available to stockholders 164,343 (224,425) 89,177 Interest and other expenses/(gains) attributable to convertible notes 16,166 — (304) Net income/(loss) assuming dilution 180,509 (224,425) 88,873 The components of the denominator for the calculation of basic and diluted EPS are as follows: Year ended December 31, (in thousands) 2021 2020 2019 Basic earnings per share: Weighted average number of common shares outstanding* 122,141 108,972 107,614 Diluted earnings per share: Weighted average number of common shares outstanding* 122,141 108,972 107,614 Effect of dilutive share options — — 81 Effect of dilutive convertible notes 17,242 — 1 Weighted average number of common shares outstanding assuming dilution 139,383 108,972 107,696 Year ended December 31, 2021 2020 2019 Basic earnings/(loss) per share: $ 1.35 $ (2.06) $ 0.83 Diluted earnings/(loss) per share: $ 1.30 $ (2.06) $ 0.83 *The weighted average number of common shares outstanding excludes 8,000,000 shares initially issued and loaned as part of a share lending arrangement originally relating to the Company's issuance of 5.75% senior unsecured convertible bonds in October 2016. After the maturity of these bonds, the Company entered into a general share lending agreement with another counterparty and the 8,000,000 shares were transferred into its custody. The weighted average number of common shares outstanding also excludes 3,765,842 shares issued as of December 31, 2021 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 3,765,842 shares, which were issued and loaned, are owned by the Company and are to be returned on or before maturity of the bonds in 2023, pursuant to the terms of the applicable share lending arrangement, although the Company may enter into additional lending arrangements in respect of these shares upon the maturity of the existing lending arrangement. (See also Note 23: Share Capital, Additional Paid-In Capital and Contributed Surplus). In October 2021, the Company redeemed the full amount outstanding under the 5.75% senior unsecured convertible bonds due 2021. The remaining outstanding principal amount of $144.7 million was fully satisfied in cash. During the year ended December 31, 2021, the Company purchased bonds with principal amounts totaling $67.6 million from the 5.75% senior unsecured convertible bonds due 2021. As of December 31, 2021, the principal amounts of the repurchased bonds were anti-dilutive, assuming if converted, at the start of the period. 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.

OPERATING LEASES

OPERATING LEASES	12 Months Ended
	Dec. 31, 2021
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, 2021, are as follows: Year ending December 31, (in thousands of $) 2022 430,170 2023 379,089 2024 260,409 2025 108,002 2026 105,541 Thereafter 101,174 Total minimum lease revenues 1,384,385 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 of December 31, 2021, the Company had installed scrubbers or EGCS on 16 vessels accounted for as operating leases (seven container vessels, seven Capesize bulk carriers and two Suezmax tankers), three container vessels accounted for as finance leases and two VLCCs accounted for as direct financing leases. As part of the agreement for the installation of scrubbers on the seven container vessels (2020: five), which were on time charter contracts, 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, 2021, the Company recorded an income of $10.6 million in connection with the cost savings agreement (December 31, 2020: $3.9 million). The cost and accumulated depreciation of vessels (owned and under finance leases) leased to third parties on non-cancelable operating leases as of December 31, 2021 and 2020 were as follows: (in thousands of $) 2021 2020 Cost 3,393,588 2,245,889 Accumulated depreciation (610,622) (465,033) Total 2,782,966 1,780,856

GAIN_(LOSS) ON SALE OF ASSETS

GAIN/(LOSS) ON SALE OF ASSETS	12 Months Ended
	Dec. 31, 2021
Component of Operating Income [Abstract]
GAIN ON SALE OF ASSETS	GAIN ON SALE OF ASSETS The Company has recorded gains on sale of assets as follows: Year ended December 31, (in thousands of $) 2021 2020 2019 Gain on sale of vessels 39,405 2,250 — During the year ended December 31, 2021, 15 feeder container vessels, which were accounted for as direct financing leases and three feeder container vessels which were accounted for as leaseback assets, were sold to an unrelated party. The Company received net sale proceeds of $82.0 million and recorded a gain of $0.6 million on disposal of these vessels during the year ended December 31, 2021. Also during the year ended December 31, 2021, seven Handysize dry bulk carriers, which were accounted for as operating lease assets, were sold to an unrelated third party for total net sale proceeds of $97.7 million. A gain of $39.3 million was recorded on the disposal during the year ended December 31, 2021. The drilling unit West Taurus , which was accounted for as an operating lease asset, was sold for recycling to a ship recycling facility in Turkey during the year ended December 31, 2021. A loss of $0.6 million was recorded on recycling during the year ended December 31, 2021. The wholly owned subsidiary owning the rig (SFL Deepwater Ltd) was initially accounted for using the equity method. In October 2020, the subsidiary ceased to be accounted for as an associate and became consolidated. (See Note 18: Investment in Associated Companies and Note 25: Related Party Transactions). 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 25: 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 and 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.

GAIN ON SALE OF SUBSIDIARIES

GAIN ON SALE OF SUBSIDIARIES	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
GAIN ON SALE OF SUBSIDIARIES	GAIN ON SALE OF SUBSIDIARIES No subsidiaries were sold during the years ended December 31, 2021 and December 31, 2019. 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, 2021 the balance of the long-term loan from SFL to River Box was $45.0 million (2020: $45.0 million). (See Note 25: Related Party Transactions). The Company has accounted for the remaining 49.9% ownership in River Box using the equity method. (See Note 18: Investment in Associated Companies).

OTHER FINANCIAL ITEMS, NET

OTHER FINANCIAL ITEMS, NET	12 Months Ended
	Dec. 31, 2021
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 $) 2021 2020 2019 Net payments on non-designated derivatives relating to interest rate swaps (6,707) (4,575) 1,389 Net payments on non-designated derivatives relating to cross currency swaps (8) (6) — Net payments on non-designated derivatives relating to combined cross currency and interest rate swaps — (152) (194) 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 (6,715) (9,272) 1,195 Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to interest rate swaps 11,607 (15,314) (4,123) Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to cross currency swaps (16) 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 Total net movement in fair value of non-designated derivatives 11,591 (20,433) (3,450) Allowance for expected credit losses 722 (1,771) — Impairment of long-term receivables — — (9,168) Other items 1,085 5,531 (1,330) Total other financial items, net 6,683 (25,945) (12,753) 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, cross currency interest rate swaps and cross currency 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, 2021 , includes $0.0 million ( 2020: $1.1 million; 2019: $0.0 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. Other items in the year ended December 31, 2021, includes an equity distribution of $2.6 million from the Norwegian Shipowners’ Mutual War Risks Insurance Association ("DNK"). The total equity distribution paid by DNK to its members was made in proportion to premiums paid over a 10-year period. 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. During the year ended December 31, 2021, the Company recorded a decrease in the credit loss provision of $0.7 million. (See Note 27: 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 against it. During the year ended December 31, 2019 , the Company also recorded an impairment charge of long term receivables of $0.9 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, 2021, include a net loss of $0.4 million arising from foreign currency translations (2020: gain of $5.6 million; 2019: gain of $0.3 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, 2021
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 $) 2021 2020 Corporate Bonds Balance at start of the year 9,431 12,753 Additions during the year 1,350 1,287 Unrealized (loss)/gain recorded in other comprehensive income (284) 279 Accumulated other-than-temporary impairment* (817) (4,888) Balance at end of the year 9,680 9,431 Equity Securities Balance at start of the year 19,374 61,326 Disposals during the year (9,608) (23,661) Unrealized gain /(loss)* 1,087 (22,428) Realized gain* 725 4,864 Foreign currency translation loss (48) (727) Balance at the end of year 11,530 19,374 Total Investment in Debt and Equity Securities 21,210 28,805 Equity Securities pledged to creditors 10,238 9,007 *Balances included in "Gain/(loss) 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, 2021 Year ended December 31, 2020 (in thousands of $) Amortised Cost Unrealised gains/ (losses)* Fair value Amortised Cost Unrealised gains/ (losses)* Fair value NorAm Drilling 4,132 487 4,619 4,132 511 4,643 NT Rig Holdco 12% 4,917 144 5,061 3,567 404 3,971 NT Rig Holdco 7.5% — — — 817 — 817 Total corporate bonds 9,049 631 9,680 8,516 915 9,431 NorAm Drilling Company AS ("NorAm Drilling") During the year ended December 31, 2021, the Company recognized an unrealized gain of $0.0 million in Other Comprehensive Income (2020: $0.0 million; 2019: $0.1 million) in relation to NorAm Drilling bonds. Oro Negro Drilling Pte. Ltd ("Oro Negro") and NT Rig Holdco ("NT Rig Holdco") During the year ended December 31, 2021 , the Company acquired additional NT Rig Holdco Liquidity 12% bonds for a total purchase price of $1.4 million ( 2020: $1.3 million). 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. In the year ended December 31, 2021, the Company recognized an unrealized loss of $0.3 million ( 2020 : gain $0.4 million) in respect of the NT Rig Holdco 12% Bonds and an unrealized gain of $0.0 million ( 2020 : $0.0 million) in respect of the NT Rig Holdco 7.5% Bonds. In June 2021, an impairment loss of $0.8 million ( 2020 : $4.3 million) was recorded in the Consolidated Statement of Operations in relation to the NT Rig Holdco 7.5% Bonds. Equity Securities Changes in the fair value of equity investments are recognized in net income. (in thousands of $) 2021 2020 Frontline* 10,238 9,007 NorAm Drilling 1,292 1,484 ADS Maritime Holding (formally ADS Crude Carriers) — 8,883 Total shares 11,530 19,374 * As of December 31, 2021, the carrying value of the shares held in Frontline Ltd. (“Frontline”) pledged to creditors is $10.2 million (2020: $9.0 million). Frontline Shares As of December 31, 2021, the Company held approximately 1.4 million shares (2020: 1.4 million shares) in Frontline. (See Note 25: Related Party Transactions). In December 2019, the Company entered into a forward contract to repurchase approximately 3.4 million shares of Frontline on June 30, 2020 for $36.8 million. During the year ended December 31, 2020, the Company repurchased and simultaneously sold approximately 2.0 million shares in Frontline for total proceeds of $21.1 million and recorded realized gains of $2.3 million in the Statement of Operations in respect of the sales. As of December 31, 2020, the Company had a forward contract, with an initial expiration date in January 2021, to repurchase 1.4 million shares of Frontline at a repurchase price of $16.2 million including deemed interest. During 2021, the Company has continuously renewed the forward contract and as of December 31, 2021, the Company had a forward contract, which expired in January 2022, to repurchase 1.4 million shares of Frontline, at a repurchase price of $16.4 million including accrued interest. This forward contract related to 1.4 million shares has subsequently been rolled over to July 2022, at a repurchase price of $16.6 million including deemed accrued interest. These transactions have been accounted for as secured borrowing, with the shares retained in 'Marketable Securities pledged to creditors' and a liability recorded as of December 31, 2021 within debt for $15.6 million (2020: $15.6 million). (See also Note 21: Short-Term and Long-Term Debt). In the year ended December 31, 2021, the Company recognized a fair value adjustment gain of $1.2 million (2020: loss $16.0 million; 2019: gain $25.0 million) in the Statement of Operations. NorAm Drilling As of December 31, 2021 the Company held approximately 1.3 million shares (2020: 1.3 million) in NorAm Drilling which traded in the Norwegian Over the Counter market ("OTC"). The Company recognized a mark to market loss of $0.1 million (2020: loss $2.5 million, 2019: gain $0.4 million) in the Statement of Operations in the year ended December 31, 2021, together with a foreign exchange loss of $0.0 million (2020: $0.3 million; 2019: $0.0 million) in Other Financial Items in the Statement of Operations. (See also Note 25: Related Party Transactions). ADS Maritime Holding In 2018 the Company had acquired 4 million shares in ADS Maritime Holding Plc, formerly known as ADS Crude Carriers Plc (“ADS Maritime Holding”) for a total consideration of $10 million. (See Note 25: Related Party Transactions). In the year ended December 31, 2021, the Company recognized a mark to market gain of $0.0 million (2020: loss $3.9 million, 2019: gain $3.7 million) in the Statement of Operations, along with a foreign exchange gain of $0.0 million (2020: loss $0.4 million, 2019: gain $0.3 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, recognizing a gain of $0.7 million on disposal. 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, alongside 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, 2021
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 (2020: $0.0 million) and expected credit losses relating to trade accounts receivable was $0.1 million as of December 31, 2021 (2020: $0.0 million). As of December 31, 2021, 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 Note 27: 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 (2020: $0.0 million) and the allowance for expected credit losses relating to other receivables was $0.5 million as of December 31, 2021 (2020: $0.9 million). (See also Note 27: Allowance for Expected Credit Losses).

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
VESSELS AND EQUIPMENT, NET	VESSELS AND EQUIPMENT, NET Movements in the year ended December 31, 2021 summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels and Equipment, net Balance as of December 31, 2020 1,693,171 (452,473) 1,240,698 Depreciation — (97,022) (97,022) Vessel additions 519,181 — 519,181 Capital improvements 14,400 — 14,400 Transfer from associated companies 268,630 (7,079) 261,551 Vessel disposals (68,107) 4,248 (63,859) Reclassification from/(to) investments in sales-type/direct financing leases and leaseback assets 355,634 — 355,634 Balance as of December 31, 2021 2,782,909 (552,326) 2,230,583 During the year ended December 31, 2021, the Company purchased one 5,300 Twenty-foot Equivalent Unit ("TEU") container vessel, two 6,800 TEU container vessels, two 14,000 TEU container vessels, one Suezmax tanker and two LR2 product tankers for a total acquisition price of $519.2 million. Upon delivery, the vessels immediately commenced their long term charters. During the year ended December 31, 2021, one drilling unit ( West Linus ), previously recorded as a direct financing lease, was reclassified to vessels and equipment at the carrying value of $355.6 million. The drilling unit is held by a wholly owned subsidiary of the Company (SFL Linus Ltd) and is leased to a subsidiary of Seadrill Limited (“Seadrill”), a related party. The reclassification occurred on March 9, 2021, following approval by the applicable bankruptcy court of the Interim Funding and Settlement Agreement signed between the Company and Seadrill, allowing Seadrill to pay reduced charter hire for West Linus during the interim period. The change in rate met the definition of a modification resulting in the lease being reclassified from a direct financing lease to an operating lease. (Refer to Note 17: Investment in Sales-Type Leases, Direct Financing Leases and Leaseback Assets and Note 18: Investment in Associated Companies). 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 17: Investment in Sales-Type Leases, Direct Financing Leases and Leaseback Assets). The capital improvements of $14.4 million (2020: $52.7 million) relate to exhaust gas cleaning systems ("EGCS" or "scrubbers") and ballast water treatment systems ("BWTS") installed on 10 vessels (2020: 16 vessels) during the year ended December 31, 2021. 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 $97.0 million for the year ended December 31, 2021 (2020: $71.3 million; 2019: $80.3 million). In August 2021, the Company consolidated the wholly owned subsidiary owning the drilling unit West Hercules that was previously accounted for using the equity method of accounting. (Refer to Note 18: Investment in Associated Companies). As a result, the carrying value of the drilling unit of $261.6 million, was recognized in Vessels and Equipment, net. 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 18: 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. In September 2021, the rig was sold to a ship recycling facility in Turkey. During the year ended December 31, 2021, the Company recorded an impairment loss of $1.9 million (2020: $252.6 million) prior to disposal and a loss on sale of $0.6 million was recognized in the Consolidated Statement of Operations. (Refer to Note 8: Gain on Sale of Assets). No impairment losses were recorded during the year ended December 31, 2021, other than the West Taurus impairment described above. In the year ended December 31, 2020, we recorded further impairment losses of $80.3 million 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). 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, 2021, the Company entered into agreements to sell seven Handysize bulk carriers to an unrelated party based in Asia. The vessels were delivered to the buyer in the fourth quarter of 2021 and the Company recognized a net gain on disposal of $39.3 million. (Refer to Note 8: Gain on Sale of Assets). During the year ended December 31, 2020, the Company sold five offshore support vessels and recorded a net gain of $0.9 million in connection with the disposals. (Refer to Note 8: Gain on Sale of Assets). 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 17: Investment in Direct Financing, Sales-Type and Leaseback Assets). No vessel disposals took place in the year ended December 31, 2019. 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 items. 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. (Refer to 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 17: Investment in Sales-Type Leases, Direct Financing Leases and Leaseback Assets and Note 15: Vessels under Finance Lease, net.

NEWBUILDINGS AND VESSEL PURCHAS

NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Newbuildings and vessel purchase deposits	NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS During the year ended December 31, 2021, the Company paid total installments of $14.9 million in relation to two dual-fuel 7,000 Car Equivalent Unit ("CEU") newbuilding car carriers, currently under construction. The vessels are expected to be delivered in 2023 and will immediately commence a 10-year period time charter with Volkswagen Group. During the year ended December 31, 2021, the Company paid total installments of $31.2 million in relation to another two dual-fuel 7,000 CEU newbuilding car carriers, currently under construction. The vessels are expected to be delivered in 2024 and will immediately commence a 10-year period time charter with Kawasaki Kisen Kaisha Ltd. (“K Line”). Also during the year ended December 31, 2021, the Company paid a deposit of $11.0 million in connection with the acquisition of two Suezmax tankers. The vessels were delivered in January and February 2022 and immediately commenced a 5-year period time charter with Trafigura Maritime Logistics Pte. Ltd (“Trafigura”). (See Note 30: Subsequent Events). There were no amounts recognized in relation to newbuildings and vessel purchase deposits as of December 31, 2020.

VESSELS UNDER FINANCE LEASE, NE

VESSELS UNDER FINANCE LEASE, NET	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
VESSELS UNDER FINANCE LEASE, NET	VESSELS UNDER FINANCE LEASE, NET Movements in the year ended December 31, 2021 summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels under Finance Lease, net Balance as of December 31, 2020 777,939 (80,559) 697,380 Depreciation — (41,308) (41,308) Balance as of December 31, 2021 777,939 (121,867) 656,072 As of December 31, 2021, seven vessels were accounted for as vessels under finance lease, made up of four 14,000 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 $41.3 million for the year ended December 31, 2021 and is included in depreciation in the consolidated statements of operations. (2020: $40.0 million; 2019: $36.1 million).

OTHER LONG TERM ASSETS

OTHER LONG TERM ASSETS	12 Months Ended
	Dec. 31, 2021
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 $) 2021 2020 Capital improvements in progress 591 10,099 Collateral deposits on swap agreements 10,368 398 Value of acquired charter-out contracts, net 7,607 10,503 Other 566 961 Total other long-term assets 19,132 21,961 Capital improvements in progress comprises of advances paid and costs incurred in respect of vessel upgrades in relation to EGCS and BWTS on three vessels (2020: 11 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, 2021, the Company transferred costs of $14.4 million in respect of 10 vessels (2020: $52.7 million in respect of 16 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. A value of $18.0 million was assigned to these charters in 2018. In the year ended December 31, 2021 the amortization charged to time charter revenue was $2.9 million (2020: $2.9 million; 2019: $2.9 million). Other long term assets previously included $1.9 million in receivables relate to 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 a net balance of $0.0 million as of December 31, 2020. There was no movement to the foregoing during the year ended December 31, 2021.

INVESTMENTS IN SALES-TYPE LEASE

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS	12 Months Ended
	Dec. 31, 2021
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 $) 2021 2020 Investments in sales-type and direct financing leases 147,230 592,102 Investments in leaseback assets 57,536 85,441 204,766 677,543 As of December 31, 2021, the Company had a total of 12 vessel charters accounted for as sales-type and direct financing leases (2020: 28 vessels) and one vessel charter classified as leaseback assets (2020: four vessels). Investments in sales-type and direct financing leases As of December 31, 2021, the Company had two VLCC crude tankers accounted for as direct financing leases (2020: two 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 five years as of December 31, 2021. 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. 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 Note 25: Related Party Transactions). 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 Note 25: Related Party Transaction). As of December 31, 2020, the Company had 15 container vessels accounted for as direct financing leases which were chartered on long-term bareboat charters to MSC Mediterranean Shipping Company S.A. ("MSC"). The terms of the charters for the 15 container vessels provided 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. During the year ended December 31, 2021, the 15 container vessels were sold and redelivered to MSC, following exercise of the applicable purchase options. (Refer to Note 8: Gain on Sale of Assets ). As of December 31, 2021, the Company had 10 (2020: 10) container vessels accounted for as a sales-type leases, all of which are on long-term bareboat charters to MSC. The terms of the charters for the 10 container vessels provide 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, 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 year charter period. (Refer to Note 13: Vessels and Equipment, net). 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. On March 9, 2021, the applicable bankruptcy court approved the Interim Funding and Settlement Agreement signed between the Company and Seadrill, allowing Seadrill to pay reduced charter hire for West Linus during the interim period. The change in charter rate met the definition of a modification resulting in the lease being reclassified from a direct financing lease to an operating lease. A carrying value of $355.6 million was included in vessels and equipment in respect of the rig. (Refer to Note 13: Vessels and Equipment, net and Note 18: 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 Note 18: Investment in Associated Companies). 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 year bareboat charter back to Landbridge. The charterer has purchase options throughout the term of the charters and there is a purchase obligation at the end of the seven-year period. 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 had purchase options throughout the term of the charters and the Company had a put option at the end of the six-year period. During the year ended December 31, 2021, the three container vessels were sold and redelivered to MSC, following exercise of the applicable purchase options. (Refer to Note 8: Gain on Sale of Assets ). Additionally, the Company entered into purchase and leaseback transactions to acquire three newbuilding VLCC crude oil tankers. The vessels were acquired from an affiliate of Hunter Group ASA ("Hunter Group") and leased back to the Hunter Group on five year bareboat charters. During the year ended December 31, 2020, SFL redelivered all three VLCCs to the Hunter Group, following exercise of options. Net proceeds of $176.2 million were received and debt of $142.5 million was 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 of December 31, 2021 and December 31, 2020: (in thousands of $) December 31, 2021 Sales-Type Leases and Direct Financing Leases Leaseback Assets Total Total minimum lease payments to be received 120,411 43,103 163,514 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (34,128) — (34,128) Net minimum lease payments receivable 86,283 43,103 129,386 Estimated residual values of leased property (un-guaranteed) 79,621 31,500 111,121 Less : unearned income (17,532) (16,946) (34,478) Total investment in sales-type lease, direct financing lease and leaseback assets 148,372 57,657 206,029 Allowance for expected credit losses* (1,142) (121) (1,263) Total investment in sales-type lease, direct financing lease and leaseback assets 147,230 57,536 204,766 Current portion 18,436 5,048 23,484 Long-term portion 128,794 52,488 181,282 (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 *See Note 27: 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, 2021, are as follows: (in thousands of $) Year ending December 31, Sales-Type Leases and Direct Financing Leases Leaseback Assets Total 2022 29,264 8,942 38,206 2023 29,088 8,162 37,250 2024 25,519 7,686 33,205 2025 19,341 7,665 27,006 2026 14,400 7,665 22,065 Thereafter 2,799 2,983 5,782 Total minimum lease payments to be received 120,411 43,103 163,514 The above minimum lease revenues includes $74.8 million related to the two VLCCs leased to Frontline Shipping as of December 31, 2021. (See Note 25: Related Party Transactions). Interest income earned on investments in direct financing leases, sales type leases and leaseback assets in the year ended December 31, 2021 was as follows: (in thousands of $) 2021 2020 2019 Investments in sales type and direct financing leases* 14,173 57,579 56,764 Investments in leaseback assets 5,351 13,637 3,556 Total 19,524 71,216 60,320 * Interest income earned on investments in sales-type leases and direct financing leases in the above table includes $1.5 million in relation to Frontline Shipping, a related party (2020: $1.7 million; 2019: $3.8 million).

INVESTMENT IN ASSOCIATED COMPAN

INVESTMENT IN ASSOCIATED COMPANIES	12 Months Ended
	Dec. 31, 2021
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. As of December 31, 2021, 2020 and 2019, the Company had the following participation in investments that are recorded using the equity method: 2021 2020 2019 River Box Holding Inc. 49.90 % 49.90 % † SFL Deepwater Ltd * * 100.00 % SFL Hercules Ltd * 100.00 % 100.00 % SFL Linus Ltd * * 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 Hercules Ltd ("SFL Hercules") and SFL Linus Ltd ("SFL Linus") each own the drilling units West Hercules and West Linu s respectively. These units are leased to subsidiaries of Seadrill, a related party. SFL Deepwater Ltd ("SFL Deepwater") owned the drilling unit West Taurus, which was also on charter to a subsidiary of Seadrill until the first quarter of 2021. Because the main assets of SFL Deepwater, SFL Hercules and SFL Linus were 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, 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. 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 units. 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 was 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 . Any excess amounts paid pursuant to the above referenced sub-charters will remain in Seadrill's earnings accounts, that are pledged to SFL and its financing banks. In August 2021, the Company entered into an amendment to its existing charter agreement (the “amendment agreement”) with subsidiaries of Seadrill for the harsh environment semi-submersible rig West Hercules . Under the amendment agreement with Seadrill, the West Hercules is contracted to be employed with an oil major until the second half of 2022 (the “charter period”), prior to being redelivered to SFL in Norway. Pursuant to the amendment agreement, SFL has agreed to receive bareboat hire of (i) approximately $64,700 per day until Seadrill emerges from Chapter 11 and its plan of reorganization (the “Plan” ) is confirmed by the court (the “Emergence Date”), and (ii) following the Emergence Date, approximately $60,000 per day while the rig is employed under a contract and generating revenues for Seadrill and approximately $40,000 in all other scenarios, including when the rig is idle or undergoing mobilization or demobilization. Pursuant to the amendment agreement, Seadrill has agreed to fund the mobilization and demobilization of the rig, which is expected to occur during the charter period. Seadrill obtained bankruptcy court approval of the amendment agreement on August 27, 2021, which was a condition precedent to the effectiveness to the amendment agreement. Each of SFL’s financing banks consented to the amendment agreement, and SFL’s limited corporate guarantee of the outstanding debt of the rig owning subsidiary remains unchanged at $83.1 million. Additionally, SFL agreed to a cash contribution of $5 million to the SFL Hercules's pledged earnings account at the time of redelivery following the termination of the Seadrill charter, in addition to a $3 million payable by Seadrill. Following these amendments, SFL Hercules is in compliance with its debt covenants. On October 26, 2021, Seadrill announced that its plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. On February 22, 2022, Seadrill announced that it has emerged from its Chapter 11 process after successfully completing its reorganization. In February 2022, the Company agreed to make changes to the chartering and management structure of the harsh environment jack-up drilling rig West Linus . The rig was delivered in 2014, and is currently operated by a subsidiary of Seadrill and employed on a long-term drilling contract with ConocoPhillips Skandinavia AS (“ConocoPhillips”) in the North Sea until the fourth quarter of 2028. The Company, Seadrill and ConocoPhillips reached an agreement in which the drilling contract with ConocoPhillips is expected to be assigned from the current operator to one of the subsidiaries of the Company, upon the new operator receiving necessary regulatory approvals. Upon effective assignment of the drilling contract, SFL will receive charter hire from the rig and pay for operating and management expenses. SFL has simultaneously entered into an agreement for the operational management of the rig with a subsidiary of Odfjell Drilling Ltd. (“Odfjell”), a leading harsh environment drilling rig operator. The change of operational management from Seadrill to Odfjell is subject to customary regulatory approvals relating to operations on the Norwegian Continental Shelf. Until the approvals are in place, Seadrill will continue the existing charter arrangements for a period of up to approximately nine months. The bareboat charter rate from Seadrill in this transition period will be approximately $55,000 per day. For a discussion of certain operating, environmental and other risks relating to the rigs, please refer to the risk factors section (See Item 3D). The lease to West Taurus was rejected by the court in March 2021 and the rig was redelivered by Seadrill to SFL in the second quarter of 2021. In March 2021, the Company signed an agreement for the recycling of the rig at a facility in Turkey and delivered the rig to the recycling facility in September 2021. The asset was derecognized on disposal and a net loss of $0.6 million was recorded in relation to the recycling of the rig. (Refer to Note 8: Gain on Sale of Assets ). During the year ended December 31, 2021, and following amendments to the West Hercules bareboat charter and loan facility agreements, SFL Hercules was determined to no longer be a variable interest entity and was consolidated from August 27, 2021 when the amendments were approved by the applicable bankruptcy court. With regards to SFL Linus and SFL Deepwater, the Company was determined to be the primary beneficiary of the two subsidiaries in October 2020, following changes to their financing agreements and as a result of defaults by Seadrill. Therefore, from October 2020 these two subsidiaries were consolidated by the Company as explained further below. 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). Following the transfer, SFL Deepwater held one ultra-deepwater drilling rig which was leased to Seadrill Deepwater Charterer Ltd until March 2021. As described above, the rig was sold for recycling during the year ended December 31, 2021. In October 2013, SFL Deepwater entered into a $390 million five-year 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. As of December 31, 2021, the balance outstanding under the facility was $0.0 million (2020: $0.0 million). SFL Linus is a 100% owned subsidiary of SFL, acquired in 2013 from 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-year 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 and the balance outstanding under this facility of $216.0 million was consolidated by the Company 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. 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. In May 2013, SFL Hercules entered into a $375 million six-year 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. In the year ended December 31, 2021, and following amendments to the bareboat charter and loan facility agreements, SFL Hercules was determined to no longer be a variable interest entity and the balance outstanding under this facility as of August 27, 2021 of $175.0 million was consolidated by the Company together with the other assets and liabilities of SFL Hercules. Summarized balance sheet information of the Company's equity method investees is as follows: As of December 31, 2021 (in thousands of $) TOTAL River Box Share presented 49.90 % Current assets 13,987 13,987 Non-current assets 247,361 247,361 Total assets 261,348 261,348 Current liabilities 13,242 13,242 Non-current liabilities (1) 231,471 231,471 Total liabilities 244,713 244,713 Total stockholders' equity (2) 16,635 16,635 As of December 31, 2020 (in thousands of $) TOTAL River Box SFL Hercules 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 (1) River Box non-current liabilities as of December 31, 2021, include $45.0 million due to SFL. (See Note 25: Related Party Transactions). As of December 31, 2020 River Box and SFL Hercules non-current liabilities include $45.0 million and $78.9 million respectively. (See Note 25: Related Party Transactions). (2) In the year ended December 31, 2021, River Box paid a dividend of $2.2 million to the Company, whilst SFL Hercules did not pay any dividends. In 2020 and 2019, 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, 2021 (in thousands of $) TOTAL River Box SFL Hercules Operating revenues 33,868 20,115 13,753 Net operating revenues 26,652 20,094 6,558 Net income (3) 4,194 3,267 927 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 (3) The net income of River Box and SFL Hercules for the year ended December 31, 2021, includes interest payable to SFL amounting to $4.6 million and $2.4 million respectively. The net income of River Box, SFL Deepwater, SFL Hercules and SFL Linus for 2020 includes interest payable to SFL amounting to $0.0 million, $3.8 million (2019: $5.1 million), $3.6 million (2019: $3.6 million), and $4.5 million (2019: $5.4 million), respectively. (See Note 25: Related Party Transactions). As required by ASU 2016-13 ' Financial Instruments - Credit Losses' from January 2020, the associated companies 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, 2021, in the allowance for expected credit losses can be summarized as follows: As of December 31, 2021 (in thousands of $) TOTAL River Box SFL Hercules Share presented 49.90 % Balance as of December 31, 2020 3,421 786 2,635 Reclassification to owned vessels within the associate (1,896) — (1,896) Transferred from associates (569) — (569) Allowance recorded in net income of associated company (560) (390) (170) Balance as of December 31, 2021 396 396 — 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. In the year ended December 31, 2021, River Box paid a dividend of $2.2 million to the Company whilst SFL Hercules did not pay any dividends. In 2020 and 2019, River Box, SFL Deepwater, SFL Hercules and SFL Linus did not pay any dividends.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES (in thousands of $) 2021 2020 Vessel operating expenses 11,278 12,841 Administrative expenses 1,626 1,603 Interest expense 6,890 6,616 19,794 21,060

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIES (in thousands of $) 2021 2020 Deferred and prepaid charter revenue 21,505 15,156 Employee taxes 35 34 Other items 1,206 895 22,746 16,085

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2021
Long-term Debt, by Current and Noncurrent [Abstract]
SHORT-TERM AND LONG-TERM DEBT	SHORT-TERM AND LONG-TERM DEBT (in thousands of $) 2021 2020 Long-term debt: 5.75% senior unsecured convertible bonds due 2021 — 212,230 NOK700 million senior unsecured floating rate bonds due 2023 79,507 81,572 4.875% senior unsecured convertible bonds due 2023 137,900 139,900 NOK700 million senior unsecured floating rate bonds due 2024 78,939 80,989 NOK600 million senior unsecured floating rate bonds due 2025 61,334 62,927 7.25% senior unsecured sustainability-linked bonds due 2026 150,000 — Lease debt financing 126,955 — Borrowings secured on Frontline shares 15,639 15,639 U.S. dollar denominated floating rate debt due through 2029 1,253,481 1,070,137 Total debt principal 1,903,755 1,663,394 Less : unamortized debt issuance costs (14,541) (14,325) Less : current portion of long-term debt (302,769) (484,956) Total long-term debt 1,586,445 1,164,113 The outstanding debt as of December 31, 2021, is repayable as follows: Year ending December 31, (in thousands of $) 2022 302,769 2023 672,974 2024 350,226 2025 304,687 2026 170,247 Thereafter 102,852 Total debt principal 1,903,755 Interest rate information December 31, 2021 December 31, 2020 Weighted average interest rate* 2.68 % 2.91 % US Dollar LIBOR 0.21 % 0.24 % Norwegian Interbank Offered Rate ("NIBOR") 0.95 % 0.49 % *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. $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 then related to the remaining seven vessels. The facility was supported by China Export & Credit Insurance Corporation, or SINOSURE, which provided an insurance policy in favor of the banks for part of the outstanding loan. The facility bore interest at LIBOR plus a margin and had a term of approximately 10 years from delivery of each vessel. During the year ended December 31, 2021, the seven Handysize dry bulk carriers were sold. Two of the vessels were delivered in October 2021 and five were delivered in December 2021 and the facility was fully repaid. The net amount outstanding as of December 31, 2021, was $0.0 million (2020: $53.2 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. During June 2021 the terms of the loan were further amended and the loan was extended by a further four years. As of December 31, 2021, the available amount under the revolving part of the facility was $0.0 million (2020: $0.0 million). The net amount outstanding as of December 31, 2021, was $42.5 million (2020: $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 as of December 31, 2021, was $15.6 million (2020: $17.3 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 as of December 31, 2021, was $19.4 million (2020: $21.8 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 as of December 31, 2021 was $76.3 million (2020: $90.1 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 had 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. In February and April 2021 the portions of the facility relating to the remaining two subsidiaries matured and the facility was repaid in full. The net amount outstanding as of December 31, 2021 was $0.0 million (2020: $99.5 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 was fixed at 5.75% per annum and was payable in cash quarterly in arrears on January 15, April 15, July 15 and October 15. The bonds were convertible into SFL Corporation Ltd. common shares and matured on October 15, 2021. At this date the Company redeemed the full outstanding amount of $144.7 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 was adjusted for dividends in excess of $0.225 per common share per quarter. Since the issuance, dividend distributions had increased the conversion rate to 65.8012 common shares per $1,000 bond, equivalent to a conversion price of approximately $15.20 per share at the maturity of the bond. The conversion right was not worth more than par value of the instrument and the bonds were fully satisfied in cash without any conversion into shares having taken place. In the year ended December 31, 2021 the Company purchased bonds with principal amounts totaling $67.6 million (2020: $0.0 million). A loss of $0.9 million was recorded on the transaction (2020: $0.0 million). The net amount outstanding as of December 31, 2021 was $0.0 million (2020: $212.2 million). 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. In December 2021, after the bond was redeemed, the loaned shares were transferred to another party under a general share lending agreement. (See Note 23: Share Capital, Additional Paid-In Capital and Contributed Surplus). 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 $0.5 million in the year ended December 31, 2021 (2020: $0.8 million). As a result of the purchase of bonds with principal amounts totaling $67.6 million (2020: $0.0 million), a total of $0.4 million (2020: $0.0 million) was allocated as the reacquisition of the equity component. The balance remaining in equity as of December 31, 2021 was $3.6 million (2020: $4.0 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 tankers. The two product tankers 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. As of December 31, 2021, the net amount outstanding was $53.9 million (2020: $59.1 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 as of December 31, 2021 was $137.9 million (2020: $139.9 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 77.5267 common shares per $1,000 bond, equivalent to a conversion price of approximately $12.90 per share. Based on the closing price of our common stock of $8.15 on December 31, 2021, the if-converted value was less than the principal amounts by $52.5 million. In January 2021, the Company purchased bonds with principal amounts totaling $2.0 million (2020: $8.4 million). A gain of $0.2 million was recorded on the transaction (2020: 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 of December 31, 2021, 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 $1.4 million in the year ended December 31, 2021 (2020: $1.3 million). As a result of the purchase of bonds with principal amounts totaling $2.0 million (2020: $8.4 million), a total of $0.1 million (2020: $0.3 million) was allocated as the reacquisition of the equity component. The balance remaining in equity as of December 31, 2021 was $6.7 million (2020:$6.8 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 had provided a corporate guarantee for this facility, which bore interest at LIBOR plus a margin and had a term of seven years. During the year ended December 31, 2021, purchase options were exercised on the 15 feeder size container vessels. The vessels were delivered between August and September 2021, and the facility was fully repaid. The net amount outstanding as of December 31, 2021 was $0.0 million (2020: $34.1 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 as of December 31, 2021, was NOK700 million, equivalent to $79.5 million (2020: NOK700 million, equivalent to $81.6 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 as of December 31, 2021, was $11.1 million (2020: $12.9 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 as of December 31, 2021, was $17.7 million (2020: $20.3 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 as of December 31, 2021, was $35.2 million (2020: $35.2 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 as of December 31, 2021, was $19.0 million (2020: $23.0 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. In the year ended December 31, 2021 no bonds were purchased. The net amount outstanding as of December 31, 2021 was NOK695 million equivalent to $78.9 million (2020: NOK695 million, equivalent to $81.0 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 as of December 31, 2021, was $25.3 million (2020: $28.8 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. In the year ended December 31, 2021 no bonds were purchased. The net amount outstanding as of December 31, 2021 was NOK540 million equivalent to $61.3 million (2020: NOK540 million, equivalent to $62.9 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 as of December 31, 2021, was $32.9 million (2020: $37.0 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 had provided a corporate guarantee for this facility, which bore interest at LIBOR plus a margin and with a term of approximately five years. During the year ended December 31, 2021, purchase options were exercised on the three container vessels. The vessels were delivered in August 2021, and the facility was fully repaid. The net amount outstanding as of December 31, 2021, was $0.0 million (2020: $12.8 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 as of December 31, 2021, was $146.6 million (2020: $165.5 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 as of December 31, 2021, was $45.8 million (2020: $48.6 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 as of December 31, 2021, was $45.0 million (2020: $50.0 million). $51 million term loan facility In February 2021, a wholly-owned subsidiary of the Company entered into a $51 million term loan facility with a bank, secured against a container vessel. 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 four years. The net amount outstanding as of December 31, 2021, was $47.7 million (2020: $0.0 million). $51 million term loan facility In April 2021, a wholly-owned subsidiary of the Company entered into a $51 million 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 as of December 31, 2021, was $48.8 million (2020: $0.0 million). 7.25% senior unsecured sustainability-linked bonds due 2026 On May 12, 2021, the Company issued a senior unsecured sustainability-linked bond totaling $150 million in the Nordic credit market. The bonds bear quarterly interest at a fixed rate of 7.25% per annum and are redeemable in full on May 12, 2026. By the maturity date of the bond, the Company aims to have committed an amount at least equal to the size of the issue on upgrades of existing vessels and/or vessel acquisitions. The net amount outstanding as of December 31, 2021 was $150.0 million (2020: $0.0 million). $134 million term loan facility In September 2021, two wholly-owned subsidiaries of the Company entered into a $134 million term loan facility with a bank, secured against two container vessels. 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 three years. The net amount outstanding as of December 31, 2021, was $130.4 million (2020: $0.0 million). $35 million term loan facility In December 2021, a wholly-owned subsidiary of the Company entered into a $35 million term loan facility with a bank, secured against a container vessel. 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 seven years. The net amount outstanding as of December 31, 2021, was $35.0 million (2020: $0.0 million). $107.3 million term loan facility In December 2021, three wholly-owned subsidiaries of the Company entered into a $107.3 million term loan facility with a bank, secured against three Suezmax tankers. As of December 31, 2021, only one of the three vessels had been delivered and the portion of the facility relating to that vessel had been drawn down. 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 as of December 31, 2021, was $35.8 million (2020: $0.0 million). $475 million term loan and revolving credit facility SFL Linus was consolidated from October 29, 2020. (See Note 18: Investment in Associated Companies). In October 2013, SFL Linus entered into a $475 million five-year 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. As of December 31, 2021, the balance outstanding under this facility was $199.9 million (2020: $216.0 million). The Company fully guaranteed the facility as of December 31, 2021 (2020: fully guaranteed). $375 million term loan and revolving credit facility SFL Hercules was consolidated from August 27, 2021. (See Note 18: Investment in Associated Companies). In May 2013, SFL Hercules entered into a $375 million six-year term loan and revolving credit facility with a syndicate of banks to partly finance the acquisition of the harsh environment semi-submersible rig West Hercules , previously owned by the wholly owned subsidiary SFL Deepwater. The facility was drawn in June 2013. In connection with the 2017 Restructuring Plan of Seadrill, certain amendments were agreed with the banks under the loan facility, including an extension of the final maturity date by four years. In August 2021, the Company entered into an amendment to its existing charter agreement (the “amendment agreement”) with subsidiaries of Seadrill for West Hercules , which was approved by the applicable bankruptcy court in September 2021. Each of SFL’s financing banks consented to the amendment agreement, and SFL’s limited corporate guarantee of the outstanding debt of the rig owning subsidiary remains unchanged at $83.1 million as of December 31, 2021 (2020: $83.1 million). Additionally, SFL agreed to a cash contribution of $5 million to the SFL Hercules's pledged earnings account at the time of redelivery following the termination of the Seadrill charter, in addition to a $3 million payable by Seadrill. As of December 31, 2021, the balance outstanding under this facility was $169.6 million which is now included in consolidated debt. As of December 31, 2020, the balance outstanding under this facility was $185.8 million and was recorded within a subsidiary accounted for using the equity method of accounting. (Refer to Note 18: Investment in Associated Companies). Lease debt financing In September 2021, the wholly ow ned subsidiaries of the Company owning the two newly acquired 6,800 TEU container vessels entered into sale and leaseback transactions for these vessels, via a Japanese Operating Lease with Call Option financing structure. The sales price for each vessel was $65 million, totaling $130 million. The vessels were leased back for a term of six years, with options to purchase each vessel at the end of the fifth and sixth year. The transaction did not qualify as a sale and has been recorded as a financing arrangement. The net amount outstanding as of December 31, 2021 was $127.0 million (2020: $0.0 million). The lease debt financing carries interest at a fixed rate of 2.5% per annum. Borrowings secured on Frontline shares As of 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 as of December 31, 2019. During the year ended December 31, 2020 the Company repurchased 2.0 million shares subject to the forward contract and repaid $21.1 million of the secured borrowing. As of December 31, 2021, the Company had a forward contract which expired in January of 2022, to repurchase 1.4 million shares of Frontline at a repurchase price of $16.4 million including accrued interest. This contract has subsequently been rolled over to July 2022, at a repurchase price of $16.6 million. As of December 31, 2020, the Company had a forward contract which expired in January of 2021, to repurchase 1.4 million shares of Frontline at a repurchase price of $16.2 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 (2020: $15.6 million) recorded within debt as of December 31, 2021. 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 of December 31, 2021, $8.3 million (2020: $9.0 million) was held as collateral and recorded as restricted cash.

FINANCE LEASE LIABILITY

FINANCE LEASE LIABILITY	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
FINANCE LEASE LIABILITY	FINANCE LEASE LIABILITY (in thousands of $) 2021 2020 Finance lease liability, current portion 51,204 48,887 Finance lease liability, long-term portion 472,996 524,200 524,200 573,087 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 Note 18: Investment in Associated Companies). In 2018, the Company acquired four 14,000 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 $) 2022 74,735 2023 74,735 2024 433,866 Thereafter — Total finance lease liability 583,336 Less: imputed interest payable (59,136) Present value of finance lease liability 524,200 Less: current portion (51,204) Finance lease liability, long-term portion 472,996 Interest incurred on the finance lease liability in the year ended December 31, 2021 was $25.8 million (2020: $59.6 million; 2019: $62.8 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, 2021
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) 2021 2020 300,000,000 common shares of $0.01 par value each (December 31, 2020: 300,000,000 common shares of $0.01 par value each) 3,000 3,000 Issued and fully paid share capital is as follows: (in thousands of $, except share data) 2021 2020 138,551,387 common shares of $0.01 par value each (December 31, 2020: 127,810,064 common shares of $0.01 par value each) 1,386 1,278 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, 2021, the Company issued and sold 10.7 million shares under these arrangements and total proceeds of $89.4 million net of costs were received, resulting in a premium on issue of $89.3 million. 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. In October 2021, the Company redeemed the full outstanding amount under the 5.75% senior unsecured convertible bonds due 2021. The remaining outstanding principal amount of $144.7 million was settled in cash. The bonds were convertible into common shares. 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 had increased the conversion rate to 65.8012, equivalent to a conversion price of approximately $15.1973 per share, at maturity of the bond. 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 $4.6 million and recorded as "Additional paid-in capital". (See Note 21: Short-Term and Long-Term Debt). During the year ended December 31, 2021, the Company purchased bonds with principal amounts totaling $67.6 million (2020: $0.0 million). The equity component of these extinguished bonds was valued at $0.4 million (2020: $0.0 million) and has been deducted from "Additional paid-in capital". 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 had been loaned to an affiliate of one of the underwriters of the bond issue, in order to assist investors in the bonds to hedge their position. In December 2021, the Company entered into a general share lending agreement with another counterparty and the 8,000,000 shares were transferred into their custody. It was determined that the transaction qualified for equity classification, and as of the date of inception and as of December 31, 2021 the fair value was determined to be nil. 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. The Company made a cash payment of $0.1 million in lieu of issuing shares under the Option Scheme, after the exercise of 129,000 share options in the year ended December 31, 2021 ( 2020 : 6,869 new shares issued to satisfy 17,500 options exercised and 2019: 18,246 new shares issued to satisfy 65,000 options exercised). 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 24: 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 14,000 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 21: Short-Term and Long-Term Debt). During the year ended December 31, 2021, the Company purchased bonds with principal amounts totaling $2.0 million (2020: $8.4 million). The equity component of these extinguished bonds was valued at $0.1 million (2020: $0.3 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. During the year ended December 31, 2021, $77.6 million of the dividend declared was paid from contributed surplus (2020:$109.4 million).

SHARE OPTION PLAN

SHARE OPTION PLAN	12 Months Ended
	Dec. 31, 2021
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, 2021 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, February 2020 and May 2021. In May 2021, the Company awarded a total of 480,000 options to officers, employees and directors, pursuant to the Company's Share Option Scheme. The options have a five-year term and a three-year vesting period and the first options will be exercisable from May 2022 onwards. The initial strike price was $8.79 per share. The following summarizes share option transactions related to the Option Scheme in 2021, 2020 and 2019: 2021 2020 2019 Options Weighted average exercise price $ Options Weighted average exercise price $ Options Weighted average exercise price $ Options outstanding at beginning of year 1,082,500 10.56 835,000 10.72 417,500 11.43 Granted 480,000 8.79 350,000 13.45 525,000 12.19 Exercised (129,000) 7.48 (17,500) 8.63 (65,000) 9.92 Forfeited — — (85,000) 11.02 (42,500) 11.80 Options outstanding at end of year 1,433,500 9.65 1,082,500 10.56 835,000 10.72 Exercisable at end of year 578,500 10.02 418,167 9.45 236,167 9.58 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 2021 was $2.87 per share as of grant date (2020: $1.76; 2019: $2.68). The weighted average assumptions used to calculate the fair values of the new options granted in 2021 were (a) risk free interest rate of 0.33% (2020: 1.40%; 2019: 2.36%); (b) expected share price volatility of 44.6% (2020: 21.6%; 2019: 25.0%); (c) expected dividend yield of 0% (2020: 0%; 2019: 0%) and (d) expected life of options 3.5 years (2020: 2.0 years; 2019: 3.5 years). The total intrinsic value of 129,000 options exercised in 2021 was $0.1 million on the day of exercise and the Company made a cash payment of $0.1 million in lieu of issuing shares under the Option Scheme. 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. As of December 31, 2021, there are 578,500 options fully vested but not exercised (2020: 418,167 options; 2019: 236,167 options) and their intrinsic value amounted to $0.0 million (2020: $0.0 million; 2019: $1.2 million). The weighted average remaining term of the vested exercisable options is 2.0 years as of December 31, 2021. As of December 31, 2021, the unrecognized compensation costs relating to non-vested options granted under the Option Scheme was $1.0 million (2020: $0.7 million; 2019: $0.8 million) and their intrinsic value amounted to $0.0 million (2020: $0.0 million; 2019: $2.0 million). This cost will be recognized over the remaining vesting periods, which average 0.9 years (2020: 0.7 years; 2019: 1.3 years). During the year ended December 31, 2021, the Company recognized a net expense of $1.0 million in compensation cost relating to the stock options (2020: $0.9 million; 2019: $0.8 million).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
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 – Seadrill – Golden Ocean – Seatankers Management Co. Ltd. (“Seatankers”) – Front Ocean – NorAm Drilling – ADS Maritime Holding – Golden Close – 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 17: Investments in Sales-Type Leases, Direct Financing Leases and Leaseback Assets). (in thousands of $) 2021 2020 Amounts due from: Frontline Shipping — 2,875 Frontline 3,633 3,202 Seadrill 3,643 3,613 Golden Ocean 4,453 — Seatankers 77 — River Box 5 — Other related parties 1 2 Allowance for expected credit losses* (3,255) (1,974) Total amount due from related parties 8,557 7,718 Loans to related parties - associated companies, long-term River Box 45,000 45,000 SFL Hercules † 78,910 Total loans to related parties - associated companies, long-term 45,000 123,910 Amounts due to: Frontline Shipping 1,252 836 Frontline 2 1,826 Golden Ocean 36 23 Other related parties 5 39 Total amount due to related parties 1,295 2,724 *See Note 3: Recently Issued Accounting Standards and Note 27: Allowance for Expected Credit Losses. † From August 27, 2021, SFL Hercules ceased to be accounted for as an associate and became consolidated by the Company (see more details further below). 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 18: Investment in Associated Companies). SFL Hercules and SFL Linus Ltd each own the drilling units West Hercules and West Linu s respectively. These units are leased to subsidiaries of Seadrill, a related party. SFL Deepwater owned the drilling unit West Taurus, which was also on charter to a subsidiary of Seadrill until the first quarter of 2021. Because the main assets of SFL Deepwater, SFL Hercules and SFL Linus were 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 18: 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 units. 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 . Any excess amounts paid pursuant to the above referenced sub-charters will remain in Seadrill's earnings accounts, that are pledged to SFL and its financing banks. In August 2021, the Company entered into an amendment to its existing charter agreement (the “amendment agreement”) with subsidiaries of Seadrill for the harsh environment semi-submersible rig West Hercules . Under the amendment agreement with Seadrill, the West Hercules is contracted to be employed with an oil major until the second half of 2022 (the “charter period”), prior to being redelivered to SFL in Norway. Pursuant to the amendment agreement, SFL has agreed to receive bareboat hire of (i) approximately $64,700 per day until Seadrill emerges from Chapter 11 and its plan of reorganization (the “Plan” ) is confirmed by the court (the “Emergence Date”), and (ii) following the Emergence Date, approximately $60,000 per day while the rig is employed under a contract and generating revenues for Seadrill and approximately $40,000 in all other scenarios, including when the rig is idle or undergoing mobilization or demobilization. Pursuant to the amendment agreement, Seadrill has agreed to fund the mobilization and demobilization of the rig, which is expected to occur during the charter period. Seadrill obtained bankruptcy court approval of the amendment agreement on August 27, 2021, which was a condition precedent to the effectiveness to the amendment agreement. Each of SFL’s financing banks consented to the amendment agreement, and SFL’s limited corporate guarantee of the outstanding debt of the rig owning subsidiary remains unchanged at $83.1 million. Additionally, SFL agreed to a cash contribution of $5 million to the SFL Hercules's pledged earnings account at the time of redelivery following the termination of the Seadrill charter, in addition to a $3 million payable by Seadrill. Following these amendments, SFL Hercules is in compliance with its debt covenants. On October 26, 2021, Seadrill announced that its plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. On February 22, 2022, Seadrill announced that it has emerged from its Chapter 11 process after successfully completing its reorganization. In February 2022, the Company agreed to make changes to the chartering and management structure of the harsh environment jack-up drilling rig West Linus . The rig was delivered in 2014, and is currently operated by a subsidiary of Seadrill and employed on a long-term drilling contract with ConocoPhillips Skandinavia AS (“ConocoPhillips”) in the North Sea until the fourth quarter of 2028. The Company, Seadrill and ConocoPhillips reached an agreement in which the drilling contract with ConocoPhillips is expected to be assigned from the current operator to one of the subsidiaries of the Company, upon the new operator receiving necessary regulatory approvals. Upon effective assignment of the drilling contract, SFL will receive charter hire from the rig and pay for operating and management expenses. SFL has simultaneously entered into an agreement for the operational management of the rig with a subsidiary of Odfjell Drilling Ltd. (“Odfjell”), a leading harsh environment drilling rig operator. The change of operational management from Seadrill to Odfjell is subject to customary regulatory approvals relating to operations on the Norwegian Continental Shelf. Until the approvals are in place, Seadrill will continue the existing charter arrangements for a period of up to approximately nine months. The bareboat charter rate from Seadrill in this transition period will be approximately $55,000 per day. The lease to West Taurus was rejected by the court in March 2021 and the rig was redelivered by Seadrill to SFL in the second quarter of 2021. In March 2021, the Company signed an agreement for the recycling of the rig at a facility in Turkey and delivered the rig to the recycling facility in September 2021. The asset was derecognized on disposal and a net loss of $0.6 million was recorded in relation to the recycling of the rig. (Refer to Note 8: Gain on Sale of Assets) During the year ended December 31, 2021, and following amendments to the West Hercules bareboat charter and loan facility agreements, SFL Hercules Ltd. was determined to no longer be a variable interest entity and was consolidated from August 27, 2021 when the amendments were approved by the applicable bankruptcy court. With regards to SFL Linus and SFL Deepwater, the Company was determined to be the primary beneficiary of the two subsidiaries in October 2020, following changes to their financing agreements and as a result of defaults by Seadrill. Therefore, from October 2020 these two subsidiaries were consolidated by the Company. As described below in "Related party loans", as of December 31, 2020, the long-term loan from the Company to SFL Hercules was 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 26). Related party leasing and service contracts As of December 31, 2021, two of the Company's vessels leased to Frontline Shipping (2020: two) are recorded as investment in direct financing leases. As of December 31, 2021, the balance of net investments in direct financing leases with Frontline Shipping was $69.8 million before credit loss provision (2020: $76.1 million), of which $6.5 million (2020: $6.3 million) represents short-term maturities. As of December 31, 2021, included within vessels and equipment chartered under operating leases, there were eight Capesize dry bulk carriers leased to a fully guaranteed subsidiary of Golden Ocean (2020: eight). As of December 31, 2021, the net book value of assets leased under operating leases to Golden Ocean was $181.3 million (2020: $200.5 million). In addition, the two drilling rigs owned by the Company are leased to subsidiaries of Seadrill under operating leases. As of December 31, 2021, the net book value of the assets leased under operating leases to Seadrill was $599.3 million. A summary of leasing revenues and repayments from Frontline Shipping, Golden Ocean and Seadrill is as follows: (in millions of $) 2021 2020 2019 Golden Ocean: Operating lease income 50.5 52.0 51.1 Profit share 9.8 — 0.8 Frontline Shipping: Direct financing lease interest income 1.5 1.7 3.8 Direct financing lease service revenue 6.6 6.9 9.9 Direct financing lease repayments 6.3 6.5 7.9 Profit share 0.3 18.6 4.8 Seadrill: Operating lease income 28.9 — — 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 $10.2 million as of December 31, 2021. This investment is included in Note 11: Investments in Debt and Equity Securities. In 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 were 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, 2021, 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 of December 31, 2021, the Company was owed a total of $0.0 million (2020: $2.9 million) by Frontline Shipping in respect of leasing contracts and profit share. As of December 31, 2021, the Company was owed $3.6 million (2020: $3.2 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, 2021, the Company also had 21 container vessels, 14 dry bulk carriers, three Suezmax tankers, two car carriers, two product tankers and two chemical 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, 2021, the Company had 16 container vessels and nine 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 pays Frontline and its subsidiaries a management fee of 1.25% of chartering revenues in relation to two Suezmax tankers operating in the spot market and a fixed management fee of $150 per day in relation to four product tankers and three Suezmax tankers. The Company pays 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 pays fees to Seatankers Management Norway AS for the provision of office facilities in Oslo, fees to Frontline Shipping Singapore Pte Ltd. for the provision of office facilities in Singapore, 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, 2021 December 31, 2020 December 31, 2019 Frontline: Vessel Management Fees 7,794 8,893 11,758 Newbuilding Supervision Fees 132 — — Commissions and Brokerage 260 364 291 Administration Services Fees 159 82 201 Golden Ocean: Vessel Management Fees 20,440 20,496 20,440 Operating Management Fees 389 887 894 Administration Services Fees 56 70 30 Seatankers: Administration Services Fees* 226 520 739 Front Ocean: Administration Services Fees 23 — — Office Facilities: Seatankers Management Norway AS 112 94 104 Frontline Management AS 252 186 198 Frontline Corporate Services Ltd. 187 226 212 Frontline Shipping Singapore Pte Ltd. 19 — — * During the year ended December 31, 2021, a credit note of $0.3 million was received in relation to 2020 fees paid. As of December 31, 2021, the Company owed Frontline Management and Frontline Management AS a combined total of $0.04 million (2020: $0.07 million) for various items, including technical supervision fees and office costs. Related party loans – associated companies A summary of loans entered into with the associated companies are as follows: (in millions of $) River Box Loans granted 45 Loans outstanding as of December 31, 2021 45 The loan to River Box is a fixed interest rate loan and is repayable in full on November 16, 2033, or earlier if the company sells its assets. SFL has also entered into loan agreements with SFL Hercules, SFL Deepwater and SFL Linus for amounts of $145 million,$145 million and $125 million, respectively. SFL is entitled to take excess cash from these companies, and such amount is recorded within its current account with SFL. The loan agreements specify 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. Following approval of the amendments to the charter and debt agreements, SFL Hercules was no longer deemed to be a variable interest entity and became consolidated by the Company in August 2021. Also, 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 these dates. Interest income received on the loans to associated companies is as follows: Year ended (in millions of $) December 31, 2021 December 31, 2020 December 31, 2019 River Box 4.6 0.0 0.0 SFL Deepwater 0.0 3.8 5.1 SFL Hercules 2.4 3.6 3.6 SFL Linus 0.0 4.5 5.4 Related party purchases and sales of vessels During the year ended December 31, 2021, the Company entered into agreement to acquire four Aframax LR2 product tankers from affiliates of Frontline Limited, for an aggregate amount of $160.0 million. Two of the vessels were delivered in December 2021 and commenced their long term charters. The remaining two vessels were delivered subsequent to the year end. (Refer to Note 30: Subsequent Events). In the year ended December 31, 2021 and December 31, 2020, there were no vessels sold to related parties. 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. Also 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, 2021 December 31, 2020 December 31, 2019 Interest income Frontline Shipping — 82 734 Frontline — 97 908 (in millions of $) Loan repayments Frontline Shipping* — 8.9 — Frontline — 11.0 1.7 * Non amortizing loan note so there was no repayment received in 2019. 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 August 2018, the Company acquired approximately 4 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 had a fair value of $8.9 million as of December 31, 2020. (Refer to Note 11: Investments in Debt and Equity Securities). These shares represented 17% of the outstanding shares in the company. During the year ended December 31, 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 during the year ended December 31, 2021, the Company sold its remaining shares in ADS Maritime Holding for a consideration of approximately $0.8 million, recognizing a gain of $0.7 million on disposal. (Refer to Note 11: Investments in Debt and Equity Securities). 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. As of December 31, 2021 the fair value of the investment was $1.3 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 as of December 31, 2021 was $4.6 million (2020: $4.6 million; 2019: $4.7 million). (Refer to Note 11: Investments in Debt and Equity Securities). Dividends and interest income received from shares held in and secured notes issued by related parties: Year ended (in thousands of $) December 31, 2021 December 31, 2020 December 31, 2019 Dividends received ADS Maritime Holding — 2,930 261 Frontline — 3,100 340 Golden Close — — 1,989 Interest income received NorAm Drilling 443 420 459

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
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), 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 $) 2021 2020 Designated derivative instruments -long-term assets: Interest rate swaps 2,077 — Cross currency interest rate swaps — 28 Cross currency swaps 1,019 3,373 Non-designated derivative instruments -long-term assets: Interest rate swaps 88 — Cross currency swaps — 5 Total derivative instruments - long-term assets 3,184 3,406 (in thousands of $) 2021 2020 Designated derivative instruments -short-term liabilities: Interest rate swaps 68 703 Non-designated derivative instruments -short-term liabilities: Interest rate swaps 670 869 Total derivative instruments - short-term liabilities 738 1,572 Designated derivative instruments -long-term liabilities: Interest rate swaps 2,316 7,926 Cross currency interest rate swaps 2,685 3,006 Cross currency swaps 10,038 8,301 Non-designated derivative instruments -long-term liabilities: Interest rate swaps 2,159 13,479 Cross currency swaps 11 — Total derivative instruments - long-term liabilities 17,209 32,712 Interest rate risk management The Company manages its debt portfolio with interest rate swap agreements denominated in U.S. dollars and Norwegian kroner to achieve an overall desired position of fixed and floating interest rates. As of December 31, 2021, 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 $84,333 (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% $35,063 (remaining at $35,063) December 2014 January 2022 3.09% $19,413 (remaining at $19,413) September 2015 March 2022 1.67% $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% † $145,450 (reducing to $92,233) April 2020 January 2025 0.46% - 0.47% $45,830 (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 of December 31, 2021, was $0.7 billion (2020: $0.9 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 as of December 31, 2021, and 2020, are as follows: 2021 2021 2020 2020 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available-for-sale debt securities 9,680 9,680 9,431 9,431 Equity Securities 1,292 1,292 10,367 10,367 Equity securities pledged to creditors 10,238 10,238 9,007 9,007 NOK700 million senior unsecured floating rate bonds due 2023 79,507 79,586 81,572 78,513 NOK700 million senior unsecured floating rate bonds due 2024 78,939 79,077 80,989 76,940 NOK600 million senior unsecured floating rate bonds due 2025 61,334 60,133 62,927 57,421 5.75% unsecured convertible bonds due 2021 — — 212,230 199,496 4.875% unsecured convertible bonds due 2023 137,900 138,727 139,900 123,112 7.25% unsecured sustainability linked bonds due 2026 150,000 153,563 — — Derivatives: Interest rate/ currency swap contracts – long-term receivables 3,184 3,184 3,406 3,406 Interest rate/ currency swap contracts – short-term payables 738 738 1,572 1,572 Interest rate/ currency swap contracts – long-term payables 17,209 17,209 32,712 32,712 The above long-term receivables relating to interest rate/ currency swap contracts as of December 31, 2021, include $0.1 million which relates to non-designated swap contracts (2020: $0.0 million), with the balance relating to designated hedges. The above short-term payables relating to interest rate/ currency swap contracts as of December 31, 2021, include $0.7 million which relates to non-designated swap contracts (2020: $0.9 million), with the balance relating to designated hedges. The above long-term payables relating to interest rate/ currency swap contracts as of December 31, 2021, include $2.2 million which relates to non-designated swap contracts (2020: $13.5 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 of December 31, 2021, are measured as follows: Fair value measurements using December 31, 2021 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 9,680 4,619 5,061 Equity securities 1,292 1,292 Equity securities pledged to creditors 10,238 10,238 Interest rate/ currency swap contracts - long-term receivables 3,184 3,184 Total assets 24,394 16,149 8,245 — Liabilities: NOK700 million senior unsecured floating rate bonds due 2023 79,586 79,586 NOK700 million senior unsecured floating rate bonds due 2024 79,077 79,077 NOK600 million senior unsecured floating rate bonds due 2025 60,133 60,133 4.875% unsecured convertible bonds due 2023 138,727 138,727 7.25% unsecured sustainability linked bonds due 2026 153,563 153,563 Interest rate/ currency swap contracts – short-term payables 738 738 Interest rate/ currency swap contracts – long-term payables 17,209 17,209 Total liabilities 529,033 511,086 17,947 — The above fair values of financial assets and liabilities as of December 31, 2020, were 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: NOK700 million senior unsecured floating rate bonds due 2023 78,513 78,513 NOK700 million senior unsecured floating rate bonds due 2024 76,940 76,940 NOK600 million senior unsecured floating rate 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 — 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. During the year ended December 31, 2021, the Company sold its shares in ADS Maritime Holding Plc, recognizing a gain of $0.7 million on disposal. (Refer to Note 11: Investments in Debt and Equity Securities). As of December 31, 2021, the Company determined that the available for sale corporate bonds held in NT Rig Holdco valued at $5.1 million (2020: $4.8 million) should be classified as Level 2 measurements (2020: 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 as of December 31, 2021. The estimated fair values for the floating rate NOK bonds due 2023, 2024 and 2025, the 5.75% and 4.875% unsecured convertible bonds and the 7.25% unsecured sustainability linked bonds due 2026 are based on the quoted market prices as of 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 of 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, 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 however certain of the Company’s counterparties require the Company to periodically post collateral when the fair value of the financial instruments exceeds or is below specified thresholds. As of December 31, 2021 and 2020, the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $10.4 million and $0.4 million, respectively, which is recorded within recorded within Other long term assets in the consolidated balance sheets. (Refer to Note 16: Other Long Term Assets). The Company also sometimes enter into master netting and offset agreements with such counterparties. As of December 31, 2021, the Company has International Swaps and Derivatives Association (“ISDA”) agreements with four of its swap counterparties which contain netting provisions. 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, 2021, two VLCC crude tankers leased to Frontline Shipping accounted for approximately 2% of our consolidated operating revenues (2020: 6%, 2019: 4%). 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 charter hires. 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, 2021, the Company had eight Capesize dry bulk carriers leased to a subsidiary of Golden Ocean which accounted for approximately 12% of our consolidated operating revenues (2020: 11%, 2019: 11%). The Company also had 10 container vessels on long-term bareboat charters to MSC, which accounted for approximately 2% of our consolidated operating revenues in the year ended December 31, 2021 (2020: 13%, 2019: 14%). The Company had 15 container vessels on long-term time charters to Maersk A/S (“Maersk”) as of December 31, 2021, which accounted for approximately 32% of our consolidated operating revenues (2020: 29%; 2019: 30%). In the year ended December 31, 2021, the company had six container vessels on time charter to Evergreen, which accounted for approximately 15% of our consolidated operating revenues in the year ended December 31, 2021 (2020: 15%, 2019: 14%). In addition, a significant portion of our net income/(loss) is generated from our associated companies. SFL Hercules leases a rig to a subsidiary of Seadrill and River Box Holding Inc. 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 . Following amendments to the West Hercules bareboat charter and loan facility agreements, SFL Hercules Ltd. was determined to no longer be a variable interest entity and was consolidated from August 27, 2021 (See Note 18: Investment in Associated Companies). 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 18: Investment in Associated Companies). In the year ended December 31, 2021, income from the one remaining associated company chartering to Seadrill and consolidated from August 2021, accounted for approximately 2% of our net income (2020: 7% of net loss from three associated companies, 2019: 35% of net income from three associated companies). Also, in the year ended December 31, 2021, revenue from subsidiaries that were consolidated and leased rigs to Seadrill, accounted for approximately 6% of our consolidated operating revenues (2020: 1% in relation to one drilling unit, 2019: 0% none). 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 units. 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. In August 2021, the Company entered into an amendment to its existing charter agreement (the “amendment agreement”) with subsidiaries of Seadrill for the harsh environment semi-submersible rig West Hercules, which was approved by the applicable bankruptcy court in September 2021. Each of SFL’s financing banks consented to the amendment agreement, and SFL’s limited corporate guarantee of the outstanding debt of the rig owning subsidiary remains unchanged at $83.1 million (2020: $83.1 million of its associated companies). Additionally, SFL agreed to a cash contribution of $5.0 million to the SFL Hercules's pledged earnings account at the time of redelivery following the termination of the Seadrill charter, in addition to a $3.0 million payable by Seadrill. 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 18: Investment in Associated Companies). As discussed in Note 25: Related Party Transactions, the Company, as of December 31, 2021, had net outstanding receivable balance on loans granted by the Company to these associated companies totaling $45.0 million (2020: $123.9 million). The loans granted by the Company are considered not impaired as of December 31, 2021 due to the fair value of the vessels owned by River Box exceeding the book values as of December 31, 2021.

ALLOWANCE FOR EXPECTED CREDIT L

ALLOWANCE FOR EXPECTED CREDIT LOSSES	12 Months Ended
	Dec. 31, 2021
Credit Loss [Abstract]
ALLOWANCE FOR EXPECTED CREDIT LOSSES	ALLOWANCE FOR EXPECTED CREDIT LOSSES ASU 2016-13 introduced a new credit loss methodology, requiring earlier recognition of potential credit losses. The Company adopted ASU 2016-13 using the modified retrospective method from January 1, 2020. The provision is based on an assessment of the impact of current and expected future conditions, and as of December 31, 2021, 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, 2021. (in thousands of $) Trade receivables Other receivables Related Party receivables Investment in sales-type, direct financing leases and leaseback assets Other long-term assets Total Balance as of December 31, 2020 33 881 1,973 4,390 1,894 9,171 Reclassification to 'vessels and equipment, net' — — — (2,030) — (2,030) Additions from associates — — 569 — — 569 Change in allowance recorded in 'other financial items' 63 (395) 713 (1,097) (6) (722) Balance as of December 31, 2021 96 486 3,255 1,263 1,888 6,988 The impact of the allowance for expected credit losses on the associates is disclosed in Note 18: Investment in Associated Companies. In March 2021, the drilling unit held by a wholly owned subsidiary of the Company (SFL Linus) was reclassified from direct financing lease to operating lease and has been presented within Vessels and Equipment, net. A previously recognized credit loss allowance of $2.0 million was derecognized as a result of the reclassification. (Refer to Note 13: Vessels and Equipment, net and Note 17: Investment in Sales-Type Leases, Direct Financing Leases and Leaseback Assets). In August 2021, SFL Hercules ceased to be accounted for as an associate and became consolidated, resulting in an addition of $0.6 million in credit loss allowance for related party receivables. (Refer to Note 18: Investment in Associated Companies).

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Assets Pledged (in millions of $) 2021 2020 Vessels and equipment, net 2,107 1,189 Investments in sales-type, direct financing leases and leaseback assets 203 675 Book value of consolidated assets pledged under ship mortgages 2,310 1,864 Assets with finance lease liabilities (in millions of $) 2021 2020 Vessels under finance lease, net 656 697 Total book value 656 697 The Company has funded its acquisition of vessels, jack-up rig and ultra-deepwater drilling unit through a combination of equity, short-term debt and long-term debt. Providers of long-term loan facilities usually require that the loans be secured by mortgages against the assets being acquired. As of December 31, 2021, the Company had $1.9 billion of outstanding principal indebtedness under various credit facilities and finance lease liabilities of $0.5 billion. In 2020 the Company and its 100% equity accounted subsidiaries had a combined outstanding principal indebtedness of $1.8 billion under various credit facilities and finance lease liabilities of $0.6 billion. As of December 31, 2021, the Company had a forward contract which expired in January of 2022, and has subsequently been rolled over to July 2022, to repurchase 1.4 million shares of Frontline (December 31, 2020: 1.4 million shares) with a carrying value of $10.2 million (December 31, 2020: $9.0 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 as of December 31, 2021 (December 31, 2020: $15.6 million). As of December 31, 2021 the shares, together with a restricted cash balance of $8.3 million (December 31, 2020: $9.0 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. Capital commitments As of December 31, 2021, the Company has no capital commitments towards the procurement of scrubbers on vessels owned by the Company (December 31, 2020: $5.8 million on nine vessels). As of December 31, 2021, the Company has committed to paying $2.7 million towards the installation of BWTS on five vessels from its fleet (December 31, 2020: $7.0 million on 16 vessels), with installations expected to take place up to 2023. As of December 31, 2021, the Company has committed to acquire two Suezmax tankers and two Aframax LR2 product tankers for a total purchase price of $190.0 million. The four vessels were delivered in January and February 2022. (Refer to Note 30: Subsequent Events). Upon delivery the vessels are contracted to immediately commence a five-year time charter to a subsidiary of Trafigura. As of December 31, 2021, the Company had commitments under shipbuilding contracts to construct four newbuilding dual-fuel 7,000 CEU car carriers designed to use liquefied natural gas ("LNG"), totaling to $254.2 million (December 31, 2020: $0.0 million). Two of the vessels are expected to be delivered in 2023 and will immediately commence a 10-year period time charter with Volkswagen Group. The remaining two vessels are expected to be delivered in 2024 and will immediately commence a 10-year period time charter with K Line. (Refer to Note 14: Newbuildings and Vessel Purchase Deposits).

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2021
CONSOLIDATED VARIABLE INTEREST ENTITIES [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITIES	CONSOLIDATED VARIABLE INTEREST ENTITIES As of December 31, 2021, the Company's consolidated financial statements included 27 variable interest entities , all of which had 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 April 2022 to December 2026. As of December 31, 2021, nine of the consolidated variable interest entities have vessels which are accounted for as investments in sales-type leases, direct financing leases and leaseback assets. As of December 31, 2021, the vessels had a carrying value of $116.9 million before credit loss provision, unearned lease income of $25.7 million and total option prices at the earliest exercise date of $86.1 million. The outstanding loan balances in these entities amounted to a total of $88.3 million, of which the short-term portion was $7.8 million as of December 31, 2021. As of December 31, 2021, 15 fully consolidated variable interest entities each own vessels which are accounted for as operating lease assets. As of December 31, 2021 the vessels had a total net book value of $848.4 million. The outstanding loan balances in these entities amounted to a total of $473.8 million, of which the short-term portion was $110.0 million as of December 31, 2021. 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 $274.3 million as of December 31, 2021. The outstanding total finance lease liabilities for these entities amounted to $211.8 million, of which the short-term portion was $21.0 million as of December 31, 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In January 2022, the Company took delivery of the remaining two of the four LR2 product tankers agreed for acquisition in the fourth quarter of 2021. The vessels were acquired in combination with five-year time charters to a subsidiary of Trafigura. In January and February 2022, the Company took delivery of the remaining two of the three modern Suezmax tankers agreed for acquisition in the third quarter of 2021. The vessels have five-year time charters to a subsidiary of Trafigura. On February 16, 2022, the Board of Directors of the Company declared a dividend of $0.20 per share which will be paid in cash on or around March 29, 2022. In February 2022, SFL awarded 435,000 options to its employees, officers and directors pursuant to the Company’s incentive program. In February 2022, the Company agreed to make changes to the chartering and management structure of the harsh environment jack-up drilling rig West Linus . The rig was delivered in 2014, and is currently operated by a subsidiary of Seadrill and employed on a long-term drilling contract with ConocoPhillips in the North Sea until the fourth quarter of 2028. The Company, Seadrill and ConocoPhillips reached an agreement in which the drilling contract with ConocoPhillips is expected to be assigned from the current operator to one of the subsidiaries of the Company, upon the new operator receiving necessary regulatory approvals. In connection with the effective assignment of the drilling contract, SFL will receive charter hire from the rig and pay for operating and management expenses. SFL has simultaneously entered into an agreement for the operational management of the rig with a subsidiary of Odfjell, a leading harsh environment drilling rig operator. The change of operational management from Seadrill to Odfjell is subject to customary regulatory approvals relating to operations on the Norwegian Continental Shelf. Until the approvals are in place, Seadrill will continue the existing charter arrangements for a period of up to approximately nine months. The bareboat charter rate from Seadrill in this transition period will be approximately $55,000 per day. In March 2022, the Company agreed to charter six 14,000 TEU container vessels to a leading container operator for a fixed period of approximately five years. The new charter is expected to commence between 2023 and 2024 when the vessels are redelivered following completion of their existing charter party to another Asian based liner company. The recent outbreak of conflict between Russia and Ukraine has disrupted supply chains and caused instability in the global economy, while the United States and the European Union, among other countries, announced sanctions against Russia. For example, on March 8, 2022, President Biden issued an executive order prohibiting the import of certain Russian energy products into the United States, including crude oil, petroleum, petroleum fuels, oils, liquefied natural gas and coal. Additionally, the executive order prohibits any investments in the Russian energy sector by U.S. persons, among other restrictions. The ongoing conflict could result in the imposition of further economic sanctions against Russia, and the Company’s business may be adversely impacted. Currently, the Company’s charter contracts have not been affected by the events in Russia and Ukraine. However, it is possible that in the future third parties, with whom the Company has or will have charter contracts, may be impacted by such events. While in general much uncertainty remains regarding the global impact of the conflict in Ukraine, it is possible that such tensions could adversely affect the Company’s business, financial condition, results of operation and cash flows.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
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 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 25: Related Party Transactions, the Company has, or has had, profit sharing arrangements with Frontline Shipping Limited ("Frontline Shipping"), and Golden Ocean Group Limited ("Golden Ocean"). In addition, the Company's charter agreements relating to seven containerships chartered to Maersk on a time charter basis include an arrangement where we receive a share of the fuel savings, dependent on the price difference between IMO compliant fuel and IMO non-compliant fuel that is subsequently made compliant by the scrubbers. 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 to 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.
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. On December 31, 2020, the Company sold 50.1% of the shares of River Box Holding Inc. (“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 18: 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 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". 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. In the year ended December 31, 2021, $0.4 million interest was capitalized in the cost of newbuildings (2020: $0.0 million; 2019: $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 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 Any vessels purchased and leased back to the same party are evaluated under sale and leaseback accounting to determine whether it is appropriate to account for the transaction as a sale and purchase of an asset, respectively. 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.
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. 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	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 And Issued Accounting Standards	Recently Adopted Accounting Standards In December 2019, the FASB issued ASU No, 2019-12 "Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes". ASU 2019-12 removes specific exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles (GAAP) and also improves the financial statements preparers' application of income tax-related guidance and simplifies GAAP. ASU 2019-12 was effective for fiscal years beginning after 2020, and interim periods within those fiscal years. The adoption of ASU 2019-12 did not have a material impact to the Company’s consolidated financial position, results of operations or cash flows. In January 2020, the FASB issued ASU 2020-01 "'Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815". ASU 2020-01 among other things clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The new ASU clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. ASU 2020-01 was effective for fiscal years, and interim periods after December 15, 2020. The adoption of ASU 2020-01 did not have a material impact to the Company’s consolidated financial position, results of operations or cash flows. In October 2020, the FASB issued ASU 2020-08 "Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs". ASU 2020-08 clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. ASU 2020-08 was effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of ASU 2020-08 did not have a material impact to the Company’s consolidated financial position, results of operations or cash flows.

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
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 $) 2021 2020 2019 Basic earnings (loss) per share: Net income/(loss) available to stockholders 164,343 (224,425) 89,177 Diluted earnings (loss) per share: Net income/(loss) available to stockholders 164,343 (224,425) 89,177 Interest and other expenses/(gains) attributable to convertible notes 16,166 — (304) Net income/(loss) assuming dilution 180,509 (224,425) 88,873 The components of the denominator for the calculation of basic and diluted EPS are as follows: Year ended December 31, (in thousands) 2021 2020 2019 Basic earnings per share: Weighted average number of common shares outstanding* 122,141 108,972 107,614 Diluted earnings per share: Weighted average number of common shares outstanding* 122,141 108,972 107,614 Effect of dilutive share options — — 81 Effect of dilutive convertible notes 17,242 — 1 Weighted average number of common shares outstanding assuming dilution 139,383 108,972 107,696 Year ended December 31, 2021 2020 2019 Basic earnings/(loss) per share: $ 1.35 $ (2.06) $ 0.83 Diluted earnings/(loss) per share: $ 1.30 $ (2.06) $ 0.83 *The weighted average number of common shares outstanding excludes 8,000,000 shares initially issued and loaned as part of a share lending arrangement originally relating to the Company's issuance of 5.75% senior unsecured convertible bonds in October 2016. After the maturity of these bonds, the Company entered into a general share lending agreement with another counterparty and the 8,000,000 shares were transferred into its custody. The weighted average number of common shares outstanding also excludes 3,765,842 shares issued as of December 31, 2021 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 3,765,842 shares, which were issued and loaned, are owned by the Company and are to be returned on or before maturity of the bonds in 2023, pursuant to the terms of the applicable share lending arrangement, although the Company may enter into additional lending arrangements in respect of these shares upon the maturity of the existing lending arrangement. (See also Note 23: Share Capital, Additional Paid-In Capital and Contributed Surplus).

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, are as follows: Year ending December 31, (in thousands of $) 2022 430,170 2023 379,089 2024 260,409 2025 108,002 2026 105,541 Thereafter 101,174 Total minimum lease revenues 1,384,385
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 as of December 31, 2021 and 2020 were as follows: (in thousands of $) 2021 2020 Cost 3,393,588 2,245,889 Accumulated depreciation (610,622) (465,033) Total 2,782,966 1,780,856

GAIN_(LOSS) ON SALE OF ASSETS (

GAIN/(LOSS) ON SALE OF ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Component of Operating Income [Abstract]
Gains on sale of assets	The Company has recorded gains on sale of assets as follows: Year ended December 31, (in thousands of $) 2021 2020 2019 Gain on sale of vessels 39,405 2,250 —

GAIN ON SALE OF SUBSIDIARIES (T

GAIN ON SALE OF SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of disposal groups	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

OTHER FINANCIAL ITEMS, NET (Tab

OTHER FINANCIAL ITEMS, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
Other financial items	Other financial items comprise the following items: Year ended December 31, (in thousands of $) 2021 2020 2019 Net payments on non-designated derivatives relating to interest rate swaps (6,707) (4,575) 1,389 Net payments on non-designated derivatives relating to cross currency swaps (8) (6) — Net payments on non-designated derivatives relating to combined cross currency and interest rate swaps — (152) (194) 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 (6,715) (9,272) 1,195 Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to interest rate swaps 11,607 (15,314) (4,123) Net (decrease)/increase in mark-to-market valuation of non-designated derivatives relating to cross currency swaps (16) 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 Total net movement in fair value of non-designated derivatives 11,591 (20,433) (3,450) Allowance for expected credit losses 722 (1,771) — Impairment of long-term receivables — — (9,168) Other items 1,085 5,531 (1,330) Total other financial items, net 6,683 (25,945) (12,753)

INVESTMENTS IN DEBT AND EQUIT_2

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2021
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 $) 2021 2020 Corporate Bonds Balance at start of the year 9,431 12,753 Additions during the year 1,350 1,287 Unrealized (loss)/gain recorded in other comprehensive income (284) 279 Accumulated other-than-temporary impairment* (817) (4,888) Balance at end of the year 9,680 9,431 Equity Securities Balance at start of the year 19,374 61,326 Disposals during the year (9,608) (23,661) Unrealized gain /(loss)* 1,087 (22,428) Realized gain* 725 4,864 Foreign currency translation loss (48) (727) Balance at the end of year 11,530 19,374 Total Investment in Debt and Equity Securities 21,210 28,805 Equity Securities pledged to creditors 10,238 9,007 *Balances included in "Gain/(loss) on investments in debt and equity securities" in the Consolidated Statements of Operations. Changes in the fair value of equity investments are recognized in net income. (in thousands of $) 2021 2020 Frontline* 10,238 9,007 NorAm Drilling 1,292 1,484 ADS Maritime Holding (formally ADS Crude Carriers) — 8,883 Total shares 11,530 19,374
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, 2021 Year ended December 31, 2020 (in thousands of $) Amortised Cost Unrealised gains/ (losses)* Fair value Amortised Cost Unrealised gains/ (losses)* Fair value NorAm Drilling 4,132 487 4,619 4,132 511 4,643 NT Rig Holdco 12% 4,917 144 5,061 3,567 404 3,971 NT Rig Holdco 7.5% — — — 817 — 817 Total corporate bonds 9,049 631 9,680 8,516 915 9,431

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property, plant and equipment	Movements in the year ended December 31, 2021 summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels and Equipment, net Balance as of December 31, 2020 1,693,171 (452,473) 1,240,698 Depreciation — (97,022) (97,022) Vessel additions 519,181 — 519,181 Capital improvements 14,400 — 14,400 Transfer from associated companies 268,630 (7,079) 261,551 Vessel disposals (68,107) 4,248 (63,859) Reclassification from/(to) investments in sales-type/direct financing leases and leaseback assets 355,634 — 355,634 Balance as of December 31, 2021 2,782,909 (552,326) 2,230,583

VESSELS UNDER FINANCE LEASE, _2

VESSELS UNDER FINANCE LEASE, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of of finance lease	Movements in the year ended December 31, 2021 summarized as follows: (in thousands of $) Cost Accumulated Depreciation Vessels under Finance Lease, net Balance as of December 31, 2020 777,939 (80,559) 697,380 Depreciation — (41,308) (41,308) Balance as of December 31, 2021 777,939 (121,867) 656,072

OTHER LONG TERM ASSETS (Tables)

OTHER LONG TERM ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
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 $) 2021 2020 Capital improvements in progress 591 10,099 Collateral deposits on swap agreements 10,368 398 Value of acquired charter-out contracts, net 7,607 10,503 Other 566 961 Total other long-term assets 19,132 21,961

INVESTMENTS IN SALES-TYPE LEA_2

INVESTMENTS IN SALES-TYPE LEASES, DIRECT FINANCING LEASES AND LEASEBACK ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Net Investment in Direct Financing and Sales Type Leases [Abstract]
Schedule of sales-type leases, direct financing leases, and leaseback assets	(in thousands of $) 2021 2020 Investments in sales-type and direct financing leases 147,230 592,102 Investments in leaseback assets 57,536 85,441 204,766 677,543 The following lists the components of investments in sales-type leases, direct financing leases and leaseback assets as of December 31, 2021 and December 31, 2020: (in thousands of $) December 31, 2021 Sales-Type Leases and Direct Financing Leases Leaseback Assets Total Total minimum lease payments to be received 120,411 43,103 163,514 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (34,128) — (34,128) Net minimum lease payments receivable 86,283 43,103 129,386 Estimated residual values of leased property (un-guaranteed) 79,621 31,500 111,121 Less : unearned income (17,532) (16,946) (34,478) Total investment in sales-type lease, direct financing lease and leaseback assets 148,372 57,657 206,029 Allowance for expected credit losses* (1,142) (121) (1,263) Total investment in sales-type lease, direct financing lease and leaseback assets 147,230 57,536 204,766 Current portion 18,436 5,048 23,484 Long-term portion 128,794 52,488 181,282 (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 *See Note 27: Allowance for Expected Credit Losses.
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, 2021, are as follows: (in thousands of $) Year ending December 31, Sales-Type Leases and Direct Financing Leases Leaseback Assets Total 2022 29,264 8,942 38,206 2023 29,088 8,162 37,250 2024 25,519 7,686 33,205 2025 19,341 7,665 27,006 2026 14,400 7,665 22,065 Thereafter 2,799 2,983 5,782 Total minimum lease payments to be received 120,411 43,103 163,514
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, 2021 was as follows: (in thousands of $) 2021 2020 2019 Investments in sales type and direct financing leases* 14,173 57,579 56,764 Investments in leaseback assets 5,351 13,637 3,556 Total 19,524 71,216 60,320 * Interest income earned on investments in sales-type leases and direct financing leases in the above table includes $1.5 million in relation to Frontline Shipping, a related party (2020: $1.7 million; 2019: $3.8 million).

INVESTMENT IN ASSOCIATED COMP_2

INVESTMENT IN ASSOCIATED COMPANIES (Tables)	12 Months Ended
	Dec. 31, 2021
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Percentage participation using the equity method of accounting	As of December 31, 2021, 2020 and 2019, the Company had the following participation in investments that are recorded using the equity method: 2021 2020 2019 River Box Holding Inc. 49.90 % 49.90 % † SFL Deepwater Ltd * * 100.00 % SFL Hercules Ltd * 100.00 % 100.00 % SFL Linus Ltd * * 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 Hercules Ltd ("SFL Hercules") and SFL Linus Ltd ("SFL Linus") each own the drilling units West Hercules and West Linu s respectively. These units are leased to subsidiaries of Seadrill, a related party. SFL Deepwater Ltd ("SFL Deepwater") owned the drilling unit West Taurus,
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, 2021 (in thousands of $) TOTAL River Box Share presented 49.90 % Current assets 13,987 13,987 Non-current assets 247,361 247,361 Total assets 261,348 261,348 Current liabilities 13,242 13,242 Non-current liabilities (1) 231,471 231,471 Total liabilities 244,713 244,713 Total stockholders' equity (2) 16,635 16,635 As of December 31, 2020 (in thousands of $) TOTAL River Box SFL Hercules 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 (1) River Box non-current liabilities as of December 31, 2021, include $45.0 million due to SFL. (See Note 25: Related Party Transactions). As of December 31, 2020 River Box and SFL Hercules non-current liabilities include $45.0 million and $78.9 million respectively. (See Note 25: Related Party Transactions). (2) In the year ended December 31, 2021, River Box paid a dividend of $2.2 million to the Company, whilst SFL Hercules did not pay any dividends. In 2020 and 2019, 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, 2021 (in thousands of $) TOTAL River Box SFL Hercules Operating revenues 33,868 20,115 13,753 Net operating revenues 26,652 20,094 6,558 Net income (3) 4,194 3,267 927 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 (3) The net income of River Box and SFL Hercules for the year ended December 31, 2021, includes interest payable to SFL amounting to $4.6 million and $2.4 million respectively. The net income of River Box, SFL Deepwater, SFL Hercules and SFL Linus for 2020 includes interest payable to SFL amounting to $0.0 million, $3.8 million (2019: $5.1 million), $3.6 million (2019: $3.6 million), and $4.5 million (2019: $5.4 million), respectively. (See Note 25: Related Party Transactions).
Movement in allowance for expected credit losses	Movements in the year ended December 31, 2021, in the allowance for expected credit losses can be summarized as follows: As of December 31, 2021 (in thousands of $) TOTAL River Box SFL Hercules Share presented 49.90 % Balance as of December 31, 2020 3,421 786 2,635 Reclassification to owned vessels within the associate (1,896) — (1,896) Transferred from associates (569) — (569) Allowance recorded in net income of associated company (560) (390) (170) Balance as of December 31, 2021 396 396 —

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities [Abstract]
Schedule of accrued liabilities	(in thousands of $) 2021 2020 Vessel operating expenses 11,278 12,841 Administrative expenses 1,626 1,603 Interest expense 6,890 6,616 19,794 21,060

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Schedule of other current liabilities	(in thousands of $) 2021 2020 Deferred and prepaid charter revenue 21,505 15,156 Employee taxes 35 34 Other items 1,206 895 22,746 16,085

SHORT-TERM AND LONG-TERM DEBT (

SHORT-TERM AND LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
Long-term Debt, by Current and Noncurrent [Abstract]
Schedule of long-term debt	(in thousands of $) 2021 2020 Long-term debt: 5.75% senior unsecured convertible bonds due 2021 — 212,230 NOK700 million senior unsecured floating rate bonds due 2023 79,507 81,572 4.875% senior unsecured convertible bonds due 2023 137,900 139,900 NOK700 million senior unsecured floating rate bonds due 2024 78,939 80,989 NOK600 million senior unsecured floating rate bonds due 2025 61,334 62,927 7.25% senior unsecured sustainability-linked bonds due 2026 150,000 — Lease debt financing 126,955 — Borrowings secured on Frontline shares 15,639 15,639 U.S. dollar denominated floating rate debt due through 2029 1,253,481 1,070,137 Total debt principal 1,903,755 1,663,394 Less : unamortized debt issuance costs (14,541) (14,325) Less : current portion of long-term debt (302,769) (484,956) Total long-term debt 1,586,445 1,164,113
Schedule of maturities of debt	The outstanding debt as of December 31, 2021, is repayable as follows: Year ending December 31, (in thousands of $) 2022 302,769 2023 672,974 2024 350,226 2025 304,687 2026 170,247 Thereafter 102,852 Total debt principal 1,903,755
Schedule of interest rate information	Interest rate information December 31, 2021 December 31, 2020 Weighted average interest rate* 2.68 % 2.91 % US Dollar LIBOR 0.21 % 0.24 % Norwegian Interbank Offered Rate ("NIBOR") 0.95 % 0.49 % *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.

FINANCE LEASE LIABILITY (Tables

FINANCE LEASE LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Schedule of finance leases	(in thousands of $) 2021 2020 Finance lease liability, current portion 51,204 48,887 Finance lease liability, long-term portion 472,996 524,200 524,200 573,087
Schedule of finance leases by maturity	The Company's future minimum lease liability under the non-cancellable finance leases are as follows: Year ending December 31, (in thousands of $) 2022 74,735 2023 74,735 2024 433,866 Thereafter — Total finance lease liability 583,336 Less: imputed interest payable (59,136) Present value of finance lease liability 524,200 Less: current portion (51,204) Finance lease liability, long-term portion 472,996

SHARE CAPITAL, ADDITIONAL PAI_2

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of share capital	Authorized share capital is as follows: (in thousands of $, except share data) 2021 2020 300,000,000 common shares of $0.01 par value each (December 31, 2020: 300,000,000 common shares of $0.01 par value each) 3,000 3,000 Issued and fully paid share capital is as follows: (in thousands of $, except share data) 2021 2020 138,551,387 common shares of $0.01 par value each (December 31, 2020: 127,810,064 common shares of $0.01 par value each) 1,386 1,278

SHARE OPTION PLAN (Tables)

SHARE OPTION PLAN (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of share option transactions	The following summarizes share option transactions related to the Option Scheme in 2021, 2020 and 2019: 2021 2020 2019 Options Weighted average exercise price $ Options Weighted average exercise price $ Options Weighted average exercise price $ Options outstanding at beginning of year 1,082,500 10.56 835,000 10.72 417,500 11.43 Granted 480,000 8.79 350,000 13.45 525,000 12.19 Exercised (129,000) 7.48 (17,500) 8.63 (65,000) 9.92 Forfeited — — (85,000) 11.02 (42,500) 11.80 Options outstanding at end of year 1,433,500 9.65 1,082,500 10.56 835,000 10.72 Exercisable at end of year 578,500 10.02 418,167 9.45 236,167 9.58

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
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 17: Investments in Sales-Type Leases, Direct Financing Leases and Leaseback Assets). (in thousands of $) 2021 2020 Amounts due from: Frontline Shipping — 2,875 Frontline 3,633 3,202 Seadrill 3,643 3,613 Golden Ocean 4,453 — Seatankers 77 — River Box 5 — Other related parties 1 2 Allowance for expected credit losses* (3,255) (1,974) Total amount due from related parties 8,557 7,718 Loans to related parties - associated companies, long-term River Box 45,000 45,000 SFL Hercules † 78,910 Total loans to related parties - associated companies, long-term 45,000 123,910 Amounts due to: Frontline Shipping 1,252 836 Frontline 2 1,826 Golden Ocean 36 23 Other related parties 5 39 Total amount due to related parties 1,295 2,724 *See Note 3: Recently Issued Accounting Standards and Note 27: Allowance for Expected Credit Losses. † From August 27, 2021, SFL Hercules ceased to be accounted for as an associate and became consolidated by the Company (see more details further below).
Summary of leasing revenues earned from related parties	A summary of leasing revenues and repayments from Frontline Shipping, Golden Ocean and Seadrill is as follows: (in millions of $) 2021 2020 2019 Golden Ocean: Operating lease income 50.5 52.0 51.1 Profit share 9.8 — 0.8 Frontline Shipping: Direct financing lease interest income 1.5 1.7 3.8 Direct financing lease service revenue 6.6 6.9 9.9 Direct financing lease repayments 6.3 6.5 7.9 Profit share 0.3 18.6 4.8 Seadrill: Operating lease income 28.9 — —
Schedule of related party transactions	In addition to leasing revenues and repayments, the Company incurred fees with related parties. The Company pays Frontline and its subsidiaries a management fee of 1.25% of chartering revenues in relation to two Suezmax tankers operating in the spot market and a fixed management fee of $150 per day in relation to four product tankers and three Suezmax tankers. The Company pays 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 pays fees to Seatankers Management Norway AS for the provision of office facilities in Oslo, fees to Frontline Shipping Singapore Pte Ltd. for the provision of office facilities in Singapore, 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, 2021 December 31, 2020 December 31, 2019 Frontline: Vessel Management Fees 7,794 8,893 11,758 Newbuilding Supervision Fees 132 — — Commissions and Brokerage 260 364 291 Administration Services Fees 159 82 201 Golden Ocean: Vessel Management Fees 20,440 20,496 20,440 Operating Management Fees 389 887 894 Administration Services Fees 56 70 30 Seatankers: Administration Services Fees* 226 520 739 Front Ocean: Administration Services Fees 23 — — Office Facilities: Seatankers Management Norway AS 112 94 104 Frontline Management AS 252 186 198 Frontline Corporate Services Ltd. 187 226 212 Frontline Shipping Singapore Pte Ltd. 19 — — * During the year ended December 31, 2021, a credit note of $0.3 million was received in relation to 2020 fees paid. The Company received the following interest income and loan repayments on the loan notes: Year ended (in thousands of $) December 31, 2021 December 31, 2020 December 31, 2019 Interest income Frontline Shipping — 82 734 Frontline — 97 908 (in millions of $) Loan repayments Frontline Shipping* — 8.9 — Frontline — 11.0 1.7 Dividends and interest income received from shares held in and secured notes issued by related parties: Year ended (in thousands of $) December 31, 2021 December 31, 2020 December 31, 2019 Dividends received ADS Maritime Holding — 2,930 261 Frontline — 3,100 340 Golden Close — — 1,989 Interest income received NorAm Drilling 443 420 459
Related party loans, associated companies	A summary of loans entered into with the associated companies are as follows: (in millions of $) River Box Loans granted 45 Loans outstanding as of December 31, 2021 45
Interest income on related party loan notes	Interest income received on the loans to associated companies is as follows: Year ended (in millions of $) December 31, 2021 December 31, 2020 December 31, 2019 River Box 4.6 0.0 0.0 SFL Deepwater 0.0 3.8 5.1 SFL Hercules 2.4 3.6 3.6 SFL Linus 0.0 4.5 5.4

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
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 $) 2021 2020 Designated derivative instruments -long-term assets: Interest rate swaps 2,077 — Cross currency interest rate swaps — 28 Cross currency swaps 1,019 3,373 Non-designated derivative instruments -long-term assets: Interest rate swaps 88 — Cross currency swaps — 5 Total derivative instruments - long-term assets 3,184 3,406 (in thousands of $) 2021 2020 Designated derivative instruments -short-term liabilities: Interest rate swaps 68 703 Non-designated derivative instruments -short-term liabilities: Interest rate swaps 670 869 Total derivative instruments - short-term liabilities 738 1,572 Designated derivative instruments -long-term liabilities: Interest rate swaps 2,316 7,926 Cross currency interest rate swaps 2,685 3,006 Cross currency swaps 10,038 8,301 Non-designated derivative instruments -long-term liabilities: Interest rate swaps 2,159 13,479 Cross currency swaps 11 — Total derivative instruments - long-term liabilities 17,209 32,712
Schedule of interest rate swap transactions	As of December 31, 2021, 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 $84,333 (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% $35,063 (remaining at $35,063) December 2014 January 2022 3.09% $19,413 (remaining at $19,413) September 2015 March 2022 1.67% $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% † $145,450 (reducing to $92,233) April 2020 January 2025 0.46% - 0.47% $45,830 (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 as of December 31, 2021, and 2020, are as follows: 2021 2021 2020 2020 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available-for-sale debt securities 9,680 9,680 9,431 9,431 Equity Securities 1,292 1,292 10,367 10,367 Equity securities pledged to creditors 10,238 10,238 9,007 9,007 NOK700 million senior unsecured floating rate bonds due 2023 79,507 79,586 81,572 78,513 NOK700 million senior unsecured floating rate bonds due 2024 78,939 79,077 80,989 76,940 NOK600 million senior unsecured floating rate bonds due 2025 61,334 60,133 62,927 57,421 5.75% unsecured convertible bonds due 2021 — — 212,230 199,496 4.875% unsecured convertible bonds due 2023 137,900 138,727 139,900 123,112 7.25% unsecured sustainability linked bonds due 2026 150,000 153,563 — — Derivatives: Interest rate/ currency swap contracts – long-term receivables 3,184 3,184 3,406 3,406 Interest rate/ currency swap contracts – short-term payables 738 738 1,572 1,572 Interest rate/ currency swap contracts – long-term payables 17,209 17,209 32,712 32,712
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The above fair values of financial assets and liabilities as of December 31, 2021, are measured as follows: Fair value measurements using December 31, 2021 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 9,680 4,619 5,061 Equity securities 1,292 1,292 Equity securities pledged to creditors 10,238 10,238 Interest rate/ currency swap contracts - long-term receivables 3,184 3,184 Total assets 24,394 16,149 8,245 — Liabilities: NOK700 million senior unsecured floating rate bonds due 2023 79,586 79,586 NOK700 million senior unsecured floating rate bonds due 2024 79,077 79,077 NOK600 million senior unsecured floating rate bonds due 2025 60,133 60,133 4.875% unsecured convertible bonds due 2023 138,727 138,727 7.25% unsecured sustainability linked bonds due 2026 153,563 153,563 Interest rate/ currency swap contracts – short-term payables 738 738 Interest rate/ currency swap contracts – long-term payables 17,209 17,209 Total liabilities 529,033 511,086 17,947 — The above fair values of financial assets and liabilities as of December 31, 2020, were 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: NOK700 million senior unsecured floating rate bonds due 2023 78,513 78,513 NOK700 million senior unsecured floating rate bonds due 2024 76,940 76,940 NOK600 million senior unsecured floating rate 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 —

ALLOWANCE FOR EXPECTED CREDIT_2

ALLOWANCE FOR EXPECTED CREDIT LOSSES (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021. (in thousands of $) Trade receivables Other receivables Related Party receivables Investment in sales-type, direct financing leases and leaseback assets Other long-term assets Total Balance as of December 31, 2020 33 881 1,973 4,390 1,894 9,171 Reclassification to 'vessels and equipment, net' — — — (2,030) — (2,030) Additions from associates — — 569 — — 569 Change in allowance recorded in 'other financial items' 63 (395) 713 (1,097) (6) (722) Balance as of December 31, 2021 96 486 3,255 1,263 1,888 6,988

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of assets pledged	Assets Pledged (in millions of $) 2021 2020 Vessels and equipment, net 2,107 1,189 Investments in sales-type, direct financing leases and leaseback assets 203 675 Book value of consolidated assets pledged under ship mortgages 2,310 1,864
Schedule of assets with finance lease liabilities	Assets with finance lease liabilities (in millions of $) 2021 2020 Vessels under finance lease, net 656 697 Total book value 656 697

GENERAL (Details)

GENERAL (Details)	Dec. 31, 2021carrier	Dec. 31, 2021vessel	Dec. 31, 2021drillingRig	Dec. 31, 2021tanker	Dec. 31, 2020vessel	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	3
Number of Supramax drybulk carriers owned | carrier	5
Number of Kamsarmax drybulk carriers owned | carrier	2
Number of capesize drybulk carriers owned | carrier	8
Number of container vessels owned | vessel		35
Number of container vessels contracted to be chartered in | vessel		4			4
Vessels with finance lease liabilities with a net book value | vessel		7
Number of car carriers | carrier	2
Number of jack-up drilling rigs owned | drillingRig			1
Number of ultra deepwater drilling units owned | drillingRig			1
Number of chemical tankers owned | tanker				2
Number of oil product tankers contracted to be acquired | tanker				4
Number of VLCCs accounted for as leaseback assets | vessel		1
Equity method investment, number of chartered-in vessels | vessel		4			4
Newbuilding dual-fuel car carriers using liquefied natural gas
Off Shore Assets And Charters [Line Items]
Number of dual-fuel car carriers	4	4
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) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of container vessels accounted for as direct financing leases	15	15
Interest costs capitalized | $	$ 0.4	$ 0	$ 0
Number of vessels with finance lease liabilities	7
Maersk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of container vessels accounted for as direct financing leases	7
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%
River Box
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage		49.90%
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 (in percentage)	20.00%

RECENTLY ISSUED ACCOUNTING ST_2

RECENTLY ISSUED ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity attributable to parent		$ 982,327	$ 795,651	$ 1,106,369
Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity attributable to parent	$ 2,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	1

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018	Apr. 23, 2018	Nov. 30, 2016	Oct. 05, 2016
Basic earnings (loss) per share:
Net income/(loss) available to stockholders		$ 164,343	$ (224,425)	$ 89,177
Diluted earnings (loss) per share:
Interest and other expenses/(gains) attributable to convertible notes		16,166	0	(304)
Net income/(loss) assuming dilution		$ 180,509	$ (224,425)	$ 88,873
Basic earnings per share:
Weighted average number of common shares outstanding (in shares)		122,141,000	108,972,000	107,614,000
Diluted earnings per share:
Weighted average number of common shares outstanding (in shares)		122,141,000	108,972,000	107,614,000
Effect of dilutive share options (in shares)		0	0	81,000
Effect of dilutive convertible bonds (in shares)		17,242,000	0	1,000
Weighted average number of diluted common shares outstanding (in shares)		139,383,000	108,972,000	107,696,000
Basic earnings/(loss)per share (in dollars per share)		$ 1.35	$ (2.06)	$ 0.83
Diluted earnings/(loss) per share (in dollars per share)		$ 1.30	$ (2.06)	$ 0.83
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
Diluted earnings per share:
Own-share Lending Arrangement, Shares, Issued							8,000,000
General share lending agreement
Diluted earnings per share:
Own-share Lending Arrangement, Shares, Issued							8,000,000
Senior unsecured convertible bonds due 2021
Diluted earnings per share:
Interest rate (in percentage)		5.75%						5.75%
4.875% unsecured convertible bonds due 2023
Diluted earnings per share:
Interest rate (in percentage)		4.875%				4.875%
Own-share Lending Arrangement, Shares, Issued		3,765,842			3,765,842

EARNINGS (LOSS) PER SHARE (Narr

EARNINGS (LOSS) PER SHARE (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2021	Apr. 23, 2018	Oct. 05, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Long-term debt	$ 1,903,755	$ 1,663,394
Repurchase of bonds	$ 215,098	66,570	$ 80,749
Senior unsecured convertible bonds due 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate (in percentage)	5.75%					5.75%
Long-term debt	$ 0	212,200		$ 144,700
Repurchase of bonds	$ 67,600	0
4.875% unsecured convertible bonds due 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate (in percentage)	4.875%				4.875%
Long-term debt	$ 137,900	139,900
Repurchase of bonds	$ 2,000	$ 8,400

OPERATING LEASES (Details)

OPERATING LEASES (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 430,170
2023	379,089
2024	260,409
2025	108,002
2026	105,541
Thereafter	101,174
Total minimum lease revenues	$ 1,384,385

OPERATING LEASES (Additional In

OPERATING LEASES (Additional Information) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)carriervesseltanker	Dec. 31, 2020USD ($)vessel
Leases [Abstract]
Number of vessels upgraded	16
Number of container vessels being upgraded	7	5
Number of capesize bulk carriers being upgraded | carrier	7
Number of suezmax tankers being upgraded | tanker	2
Number of container vessels accounted for under finance leases	3
Number of assets under direct financing leases | carrier	2
Income from cost savings agreement | $	$ 10.6	$ 3.9

OPERATING LEASES (Cost and Accu

OPERATING LEASES (Cost and Accumulated Depreciation of Vessels Leased to Third Parties on Non-cancelable Operating Leases) (Details) - Vessels leased to others - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Cost	$ 3,393,588	$ 2,245,889
Accumulated depreciation	(610,622)	(465,033)
Total	$ 2,782,966	$ 1,780,856

GAIN_(LOSS) ON SALE OF ASSETS_2

GAIN/(LOSS) ON SALE OF ASSETS (Summary) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Component of Operating Income [Abstract]
Gain on sale of vessels	$ 39,405	$ 2,250	$ 0

GAIN_(LOSS) ON SALE OF ASSETS_3

GAIN/(LOSS) ON SALE OF ASSETS (Gain on Sale of Vessels) (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)	Dec. 31, 2021USD ($)vessel	Dec. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)
Property, Plant and Equipment [Line Items]
Number of feeder container vessels accounted for as direct financing leases sold | vessel			15
Number of feeder container vessels accounted for as leaseback assets sold | vessel			3
Lessor, operating lease, number of lease assets sold | vessel		7	7	4
Gain (loss) on sale of vessel			$ 39,405,000	$ 2,250,000	$ 0
Termination fee				3,200,000
Gain (loss) on termination charters					$ 0
18 MSC feeder container vessels
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels and termination of charters			82,000,000
Gain on sale of leased assets, net, operating leases			600,000
Handysize vessels
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels and termination of charters			97,700,000
Gain (loss) on sale of vessel		$ 39,300,000
West Taurus
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of vessel	$ (600,000)		$ (600,000)
Front Hakata
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels and termination of charters				30,300,000
Gain (loss) on sale of vessel				1,400,000
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 on sale of leased assets, net, operating leases				900,000
Sea Leopard
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of vessel				(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

GAIN ON SALE OF SUBSIDIARIES (N

GAIN ON SALE OF SUBSIDIARIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of subsidiaries, operating	$ 0	$ 1,894	$ 0
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	$ 45,000

GAIN ON SALE OF SUBSIDIARIES (R

GAIN ON SALE OF SUBSIDIARIES (River Box Company Net Assets Held at time of Disposal) (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - River Box - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
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)	(45,000)
Other current liabilities		(2,861)
Net assets		$ 31,166

OTHER FINANCIAL ITEMS, NET (Det

OTHER FINANCIAL ITEMS, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net cash movement on non-designated derivatives and swap settlements	$ (6,715)	$ (9,272)	$ 1,195
Total net movement in fair value of non-designated derivatives	11,591	(20,433)	(3,450)
Allowance for expected credit losses	722	(1,771)	0
Impairment of long-term receivables	0	0	(9,168)
Other items	1,085	5,531	(1,330)
Total other financial items, net	6,683	(25,945)	(12,753)
Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net cash movement on non-designated derivatives and swap settlements	(6,707)	(4,575)	1,389
Total net movement in fair value of non-designated derivatives	11,607	(15,314)	(4,123)
Cross currency swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net cash movement on non-designated derivatives and swap settlements	(8)	(6)	0
Total net movement in fair value of non-designated derivatives	(16)	5	0
Cross currency interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net cash movement on non-designated derivatives and swap settlements	0	(152)	(194)
Total net movement in fair value of non-designated derivatives	0	(5,124)	673
Interest Rate Swap After Debt Refinancing
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net cash movement on non-designated derivatives and swap settlements	$ 0	$ (4,539)	$ 0

OTHER FINANCIAL ITEMS, NET (Add

OTHER FINANCIAL ITEMS, NET (Additional Information) (Details) $ in Thousands, shares in Millions, kr in Millions	Oct. 20, 2020USD ($)shares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020NOK (kr)	Oct. 20, 2020NOK (kr)	Dec. 31, 2018USD ($)	Feb. 29, 2016USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent		$ 982,327	$ 795,651	$ 1,106,369
Loss on derivative instrument reclassified from another comprehensive income		0	1,059	0
Credit loss provision		722	(1,771)	0
Impairment of long-term receivables		0	0	9,168
Shares received under debt restructuring agreement | shares	4.4
Cash compensation received under debt restructuring agreement	$ 1,100		1,100		kr 10	kr 10
(Loss) gain on foreign currency translation		(400)	5,600	300
Solstad Offshore ASA
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gain on the sale of shares			2,600
Norwegian Shipowners' Mutual War Risks Insurance Association
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity distribution		$ 2,600
Period of equity distribution based on proportion of premiums paid		10 years
Apexindo
Accumulated Other Comprehensive Income (Loss) [Line Items]
Impairment of long-term receivables				900
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
Initial fair value of note								$ 11,600
Impairment of long-term receivables				8,200
(Accumulated deficit)/retained earnings
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent		$ (92,720)	$ (257,063)	0			$ 29,511
(Accumulated deficit)/retained earnings | Cumulative Effect, Period Of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent				$ (32,638)			32
(Accumulated deficit)/retained earnings | Accounting Standards Update 2017-12 | Cumulative Effect, Period Of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent							$ 32

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, 2021	Dec. 31, 2020
Corporate Bonds
Balance at start of the year	$ 9,431	$ 12,753
Additions during the year	1,350	1,287
Unrealized (loss)/gain recorded in other comprehensive income	(284)	279
Accumulated other-than-temporary impairment	(817)	(4,888)
Balance at end of the year	9,680	9,431
Equity Securities
Balance at start of the year	19,374	61,326
Disposals during the year	(9,608)	(23,661)
Unrealized gain/(loss)	1,087	(22,428)
Realized gain	725	4,864
Foreign currency translation loss	(48)	(727)
Balance at the end of year	11,530	19,374
Total Investment in Debt and Equity Securities	21,210	28,805
Equity Securities pledged to creditors	$ 10,238	$ 9,007

INVESTMENTS IN DEBT AND EQUIT_4

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Schedule of Corporate Bonds) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortised Cost		$ 9,049	$ 8,516
Unrealized gain/(losses)		631	915
Fair value		9,680	9,431	$ 12,753
NorAm Drilling
Debt Securities, Available-for-sale [Line Items]
Amortised Cost		4,132	4,132
Unrealized gain/(losses)		487	511
Fair value		$ 4,619	4,643	$ 4,700
NT Rig Holdco 12%
Debt Securities, Available-for-sale [Line Items]
Redemption price, percentage		12.00%
Amortised Cost		$ 4,917	3,567
Unrealized gain/(losses)		144	404
Fair value		$ 5,061	3,971
NT Rig Holdco 7.5%
Debt Securities, Available-for-sale [Line Items]
Redemption price, percentage	7.50%	7.50%
Amortised Cost		$ 0	817
Unrealized gain/(losses)		0	0
Fair value		$ 0	$ 817

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 ($)shares	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)vessel	Dec. 31, 2021USD ($)vesselshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Jul. 31, 2022USD ($)	Dec. 31, 2020NOK (kr)shares	Oct. 20, 2020NOK (kr)	Jun. 30, 2020USD ($)
Debt Securities, Available-for-sale [Line Items]
Unrealized (loss)/gain recorded in other comprehensive income				$ (284)	$ 279
Unrealized gain/(loss)				1,087	(22,428)
Shares received under debt restructuring agreement | shares	4.4
Cash compensation received under debt restructuring agreement	$ 1,100				1,100				kr 10	kr 10
Equity Securities
Debt Securities, Available-for-sale [Line Items]
Disposition of investment			$ 800
Solstad Offshore ASA
Debt Securities, Available-for-sale [Line Items]
Gain on the sale of shares					$ 2,600
Frontline forward contract
Debt Securities, Available-for-sale [Line Items]
Investment owned (in shares) | shares					1.4				1.4
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 (loss)/gain recorded in other comprehensive income				0	$ 0	$ 100
Disposition of investment						$ 300
NT Rig Holdco 12%
Debt Securities, Available-for-sale [Line Items]
Unrealized (loss)/gain recorded in other comprehensive income				$ (300)	400
Redemption price, percentage				12.00%
Purchase of corporate bonds				$ 1,400	1,300
Corporate Bond Securities, Oro Negro 12%
Debt Securities, Available-for-sale [Line Items]
Redemption price, percentage				12.00%
Corporate Bond Securities, Oro Negro 7.5%
Debt Securities, Available-for-sale [Line Items]
Unrealized (loss)/gain recorded in other comprehensive income					0
Redemption price, percentage				7.50%
NT Rig Holdco 7.5%
Debt Securities, Available-for-sale [Line Items]
Unrealized (loss)/gain recorded in other comprehensive income				$ 0
Redemption price, percentage		7.50%		7.50%
Aggregate impairment charge		$ 800			4,300
Oro Negro, super senior callable liquidity bonds
Debt Securities, Available-for-sale [Line Items]
Unrealized (loss)/gain recorded in other comprehensive income					$ 100
Common stock - Frontline Ltd
Debt Securities, Available-for-sale [Line Items]
Investment owned (in shares) | shares				1.4	1.4				1.4
Debt amount				$ 15,600	$ 36,800						$ 36,800
Number of shares sold (in shares) | shares					2	7.6
Disposals during the year					$ 21,100
Realized gain on investments					$ 2,300
Forward contract shares, purchase price				$ 16,400
Forward contract to repurchase shares (shares) | shares				1.4	3.4	3.4
Secured borrowings, liability recorded				$ 15,600	$ 15,600
Unrealized gain/(loss)				$ 1,200	$ (16,000)	$ 25,000
Common stock - Frontline Ltd | Subsequent Event
Debt Securities, Available-for-sale [Line Items]
Forward contract shares, purchase price								$ 16,600
Common stock - Frontline Ltd | Frontline forward contract
Debt Securities, Available-for-sale [Line Items]
Investment owned (in shares) | shares				1.4	1.4				1.4
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)				$ (100)	$ (2,500)	400
Foreign exchange gain (loss)				0	(300)	0
Common Stock, ADS
Debt Securities, Available-for-sale [Line Items]
Unrealized gain/(loss)				0	(3,900)	3,700
Foreign exchange gain (loss)				$ 0	$ (400)	$ 300
ADS Maritime Holding
Debt Securities, Available-for-sale [Line Items]
Realized gain on investments			700
Final dividend distribution			$ 8,800
Number of vessels sold | vessel			2	2
ADS Maritime Holding | Common Stock, ADS
Debt Securities, Available-for-sale [Line Items]
Investment owned (in shares) | shares							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, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 11,530	$ 19,374	$ 61,326
Equity Securities pledged to creditors	10,238	9,007
Common stock - Frontline Ltd
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	10,238	9,007
Equity Securities pledged to creditors	10,200	9,000
Common stock - NorAm Drilling
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	1,292	1,484
Common Stock, ADS
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 0	$ 8,883

TRADE ACCOUNTS RECEIVABLE AND_2

TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Allowance for Expected Credit Losses [Line Items]
Allowance for doubtful debts	$ 6,988	$ 9,171
Trade receivables
Allowance for Expected Credit Losses [Line Items]
Allowance for Doubtful Accounts, Premiums and Other Receivables	0	0
Accounts Receivable, Allowance for Credit Loss, Current	100	0
Other receivables
Allowance for Expected Credit Losses [Line Items]
Allowance for Doubtful Accounts, Premiums and Other Receivables	0	0
Accounts Receivable, Allowance for Credit Loss, Current	$ 500	$ 900

VESSELS AND EQUIPMENT, NET (Sch

VESSELS AND EQUIPMENT, NET (Schedule of Vessels and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cost
Transfer from associated companies		$ 67,200
Accumulated Depreciation
Depreciation	$ (138,330)	(111,279)	$ (116,381)
Vessels and Equipment, net
Depreciation	(138,330)	(111,279)	(116,381)
Transfer from associated companies		67,200
Vessels and equipment, net
Cost
Vessel additions	519,200
Accumulated Depreciation
Depreciation	(97,000)	(71,300)	(80,300)
Transfer from associated companies		(20,400)
Vessels and Equipment, net
Depreciation	(97,000)	(71,300)	$ (80,300)
Vessel additions	519,200
Cost
Cost
Capital improvements	14,400	52,700
Vessels and Equipment, net
Capital improvements	14,400	52,700
Cost | Vessels and equipment, net
Cost
Beginning balance	1,693,171
Vessel additions	519,181
Capital improvements	14,400
Transfer from associated companies	268,630	87,600
Vessel disposals	(68,107)
Reclassification from/(to) investments in sales-type/direct financing leases and leaseback assets	355,634
Ending balance	2,782,909	1,693,171
Vessels and Equipment, net
Vessel additions	519,181
Capital improvements	14,400
Transfer from associated companies	268,630	87,600
Vessel disposals	(68,107)
Reclassification from/(to) investments in sales-type/direct financing leases and leaseback assets	355,634
Accumulated Depreciation | Vessels and equipment, net
Accumulated Depreciation
Beginning balance	(452,473)
Depreciation	(97,022)
Transfer from associated companies	(7,079)
Vessel disposals	4,248
Ending balance	(552,326)	(452,473)
Vessels and Equipment, net
Depreciation	(97,022)
Vessels and Equipment, net | Vessels and equipment, net
Cost
Vessel additions	519,181
Capital improvements	14,400
Transfer from associated companies	261,551
Vessel disposals	(63,859)
Reclassification from/(to) investments in sales-type/direct financing leases and leaseback assets	355,634
Accumulated Depreciation
Depreciation	(97,022)
Vessels and Equipment, net
Beginning balance	1,240,698
Depreciation	(97,022)
Vessel additions	519,181
Capital improvements	14,400
Transfer from associated companies	261,551
Vessel disposals	(63,859)
Reclassification from/(to) investments in sales-type/direct financing leases and leaseback assets	355,634
Ending balance	$ 2,230,583	$ 1,240,698

VESSELS AND EQUIPMENT, NET (Nar

VESSELS AND EQUIPMENT, NET (Narrative) (Details) shares in Millions, kr in Millions	Oct. 20, 2020USD ($)shares	Sep. 30, 2021USD ($)	Aug. 31, 2021USD ($)	Dec. 31, 2021USD ($)vessel	Dec. 31, 2021USD ($)vesselnumberOfDrillingUnits	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)vessel	Dec. 31, 2020NOK (kr)vessel	Oct. 20, 2020NOK (kr)	Apr. 30, 2019Rate	Dec. 31, 2018vessel
Property Subject to or Available for Operating Lease [Line Items]
Number of container vessels reclassified as sales-type leases | vessel						7
Transfer from associated companies						$ 67,200,000
Depreciation					$ 138,330,000	111,279,000	$ 116,381,000
Gain on sale of vessels					$ 39,405,000	$ 2,250,000	$ 0
Number of vessels for which impairment has been recognized | vessel						7
Number of offshore support vessels which were impaired | vessel							4
Number of feeder container vessels which were impaired | vessel							2
Lessor, operating lease, number of lease assets sold | vessel				7	7	4		4
Number of offshore support vessels sold | vessel						5		5
Gain (loss) on disposition of assets and termination of charters, net					$ 39,405,000	$ 2,250,000	$ 0
Number of offshore supply vessels under operating leases | vessel											2
Charter hire, percentage rate										100.00%	50.00%
Shares received under debt restructuring agreement | shares	4.4
Cash compensation received under debt restructuring agreement	$ 1,100,000					1,100,000		kr 10	kr 10
Solstad Offshore ASA
Property Subject to or Available for Operating Lease [Line Items]
Gain on the sale of shares						$ 2,600,000
Deep Sea Supply BTG
Property Subject to or Available for Operating Lease [Line Items]
Number of offshore supply vessels under finance lease | vessel						1		1
West Taurus
Property Subject to or Available for Operating Lease [Line Items]
Gain on sale of vessels		$ (600,000)			(600,000)
Handysize vessels
Property Subject to or Available for Operating Lease [Line Items]
Gain on sale of vessels				$ 39,300,000
West Taurus
Property Subject to or Available for Operating Lease [Line Items]
Tangible Asset Impairment Charges					(1,900,000)	$ (252,600,000)
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		4
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
West Linus
Property Subject to or Available for Operating Lease [Line Items]
Reclassification from/(to) investments in sales-type/direct financing leases and leaseback assets					355,600,000
Cost
Property Subject to or Available for Operating Lease [Line Items]
Capital improvements					$ 14,400,000	$ 52,700,000
Cost | West Hercules
Property Subject to or Available for Operating Lease [Line Items]
Vessel additions			$ 261,600,000
Cost | West Taurus
Property Subject to or Available for Operating Lease [Line Items]
Vessel additions						258,100,000
West Linus
Property Subject to or Available for Operating Lease [Line Items]
Number of drilling units reclassified from finance lease to operating lease | numberOfDrillingUnits					1
Vessels and equipment, net
Property Subject to or Available for Operating Lease [Line Items]
Vessel additions					$ 519,200,000
Transfer from associated companies						20,400,000
Depreciation					97,000,000	71,300,000	80,300,000
Tangible Asset Impairment Charges					0	(80,300,000)	$ (55,500,000)
Vessels and equipment, net | Cost
Property Subject to or Available for Operating Lease [Line Items]
Vessel additions					519,181,000
Transfer from associated companies					268,630,000	$ 87,600,000
Capital improvements					$ 14,400,000
Construction in progress
Property Subject to or Available for Operating Lease [Line Items]
Number of container vessels transferred | vessel				10	10	16		16
5,300 TEU Containership
Property Subject to or Available for Operating Lease [Line Items]
Number of vessels delivered | vessel					1
6,800 TEU Containership
Property Subject to or Available for Operating Lease [Line Items]
Number of vessels delivered | vessel					2
14,000 TEU Containership
Property Subject to or Available for Operating Lease [Line Items]
Number of vessels delivered | vessel					2
Suezmax vessel
Property Subject to or Available for Operating Lease [Line Items]
Number of vessels delivered | vessel					1
LR2 product tankers
Property Subject to or Available for Operating Lease [Line Items]
Number of vessels delivered | vessel					2

NEWBUILDINGS AND VESSEL PURCH_2

NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)vesseltanker	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Term of lease or charter		5 years
Volkswagen Group
Property, Plant and Equipment [Line Items]
Total installments paid	$ 14.9
Number of dual-fuel car carriers | vessel	2
Term of lease or charter	10 years
K Line
Property, Plant and Equipment [Line Items]
Total installments paid	$ 31.2
Number of dual-fuel car carriers | vessel	2
Term of lease or charter	10 years
Trafigura
Property, Plant and Equipment [Line Items]
Term of lease or charter	5 years
Newbuild vessel deposit	$ 11
Number of Suezmax tankers | tanker	2

VESSELS UNDER FINANCE LEASE, _3

VESSELS UNDER FINANCE LEASE, NET (Schedule of Finance Lease) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cost
Beginning balance	$ 777,939
Ending balance	777,939	$ 777,939
Accumulated Depreciation
Beginning balance	(80,559)
Depreciation	(41,308)
Ending balance	(121,867)	(80,559)
Vessels under Finance Lease, net
Beginning balance		697,380
Depreciation	(41,308)	(40,000)	$ (36,100)
Ending balance	$ 656,072	$ 697,380

VESSELS UNDER FINANCE LEASE, _4

VESSELS UNDER FINANCE LEASE, NET (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018
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 | $	$ 41,308	$ 40,000	$ 36,100
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, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capital improvements in progress	$ 591	$ 10,099
Collateral deposits on swap agreements	10,368	398
Value of acquired charter-out contracts, net	7,607	10,503
Other	566	961
Total other long-term assets	$ 19,132	$ 21,961

OTHER LONG TERM ASSETS (Narrati

OTHER LONG TERM ASSETS (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)vessel	Jun. 30, 2018vessel	May 31, 2018vessel
Property, Plant and Equipment [Line Items]
Number of vessels acquired | vessel					15	4
Long term receivables	$ 0	$ 0		$ 1.9
Credit loss provision		(1.9)
Cost
Property, Plant and Equipment [Line Items]
Capital improvements	$ 14.4	52.7
10,600 TEU Containership
Property, Plant and Equipment [Line Items]
Capital improvements		$ 22.9
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	3	11
Number of container vessels transferred | vessel	10	16
Container vessels | Evergreen Marine
Property, Plant and Equipment [Line Items]
Number of vessels acquired | vessel				4
Time charters				$ 18
Amortization of time charters	$ 2.9	$ 2.9	$ 2.9

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, 2021	Dec. 31, 2020
Leases [Abstract]
Investments in sales-type and direct financing leases	$ 147,230	$ 592,102
Investments in leaseback assets	57,536	85,441
Total	$ 204,766	$ 677,543

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, 2021USD ($)vesseltankerRate	Dec. 31, 2020USD ($)vesseltanker	Dec. 31, 2019USD ($)vesselRate	Jun. 05, 2015vessel
Sale Leaseback Transaction [Line Items]
Term of charters, maximum (in years)	7 years	5 years
Gain on sale of vessels		$ 39,405	$ 2,250	$ 0
Vessel impairment charge		$ 1,927	$ 333,149	$ 60,054
Number of container vessels accounted for as direct financing leases | vessel		15	15
Term of lease or charter			5 years
Assets accounted for as sales-type lease | vessel		10
Number of container vessels reclassified as sales-type leases | vessel			7
Transfer from associated companies			$ 67,200
Equity method investment, number of chartered-in vessels | vessel		4	4
Number of vessels accounted for as leaseback assets | vessel				6
Sales-type and direct financing leases, lease receivable, payments to be received		$ 120,411
MSC
Sale Leaseback Transaction [Line Items]
Term of lease or charter				6 years
Number of vessels accounted for as leaseback assets | vessel		3		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 | vessel			3
Proceeds from sale of vessels and termination of charters			$ 176,200
Debt repaid			$ 142,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | River Box
Sale Leaseback Transaction [Line Items]
Ownership percentage of disposed assets			50.10%
Investments in sales-type and direct financing leases			$ 540,908
West Linus
Sale Leaseback Transaction [Line Items]
Property, Plant And Equipment, Reclassifications		$ 355,600
West Linus
Sale Leaseback Transaction [Line Items]
Direct financing lease following the sale of River Box			361,000
Front Hakata
Sale Leaseback Transaction [Line Items]
Gain on sale of vessels			$ 1,400
Sea Leopard
Sale Leaseback Transaction [Line Items]
Number of offshore supply vessels under finance lease | vessel			1
Loss on disposition			$ 30
MSC Margarita And MSC Vidhi
Sale Leaseback Transaction [Line Items]
Term of lease or charter		7 years
Assets accounted for as sales-type lease | vessel			10
Frontline Charterers
Sale Leaseback Transaction [Line Items]
Assets accounted for as direct financing leases and leased to related parties | vessel		2	2		17
Direct financing lease following the sale of River Box		$ 69,800	$ 76,100
Sales-type and direct financing leases, lease receivable, payments to be received		$ 74,800
Frontline Shipping
Sale Leaseback Transaction [Line Items]
Capitalized costs				$ 4,200
Number of VLCCs accounts for as leaseback assets | vessel		2
Percentage share of joint costs | Rate		50.00%		50.00%
Sales-Type Leases and Direct Financing Leases
Sale Leaseback Transaction [Line Items]
Number of vessel charters | vessel		12	28
Sales-Type Leases and Direct Financing Leases | Frontline Charterers
Sale Leaseback Transaction [Line Items]
Assets accounted for as direct financing leases and leased to related parties | tanker		2	2
Leaseback Assets
Sale Leaseback Transaction [Line Items]
Number of vessel charters | vessel		1	4
Investments in sales-type, direct financing leases and leaseback assets
Sale Leaseback Transaction [Line Items]
Vessel impairment charge			$ 200	$ 5,000

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, 2021	Dec. 31, 2020
Sale Leaseback Transaction [Line Items]
Total minimum lease payments to be received	$ 163,514	$ 784,982
Less: amounts representing estimated executory costs including profit thereon, included in total minimum lease payments	(34,128)	(40,698)
Net minimum lease payments receivable	129,386	744,284
Estimated residual values of leased property (un-guaranteed)	111,121	111,121
Less: unearned income	(34,478)	(173,472)
Total investment in sales-type lease, direct financing lease and leaseback assets	206,029	681,933
Allowance for expected credit losses	(1,263)	(4,390)
Total investment in sales-type lease, direct financing lease and leaseback assets	204,766	677,543
Current portion	23,484	55,420
Long-term portion	181,282	622,123
Sales-Type Leases and Direct Financing Leases
Sale Leaseback Transaction [Line Items]
Total minimum lease payments to be received	120,411	705,196
Less: amounts representing estimated executory costs including profit thereon, included in total minimum lease payments	(34,128)	(40,698)
Net minimum lease payments receivable	86,283	664,498
Estimated residual values of leased property (un-guaranteed)	79,621	79,621
Less: unearned income	(17,532)	(147,876)
Total investment in sales-type lease, direct financing lease and leaseback assets	148,372	596,243
Allowance for expected credit losses	(1,142)	(4,141)
Total investment in sales-type lease, direct financing lease and leaseback assets	147,230	592,102
Current portion	18,436	45,888
Long-term portion	128,794	546,214
Leaseback Assets
Sale Leaseback Transaction [Line Items]
Total minimum lease payments to be received	43,103	79,786
Less: amounts representing estimated executory costs including profit thereon, included in total minimum lease payments	0	0
Net minimum lease payments receivable	43,103	79,786
Estimated residual values of leased property (un-guaranteed)	31,500	31,500
Less: unearned income	(16,946)	(25,596)
Total investment in sales-type lease, direct financing lease and leaseback assets	57,657	85,690
Allowance for expected credit losses	(121)	(249)
Total investment in sales-type lease, direct financing lease and leaseback assets	57,536	85,441
Current portion	5,048	9,532
Long-term portion	$ 52,488	$ 75,909

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, 2021USD ($)
Sales-Type Leases and Direct Financing Leases
2022	$ 29,264
2023	29,088
2024	25,519
2025	19,341
2026	14,400
Thereafter	2,799
Total minimum lease payments to be received	120,411
Leaseback Assets
2022	8,942
2023	8,162
2024	7,686
2025	7,665
2026	7,665
Thereafter	2,983
Total minimum lease payments to be received	43,103
Total
2022	38,206
2023	37,250
2024	33,205
2025	27,006
2026	22,065
Thereafter	5,782
Total minimum lease payments to be received	$ 163,514

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Investments in sales type and direct financing leases	$ 14,173	$ 57,579	$ 56,764
Investments in leaseback assets	5,351	13,637	3,556
Total	19,524	71,216	60,320
Interest income related parties – direct financing leases	$ 1,500	$ 1,744	$ 3,796

INVESTMENT IN ASSOCIATED COMP_3

INVESTMENT IN ASSOCIATED COMPANIES (Schedule of Participations Using Equity Method) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2008
Schedule of Equity Method Investments [Line Items]
Gain on sale of subsidiaries, operating	$ 0	$ 1,894	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | River Box
Schedule of Equity Method Investments [Line Items]
Ownership percentage of disposed assets		50.10%
Gain on sale of subsidiaries, operating		$ 1,900
River Box
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)	49.90%	49.90%
Ownership percentage		49.90%
SFL Deepwater
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)			100.00%			100.00%
SFL Hercules
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)		100.00%	100.00%		100.00%
SFL Linus
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)			100.00%	100.00%

INVESTMENT IN ASSOCIATED COMP_4

INVESTMENT IN ASSOCIATED COMPANIES (Narrative) (Details)

Aug. 26, 2021subsidiary

Feb. 28, 2022USD ($)

Sep. 30, 2021USD ($)

Aug. 31, 2021USD ($)

Feb. 28, 2021

Oct. 31, 2020USD ($)

Oct. 31, 2013USD ($)

Jun. 30, 2013drillingRig

May 31, 2013USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)drillingRig

Dec. 31, 2019USD ($)

Dec. 31, 2017

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2008drillingRig

Aug. 27, 2021USD ($)

Mar. 31, 2021drillingRig

Sep. 30, 2017

Schedule of Equity Method Investments [Line Items]

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

Bareboat charter revenues, per day

$ 64,700

Bareboat charter revenues, per day, after emergence date

60,000

Bareboat charter revenues, per day, other scenarios

$ 40,000

Loss on sale of recycling of the rig

$ (39,405,000)

$ (2,250,000)

$ 0

Gain on extinguishment of debt

(727,000)

67,533,000

$ 1,802,000

Long-term debt

$ 1,663,394,000

1,903,755,000

1,663,394,000

Subsequent Event

Schedule of Equity Method Investments [Line Items]

Bareboat charter revenues, per day

$ 55,000

Financial Guarantee

Schedule of Equity Method Investments [Line Items]

Guarantor obligations, current carrying value

$ 83,100,000

83,100,000

83,100,000

$ 83,100,000

SFL Hercules

Schedule of Equity Method Investments [Line Items]

Final dividend distribution

0

SFL Hercules | Financial Guarantee

Schedule of Equity Method Investments [Line Items]

Cash contribution

5,000,000

Seadrill | Financial Guarantee

Schedule of Equity Method Investments [Line Items]

Accounts Payable

3,000,000

River Box

Schedule of Equity Method Investments [Line Items]

Final dividend distribution

2,200,000

Minimum | West Linus and West Hercules

Schedule of Equity Method Investments [Line Items]

Expected percentage of revenue to be collected under existing charter agreements (as percent)

65.00%

65.00%

Maximum | West Linus and West Hercules

Schedule of Equity Method Investments [Line Items]

Expected percentage of revenue to be collected under existing charter agreements (as percent)

75.00%

75.00%

SFL Linus & SFL Deepwater

Schedule of Equity Method Investments [Line Items]

Number of subsidiaries for which company is primary beneficiary | subsidiary

2

SFL Deepwater

Schedule of Equity Method Investments [Line Items]

Participation in equity method investee (percent)

100.00%

100.00%

Number of main assets subject of leases which includes both fixed price call options and fixed price purchase obligations | drillingRig

2

1

Debt amount

$ 390,000,000

Debt instrument, 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

Long-term debt

$ 0

0

$ 0

SFL Deepwater | SFL Hercules

Schedule of Equity Method Investments [Line Items]

Number of main assets subject of leases which includes both fixed price call options and fixed price purchase obligations, transferred | drillingRig

1

SFL Linus

Schedule of Equity Method Investments [Line Items]

Participation in equity method investee (percent)

100.00%

100.00%

Debt amount

$ 475,000,000

Debt instrument, term

5 years

Term loan facility, extension term

4 years

Long-term debt

$ 216,000,000

SFL Hercules

Schedule of Equity Method Investments [Line Items]

Participation in equity method investee (percent)

100.00%

100.00%

100.00%

Debt amount

$ 375,000,000

Debt instrument, term

6 years

Term loan facility, extension term

4 years

Long-term debt

$ 175,000,000

Extension term

13 months

West Taurus

Schedule of Equity Method Investments [Line Items]

Loss on sale of recycling of the rig

$ 600,000

$ 600,000

INVESTMENT IN ASSOCIATED COMP_5

INVESTMENT IN ASSOCIATED COMPANIES (Summarized Financial Statement Information of Equity Method Investees) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2008
Schedule of Equity Method Investments [Line Items]
Current assets	$ 250,316	$ 356,436
Total assets	3,459,297	3,093,211
Current liabilities	400,316	576,531
Total liabilities	2,476,970	2,297,560
Statement of operations information [Abstract]
Operating revenues	513,396	471,047	$ 458,849
River Box
Schedule of Equity Method Investments [Line Items]
Final dividend distribution	2,200
SFL Hercules
Schedule of Equity Method Investments [Line Items]
Final dividend distribution	0
Equity method investment
Schedule of Equity Method Investments [Line Items]
Current assets	13,987	34,763
Non-current assets	247,361	513,918
Total assets	261,348	548,681
Current liabilities	13,242	199,255
Non-current liabilities	231,471	322,129
Total liabilities	244,713	521,384
Total stockholders' equity	16,635	27,297
Statement of operations information [Abstract]
Operating revenues	33,868	45,573	64,142
Net operating revenues	26,652	45,532	64,142
Net income	$ 4,194	$ 4,286	17,054
River Box
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)	49.90%	49.90%
Due to parent	$ 45,000	$ 45,000
Statement of operations information [Abstract]
Interest payable to parent	4,600	0
River Box | Equity method investment
Schedule of Equity Method Investments [Line Items]
Current assets	13,987	12,475
Non-current assets	247,361	258,865
Total assets	261,348	271,340
Current liabilities	13,242	12,569
Non-current liabilities	231,471	243,219
Total liabilities	244,713	255,788
Total stockholders' equity	16,635	15,552
Statement of operations information [Abstract]
Operating revenues	20,115	0	0
Net operating revenues	20,094	0	0
Net income	3,267	$ 0	$ 0
SFL Hercules
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)		100.00%	100.00%		100.00%
Due to parent		$ 78,900
Statement of operations information [Abstract]
Interest payable to parent	2,400	3,600	$ 3,600
SFL Hercules | Equity method investment
Schedule of Equity Method Investments [Line Items]
Current assets		22,288
Non-current assets		255,053
Total assets		277,341
Current liabilities		186,686
Non-current liabilities		78,910
Total liabilities		265,596
Total stockholders' equity		11,745
Statement of operations information [Abstract]
Operating revenues	13,753	15,072	18,378
Net operating revenues	6,558	15,050	18,378
Net income	$ 927	3,827	$ 3,622
SFL Deepwater
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)			100.00%			100.00%
Statement of operations information [Abstract]
Interest payable to parent		3,800	$ 5,100
SFL Deepwater | Equity method investment
Statement of operations information [Abstract]
Operating revenues		11,835	18,966
Net operating revenues		11,892	18,966
Net income		(6,002)	$ 4,346
SFL Linus
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (percent)			100.00%	100.00%
Statement of operations information [Abstract]
Interest payable to parent		4,500	$ 5,400
SFL Linus | Equity method investment
Statement of operations information [Abstract]
Operating revenues		18,666	26,798
Net operating revenues		18,590	26,798
Net income		$ 6,461	$ 9,086

INVESTMENT IN ASSOCIATED COMP_6

INVESTMENT IN ASSOCIATED COMPANIES - Movement in allowance for expected credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2012
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 9,171
Ending balance	6,988	$ 9,171
Equity method investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	3,421
Reclassification to owned vessels within the associate	(1,896)
Transferred from associates	(569)
Allowance recorded in net income of associated company	(560)
Ending balance	$ 396	$ 3,421
River Box
Financing Receivable, Allowance for Credit Loss [Line Items]
Participation in equity method investee (percent)	49.90%	49.90%
River Box | Equity method investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 786
Reclassification to owned vessels within the associate	0
Transferred from associates	0
Allowance recorded in net income of associated company	(390)
Ending balance	396	$ 786
SFL Hercules
Financing Receivable, Allowance for Credit Loss [Line Items]
Participation in equity method investee (percent)		100.00%	100.00%	100.00%
SFL Hercules | Equity method investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,635
Reclassification to owned vessels within the associate	(1,896)
Transferred from associates	(569)
Allowance recorded in net income of associated company	(170)
Ending balance	$ 0	$ 2,635

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities [Abstract]
Vessel operating expenses	$ 11,278	$ 12,841
Administrative expenses	1,626	1,603
Interest expense	6,890	6,616
Accrued expenses	$ 19,794	$ 21,060

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Deferred and prepaid charter revenue	$ 21,505	$ 15,156
Employee taxes	35	34
Other items	1,206	895
Other current liabilities	$ 22,746	$ 16,085

SHORT-TERM AND LONG-TERM DEBT_2

SHORT-TERM AND LONG-TERM DEBT (Schedule of Long-Term Debt) (Details)	Dec. 31, 2021USD ($)	Dec. 31, 2021NOK (kr)	Oct. 31, 2021USD ($)	May 12, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020NOK (kr)	Jun. 30, 2020USD ($)	Jan. 21, 2020NOK (kr)	Jun. 04, 2019NOK (kr)	May 04, 2018USD ($)	Apr. 23, 2018USD ($)	Oct. 05, 2016USD ($)
Debt Instrument [Line Items]
Total debt principal	$ 1,903,755,000				$ 1,663,394,000
Less: unamortized debt issuance costs	(14,541,000)				(14,325,000)
Less : current portion of long-term debt	(302,769,000)				(484,956,000)
Long-term debt	1,586,445,000				1,164,113,000
Senior unsecured convertible bonds due 2021
Debt Instrument [Line Items]
Total debt principal	$ 0		$ 144,700,000		212,200,000
Interest rate (in percentage)	5.75%	5.75%										5.75%
4.875% unsecured convertible bonds due 2023
Debt Instrument [Line Items]
Total debt principal	$ 137,900,000				139,900,000
Interest rate (in percentage)	4.875%	4.875%									4.875%
Debt amount										$ 14,000,000	$ 150,000,000
7.25% senior unsecured sustainability-linked bonds due 2026
Debt Instrument [Line Items]
Interest rate (in percentage)	7.25%	7.25%
Senior unsecured convertible bonds due 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 0				212,230,000
Debt amount												$ 225,000,000
NOK700 million senior unsecured floating rate bonds due 2023
Debt Instrument [Line Items]
Long-term debt, gross	79,507,000				81,572,000
Total debt principal	79,500,000	kr 700,000,000			81,600,000	kr 700,000,000
Debt amount | kr		700,000,000
4.875% unsecured convertible bonds due 2023
Debt Instrument [Line Items]
Long-term debt, gross	137,900,000				139,900,000
NOK700 million senior unsecured floating rate bonds due 2024
Debt Instrument [Line Items]
Long-term debt, gross	78,939,000				80,989,000
Total debt principal	78,900,000	695,000,000			81,000,000	695,000,000
Debt amount | kr		700,000,000							kr 700,000,000
NOK600 million senior unsecured bonds due 2025
Debt Instrument [Line Items]
Long-term debt, gross	61,334,000				62,927,000
Total debt principal	61,300,000	540,000,000			62,900,000	kr 540,000,000
Debt amount | kr		kr 600,000,000						kr 600,000,000
7.25% senior unsecured sustainability-linked bonds due 2026
Debt Instrument [Line Items]
Long-term debt, gross	150,000,000				0
Total debt principal	$ 150,000,000				0
Interest rate (in percentage)	7.25%	7.25%		7.25%
Debt amount				$ 150,000,000
Lease debt financing
Debt Instrument [Line Items]
Long-term debt, gross	$ 126,955,000				0
Total debt principal	$ 127,000,000				0
Interest rate (in percentage)	2.50%	2.50%
U.S. dollar denominated floating rate debt due through 2029
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,253,481,000				1,070,137,000
Common stock - Frontline Ltd
Debt Instrument [Line Items]
Long-term debt, gross	15,639,000				15,639,000
Debt amount	$ 15,600,000				$ 36,800,000		$ 36,800,000

SHORT-TERM AND LONG-TERM DEBT_3

SHORT-TERM AND LONG-TERM DEBT (Schedule of Debt Principal) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 302,769
2023	672,974
2024	350,226
2025	304,687
2026	170,247
Thereafter	102,852
Total debt principal	$ 1,903,755	$ 1,663,394

SHORT-TERM AND LONG-TERM DEBT_4

SHORT-TERM AND LONG-TERM DEBT (Interest Rate Information) (Details)	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted average interest rate (in percentage)	2.68%	2.91%
US Dollar LIBOR
Debt Instrument [Line Items]
Three month U.S. Dollar LIBOR rate (in percentage)	0.21%	0.24%
Norwegian Interbank Offered Rate ("NIBOR")
Debt Instrument [Line Items]
Three month Norwegian kroner NIBOR rate (in percentage)	0.95%	0.49%

SHORT-TERM AND LONG-TERM DEBT_5

SHORT-TERM AND LONG-TERM DEBT (Narrative) (Details)	Sep. 13, 2018NOK (kr)	Apr. 23, 2018USD ($)$ / shares	Oct. 05, 2016USD ($)$ / sharesshares	Sep. 30, 2021USD ($)vesselsubsidiary	Jun. 30, 2021	Apr. 30, 2021USD ($)	Feb. 28, 2021USD ($)	Nov. 30, 2020USD ($)	May 31, 2020USD ($)	Mar. 31, 2020USD ($)subsidiaryvesseltanker	Jun. 30, 2019USD ($)subsidiary	Mar. 31, 2019USD ($)subsidiarycarrier	Feb. 28, 2019USD ($)carriertankersubsidiary	Dec. 31, 2018USD ($)subsidiarytanker	Jun. 30, 2018USD ($)vesselsubsidiary	Apr. 30, 2018USD ($)shares	Aug. 31, 2017USD ($)subsidiarytanker	Nov. 30, 2015USD ($)subsidiarycarrier	Jul. 31, 2015USD ($)subsidiarycarrier	Dec. 31, 2014subsidiary	Sep. 30, 2014USD ($)subsidiary	Jun. 30, 2014USD ($)subsidiary	Oct. 31, 2013USD ($)	May 31, 2013USD ($)	May 31, 2011USD ($)subsidiarycarrier	Mar. 31, 2020USD ($)tankervessel	Dec. 31, 2021USD ($)carriertankersubsidiary$ / sharesshares	Dec. 31, 2020USD ($)subsidiarycarriertankershares	Dec. 31, 2019USD ($)vesselshares	Dec. 31, 2018USD ($)tanker	Dec. 31, 2017	Dec. 31, 2016carrier	Dec. 31, 2015carrier	Dec. 31, 2020USD ($)carriertankershares	Dec. 31, 2020USD ($)carriertankershares	Dec. 31, 2021USD ($)carriertanker$ / sharesshares	Jul. 31, 2022USD ($)	Dec. 31, 2021NOK (kr)carriertankershares	Oct. 31, 2021USD ($)carrier	Aug. 31, 2021USD ($)	Aug. 27, 2021USD ($)	May 12, 2021USD ($)	Dec. 31, 2020NOK (kr)carriertankershares	Jun. 30, 2020USD ($)	Mar. 31, 2020NOK (kr)tankervessel	Jan. 21, 2020NOK (kr)	Jul. 30, 2019NOK (kr)	Jun. 04, 2019NOK (kr)	May 31, 2018vessel	May 04, 2018USD ($)	Nov. 30, 2016USD ($)shares	Sep. 30, 2015vessel	Jun. 30, 2015vessel	Dec. 30, 2014USD ($)
Debt Instrument [Line Items]
Long-term debt																											$ 1,903,755,000	$ 1,663,394,000						$ 1,663,394,000	$ 1,663,394,000	$ 1,903,755,000
Repurchase of bonds																											$ 215,098,000	$ 66,570,000	$ 80,749,000
Share price (usd per share) | $ / shares																											$ 8.15									$ 8.15
Total authorized for share lending arrangement (in shares) | shares																7,000,000
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary															15
Number of car carriers | carrier																											2									2		2
Number of vessels acquired | vessel															15																																		4
Number of vessels accounted for as leaseback assets | vessel																													6
Term of lease or charter																												5 years
Restricted cash																											$ 8,300,000	$ 9,000,000						9,000,000	9,000,000	$ 8,300,000
Vessels and equipment, net																											2,310,000,000	1,864,000,000						1,864,000,000	1,864,000,000	2,310,000,000
Common stock - Frontline Ltd
Debt Instrument [Line Items]
Debt amount																											$ 15,600,000	$ 36,800,000						$ 36,800,000	$ 36,800,000	$ 15,600,000								$ 36,800,000
Forward contract to repurchase shares (shares) | shares																											1,400,000	3,400,000	3,400,000
Number of shares sold (in shares) | shares																												2,000,000	7,600,000
Shares Repurchased, Subject To Forward Contract | shares																												2,000,000
Secured borrowings, amount repaid																												$ 21,100,000
Investment owned (in shares) | shares																											1,400,000	1,400,000						1,400,000	1,400,000	1,400,000		1,400,000					1,400,000
Forward contract to repurchase shares																											$ 16,400,000	$ 16,200,000						$ 16,200,000	$ 16,200,000	$ 16,400,000
Secured borrowings, liability recorded																											$ 15,600,000	15,600,000						15,600,000	15,600,000	$ 15,600,000
Secured borrowings, collateral, percentage of repurchase price																											20.00%									20.00%		20.00%
Common stock - Frontline Ltd | Forecast
Debt Instrument [Line Items]
Forward contract to repurchase shares																																					$ 16,600,000
Financial Guarantee
Debt Instrument [Line Items]
Guarantor obligations, current carrying value																											$ 83,100,000	83,100,000						83,100,000	83,100,000	$ 83,100,000					$ 83,100,000
Financial Guarantee | SFL Hercules
Debt Instrument [Line Items]
Cash contribution																																									5,000,000
Financial Guarantee | Seadrill
Debt Instrument [Line Items]
Accounts Payable																																									$ 3,000,000
Senior unsecured convertible bonds due 2021
Debt Instrument [Line Items]
Debt amount			$ 225,000,000
Conversion price (in dollars per share) | $ / shares																											$ 15.1973									$ 15.1973
Minimum dividend before convertible debt rate is adjusted (in dollars per share) | $ / shares			$ 0.225
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 of 4.875% convertible bonds due 2023																											$ 3,600,000	4,000,000
Amortization of deferred charges																											500,000	800,000
Senior unsecured convertible bonds due 2021 | Additional paid-in capital
Debt Instrument [Line Items]
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023																											4,600,000
NOK700 million senior unsecured bonds due 2023
Debt Instrument [Line Items]
Debt amount | kr																																						kr 700,000,000
Long-term debt																											79,500,000	81,600,000						81,600,000	81,600,000	$ 79,500,000		700,000,000					kr 700,000,000
Debt instrument, percentage of par issued (in percentage)	101.625%
NOK600million senior unsecured floating rate bonds due 2023
Debt Instrument [Line Items]
Debt amount | kr	kr 600,000,000																																														kr 100,000,000
NOK700 million senior unsecured bonds due 2024
Debt Instrument [Line Items]
Debt amount | kr																																						700,000,000										kr 700,000,000
Long-term debt																											78,900,000	81,000,000						81,000,000	81,000,000	78,900,000		695,000,000					695,000,000
Gain on purchased bonds										$ 0
Facility repurchased amount										500,000																$ 500,000	0									0									kr 5,000,000
NOK600 million senior unsecured bonds due 2025
Debt Instrument [Line Items]
Debt amount | kr																																						600,000,000								kr 600,000,000
Long-term debt																											61,300,000	62,900,000						62,900,000	62,900,000	61,300,000		kr 540,000,000					kr 540,000,000
Gain on purchased bonds																										1,400,000
Facility repurchased amount										$ 6,000,000																$ 6,000,000	$ 0									$ 0									kr 60,000,000
7.25% senior unsecured sustainability-linked bonds due 2026
Debt Instrument [Line Items]
Interest rate (in percentage)																											7.25%									7.25%		7.25%				7.25%
Debt amount																																										$ 150,000,000
Long-term debt																											$ 150,000,000	0						0	0	$ 150,000,000
Line of Credit
Debt Instrument [Line Items]
Debt instrument, maturity date extension term																															4 years
Lease debt financing
Debt Instrument [Line Items]
Interest rate (in percentage)																											2.50%									2.50%		2.50%
Long-term debt																											$ 127,000,000	0						0	0	$ 127,000,000
Number of vessels accounted for as leaseback assets | vessel				2
Number of vessels accounted for as leaseback assets, purchase price per vessel				$ 65,000,000
Number of vessels accounted for as leaseback assets, total purchase price				$ 130,000,000
Term of lease or charter				6 years
4.875% unsecured convertible bonds due 2023
Debt Instrument [Line Items]
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023																$ 7,900,000											$ (100,000)	(300,000)
4.875% unsecured convertible bonds due 2023 | Additional paid-in capital
Debt Instrument [Line Items]
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023																														$ 7,900,000
Senior unsecured convertible bonds due 2021
Debt Instrument [Line Items]
Interest rate (in percentage)			5.75%																								5.75%									5.75%		5.75%
Long-term debt																											$ 0	212,200,000						212,200,000	212,200,000	$ 0			$ 144,700,000
Conversion price (in dollars per share) | $ / shares			$ 17.7747
Repurchase of bonds																											67,600,000	0
Gain on purchased bonds																											900,000	0
Total allocated as the reacquisition of the equity component																											$ 400,000	0						0	$ 0	$ 400,000
Debt instrument, convertible, conversion ratio			0.0562596000																																0.0658012000	0.0658012000
4.875% unsecured convertible bonds due 2023
Debt Instrument [Line Items]
Interest rate (in percentage)		4.875%																									4.875%									4.875%		4.875%
Debt amount		$ 150,000,000																																																$ 14,000,000
Long-term debt																											$ 137,900,000	139,900,000						139,900,000	$ 139,900,000	$ 137,900,000
Conversion price (in dollars per share) | $ / shares		$ 18.93																									$ 12.90									$ 12.90
Repurchase of bonds																											$ 2,000,000	8,400,000
Gain on purchased bonds																											$ 200,000	300,000
Common stock, shares loaned to affiliate (in shares) | shares																3,765,842											3,765,842									3,765,842		3,765,842
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023																											$ 6,700,000	6,800,000
Amortization of deferred charges																											1,400,000	1,300,000
Total allocated as the reacquisition of the equity component																											100,000	300,000						$ 300,000	300,000	$ 100,000
Principal amounts																											52,500,000									52,500,000
Debt instrument, convertible, conversion ratio		0.0528157000																																0.0775267000
US Dollar 51 million senior secured term loan facility
Debt Instrument [Line Items]
Long-term debt																											47,700,000	0						$ 0	0	47,700,000
Term of loan in years							4 years
US Dollar 51 million senior secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount							$ 51,000,000																				51,000,000									51,000,000
April 2021 US Dollar 51 term loan facility
Debt Instrument [Line Items]
Long-term debt																											48,800,000	0						0	0	48,800,000
Term of loan in years						4 years
April 2021 US Dollar 51 term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount						$ 51,000,000																					51,000,000									51,000,000
US Dollar 134 million term loan facility
Debt Instrument [Line Items]
Long-term debt																											130,400,000	0						0	0	130,400,000
Term of loan in years				3 years
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary				2
Number of vessels against which loan was secured | vessel				2
US Dollar 134 million term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount				$ 134,000,000																							134,000,000									134,000,000
US Dollar 35 million term loan facility
Debt Instrument [Line Items]
Long-term debt																											$ 35,000,000	0						0	0	35,000,000
Term of loan in years																											7 years
US Dollar 35 million term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount																											$ 35,000,000									35,000,000
US Dollar 107.3 million term loan facility
Debt Instrument [Line Items]
Long-term debt																											$ 35,800,000	0						0	0	$ 35,800,000
Term of loan in years																											5 years
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary																											3
Number of suezmax tankers against which loan was secured | tanker																											3									3		3
Number of suezmax tankers against which loan was secured, delivered | tanker																											1									1		1
US Dollar 107.3 million term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount																											$ 107,300,000									$ 107,300,000
US Dollar 40.0 million senior secured term loan facility
Debt Instrument [Line Items]
Long-term debt																											32,900,000	37,000,000						37,000,000	37,000,000	32,900,000
Term of loan in years										2 years
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary										2
Number of suezmax tankers against which loan was secured | tanker										2																2																			2
US Dollar 40.0 million senior secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount										$ 40,000,000																$ 40,000,000	40,000,000									40,000,000
US Dollar 15.0 million senior secured term loan facility
Debt Instrument [Line Items]
Long-term debt																											0	12,800,000						12,800,000	12,800,000	0
Term of loan in years										5 years
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary										3
Number of vessels against which loan was secured | vessel										3																3																			3
US Dollar 15.0 million senior secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount										$ 15,000,000																$ 15,000,000	15,000,000									15,000,000
US Dollar 175.0 million term loan facility
Debt Instrument [Line Items]
Debt amount										$ 175,000,000																$ 175,000,000	175,000,000									175,000,000
Long-term debt																											146,600,000	165,500,000						165,500,000	165,500,000	146,600,000
Term of loan in years										5 years
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary										4
Number of container vessels | vessel										4																4																			4
US Dollar 50.0 million senior secured term loan facility
Debt Instrument [Line Items]
Debt amount									$ 50,000,000																		50,000,000									50,000,000
Long-term debt																											45,800,000	48,600,000						48,600,000	48,600,000	45,800,000
Term of loan in years									5 years
US Dollar 50.0 million senior secured credit facility
Debt Instrument [Line Items]
Debt amount								$ 50,000,000																			50,000,000									50,000,000
Long-term debt																											45,000,000	50,000,000						50,000,000	50,000,000	45,000,000
Term of loan in years								4 years
US Dollar 475.0 million term loan and revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Debt amount																							$ 475,000,000
Long-term debt																											199,900,000	216,000,000						216,000,000	216,000,000	199,900,000
Debt instrument, term																							5 years
US Dollar 375 million term loan and revolving credit facility | Financial Guarantee
Debt Instrument [Line Items]
Guarantor obligations, current carrying value																											83,100,000	83,100,000						83,100,000	83,100,000	83,100,000
US Dollar 375 million term loan and revolving credit facility | Financial Guarantee | SFL Hercules
Debt Instrument [Line Items]
Cash contribution																																								$ 5,000,000
US Dollar 375 million term loan and revolving credit facility | Financial Guarantee | Seadrill
Debt Instrument [Line Items]
Accounts Payable																																								$ 3,000,000
US Dollar 375 million term loan and revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Debt amount																								$ 375,000,000
Long-term debt																											169,600,000	185,800,000						185,800,000	185,800,000	169,600,000
Debt instrument, term																								6 years
Debt instrument, maturity date extension term																															4 years
US Dollar 24.9 million senior secured term loan facility
Debt Instrument [Line Items]
Long-term debt																											17,700,000	20,300,000						20,300,000	20,300,000	17,700,000
Term of loan in years													5 years
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary													3
Number of vessels against which loan was secured | carrier													3
US Dollar 24.9 million senior secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount													$ 24,900,000
US Dollar 50 million senior secured term loan facility
Debt Instrument [Line Items]
Debt amount													$ 50,000,000
Long-term debt																											35,200,000	$ 35,200,000						$ 35,200,000	$ 35,200,000	35,200,000
Term of loan in years													4 years
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary													3
Number of tankers chartered | tanker													3															2						2	2								2
Facility repurchased amount																												$ 14,900,000
Number of tankers sold | tanker																												1						1	1								1
US Dollar 29.5 million term loan facility
Debt Instrument [Line Items]
Debt amount												$ 29,500,000
Long-term debt																											19,000,000	$ 23,000,000						$ 23,000,000	$ 23,000,000	19,000,000
Term of loan in years												5 years
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary												2
Number of car carriers | carrier												2
US Dollar 33.1 million term loan facility
Debt Instrument [Line Items]
Debt amount											$ 33,100,000
Long-term debt																											25,300,000	$ 28,800,000						28,800,000	28,800,000	25,300,000
Term of loan in years											4 years
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary											5																	5
US$ 171 million secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount																									$ 171,000,000
Long-term debt																											$ 0	$ 53,200,000						53,200,000	53,200,000	$ 0
Term of loan in years																									10 years
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary																									8
Number of vessels against which loan was secured | carrier																									7
Number of vessels against which loan was secured, sold | carrier																											7									7		7
Number of vessels against which loan was secured, delivered | carrier																											5									5		5	2
US Dollar 45 million secured term loan facility
Debt Instrument [Line Items]
Debt amount																						$ 45,000,000
Long-term debt																											$ 42,500,000	45,000,000						45,000,000	45,000,000	$ 42,500,000
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary																						7
Number of container vessels | vessel																																																					7
Debt instrument, term																						5 years
Term loan facility, extension term					4 years						2 years
US Dollar 45 million secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Available amount under revolving part of credit facility																											0	0						0	0	0
US dollar 20 million secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount																					$ 20,000,000
Long-term debt																											15,600,000	17,300,000						17,300,000	17,300,000	15,600,000
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary																					2
Number of container vessels | vessel																																																				2
Debt instrument, term																					5 years
US dollar 39 million secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount																																																						$ 39,000,000
Long-term debt																											19,400,000	$ 21,800,000						$ 21,800,000	$ 21,800,000	19,400,000
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary																				2
Debt instrument, term																				8 years
Number of drybulk carriers | carrier																												2						2	2								2
US dollar 166 million secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount																			$ 166,400,000
Long-term debt																											76,300,000	$ 90,100,000						$ 90,100,000	$ 90,100,000	76,300,000
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary																			8
Number of vessels against which loan was secured | carrier																			8
Debt instrument, term																			7 years
US dollar 210 million secured term loan facility (Maersk) | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount																		$ 210,000,000
Long-term debt																											0	99,500,000						99,500,000	99,500,000	0
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary																		3
Number of vessels against which loan was secured | carrier																		3
Debt instrument, term																		5 years
Number of vessels delivered | carrier																																2	1
US Dollar 76 million secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount																	$ 76,000,000
Long-term debt																											53,900,000	59,100,000						59,100,000	59,100,000	53,900,000
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary																	2
Number of vessels against which loan was secured | tanker																	2
Debt instrument, term																	7 years
US dollar 50 million secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount															$ 50,000,000
Term of loan in years															7 years
US dollar 50 million secured term loan facility (June 2018) | Floating Rate Debt
Debt Instrument [Line Items]
Long-term debt																											0	34,100,000						34,100,000	34,100,000	0
US dollar 17.5 million secured term loan facility | Floating Rate Debt
Debt Instrument [Line Items]
Debt amount														$ 17,500,000																$ 17,500,000
Long-term debt																											$ 11,100,000	$ 12,900,000						$ 12,900,000	$ 12,900,000	$ 11,100,000
Number of subsidiaries of company that entered into term loan facility agreement | subsidiary														2
Number of vessels against which loan was secured | tanker														2																2
Debt instrument, term														5 years

FINANCE LEASE LIABILITY (Schedu

FINANCE LEASE LIABILITY (Schedule of Finance Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Finance lease liability, current portion	$ 51,204	$ 48,887
Finance lease liability, long-term portion	472,996	524,200
Finance lease liability, total	$ 524,200	$ 573,087

FINANCE LEASE LIABILITY (Narrat

FINANCE LEASE LIABILITY (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)	Dec. 31, 2018vessel
Lessee, Lease, Description [Line Items]
Finance lease, vessel bareboat charter period	15 years
Number of container vessels contracted to be chartered in | vessel	4	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 | $	$ 25,800	$ 59,600	$ 62,800
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 | vessel				4
10,600 TEU Containership
Lessee, Lease, Description [Line Items]
Container vessels acquired | vessel				3

FINANCE LEASE LIABILITY (Sche_2

FINANCE LEASE LIABILITY (Schedule of Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
2022	$ 74,735
2023	74,735
2024	433,866
Thereafter	0
Total finance lease liability	583,336
Less: imputed interest payable	(59,136)
Finance lease liability	524,200	$ 573,087
Less: current portion	(51,204)	(48,887)
Finance lease liability, long-term portion	$ 472,996	$ 524,200

SHARE CAPITAL, ADDITIONAL PAI_3

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Summary of Share Capital) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2020	Aug. 31, 2020	Aug. 01, 2020	Dec. 31, 2018	Oct. 01, 2018	Sep. 30, 2018	Apr. 30, 2018	Nov. 30, 2016
Stockholders' Equity Note [Abstract]
Common shares, authorized (in shares)	300,000,000	300,000,000	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			$ 0.01	$ 0.01
Common shares, authorized	$ 3,000,000	$ 3,000,000	$ 3,000,000	$ 2,000,000			$ 2,000,000	$ 1,500,000
Share capital, shares issued (in shares)	138,551,387	127,810,064
Common stock, value, issued	$ 1,386,000	$ 1,278,000

SHARE CAPITAL, ADDITIONAL PAI_4

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Additional Information) (Details)	1 Months Ended			12 Months Ended
	May 31, 2018vesselshares	Apr. 30, 2018USD ($)$ / sharesshares	Oct. 31, 2017USD ($)shares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)$ / sharesshares	Oct. 31, 2021USD ($)	Sep. 01, 2020USD ($)shares	Aug. 31, 2020USD ($)shares	Aug. 01, 2020$ / sharesshares	May 01, 2020USD ($)shares	Oct. 01, 2018USD ($)shares	Sep. 30, 2018USD ($)shares	Jun. 30, 2018vessel	May 04, 2018USD ($)	Apr. 23, 2018USD ($)$ / shares	Feb. 28, 2018USD ($)shares	Nov. 30, 2016$ / sharesshares	Oct. 05, 2016USD ($)$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New shares issued (in shares) | shares					6,869	18,246
Proceeds from shares issued, net of issuance costs				$ 89,280,000	$ 61,485,000	$ 0
Long-term debt				1,903,755,000	1,663,394,000
Repurchase of bonds				$ 215,098,000	$ 66,570,000	$ 80,749,000
Share capital, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01	$ 0.01		$ 0.01				$ 0.01								$ 0.01
Common stock, value authorized				$ 3,000,000	$ 3,000,000				$ 3,000,000	$ 2,000,000			$ 2,000,000	$ 1,500,000
Common shares, authorized (in shares) | shares				300,000,000	300,000,000				300,000,000	200,000,000			200,000,000	150,000,000
Increase in authorized common stock (in shares) | shares							50,000,000				100,000,000
Options exercised (in shares) | shares				(129,000)	(17,500)	(65,000)
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
Contributed surplus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, Common Stock				$ (77,552,000)	$ (109,394,000)	$ (31,939,000)
Senior unsecured convertible bonds due 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion price (in dollars per share) | $ / shares				$ 15.1973
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023				$ 3,600,000	4,000,000
Debt amount																				$ 225,000,000
Common stock, shares loaned to affiliate (in shares) | shares																			8,000,000
Senior unsecured convertible bonds due 2021 | Additional paid-in capital
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				4,600,000
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		$ (100,000)	(300,000)
4.875% unsecured convertible bonds due 2023 | Additional paid-in capital
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
Senior unsecured convertible bonds due 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate (in percentage)				5.75%																5.75%
Long-term debt				$ 0	212,200,000			$ 144,700,000
Conversion price (in dollars per share) | $ / shares																				$ 17.7747
Repurchase of bonds				67,600,000	0
Total allocated as the reacquisition of the equity component				$ 400,000	0
4.875% unsecured convertible bonds due 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate (in percentage)				4.875%													4.875%
Long-term debt				$ 137,900,000	139,900,000
Conversion price (in dollars per share) | $ / shares				$ 12.90													$ 18.93
Recognition of equity component arising from issuance of 4.875% convertible bonds due 2023				$ 6,700,000	6,800,000
Repurchase of bonds				2,000,000	8,400,000
Total allocated as the reacquisition of the equity component				$ 100,000	$ 300,000
Debt amount																$ 14,000,000	$ 150,000,000
Common stock, shares loaned to affiliate (in shares) | shares		3,765,842		3,765,842
3.25% Senior Unsecured Convertible Bonds Due 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate (in percentage)			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
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				10,700,000	8,400,000
Proceeds from shares issued, net of issuance costs				$ 89,400,000	$ 61,500,000
Premium on issuance of new shares				$ 89,300,000	$ 61,400,000

SHARE OPTION PLAN (Narrative) (

SHARE OPTION PLAN (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	480,000	480,000	350,000	525,000
Expected life of options (in years)	5 years	3 years 6 months	2 years	3 years 6 months
Vesting period	3 years
Granted (in dollars per share)	$ 8.79	$ 8.79	$ 13.45	$ 12.19
Weighted average fair value of options granted (in dollars per share)		$ 2.87	$ 1.76	$ 2.68
Risk free interest rate		0.33%	1.40%	2.36%
Expected share price volatility		44.60%	21.60%	25.00%
Expected dividend yield		0.00%	0.00%	0.00%
Options exercised (in shares)		129,000	17,500	65,000
Total intrinsic value of options exercised during the period		$ 0.1	$ 0.2	$ 0.3
New shares issued (in shares)			6,869	18,246
Exercisable at end of year (in shares)		578,500	418,167	236,167
Intrinsic value of exercisable options		$ 0	$ 0	$ 1.2
Weighted average remaining contractual term		2 years
Unrecognized compensation costs related to non-vested options granted		$ 1	0.7	0.8
Unrecognized compensation costs		$ 0	$ 0	$ 2
Unrecognized compensation costs, period of recognition (in years)		10 months 24 days	8 months 12 days	1 year 3 months 18 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		$ 1	$ 0.9	$ 0.8

SHARE OPTION PLAN (Details)

SHARE OPTION PLAN (Details) - $ / shares	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Options
Options outstanding at beginning of year (in shares)		1,082,500	835,000	417,500
Granted (in shares)	480,000	480,000	350,000	525,000
Options exercised (in shares)		(129,000)	(17,500)	(65,000)
Forfeited (in shares)		0	(85,000)	(42,500)
Options outstanding at end of year (in shares)		1,433,500	1,082,500	835,000
Exercisable at end of year (in shares)		578,500	418,167	236,167
Weighted average exercise price $
Options outstanding at beginning of year (in dollars per share)		$ 10.56	$ 10.72	$ 11.43
Granted (in dollars per share)	$ 8.79	8.79	13.45	12.19
Exercised (in dollars per share)		7.48	8.63	9.92
Forfeited (in dollars per share)		0	11.02	11.80
Options outstanding at end of year (in dollars per share)		9.65	10.56	10.72
Exercisable at end of year (in dollars per share)		$ 10.02	$ 9.45	$ 9.58

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, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total amount due from related parties	$ 8,557	$ 7,718
Total loans to related parties - associated companies, long-term	45,000	123,910
Total amount due to related parties	1,295	2,724
Frontline Shipping
Related Party Transaction [Line Items]
Total amount due from related parties	0	2,875
Total amount due to related parties	1,252	836
Frontline
Related Party Transaction [Line Items]
Total amount due from related parties	3,633	3,202
Total amount due to related parties	2	1,826
Seadrill
Related Party Transaction [Line Items]
Total amount due from related parties	3,643	3,613
Golden Ocean
Related Party Transaction [Line Items]
Total amount due from related parties	4,453	0
Total amount due to related parties	36	23
Seatankers
Related Party Transaction [Line Items]
Total amount due from related parties	77	0
Other related parties
Related Party Transaction [Line Items]
Total amount due from related parties	1	2
Total amount due to related parties	5	39
Affiliated Entity
Related Party Transaction [Line Items]
Allowance for expected credit losses	(3,255)	(1,974)
River Box
Related Party Transaction [Line Items]
Total amount due from related parties	5	0
Total loans to related parties - associated companies, long-term	$ 45,000	45,000
SFL Hercules
Related Party Transaction [Line Items]
Total loans to related parties - associated companies, long-term		$ 78,910

RELATED PARTY TRANSACTIONS (Add

RELATED PARTY TRANSACTIONS (Additional Information) (Details)	Aug. 26, 2021subsidiary	Feb. 28, 2022USD ($)	Sep. 30, 2021USD ($)	Aug. 31, 2021USD ($)	Feb. 28, 2021	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)drillingRig	Dec. 31, 2019USD ($)	Aug. 27, 2021USD ($)
Related Party Transaction [Line Items]
Gain on sale of subsidiaries, operating							$ 0	$ 1,894,000	$ 0
Number of drilling units | drillingRig								3
Bareboat charter revenues, per day				$ 64,700
Bareboat charter revenues, per day, after emergence date				60,000
Bareboat charter revenues, per day, other scenarios				$ 40,000
Gain on sale of vessels							39,405,000	$ 2,250,000	$ 0
Subsequent Event
Related Party Transaction [Line Items]
Bareboat charter revenues, per day		$ 55,000
Financial Guarantee
Related Party Transaction [Line Items]
Guarantor obligations, current carrying value						$ 83,100,000	83,100,000	$ 83,100,000		$ 83,100,000
SFL Hercules | Financial Guarantee
Related Party Transaction [Line Items]
Cash contribution										5,000,000
Seadrill | Financial Guarantee
Related Party Transaction [Line Items]
Accounts Payable										$ 3,000,000
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%
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%
River Box
Related Party Transaction [Line Items]
Ownership percentage						49.90%		49.90%
SFL Linus & SFL Deepwater
Related Party Transaction [Line Items]
Number of subsidiaries for which company is primary beneficiary | subsidiary	2
West Taurus
Related Party Transaction [Line Items]
Gain on sale of vessels			$ (600,000)				$ (600,000)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | River Box
Related Party Transaction [Line Items]
Ownership percentage of disposed assets						50.10%		50.10%
Net proceeds received								$ 17,500,000
Gain on sale of subsidiaries, operating								$ 1,900,000

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Related Party Leasing and Service Contracts) (Details)	1 Months Ended				12 Months Ended
	Oct. 31, 2018USD ($)	Feb. 28, 2018USD ($)	Feb. 29, 2016shares	Jun. 30, 2015USD ($)shares	Dec. 31, 2021USD ($)vesselcarriertankerdrillingRigRateshares	Dec. 31, 2020USD ($)carrierdrillingRigvesselshares	Dec. 31, 2019USD ($)tankercarrierRateshares	Dec. 31, 2018USD ($)noteshares	Jun. 05, 2015vessel
Related Party Transaction [Line Items]
2022					$ 29,264,000
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
Equity Securities pledged to creditors					$ 10,238,000	$ 9,007,000
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					$ 8,557,000	$ 7,718,000
Number of container vessels owned | vessel					35
Frontline
Related Party Transaction [Line Items]
Number of shares received (in shares) | shares				55,000,000
Frontline Charterers
Related Party Transaction [Line Items]
Number of container vessels owned | vessel					2
Front Circassia
Related Party Transaction [Line Items]
Compensation payable (receivable) for early contract termination of charter		$ 8,900,000
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	1,400,000
Equity Securities pledged to creditors					$ 10,200,000	$ 9,000,000
Common stock - NorAm Drilling
Related Party Transaction [Line Items]
Investment owned (in shares) | shares					1,300,000	1,300,000		1,300,000
Reverse stock split (in shares) | shares			0.20
Frontline Charterers
Related Party Transaction [Line Items]
Assets accounted for as direct financing leases and leased to related parties | vessel					2	2			17
Direct financing lease following the sale of River Box					$ 69,800,000	$ 76,100,000
2022					6,500,000	6,300,000
Due from related parties					$ 0	$ 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 | carrier						8
Operating lease, right-of-use asset					$ 181,300,000	$ 200,500,000
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							1,535,000
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%
Due from related parties					$ 4,453,000	$ 0
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					9
Seadrill
Related Party Transaction [Line Items]
Operating lease, right-of-use asset					$ 599,300,000
Number of leased drilling rigs under operating lease | drillingRig					2	1
Due from related parties					$ 3,643,000	$ 3,613,000
Frontline reverse stock split | Frontline
Related Party Transaction [Line Items]
Number of shares received (in shares) | shares			11,000,000
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					$ 3,600,000	3,200,000
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					$ 0	$ 2,875,000
Frontline Management
Related Party Transaction [Line Items]
Management/operating fee per day					$ 150
Number of container vessels operating on time charter, subcontracted to related party | vessel					21
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					3
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
Number of chemical 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

RELATED PARTY TRANSACTIONS (Sum

RELATED PARTY TRANSACTIONS (Summary of Leasing Revenues Earned From Related Parties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Profit share	$ 10,103	$ 18,677	$ 5,615
Direct financing lease interest income	1,500	1,744	3,796
Direct financing lease service revenue	6,570	6,903	9,855
Golden Ocean
Related Party Transaction [Line Items]
Operating lease income	50,500	52,000	51,100
Profit share	9,800	0	800
Frontline Shipping
Related Party Transaction [Line Items]
Profit share	300	18,600	4,800
Direct financing lease interest income	1,500	1,700	3,800
Direct financing lease service revenue	6,600	6,900	9,900
Direct financing lease repayments	6,300	6,500	7,900
Seadrill
Related Party Transaction [Line Items]
Operating lease income	$ 28,900	$ 0	$ 0

RELATED PARTY TRANSACTIONS (S_2

RELATED PARTY TRANSACTIONS (Schedule of Fees Incurred with Related Parties) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)tanker	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Management fee, percentage	1.25%
Number of product tankers operating on time charter for which company pays management fee | tanker	4
Number of Suezmax tankers for which company pays management fee | tanker	3
Number of Suezmax tankers operating in the spot market for which company pays management fee | tanker	2
Vessel Management Fees	$ 28,623	$ 30,276	$ 33,092
Administration Services Fees	740	1,178	1,484
Due to related parties	1,295	2,724
Frontline
Related Party Transaction [Line Items]
Vessel Management Fees	7,794	8,893	11,758
Newbuilding Supervision Fees	132	0	0
Commissions and Brokerage	260	364	291
Administration Services Fees	159	82	201
Golden Ocean
Related Party Transaction [Line Items]
Vessel Management Fees	20,440	20,496	20,440
Administration Services Fees	56	70	30
Operating Management Fees	389	887	894
Due to related parties	36	23
Seatankers
Related Party Transaction [Line Items]
Administration Services Fees	226	520	739
Credit Note	300
Front Ocean
Related Party Transaction [Line Items]
Administration Services Fees	23	0	0
Seatankers Management Norway AS
Related Party Transaction [Line Items]
Office Facilities	112	94	104
Frontline Management AS
Related Party Transaction [Line Items]
Office Facilities	252	186	198
Frontline Corporate Services Ltd.
Related Party Transaction [Line Items]
Administration Services Fees	187	226	212
Frontline Shipping Singapore PTE Ltd
Related Party Transaction [Line Items]
Administration Services Fees	19	0	$ 0
Frontline Management and Frontline Management AS
Related Party Transaction [Line Items]
Due to related parties	$ 40	$ 70

RELATED PARTY TRANSACTIONS (R_2

RELATED PARTY TRANSACTIONS (Related Party Loans – Associated Companies) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total loans to related parties - associated companies, long-term	$ 45,000	$ 123,910
River Box
Related Party Transaction [Line Items]
Due to parent	45,000	45,000
Total loans to related parties - associated companies, long-term	45,000	45,000
SFL Hercules
Related Party Transaction [Line Items]
Loans advanced to related parties	145,000
Due to parent		78,900
Total loans to related parties - associated companies, long-term		$ 78,910
SFL Deepwater
Related Party Transaction [Line Items]
Loans advanced to related parties	145,000
SFL Linus
Related Party Transaction [Line Items]
Loans advanced to related parties	$ 125,000

RELATED PARTY TRANSACTIONS (Int

RELATED PARTY TRANSACTIONS (Interest Income Received on Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Interest income – related parties, long term loans to associated companies	$ 6,921	$ 11,925	$ 14,128
River Box
Related Party Transaction [Line Items]
Interest income – related parties, long term loans to associated companies	4,600	0	0
SFL Deepwater
Related Party Transaction [Line Items]
Interest income – related parties, long term loans to associated companies	0	3,800	5,100
SFL Hercules
Related Party Transaction [Line Items]
Interest income – related parties, long term loans to associated companies	2,400	3,600	3,600
SFL Linus
Related Party Transaction [Line Items]
Interest income – related parties, long term loans to associated companies	$ 0	$ 4,500	$ 5,400

RELATED PARTY TRANSACTIONS (R_3

RELATED PARTY TRANSACTIONS (Related Party Purchases and Sales of Vessels) (Details) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2022tanker	Dec. 31, 2021tanker	Mar. 17, 2022tanker	Dec. 31, 2021USD ($)tanker
Subsequent Event
Related Party Transaction [Line Items]
Number of product tankers	4
Number of product tankers delivered	2
Affiliates of Frontline Limited
Related Party Transaction [Line Items]
Number of product tankers				4
Product tankers, purchase price | $				$ 160
Number of product tankers delivered		2
Affiliates of Frontline Limited | Subsequent Event
Related Party Transaction [Line Items]
Number of product tankers delivered			2

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 ($)	Dec. 31, 2021USD ($)	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				$ 0	$ 82	$ 734
Repayment of notes receivable from related parties				0	8,900	0
Frontline
Related Party Transaction [Line Items]
Compensation received on termination of charters, notes receivable		$ 3,400					$ 10,100
Interest income received				0	97	908
Repayment of notes receivable from related parties				$ 0	$ 11,000	$ 1,700
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
	Mar. 31, 2021USD ($)vessel	Feb. 29, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)shares	Nov. 30, 2018shares	Aug. 31, 2018USD ($)shares	May 31, 2018shares	Nov. 30, 2016USD ($)shares	Dec. 31, 2021USD ($)vesselRateshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)shares
Related Party Transaction [Line Items]
Proceeds from sale of vessels and termination of charters									$ (183,886,000)	$ (210,920,000)	$ 0
Termination fee										3,200,000
Gain on sale of vessels									39,405,000	2,250,000	0
Shares acquired (in shares) | shares							4,024,984
Fair value			$ 12,753,000						9,680,000	9,431,000	12,753,000
Total loans to related parties - associated companies, long-term									45,000,000	123,910,000
Seadrill
Related Party Transaction [Line Items]
Total loans to related parties - associated companies, long-term									$ 45,000,000	123,900,000
Equity Securities
Related Party Transaction [Line Items]
Disposition of investment	$ 800,000
ADS Maritime Holding
Related Party Transaction [Line Items]
Ownership percentage | Rate									17.00%
Final dividend distribution	$ 8,800,000
Number of vessels sold | vessel	2								2
Common Stock, ADS | ADS Maritime Holding
Related Party Transaction [Line Items]
Shares acquired						$ 10,000,000
Fair value										$ 8,900,000
Investment owned (in shares) | shares				4,000,000								4,000,000
Common Stock, ADS | ADS Maritime Holding | ADS Maritime Holding
Related Party Transaction [Line Items]
Number of shares received (in shares) | shares						4,000,000
Common stock - NorAm Drilling
Related Party Transaction [Line Items]
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
Investment owned (in shares) | shares				1,300,000					1,300,000	1,300,000		1,300,000
Investment and debt securities, fair value									$ 1,300,000
Common stock - NorAm Drilling | NorAm Drilling
Related Party Transaction [Line Items]
Number of shares received (in shares) | shares				41,756				12,000,000
NorAm Drilling
Related Party Transaction [Line Items]
Disposition of investment											300,000
Marketable securities, shares, redeemed (in shares) | shares												500,000
Gain (loss) on redemption												$ 0
Fair value			4,700,000						$ 4,619,000	$ 4,643,000	4,700,000
ADS Crude Carriers Plc
Related Party Transaction [Line Items]
Long-term line of credit			7,500,000								7,500,000
ADS Crude Carriers Plc | Ship Finance
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
ADS Crude Carriers Plc | Ship Finance | Revolving Credit Facility
Related Party Transaction [Line Items]
Debt instrument, term			12 months
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 on sale of vessels										$ 1,400,000

RELATED PARTY TRANSACTIONS (Div

RELATED PARTY TRANSACTIONS (Dividends and Income Received) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Dividend income – related parties	$ 0	$ 6,030	$ 2,590
ADS Maritime Holding
Related Party Transaction [Line Items]
Dividend income – related parties	0	2,930	261
Frontline
Related Party Transaction [Line Items]
Dividend income – related parties	0	3,100	340
Golden Close
Related Party Transaction [Line Items]
Dividend income – related parties	0	0	1,989
NorAm Drilling
Related Party Transaction [Line Items]
Interest income received	$ 443	$ 420	$ 459

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Total derivative instruments - long-term assets	$ 3,184	$ 3,406
Total derivative instruments - short-term liabilities	738	1,572
Total derivative instruments - long-term liabilities	17,209	32,712
Designated as hedging instrument | Interest rate swaps
Derivative [Line Items]
Total derivative instruments - long-term assets	2,077	0
Total derivative instruments - short-term liabilities	68	703
Total derivative instruments - long-term liabilities	2,316	7,926
Designated as hedging instrument | Cross currency interest rate swaps
Derivative [Line Items]
Total derivative instruments - long-term assets	0	28
Total derivative instruments - long-term liabilities	2,685	3,006
Designated as hedging instrument | Cross currency swaps
Derivative [Line Items]
Total derivative instruments - long-term assets	1,019	3,373
Total derivative instruments - long-term liabilities	10,038	8,301
Not designated as hedging instrument | Interest rate swaps
Derivative [Line Items]
Total derivative instruments - long-term assets	88	0
Total derivative instruments - short-term liabilities	670	869
Total derivative instruments - long-term liabilities	2,159	13,479
Not designated as hedging instrument | Cross currency swaps
Derivative [Line Items]
Total derivative instruments - long-term assets	0	5
Total derivative instruments - long-term liabilities	$ 11	$ 0

FINANCIAL INSTRUMENTS (Interest

FINANCIAL INSTRUMENTS (Interest Rate Risk Management) (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2021NOK (kr)	Dec. 31, 2020USD ($)	Jan. 21, 2020NOK (kr)	Jun. 04, 2019NOK (kr)
Derivative [Line Items]
Notional principal amount	$ 700,000		$ 900,000
NOK700 million senior unsecured bonds due 2023
Derivative [Line Items]
Debt amount | kr		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
$84,333 (terminating at $79,733)
Derivative [Line Items]
Notional principal amount	84,333
Notional principal, at maturity	$ 79,733
$84,333 (terminating at $79,733) | Minimum
Derivative [Line Items]
Fixed interest rate	1.76%	1.76%
$84,333 (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
Notional principal, at maturity	$ 100,000
$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%
$35,063 (remaining at $35,063)
Derivative [Line Items]
Notional principal amount	$ 35,063
Notional principal, at maturity	$ 35,063
Fixed interest rate	3.09%	3.09%
$19,413 (remaining at $19,413)
Derivative [Line Items]
Notional principal amount	$ 19,413
Notional principal, at maturity	$ 19,413
Fixed interest rate	1.67%	1.67%
$56,000 (remaining at $56,000)
Derivative [Line Items]
Notional principal amount	$ 56,000
Notional principal, at maturity	$ 56,000
Fixed interest rate	1.84%	1.84%
$14,699 (equivalent to NOK128 million)
Derivative [Line Items]
Notional principal amount	$ 14,699	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	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
Notional principal, at maturity	$ 30,000
Fixed interest rate	2.15%	2.15%
$48,332 (equivalent to NOK420 million)
Derivative [Line Items]
Notional principal amount	$ 48,332	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
Notional principal, at maturity	$ 100,000
$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
Notional principal, at maturity	$ 67,500
Fixed interest rate	1.40%	1.40%
$145,450 (reducing to $92,233)
Derivative [Line Items]
Notional principal amount	$ 145,450
Notional principal, at maturity	$ 92,233
$145,450 (reducing to $92,233) | Minimum
Derivative [Line Items]
Fixed interest rate	0.46%	0.46%
$145,450 (reducing to $92,233) | Maximum
Derivative [Line Items]
Fixed interest rate	0.47%	0.47%
$45,830 (reducing to $45,135)
Derivative [Line Items]
Notional principal amount	$ 45,830
Notional principal, at maturity	$ 45,135
Fixed interest rate	0.28%	0.28%

FINANCIAL INSTRUMENTS (Foreign

FINANCIAL INSTRUMENTS (Foreign Currency Risk Management) (Details) $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2021NOK (kr)	Dec. 31, 2020USD ($)	Jan. 21, 2020NOK (kr)	Jun. 04, 2019NOK (kr)
Derivative [Line Items]
Debt amount | $	$ 700		$ 900
NOK700 million senior unsecured bonds due 2023
Derivative [Line Items]
Debt amount		kr 700,000,000
NOK700 million senior unsecured bonds due 2024
Derivative [Line Items]
Debt amount		700,000,000			kr 700,000,000
NOK600 million senior unsecured bonds due 2025
Derivative [Line Items]
Debt amount		600,000,000		kr 600,000,000
Designated as hedging instrument | Cross currency interest rate contract due September 2023
Derivative [Line Items]
Debt amount	76.8	600,000,000
Designated as hedging instrument | Cross currency interest rate contract due September 2023
Derivative [Line Items]
Debt amount	11.3	100,000,000
Designated as hedging instrument | Cross currency interest rate contract due June 2024
Derivative [Line Items]
Debt amount	80.5	700,000,000
Designated as hedging instrument | Cross currency interest rate contract due January 2025
Derivative [Line Items]
Debt amount	$ 67.5	kr 600,000,000

FINANCIAL INSTRUMENTS (Fair Val

FINANCIAL INSTRUMENTS (Fair Value and Carrying Value) (Details) $ in Thousands, kr in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2021NOK (kr)	Oct. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020NOK (kr)	Dec. 31, 2019USD ($)	Apr. 23, 2018	Oct. 05, 2016
Non-derivatives:
Available-for-sale debt securities	$ 9,680			$ 9,431		$ 12,753
Equity securities	11,530			19,374		$ 61,326
Equity Securities pledged to creditors	10,238			9,007
Long-term debt	1,903,755			1,663,394
Derivatives:
Interest rate/ currency swap contracts – long-term receivables	3,184			3,406
Long term receivables, non-designated swap contracts	100			0
Long term payables, non-designated swap contracts	2,200			13,500
Not designated as hedging instrument
Derivatives:
Interest rate/ currency swap contracts – short-term payables	700			900
5.75% unsecured convertible bonds due 2021
Non-derivatives:
Long-term debt	$ 0		$ 144,700	212,200
Interest rate (in percentage)	5.75%	5.75%						5.75%
4.875% unsecured convertible bonds due 2023
Non-derivatives:
Long-term debt	$ 137,900			139,900
Interest rate (in percentage)	4.875%	4.875%					4.875%
7.25% senior unsecured sustainability-linked bonds due 2026
Non-derivatives:
Interest rate (in percentage)	7.25%	7.25%
NOK700 million senior unsecured bonds due 2023
Non-derivatives:
Long-term debt	$ 79,500	kr 700		81,600	kr 700
NOK700 million senior unsecured bonds due 2024
Non-derivatives:
Long-term debt	78,900	695		81,000	695
NOK600 million senior unsecured bonds due 2025
Non-derivatives:
Long-term debt	61,300	kr 540		62,900	kr 540
Fair Value, Recurring | Carrying value
Non-derivatives:
Available-for-sale debt securities	9,680			9,431
Equity securities	1,292			10,367
Equity Securities pledged to creditors	10,238			9,007
Derivatives:
Interest rate/ currency swap contracts – long-term receivables	3,184			3,406
Interest rate/ currency swap contracts – short-term payables	738			1,572
Interest rate/ currency swap contracts – long-term payables	17,209			32,712
Fair Value, Recurring | Fair value
Non-derivatives:
Available-for-sale debt securities	9,680			9,431
Equity securities	1,292			10,367
Equity Securities pledged to creditors	10,238			9,007
Derivatives:
Interest rate/ currency swap contracts – long-term receivables	3,184			3,406
Interest rate/ currency swap contracts – short-term payables	738			1,572
Interest rate/ currency swap contracts – long-term payables	17,209			32,712
Fair Value, Recurring | 5.75% unsecured convertible bonds due 2021 | Carrying value
Non-derivatives:
Long-term debt	0			212,230
Fair Value, Recurring | 5.75% unsecured convertible bonds due 2021 | Fair value
Non-derivatives:
Long-term debt	0			199,496
Fair Value, Recurring | 4.875% unsecured convertible bonds due 2023 | Carrying value
Non-derivatives:
Long-term debt	137,900			139,900
Fair Value, Recurring | 4.875% unsecured convertible bonds due 2023 | Fair value
Non-derivatives:
Long-term debt	138,727			123,112
Fair Value, Recurring | 7.25% senior unsecured sustainability-linked bonds due 2026 | Carrying value
Non-derivatives:
Long-term debt	150			0
Fair Value, Recurring | 7.25% senior unsecured sustainability-linked bonds due 2026 | Fair value
Non-derivatives:
Long-term debt	153,563			0
Fair Value, Recurring | NOK700 million senior unsecured bonds due 2023 | Carrying value
Non-derivatives:
Long-term debt	79,507			81,572
Fair Value, Recurring | NOK700 million senior unsecured bonds due 2023 | Fair value
Non-derivatives:
Long-term debt	79,586			78,513
Fair Value, Recurring | NOK700 million senior unsecured bonds due 2024 | Carrying value
Non-derivatives:
Long-term debt	78,939			80,989
Fair Value, Recurring | NOK700 million senior unsecured bonds due 2024 | Fair value
Non-derivatives:
Long-term debt	79,077			76,940
Fair Value, Recurring | NOK600 million senior unsecured bonds due 2025 | Carrying value
Non-derivatives:
Long-term debt	61,334			62,927
Fair Value, Recurring | NOK600 million senior unsecured bonds due 2025 | Fair value
Non-derivatives:
Long-term debt	$ 60,133			$ 57,421

FINANCIAL INSTRUMENTS (Fair V_2

FINANCIAL INSTRUMENTS (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	May 12, 2021	Dec. 31, 2020	Dec. 31, 2019	Apr. 23, 2018	Oct. 05, 2016
Assets:
Available-for-sale debt securities	$ 9,680		$ 9,431	$ 12,753
Equity securities	11,530		19,374	$ 61,326
Equity Securities pledged to creditors	10,238		9,007
Interest rate/ currency swap contracts – long-term receivables	$ 3,184		3,406
7.25% senior unsecured sustainability-linked bonds due 2026
Liabilities:
Interest rate (in percentage)	7.25%	7.25%
Senior unsecured convertible bonds due 2021
Liabilities:
Interest rate (in percentage)	5.75%					5.75%
Senior Unsecured Convertible Bonds due 2023
Liabilities:
Interest rate (in percentage)	4.875%				4.875%
7.25% senior unsecured sustainability-linked bonds due 2026
Liabilities:
Interest rate (in percentage)	7.25%
Fair Value, Recurring | Fair Value, Inputs, Level 2
Assets:
Available-for-sale debt securities	$ 5,100		4,800
Fair Value, Recurring | Fair value
Assets:
Available-for-sale debt securities	9,680		9,431
Equity securities	1,292		10,367
Equity Securities pledged to creditors	10,238		9,007
Interest rate/ currency swap contracts – long-term receivables	3,184		3,406
Total assets	24,394		32,211
Liabilities:
NOK700 million senior unsecured floating rate bonds due 2023	79,586		78,513
NOK700 million senior unsecured floating rate bonds due 2024	79,077		76,940
NOK600 million senior unsecured floating rate bonds due 2025	60,133		57,421
Interest rate/ currency swap contracts – short-term payables	738		1,572
Interest rate/ currency swap contracts – long-term payables	17,209		32,712
Total liabilities	529,033		569,766
Fair Value, Recurring | Fair value | Senior unsecured convertible bonds due 2021
Liabilities:
Unsecured convertible bonds			199,496
Fair Value, Recurring | Fair value | Senior Unsecured Convertible Bonds due 2023
Liabilities:
Unsecured convertible bonds	138,727		123,112
Fair Value, Recurring | Fair value | 7.25% senior unsecured sustainability-linked bonds due 2026
Liabilities:
7.25% unsecured sustainability linked bonds due 2026	153,563
Fair Value, Recurring | Fair value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Available-for-sale debt securities	4,619		4,643
Equity securities	1,292		10,367
Equity Securities pledged to creditors	10,238		9,007
Total assets	16,149		24,017
Liabilities:
NOK700 million senior unsecured floating rate bonds due 2023	79,586		78,513
NOK700 million senior unsecured floating rate bonds due 2024	79,077		76,940
NOK600 million senior unsecured floating rate bonds due 2025	60,133		57,421
Total liabilities	511,086		535,482
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	138,727		123,112
Fair Value, Recurring | Fair value | Quoted Prices in Active Markets for Identical Assets (Level 1) | 7.25% senior unsecured sustainability-linked bonds due 2026
Liabilities:
7.25% unsecured sustainability linked bonds due 2026	153,563
Fair Value, Recurring | Fair value | Fair Value, Inputs, Level 2
Assets:
Available-for-sale debt securities	5,061		4,788
Interest rate/ currency swap contracts – long-term receivables	3,184		3,406
Total assets	8,245		8,194
Liabilities:
Interest rate/ currency swap contracts – short-term payables	738		1,572
Interest rate/ currency swap contracts – long-term payables	17,209		32,712
Total liabilities	17,947		34,284
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
	Feb. 28, 2021	Dec. 31, 2020USD ($)vessel	Dec. 31, 2021USD ($)vesselcarriernumberOfCounterparties	Dec. 31, 2020USD ($)vesseldrillingRig	Dec. 31, 2019	Aug. 27, 2021USD ($)
Concentration Risk [Line Items]
Number of container vessels contracted to be chartered in | vessel		4	4	4
Number of drilling units | drillingRig				3
Total loans to related parties - associated companies, long-term		$ 123,910,000	$ 45,000,000	$ 123,910,000
Number of counterparties with which the Company has International Swaps and Derivatives Association ("ISDA") agreements. | numberOfCounterparties			4
Disposal Group, Disposed of by Sale, Not Discontinued Operations | River Box
Concentration Risk [Line Items]
Ownership percentage of disposed assets		50.10%		50.10%
Financial Guarantee
Concentration Risk [Line Items]
Guarantor obligations, current carrying value		$ 83,100,000	$ 83,100,000	$ 83,100,000		$ 83,100,000
MSC
Concentration Risk [Line Items]
Number of container vessels contracted to be chartered in | vessel			10
Maersk
Concentration Risk [Line Items]
Number of container vessels contracted to be chartered in | vessel			15
Evergreen Marine
Concentration Risk [Line Items]
Number of container vessels contracted to be chartered in | vessel			6
Frontline
Concentration Risk [Line Items]
Guarantee compliance, minimum free cash			$ 2,000,000
Management/operating fee per day			$ 9,000
Golden Ocean
Concentration Risk [Line Items]
Lessee, operating lease, number of leased carriers | carrier			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%
SFL Hercules | Financial Guarantee
Concentration Risk [Line Items]
Cash contribution						5,000,000
Seadrill | Financial Guarantee
Concentration Risk [Line Items]
Accounts Payable						$ 3,000,000
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	$ 45,000,000
Seadrill
Concentration Risk [Line Items]
Total loans to related parties - associated companies, long-term		$ 123,900,000	$ 45,000,000	$ 123,900,000
Frontline | Frontline Shipping
Concentration Risk [Line Items]
Noncontrolling interest, ownership percentage by parent			100.00%
Frontline Shipping | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			2.00%	6.00%	4.00%
Golden Ocean | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			12.00%	11.00%	11.00%
MSC | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			2.00%	13.00%	14.00%
Maersk | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			32.00%	29.00%	30.00%
Evergreen Marine | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			15.00%	15.00%	14.00%
Associated Companies | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			2.00%	7.00%	35.00%
Seadrill | Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			6.00%	1.00%	0.00%

ALLOWANCE FOR EXPECTED CREDIT_3

ALLOWANCE FOR EXPECTED CREDIT LOSSES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 9,171
Reclassification to 'vessels and equipment, net'	(2,030)
Additions from associates	569
Change in allowance recorded in 'other financial items'	(722)
Ending balance	6,988
SFL Linus
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Reclassification to 'vessels and equipment, net'	(2,000)
SFL Hercules
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Additions from associates	600
Trade receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	33
Change in allowance recorded in 'other financial items'	63
Ending balance	96
Other receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	881
Change in allowance recorded in 'other financial items'	(395)
Ending balance	486
Related Party receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,973
Additions from associates	569
Change in allowance recorded in 'other financial items'	713
Ending balance	3,255
Investment in sales-type, direct financing leases and leaseback assets
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4,390
Change in allowance recorded in 'other financial items'	(1,097)
Ending balance	1,263
Other long-term assets
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,894
Change in allowance recorded in 'other financial items'	(6)
Ending balance	$ 1,888

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES (Book Value of Assets Pledged) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Book value of consolidated assets pledged under ship mortgages	$ 2,310,000	$ 1,864,000
Vessels and equipment, net
Other Commitments [Line Items]
Book value of consolidated assets pledged under ship mortgages	2,107,000	1,189,000
Investments in sales-type, direct financing leases and leaseback assets
Other Commitments [Line Items]
Book value of consolidated assets pledged under ship mortgages	$ 203,000	$ 675,000

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES (Book Value of Assets with Finance Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Total book value	$ 656,000	$ 697,000
Vessels under finance lease, net
Other Commitments [Line Items]
Total book value	$ 656,000	$ 697,000

COMMITMENTS AND CONTINGENT LI_5

COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Details) shares in Millions	1 Months Ended			2 Months Ended	12 Months Ended
	Mar. 17, 2022	Feb. 28, 2022	Jan. 31, 2022tanker	Feb. 28, 2022tankervessel	Dec. 31, 2021USD ($)tanker	Dec. 31, 2020USD ($)vesselshares	Dec. 31, 2021vessel	Dec. 31, 2021shares	Dec. 31, 2021carrier	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Finance lease liability					$ 524,200,000	$ 573,087,000
Restricted cash					8,338,000	$ 8,953,000					$ 3,495,000
Term of lease or charter						5 years
Long-term purchase commitment, amount					0
Subsequent Event
Loss Contingencies [Line Items]
Number of Suezmax tankers | tanker				3
Number of product tankers | tanker			4
Term of lease or charter	5 years	9 months	5 years	5 years
Common stock - Frontline Ltd
Loss Contingencies [Line Items]
Investment owned (in shares) | shares						1.4		1.4
Debt amount					15,600,000	$ 36,800,000				$ 36,800,000
Long-term debt, gross					15,639,000	15,639,000
Debt for acquired equipment
Loss Contingencies [Line Items]
Long-term line of credit					1,900,000,000
Debt for acquired equipment | Company and Subsidiaries
Loss Contingencies [Line Items]
Long-term line of credit						$ 1,800,000,000
Frontline forward contract
Loss Contingencies [Line Items]
Investment owned (in shares) | shares						1.4
Investment owned					10,200,000	$ 9,000,000
Frontline forward contract | Common stock - Frontline Ltd
Loss Contingencies [Line Items]
Investment owned (in shares) | shares						1.4		1.4
Installation of scrubbers
Loss Contingencies [Line Items]
Other commitment					0	$ 5,800,000
Number of vessels committed to vessel upgrades | vessel						9
Installation of BWTS
Loss Contingencies [Line Items]
Other commitment					2,700,000	$ 7,000,000
Number of vessels committed to vessel upgrades | vessel						16	5
Suezmax and Aframax LR2 tankers
Loss Contingencies [Line Items]
Other commitment					$ 190,000,000
Number of Suezmax tankers | tanker					2
Number of product tankers | tanker					2,000
Term of lease or charter					5 years
Suezmax and Aframax LR2 tankers | Subsequent Event
Loss Contingencies [Line Items]
Number of tankers delivered | vessel				4
Newbuilding dual-fuel car carriers using liquefied natural gas
Loss Contingencies [Line Items]
Other commitment					$ 254,200,000	$ 0
Number of dual-fuel car carriers							4		4

CONSOLIDATED VARIABLE INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) $ in Thousands	Dec. 31, 2021USD ($)variable_interest_entity	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Long-term debt	$ 1,903,755	$ 1,663,394
Current portion of debt	302,769	484,956
Vessels under finance lease, net	656,072	697,380
Finance lease liability	524,200	573,087
Finance lease liability, current portion	$ 51,204	$ 48,887
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of variable interest entities | variable_interest_entity	27
VIEs with sales-type leases, direct financing leases, and leaseback assets | variable_interest_entity	9
Net investment in lease	$ 116,900
Unearned Lease Income	25,700
Residual value of leased asset	86,100
Long-term debt	88,300
Current portion of debt	$ 7,800
VIEs, number with operating lease assets | variable_interest_entity	15
Operating lease, right-of-use asset	$ 848,400
Operating lease liability	473,800
Operating lease liability, current	$ 110,000
VIEs, number with finance lease assets | variable_interest_entity	3
Vessels under finance lease, net	$ 274,300
Finance lease liability	211,800
Finance lease liability, current portion	$ 21,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Feb. 16, 2022$ / shares	Mar. 17, 2022vessel	Feb. 28, 2022USD ($)shares	Jan. 31, 2022tanker	Aug. 31, 2021USD ($)	May 31, 2021shares	Feb. 28, 2022tanker	Dec. 31, 2021shares	Dec. 31, 2020shares	Dec. 31, 2019shares
Subsequent Event [Line Items]
Term of lease or charter									5 years
Granted (in shares) | shares						480,000		480,000	350,000	525,000
Bareboat charter revenues, per day | $					$ 64,700
Subsequent Event
Subsequent Event [Line Items]
Number of product tankers delivered				2
Number of product tankers				4
Term of lease or charter		5 years	9 months	5 years			5 years
Number of Suezmax tankers delivered							2
Number of Suezmax tankers							3
Dividend declared (in dollars per share) | $ / shares	$ 0.20
Granted (in shares) | shares			435,000
Bareboat charter revenues, per day | $			$ 55,000
Number of container vessels agreed to charter | vessel		6