SFL (SFL) 20-F 1 Apr 16 2015 FY Annual report (foreign) Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - USD ($)	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Ship Finance International LTD
Entity Central Index Key	1,289,877
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float		$ 965,133,270
Entity Common Stock, Shares Outstanding	93,468,000
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2015

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating revenues
Direct financing lease interest income - related parties	$ 34,193	$ 45,363	$ 55,385
Direct financing and sales-type lease interest income - other	0	0	4,231
Finance lease service revenues - related parties	46,460	46,488	52,390
Finance lease service revenues - other	0	0	1,846
Profit sharing revenues - related parties	59,607	33,756	770
Time charter revenues - related parties	30,319	10,039	5,647
Time charter revenues - other	130,459	83,013	77,778
Bareboat charter revenues - related parties	12,596	16,364	18,324
Bareboat charter revenues - other	55,419	53,407	42,705
Voyage charter revenues - other	35,783	34,608	9,724
Other operating income	1,904	4,449	2,060
Total operating revenues	406,740	327,487	270,860
Gain on sale of assets and termination of charters, net	7,364	23,931	18,025
Operating expenses
Vessel operating expenses - related parties	56,939	49,170	54,916
Vessel operating expenses - other	63,892	70,300	50,618
Depreciation	78,080	67,393	58,436
Vessel impairment charge	42,410	11,800	0
Administrative expenses - related parties	1,032	965	439
Administrative expenses - other	5,705	6,644	7,110
Total operating expenses	248,058	206,272	171,519
Net operating income	166,046	145,146	117,366
Non-operating income / (expense)
Interest income – related parties, associated companies	18,672	24,464	19,575
Interest income – related parties, other	13,395	4,029	482
Interest income - other	7,075	11,958	10,023
Interest expense - other	(70,583)	(86,081)	(87,225)
Gain/(loss) on purchase of bonds	1,007	(21)	(1,218)
Gain on sale of investment in associated company	0	6,055	0
Gain on redemption of loan notes - related parties	28,904	0	0
Gain on sale of loan notes and share warrants - other	44,552	0	0
Available-for sale securities impairment charge	(20,552)	0	0
Other financial items, net	(21,289)	(16,232)	2,003
Net income before equity in earnings of associated companies	167,227	89,318	61,006
Equity in earnings of associated companies	33,605	33,497	28,200
Net income	$ 200,832	$ 122,815	$ 89,206
Per share information:
Basic earnings per share (in dollars per share)	$ 2.15	$ 1.32	$ 1
Weighted average number of shares outstanding, basic	93,450	93,331	89,508
Diluted earnings per share (in dollars per share)	$ 1.88	$ 1.24	$ 0.99
Weighted average number of shares outstanding, diluted	119,008	116,747	95,424
Cash dividend per share declared and paid (in dollars per share)	$ 1.74	$ 1.63	$ 1.17

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 200,832	$ 122,815	$ 89,206
Fair value adjustments to hedging financial instruments	27,154	(351)	41,827
Fair value adjustments to hedging financial instruments in associated companies	158	(5)	2,897
Reclassification into net income of previous fair value adjustments to hedging financial instruments	(1,348)	(4,504)	2,102
Fair value adjustments to available for sale securities	981	(8,355)	699
Reclassification into net income of previous fair value adjustments to available for sale securities	20,552	0	0
Other items of comprehensive (loss)/income	(136)	(179)	(58)
Other comprehensive income, net of tax	47,361	(13,394)	47,467
Comprehensive income	$ 248,193	$ 109,421	$ 136,673

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 70,175	$ 50,818
Available for sale securities	199,594	73,656
Trade accounts receivable	2,057	3,253
Due from related parties	45,659	152,491
Other receivables	10,441	10,488
Inventories	5,056	6,927
Prepaid expenses and accrued income	5,790	5,075
Investment in direct financing and sales-type leases, current portion	37,145	37,517
Total current assets	375,917	340,225
Vessels and equipment, net	1,641,317	1,377,133
Newbuildings	40,149	87,567
Investment in direct financing and sales-type leases, long-term portion	474,298	709,014
Investment in associated companies	84,615	53,457
Loans to related parties - associated companies, long-term	387,712	346,031
Loans to related parties - others, long-term	0	79,294
Other long-term assets	27,746	8,581
Deferred charges	32,271	36,958
Financial instruments (long-term): at fair value	800	3,294
Total assets	3,064,825	3,041,554
Current liabilities
Current portion of long-term debt	208,031	182,415
Trade accounts payable	835	2,432
Due to related parties	416	1,109
Accrued expenses	12,646	18,190
Financial instruments (short-term): at fair value	0	517
Other current liabilities	17,037	9,092
Total current liabilities	238,965	213,755
Long-term liabilities
Long-term debt	1,458,445	1,550,044
Financial instruments (long-term): at fair value	113,642	106,679
Other long-term liabilities	11,963	17,584
Total liabilities	$ 1,823,015	$ 1,888,062
Commitments and contingent liabilities
Stockholders' equity
Share capital ($1 par value; 125,000,000 shares authorized at December 31, 2015 and 2014); (93,468,000 shares issued and outstanding at December 31, 2015; 93,404,000 shares issued and outstanding at December 31, 2014).	$ 93,468	$ 93,404
Additional paid-in capital	285,859	285,248
Contributed surplus	588,133	586,089
Accumulated other comprehensive loss	(1,037)	(48,240)
Accumulated other comprehensive loss – associated companies	(2,126)	(2,284)
Retained earnings	277,513	239,275
Total stockholders' equity	1,241,810	1,153,492
Total liabilities and stockholders' equity	$ 3,064,825	$ 3,041,554

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Stockholders' equity
Share capital, par value (in dollars per share)	$ 1	$ 1
Share Capital, shares authorized	125,000,000	125,000,000
Share Capital, shares issued	93,468,000	93,404,000
Share Capital, shares outstanding	93,468,000	93,404,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income	$ 200,832	$ 122,815	$ 89,206
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	78,080	67,393	58,436
Vessel impairment charge	42,410	11,800	0
Available for sale securities impairment charge	20,552	0	0
Amortization of deferred charges	11,613	11,271	11,305
Amortization of seller's credit	(1,904)	(1,903)	(1,983)
Equity in earnings of associated companies	(33,605)	(33,497)	(28,200)
Gain on sale of assets and termination of charters	(7,364)	(23,931)	(18,025)
Gain on sale of investment in associated company	0	(6,055)	0
Gain on redemption of Horizon loan notes and warrants	(44,552)	0	0
Gain on redemption of Frontline loan notes	(28,904)	0	0
Adjustment of derivatives to fair value recognized in net income	13,278	7,699	(7,950)
(Gain)/loss on repurchase of bonds	(1,007)	21	1,218
Interest receivable in form of notes	(2,182)	(3,197)	(2,767)
Other, net	(1,134)	(458)	(1,396)
Changes in operating assets and liabilities
Trade accounts receivable	1,196	5,109	(4,313)
Due from related parties	14,105	(20,634)	49,189
Other receivables	(840)	(9,418)	(740)
Inventories	(2,529)	(320)	(3,656)
Prepaid expenses and accrued income	(715)	(1,104)	(3,236)
Trade accounts payable	(1,572)	(1,095)	2,047
Accrued expenses	(5,302)	4,358	271
Other current liabilities	7,945	3,547	718
Net cash provided by operating activities	258,401	132,401	140,124
Investing activities
Repayments from investments in direct financing and sales-type leases	35,946	43,120	51,220
Additions to newbuildings	(223,109)	(202,333)	(109,337)
Purchase of vessels	(273,552)	(192,864)	0
Proceeds from sale of vessels and termination of charters	42,275	199,429	83,583
Proceeds from sale of investment in associated company	111,095	0	0
Proceeds from redemption of Horizon loan notes and warrants	71,681	0	0
Proceeds from redemption of Frontline loan notes	112,687	0	0
Net amounts (paid to)/received from associated companies	(62,083)	88,585	(81,308)
Proceeds from repayment of investment loan (included in other receivables)	0	50,000	0
Other investments and long-term assets, net	(20,722)	(7,877)	(18,140)
Net cash used in investing activities	(205,782)	(21,940)	(73,982)
Financing activities
Proceeds from shares issued, net of issuance costs	675	927	128,880
Payments in lieu of issuing shares for exercised share options	0	(1,196)	(448)
Repurchase of bonds	(23,787)	(75,262)	(254,132)
Proceeds from issuance of short-term and long-term debt	595,305	733,632	705,347
Repayments of short-term and long-term debt	(435,706)	(616,783)	(530,186)
Debt fees paid	(7,155)	(7,460)	(8,390)
Cash dividends paid	(162,594)	(152,142)	(109,114)
Net cash used in financing activities	(33,262)	(118,284)	(68,043)
Net increase/(decrease) in cash and cash equivalents	19,357	(7,823)	(1,901)
Cash and cash equivalents at start of the year	50,818	58,641	60,542
Cash and cash equivalents at end of the year	70,175	50,818	58,641
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	$ 68,215	$ 82,524	$ 77,630

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Share capital	Additional paid-in capital	Contributed surplus	Accumulated other comprehensive loss	Accumulated other comprehensive loss – associated companies	Retained earnings
Balance, at beginning of year at Dec. 31, 2012	$ 994,768	$ 85,225	$ 144,258	$ 561,372	$ (79,421)	$ (5,176)	$ 288,510
Balance, at beginning of year (in shares) at Dec. 31, 2012	85,225,000	85,225,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Payments in lieu of issuing shares	$ (448)		(448)
Amortization of stock based compensation	220		220
Shares issued	$ 128,915	$ 8,035	120,880
Shares issued (in shares)	8,035,000	8,035,000
Equity component of convertible bond issuance, net	$ 20,722		20,722
Amortization of deferred equity contributions	20,197			20,197
(Gain)/loss on hedging financial instruments reclassified into earnings	2,102				2,102
Fair value adjustments to hedging financial instruments	41,827				41,827
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax	0				0
Fair value adjustments to available for sale securities	699				699
Other items of comprehensive (loss)/income	(58)				(58)
Fair value adjustments to hedging financial instruments in associated companies	2,897					2,897
Net income	89,206						89,206
Dividends declared	(109,114)						(109,114)
Balance, at end of year at Dec. 31, 2013	$ 1,191,933	$ 93,260	285,632	581,569	(34,851)	(2,279)	268,602
Balance, at end of year (in shares) at Dec. 31, 2013	93,260,000	93,260,000
Accumulated other comprehensive loss
Fair value adjustments to hedging financial instruments	$ (36,110)
Fair value adjustments to available for sale securities	1,268
Other items	(9)
Accumulated other comprehensive loss	(34,851)
Payments in lieu of issuing shares	(1,196)		(1,196)
Amortization of stock based compensation	29		29
Shares issued	$ 927	$ 144	783
Shares issued (in shares)	144,000	144,000
Equity component of convertible bond issuance, net	$ 0		0
Amortization of deferred equity contributions	4,520			4,520
(Gain)/loss on hedging financial instruments reclassified into earnings	(4,504)				(4,504)
Fair value adjustments to hedging financial instruments	(351)				(351)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax	0				0
Fair value adjustments to available for sale securities	(8,355)				(8,355)
Other items of comprehensive (loss)/income	(179)				(179)
Fair value adjustments to hedging financial instruments in associated companies	(5)					(5)
Net income	122,815						122,815
Dividends declared	(152,142)						(152,142)
Balance, at end of year at Dec. 31, 2014	$ 1,153,492	$ 93,404	285,248	586,089	(48,240)	(2,284)	239,275
Balance, at end of year (in shares) at Dec. 31, 2014	93,404,000	93,404,000
Accumulated other comprehensive loss
Fair value adjustments to hedging financial instruments	$ (40,965)
Fair value adjustments to available for sale securities	(7,087)
Other items	(188)
Accumulated other comprehensive loss	(48,240)
Payments in lieu of issuing shares	0		0
Amortization of stock based compensation	0		0
Shares issued	$ 675	$ 64	611
Shares issued (in shares)	64,000	64,000
Equity component of convertible bond issuance, net	$ 0		0
Amortization of deferred equity contributions	2,044			2,044
(Gain)/loss on hedging financial instruments reclassified into earnings	(1,348)				(1,348)
Fair value adjustments to hedging financial instruments	27,154				27,154
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax	20,552				20,552
Fair value adjustments to available for sale securities	981				981
Other items of comprehensive (loss)/income	(136)				(136)
Fair value adjustments to hedging financial instruments in associated companies	158					158
Net income	200,832						200,832
Dividends declared	(162,594)						(162,594)
Balance, at end of year at Dec. 31, 2015	$ 1,241,810	$ 93,468	$ 285,859	$ 588,133	$ (1,037)	$ (2,126)	$ 277,513
Balance, at end of year (in shares) at Dec. 31, 2015	93,468,000	93,468,000
Accumulated other comprehensive loss
Fair value adjustments to hedging financial instruments	$ (15,159)
Fair value adjustments to available for sale securities	14,446
Other items	(324)
Accumulated other comprehensive loss	$ (1,037)

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	GENERAL Ship Finance International Limited ("Ship Finance" or the "Company") is an international ship 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, 2015 , the Company owned 12 very large crude oil carriers ("VLCCs"), four Suezmax crude oil carriers, eight Capesize dry bulk carriers, five Supramax dry bulk carriers, seven Handysize dry bulk carriers, two Kamsarmax dry bulk carriers, 18 container vessels, two car carriers, two jack-up drilling rigs, two ultra-deepwater drilling units, six offshore supply vessels and two chemical tankers. The two ultra-deepwater drilling units and one of the jack-up drilling rigs referred to above are owned by wholly-owned subsidiaries of the Company that are accounted for using the equity method (see Note 16: Investment in associated companies). At December 31, 2015 , the Company had also contracted to acquire two newbuilding container vessels scheduled for delivery in 2016 and two product tankers scheduled for delivery in 2017. In addition, the Company has entered into agreements to charter-in two 18,000-20,000 TEU newbuilding container vessels on a long-term bareboat basis when they are delivered from the shipyard in 2016 and 2017. Since its incorporation in 2003 and public listing in 2004, Ship Finance 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, 2015
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. We evaluate our subsidiaries, and any other entities in which we hold a variable interest, in order to determine whether we are the primary beneficiary of the entity, and where it is determined that we are the primary beneficiary we fully consolidate the entity. Investments in associated companies Investments in companies over which the Company exercises significant influence but which it does not consolidate are accounted for using 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 investees' earnings or losses in the consolidated statements of operations as "Equity in earnings of associated companies." At December 31, 2015, two ultra-deepwater drilling units and one jack-up drilling rig are owned by three wholly-owned subsidiaries of the Company that are accounted for using the equity method. 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. 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. Revenue and expense recognition Revenues and expenses are recognized on the accrual basis. 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, finance lease service revenues, profit sharing arrangements and freight billings, where contracts exist, the charter and voyage rates are predetermined, service is provided and the collection of the revenue is reasonably assured. Each charter agreement is evaluated and classified as an operating or a capital lease. Rental receipts from operating leases are recognized in income as it is earned ratably on a straight line basis over the duration of the period of each charter as adjusted for off-hire days. Rental payments from capital leases, which are either direct financing leases or sales-type leases, are allocated between lease service revenue, if applicable, lease interest income and repayment of net investment in leases. 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. Voyage revenues are recognized ratably over the estimated length of each voyage, and accordingly are allocated between reporting periods based on the relative transit time in each period. Voyage expenses are recognized as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Vessel operating expenses are expensed as incurred. Under a time charter, specified voyage costs such as fuel and port charges are paid by the charterer and other non-specified voyage expenses, such as commissions, are paid by the Company. Vessel operating costs include crews, voyage costs not applicable to the charterer, maintenance and insurance and are paid by the Company. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating costs and risks of operation. If payment is received in advance from charterers, it is recorded as deferred charter revenue and recognized as revenue over the period to which it relates. Amounts receivable from profit sharing arrangements with Frontline Shipping Limited ("Frontline Shipping") and Frontline Shipping II Limited ("Frontline Shipping II"), which are related parties, are accrued based on amounts earned at the reporting date. Such profit share income has two elements: - 50% profit sharing: From January 1, 2012, up to and including June 30, 2015, the charter agreements with Frontline Shipping and Frontline Shipping II included provisions whereby they were to pay the Company profit sharing of 25% of their earnings on a time-charter equivalent basis from their use of the Company's fleet above average threshold charter rates each fiscal year. In December 2011, the Company received a $106 million compensation payment from Frontline Ltd. ("Frontline"), of which $50 million represented a non-refundable advance relating to this 25% profit sharing agreement. The amendments to the charter agreements made on June 5, 2015, increased the profit sharing percentage to 50% for earnings above new threshold levels from July 1, 2015, onwards. The Company did not recognize any income under the 25% profit sharing agreement, as the cumulative share of earnings did not attain the starting level of $50 million over the three and a half years of the agreement's duration. The new 50% profit sharing agreement is not subject to any such constraints. - Cash sweep: The charter agreements effective from January 1, 2012, were essentially the continuation of previous agreements amended to temporarily reduce the time-charter rates by $6,500 per day for the four year period commencing January 1, 2012. The agreements additionally provided that during the four year period Frontline Shipping and Frontline Shipping II would pay the Company 100% of any earnings on a time-charter equivalent basis above the temporarily reduced time charter rates, subject to a maximum of $6,500 per day per vessel. As detailed in Note 23: "Related party transactions"; the Company also has profit sharing arrangements with related parties Golden Ocean Group Limited ("Golden Ocean") and United Freight Carriers ("UFC"). Amounts receivable under these arrangements are accrued on the basis of amounts earned at the reporting date. All contingent elements of rental income, such as profit share, cash sweep and interest rate adjustments, are recognized when the contingent conditions have materialized. 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. Available for sale securities Available for sale securities held by the Company consist of share investments and interest-earning listed and unlisted corporate bonds. It is expected that corporate bonds will be held to maturity or redemption, and any premium paid on their acquisition is amortized over the life of the bond. Available for sale securities are recorded at fair value, with unrealized gains and losses generally recorded as a separate component of other comprehensive income. If circumstances arise which lead the Company to believe that the issuer of a corporate bond may be unable meet its payment obligations in full, or that the fair value at acquisition of the share investment or corporate bond may otherwise not be fully recoverable, then to the extent that a loss is expected to arise that unrealized loss is recorded as an impairment in the statement of operations, with an adjustment if necessary to any unrealized gains or losses previously recorded in other comprehensive income. 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. 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 doubtful balances. At each balance sheet date, all potentially uncollectable accounts are assessed individually to determine any allowance for doubtful receivables. At December 31, 2015 and 2014 , no provision was made for doubtful receivables. Inventories Inventories are comprised principally of fuel and lubricating oils and are stated at the lower of cost and market 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 assets, including drilling rigs and drillships, is 30 years and for all other vessels it is 25 years. Where an asset is subject to an operating lease that includes fixed price purchase options, the projected net book value of the asset is compared to the option price at the various option dates. If any option price is less than the projected net book value at an option date, the initial depreciation schedule is amended so that the carrying value of the asset is written down on a straight line basis to the option price at the option date. If the option is not exercised, this process is repeated so as to amortize the remaining carrying value, on a straight line basis, to the estimated scrap value or the option price at the next option date, as appropriate. This accounting policy for fixed assets has the effect that if an option is exercised there will be either a) no gain or loss on the sale of the asset or b) in the event that the option is exercised at a price in excess of the net book value at the option date, a gain will be reported in the statement of operations at the date of delivery to the new owners, under the heading "gain on sale of assets and termination of charters". Office equipment is depreciated at 20% per annum on a reducing balance basis. 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. Investment in Capital Leases Leases (charters) of our vessels where we are the lessor are classified as either capital leases or operating leases, based on an assessment of the terms of the lease. For charters classified as capital 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 capital lease. For capital leases that are 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 "lease service revenue". For capital leases that are 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. Where a capital lease relates to a 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 capital leases 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, other than by renewing the lease or extending its term, in a manner that would have resulted in a different classification of the lease had such amended terms been in effect at the lease inception, the amended lease agreement shall be considered to be a new lease agreement over the remainder of its term. If the terms of a capital lease are amended in a way that does not result in it being treated as a new operating lease agreement, the remaining minimum lease payments and, if appropriate, the estimated residual value will be amended to reflect the revised terms, with a corresponding increase or decrease in unearned income. Other Long-Term Investments Other long-term investments are measured at fair value using the best available value indicators, and are included in "Other long-term assets" in the Consolidated Balance Sheets. The Company currently has one long-term investment, consisting of shares in a container vessel owner/operator which are not publicly traded, and the best estimate available for the valuation of this investment is the cost basis. When using this basis of valuation, the Company carries out regular reviews for possible impairment adjustments. Following such a review, an impairment adjustment of $2.9 million was made to the carrying value of this asset in 2012, reducing its carrying value to $ nil ( December 31, 2015 : $ nil ; December 31, 2014 : $ nil ). At December 31, 2014 , the Company had another long-term investment consisting of warrants to purchase shares in a U.S. company, which were received in 2012, together with other assets, as part of the consideration for the Company agreeing to terminate certain long-term charter agreements. Although shares in the U.S. company were traded on the over-the-counter market, the warrants were not listed. The Company considered that the best method of establishing the fair value of these warrants was to calculate their value in relation to the current market price of the underlying shares, taking into account the terms, restrictions and other features of the warrants, the fundamental financial and other characteristics of the issuing company, trading characteristics of the issuing company's shares, and actual sale transactions of comparable securities completed in secondary markets. The Company carried out regular reviews of the value of this investment, and adjusted the carrying value accordingly. In 2012, the Company concluded that the initial value of the warrants may not be recoverable and recorded an impairment charge of $0.5 million , reducing the carrying value to $1.2 million ( December 31, 2014 : $1.2 million ). The Company sold this long-term investment in May 2015 (see Note 9: Gain on sale of loan notes and share warrants - other). Deemed Equity Contributions The Company has accounted for the acquisition of vessels from Frontline at Frontline's historical carrying value. The difference between the historical carrying value and the net investment in each lease was recorded as a deferred deemed equity contribution. These deferred deemed equity contributions were presented as a reduction in the net investment in direct financing leases in the balance sheet, due to the related party nature of both the transfer of the vessels and the subsequent direct financing leases. The deferred deemed equity contributions were amortized as credits to contributed surplus over the life of the lease arrangements, as lease payments were applied to the principal balance of each lease receivable. Amendments were made to the charter agreements on June 5, 2015, reducing daily lease payments from July 1, 2015, onwards. In the course of re-stating the amended leases, it was concluded that amortization of the deferred deemed equity contributions is no longer appropriate and these items are now incorporated into the revised lease schedules. 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. The Company carried out a review of the carrying value of its vessels, drilling rigs and long-term investments in the year ended December 31, 2015, and concluded that the carrying values of two container vessels and two off-shore supply vessels were impaired, and charges were taken against those assets. In the year ended December 31, 2014 , reviews of the carrying value of long-lived assets indicated that the carrying value of five container vessels were impaired, and charges were taken against those assets, which were sold in 2015. No impairment loss was recorded in the year ended December 31, 2013. 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. Derivatives 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, and for certain of the Company's swaps the 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. 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. 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 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 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 ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	12 Months Ended
	Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers" in order to ensure that revenue recognition requirements are the same under both US GAAP and International Financial Reporting Standards ("IFRS"). ASU 2014-09 removes inconsistencies and provides a more robust framework for addressing revenue issues. ASU 2014-09 was effective for reporting periods and interim periods beginning on or after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 "Deferral of the Effective Date" to delay the implementation of ASU 2014-09 by one year, in response to feedback from preparers, practitioners and users of financial statements. Accordingly, ASU 2014-09 is now effective for reporting periods and interim periods beginning on or after December 15, 2017. Early adoption is permitted for reporting and interim periods beginning on or after December 15, 2016. The Company is currently assessing the impact of ASU 2014-09 on its consolidated financial position, results of operations and cash flows. In November 2014, the FASB issued ASU 2014-16 "Derivatives and Hedging" in order to standardize the determination of whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. ASU 2014-16 requires that all terms and features of the hybrid instrument, including the embedded derivative feature itself, must be taken into account when establishing separate accounting for the embedded derivative. ASU 2014-16 is effective for fiscal years and interim periods beginning on or after December15, 2015. The Company is currently assessing the impact of ASU 2014-16 on its consolidated financial position, results of operations and cash flows. In February 2015, the FASB issued ASU 2015-02 "Consolidation: Amendments to the Consolidation Analysis" in order to clarify the basis for consolidation of certain legal entities. ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in certain legal entities. ASU 2015-02 is effective for public business entities for fiscal years and interim periods beginning on or after December 15, 2015. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-02 on its consolidated financial position, results of operations and cash flows. In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs” to simplify presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. ASU 2015-03 is effective for public entities with reporting periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. In August 2015, the FASB issued ASU 2015-15 "Interest - Imputation of Interest" to address the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements, which were not specifically addressed in ASU 2015-03. The Company believes that the implementation of this update will only affect the presentation of debt issuance costs which will be shown as a direct deduction of the related debt instead of under non-current assets in the accompanying balance sheets. In June 2015, the FASB issued ASU 2015-10 "Technical Corrections and Improvements" to clarify and make minor improvements to the Codification and correct unintended application of guidance. The FASB does not expect the numerous amendments to have a significant effect on accounting practice. ASU 2015-10 is effective for fiscal years and interim periods beginning on or after December 31, 2015. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-10 on its consolidated financial position, results of operations and cash flows. In July 2015, the FASB issued ASU 2015-11 "Simplifying the Measurement of Inventory" to reduce the complexity and cost of the subsequent measurement of inventory, in particular when using the first-in, first-out (FIFO) or average cost methods. The provisions of ASU 2015-11 specifically exclude inventory that is measured using the last-in, first-out (LIFO) or the retail inventory method. Entities should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. ASU 2015-11 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-10 on its consolidated financial position, results of operations and cash flows. In January 2016, the FASB issued ASU 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities" to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. ASU 2016-01 particularly relates to the fair value and impairment of equity investments, financial instruments measured at amortized cost, and the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU 2016-01 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is only permitted for certain particular amendments within ASU 2016-01, where financial statements have not yet been issued. The Company is currently assessing the impact of ASU 2016-01 on its consolidated financial position, results of operations and cash flows. In February 2016, the FASB issued ASU 2016-02 "Leases" to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 creates a new Accounting Standards Codification Topic 842 "Leases" to replace the previous Topic 840 "Leases." ASU 2016-02 affects both lessees and lessors, although for the latter the provisions are similar to the previous model, but updated to align with certain changes to the lessee model and also the new revenue recognition provisions contained in ASU 2014-09 (see above). ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-02 on its consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-07 "Investments - Equity Method and Joint Ventures" to simplify the transition to the equity method of accounting. ASU 2016-07 eliminates the requirement that when an investment qualifies for the use of the equity method as a result of an increase in the level of ownership, the investor must adjust the investment, results of operations and retained earnings retrospectively as if the equity method had been in effect during all previous periods in which the investment had been held. ASU 2016-07 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-02 on its consolidated financial position, results of operations and cash flows.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2015
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, 2015
Income Tax Disclosure [Abstract]
TAXATION	TAXATION Bermuda Under current Bermudan law, the Company is not required to pay taxes in Bermuda on either income or capital gains. The Company has received written assurance from the Minister of Finance in Bermuda that, in the event of any such taxes being imposed, the Company will be exempted from taxation until the year 2035. United States The Company does not accrue U.S. income taxes as, in the opinion of U.S. counsel, the Company is not engaged in a U.S. trade or business and is exempted from a gross basis tax under Section 883 of the U.S. Internal Revenue Code. A reconciliation between the income tax expense resulting from applying statutory income tax rates and the reported income tax expense has not been presented herein, as it would not provide additional useful information to users of the financial statements as the Company's net income is subject to neither Bermuda nor U.S. tax. Other Jurisdictions Certain of the Company's subsidiaries and branches in Norway and the United Kingdom are subject to income tax in their respective jurisdictions. The tax paid by subsidiaries of the Company that are subject to income tax is not material.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The computation of basic EPS is based on the weighted average number of shares outstanding during the year and the consolidated net income 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 $) 2015 2014 2013 Basic: Net income available to stockholders 200,832 122,815 89,206 Diluted: Net income available to stockholders 200,832 122,815 89,206 Interest paid on 3.75% convertible bonds 5,078 5,060 5,092 Interest paid on 3.25% convertible bonds 17,371 17,371 — 223,281 145,246 94,298 The components of the denominator for the calculation of basic and diluted EPS are as follows: Year ended December 31 (in thousands) 2015 2014 2013 Basic earnings per share: Weighted average number of common shares outstanding 93,450 93,331 89,508 Diluted earnings per share: Weighted average number of common shares outstanding 93,450 93,331 89,508 Effect of dilutive share options 23 84 163 Effect of dilutive convertible debt 25,535 23,332 5,753 119,008 116,747 95,424 The 3.25% convertible bonds issued in January 2013 were not dilutive at December 31, 2013.

OPERATING LEASES

OPERATING LEASES	12 Months Ended
	Dec. 31, 2015
Leases, Operating [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, 2015 , are as follows: (in thousands of $) Year ending December 31, 2016 263,340 2017 252,799 2018 211,819 2019 175,756 2020 147,902 Thereafter 293,855 Total minimum lease revenues 1,345,471 The cost and accumulated depreciation of vessels leased to third parties on operating leases at December 31, 2015 and 2014 were as follows: (in thousands of $) 2015 2014 Cost 1,964,852 1,715,510 Accumulated depreciation 323,535 338,377 Vessels and equipment, net 1,641,317 1,377,133 An impairment charge of $29.2 million was recorded against the carrying value of two container vessels in the year ended December 31, 2015 (2014: $11.8 million ).

GAIN ON SALE OF ASSETS AND TERM

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS	12 Months Ended
	Dec. 31, 2015
Gain (Loss) on Disposition of Assets [Abstract]
GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS	GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS The Company has recorded gains on sale of assets and termination of charters as follows: Year ended December 31 (in thousands) 2015 2014 2013 Gain/ (loss) on sale of assets 7,364 (1,384 ) 18,025 Gain on termination of charters — 25,315 — Total gain on sale of assets and termination of charters 7,364 23,931 18,025 The Company distinguishes between gains on termination of charters, where ownership of the underlying vessel is retained, and gains on sale of assets, where the vessel is disposed of and there may be an associated charter termination fee paid or received for early termination of the underlying charter. Gain on sale of vessels The container vessels SFL Eagle , SFL Tiger , SFL Hunter , SFL Hawk and SFL Falcon were operating lease assets, secured against a $210 million loan facility for which Ship Finance International Limited provided an indirect limited performance guarantee. In January 2015, the guarantee became exhausted and in February 2015 the Company signed an agreement with the lenders under the loan facility whereby ownership of the vessels together with associated working capital was transferred to unrelated third parties, and Ship Finance International Limited and its subsidiaries ceased to have any further interest in the vessels or obligations under the loan facility (see Note 19: Long-term debt). An impairment charge of $11.8 million had been recorded against the carrying value of these vessels in the fourth quarter of 2014, and an aggregate loss of $114,000 was recorded on their disposal in February 2015. During the year ended December 31, 2015 , the Suezmax tankers Front Glory , Front Splendour and Mindanao, which were accounted for as direct financing lease assets, were sold to unrelated third parties in September 2015, October 2015 and December 2015, respectively. Gains of $3.4 million , $2.4 million and $1.7 million , respectively, were recorded on their disposal, after deducting compensation paid for early termination of the charters (see Note 23: Related party transactions). The aggregate net gain on sale of vessels in the year ended December 31, 2015 , was $7.4 million . During the year ended December 31, 2014 , the Company sold three VLCCs to unrelated parties and realized losses of $1.4 million on their disposal. During the year ended December 31, 2013 , the Company sold one oil/bulk/ore carrier ("OBO"), one single-hull VLCC, two double-hull VLCCs and one Suezmax tanker to unrelated parties and realized gains of $18.0 million on their disposal. Gain on termination of charters In September 2010, the Company agreed five year time-charters at a net rate of approximately $14,000 per day per vessel for four 34,000 dwt Handysize dry bulk carriers, which were under construction at the time. The vessels were delivered from the shipyard in the second half of 2011 and the first half of 2012, and duly commenced the agreed time-charters. In July 2012, however, the charterer stopped paying the agreed charter hire and the vessels were returned to the Company. Proceedings were initiated against the charterer to recover unpaid charter hire and the matter was settled in the year ended December 31, 2014. A gain on termination of charters amounting to $25.3 million was recorded in the year ended December 31, 2014, net of legal and other costs.

GAIN ON SALE OF LOAN NOTES AND

GAIN ON SALE OF LOAN NOTES AND SHARE WARRANTS - OTHER	12 Months Ended
	Dec. 31, 2015
Investments, All Other Investments [Abstract]
GAIN ON SALE OF LOAN NOTES AND SHARE WARRANTS - OTHER	GAIN ON SALE OF LOAN NOTES AND SHARE WARRANTS - OTHER In May 2015, the Company sold its holding of loan notes in Horizon Lines, LLC and share warrants in Horizon Lines, Inc. for total net cash proceeds of approximately $71.7 million . These unlisted second lien interest-bearing loan notes and share warrants had been received as compensation on termination of charters to Horizon Lines, LLC in April 2012. At the time of disposal, the notes had a carrying value of approximately $25.9 million ( December 31, 2014 : $23.7 million ) and the warrants had a carrying value of approximately $1.2 million ( December 31, 2014 : $1.2 million ), resulting in a total gain of $44.6 million on disposal.

OTHER FINANCIAL ITEMS

OTHER FINANCIAL ITEMS	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
OTHER FINANCIAL ITEMS	OTHER FINANCIAL ITEMS Other financial items comprise the following items: Year ended December 31 (in thousands of $) 2015 2014 2013 Net increase/(decrease) in fair value of non-designated derivatives (13,051 ) (7,636 ) 7,726 Net cash payments on non-designated derivatives (6,453 ) (7,196 ) (2,653 ) Net increase/(decrease) in fair value of designated derivatives (ineffective portion) (227 ) (63 ) 224 Other items (1,558 ) (1,337 ) (3,294 ) Total other financial items (21,289 ) (16,232 ) 2,003 The net movement in the fair values of non-designated derivatives and net cash payments thereon relate to non-designated, terminated or de-designated interest rate swaps and cross currency interest rate swaps. The net movement in the fair values of designated derivatives relates to the ineffective portion of interest rate swaps and cross currency interest rate swaps that have been designated as cash flow hedges. Changes in the fair values of the effective portion of interest rate swaps that are designated as cash flow hedges are reported under "Other comprehensive income". The above net increase/ (decrease) in valuation of non-designated derivatives in the year ended December 31, 2015 , includes $(1.3) million ( 2014 : $(4.5) million ; 2013 : $2.1 million ) reclassified from "Other comprehensive income", as a result of certain interest rate swaps relating to loan facilities no longer being designated as cash flow hedges. Other items in the year ended December 31, 2015 , include a net gain of $53,000 arising from foreign currency translation ( 2014 : $109,000 ; 2013: $507,000 ). Other items also include bank charges and fees relating to loan facilities.

AVAILABLE FOR SALE SECURITIES

AVAILABLE FOR SALE SECURITIES	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
AVAILABLE FOR SALE SECURITIES	AVAILABLE-FOR-SALE SECURITIES Marketable securities held by the Company are debt securities and share investments considered to be available-for-sale securities. (in thousands of $) 2015 2014 Amortized cost 185,148 80,743 Accumulated net unrealized (loss)/gain 14,446 (7,087 ) Carrying value 199,594 73,656 The Company's investment in marketable securities consists of investments in listed shares and secured notes which mature in 2019. Available-for-sale securities are recorded at fair value, with unrealized gains and losses generally recorded as a separate component of other comprehensive income. The net unrealized gain on available-for-sale securities included in other comprehensive income as at December 31, 2015 , was $14.4 million ( 2014 : net unrealized loss $7.1 million ). The investment in listed shares at December 31, 2015 , consists of shares in Frontline with a carrying value of $164.5 million ( 2014 : $ nil ) (see Note 23: Related party transactions, and Note 16: Investment in associated companies). The investment in secured notes at December 31, 2015 , consists of listed and unlisted corporate bonds with a total carrying value of $35.1 million ( 2014 : $49.9 million ). In December 2015, the Company determined that the bonds were other than temporarily impaired and recorded an impairment charge of $20.6 million ( 2014 : $ nil ; 2013 : $ nil ), reducing their amortized cost to fair value at December 31, 2015 . The above available-for-sale securities at December 31, 2014 , also included unlisted second lien interest-bearing loan notes with carrying value $23.7 million . These loan notes included accumulated interest receivable, had a total face value of $59.4 million , and were issued by Horizon Lines, LLC as part of compensation received on termination of charters. The Company sold these loan notes in May, 2015 (see Note 9: Gain on sale of loan notes and share warrants - other).

TRADE ACCOUNTS RECEIVABLE AND O

TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES	TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES Trade accounts receivable Trade accounts receivable are presented net of allowances for doubtful debts. The allowance for doubtful trade accounts receivable was $nil at both December 31, 2015 and 2014 . As at December 31, 2015 , the Company has no reason to believe that any amount included in trade accounts receivable will not be recovered through due process or negotiation. Other receivables Other receivables are presented with no allowance for doubtful accounts as of December 31, 2015 and 2014 .

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
VESSELS AND EQUIPMENT, NET	VESSELS AND EQUIPMENT, NET ( in thousands of $) 2015 2014 Cost 1,964,852 1,715,510 Accumulated depreciation 323,535 338,377 Vessels and equipment, net 1,641,317 1,377,133 During 2015 , the Company took delivery of eight second-hand dry bulk carriers at an aggregate cost of $272.0 million and three newbuilding container vessels at an aggregate cost of $270.7 million . During 2014 , the Company took delivery of two second-hand dry bulk carriers at an aggregate cost of $61.8 million , nine second-hand container vessels at an aggregate cost of $127.9 million and two newbuilding container vessels at an aggregate cost of $173.8 million . An impairment charge of $29.2 million was recorded against the carrying value of two container vessels in the year ended December 31, 2015 . In the year ended December 31, 2014 , an impairment charge of $11.8 million was recorded against the carrying value of five container vessels, which were all disposed of in February 2015 (see Note 8: Gain on sale of assets and termination of charters). Depreciation expense was $78.1 million for the year ended December 31, 2015 ( 2014 : $67.4 million ; 2013: $58.4 million ).

NEWBUILDINGS

NEWBUILDINGS	12 Months Ended
	Dec. 31, 2015
NEWBUILDINGS [Abstract]
NEWBUILDINGS	NEWBUILDINGS The carrying value of newbuildings represents the accumulated costs which the Company has paid in purchase installments and other capital expenditures relating to the acquisition of newbuilding vessels, together with capitalized loan interest. Interest capitalized in the cost of newbuildings amounted to $404,000 in the year ended December 31, 2015 ( 2014 : $290,000 ; 2013: $257,000 ). As at December 31, 2015 , the Company had agreements for the delivery of four newbuilding vessels ( 2014 : two newbuilding vessels); two for container vessels and two for oil product carriers ( 2014 : two container vessels), with accumulated costs of $40.1 million ( 2014 : $87.6 million ). During the year ended December 31, 2015 , agreements were entered into for the acquisition of three newbuilding container vessels and two newbuilding oil product tankers, while three newbuilding container vessels were delivered.

INVESTMENTS IN DIRECT FINANCING

INVESTMENTS IN DIRECT FINANCING LEASES	12 Months Ended
	Dec. 31, 2015
Net Investment in Direct Financing and Sales Type Leases [Abstract]
INVESTMENTS IN DIRECT FINANCING LEASES	INVESTMENTS IN DIRECT FINANCING LEASES As at December 31, 2015 , 14 of the Company's VLCCs and Suezmaxes were chartered to Frontline Shipping on long-term, fixed rate time charters which extend for various periods depending on the age of the vessels, ranging from approximately four to eleven years. Frontline Shipping is a subsidiary of Frontline, a related party, and the terms of the charters do not provide them with an option to terminate the charter before the end of its term. Additionally, one of the Company's offshore supply vessels is chartered on a long-term bareboat charter to DESS Cyprus Limited, a wholly owned subsidiary of Deep Sea Supply Plc. ("Deep Sea"), a related party. Another of the Company's offshore supply vessels is chartered on a long-term bareboat charter to Deep Sea Supply Shipowning II AS, a wholly-owned subsidiary of Deep Sea Supply BTG AS ("Deep Sea Supply BTG"), which is a joint venture owned 50% by Deep Sea and 50% by BTG Pactual Oil & Gas Empreendimentos e Particapacoes S.A. ("BTG Pactual"). The terms of the charters provide the charterer with various call options to acquire the vessels at certain dates throughout the charters, which expire in 2020. The above 16 of the Company's assets were accounted for as direct financing leases at December 31, 2015 ( 2014 : 19 ), all of which are leased to related parties. The following lists the components of the investments in direct financing leases as at December 31, 2015 , and December 31, 2014 : (in thousands of $) 2015 2014 Total minimum lease payments to be received 825,460 1,174,327 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (362,959 ) (330,056 ) Net minimum lease payments receivable 462,501 844,271 Estimated residual values of leased property (un-guaranteed) 195,238 239,002 Less : unearned income (146,296 ) (243,419 ) 511,443 839,854 Less : deferred deemed equity contribution — (86,585 ) Less : unamortized gains — (6,738 ) Total investment in direct financing and sales-type leases 511,443 746,531 Current portion 37,145 37,517 Long-term portion 474,298 709,014 511,443 746,531 On June 5, 2015, amendments were made to the charter agreements with Frontline Shipping, which related to 12 VLCCs and five Suezmax tankers accounted for as direct financing leases. Three of the Suezmax tankers have since been sold. The amendments, which are presented in more detail in Note 23: Related party transactions, resulted in a reduction in minimum lease payments to be received and an increase in executory costs from July 1, 2015, onwards. These amendments, together with the $150.2 million fair value of Frontline shares received as compensation, are reflected in the above position as at December 31, 2015 . Under the provisions of ASC Topic 840 “Leases”, the modifications to the lease agreements do not constitute new leases. In the course of re-stating the amended leases, it was concluded that the amortization of the deferred deemed equity contribution and other gains is no longer appropriate, and these items are now incorporated into the revised lease schedules. An impairment charge of $13.2 million was recorded against the carrying value of the two offshore supply vessels accounted for as direct financing lease assets in the year ended December 31, 2015 . One of these vessels was sold in February 2016 (see Note 27: Subsequent events). The minimum future gross revenues to be received under the Company's non-cancellable direct financing leases as of December 31, 2015 , are as follows: (in thousands of $) Year ending December 31, 2016 109,340 2017 109,042 2018 109,042 2019 109,042 2020 96,410 Thereafter 292,584 Total minimum lease revenues 825,460

INVESTMENT IN ASSOCIATED COMPAN

INVESTMENT IN ASSOCIATED COMPANIES	12 Months Ended
	Dec. 31, 2015
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
INVESTMENT IN ASSOCIATED COMPANIES	INVESTMENT IN ASSOCIATED COMPANIES The Company has certain wholly-owned subsidiaries which are accounted for using the equity method, as it has been determined under ASC 810 that they are variable interest entities in which Ship Finance is not the primary beneficiary. In addition, on June 5, 2015, the Company received 55 million shares in Frontline, equivalent to approximately 27.73% of Frontline's issued share capital at the time (see Note 23: Related party transactions). Frontline, which is listed on the New York Stock Exchange and the Oslo Stock Exchange and reports its operating results on a quarterly basis, was determined to be an associated company following receipt of these shares. On November 30, 2015, Frontline merged with Frontline 2012 Ltd ("Frontline 2012"). and increased its issued share capital, thereby reducing the Company's shareholding in Frontline to approximately 7.03% . Accordingly, Frontline was assessed as no longer being an associated company and the Frontline shares are now held as available for sale securities (see Note 11: Available for sale securities). The Company's share of the net income of Frontline, in the period of the year ended December 31, 2015 , during which it was an associated company accounted for using the equity method, was $2.6 million ( 2014 : $ nil ; 2013 : $ nil ). The Company also received a dividend of $2.8 million from Frontline in December 2015, which was recorded against the carrying value of this investment. At December 31, 2015 , 2014 and 2013 , the Company had the following participation in investments that are recorded using the equity method: 2015 2014 2013 SFL West Polaris Limited — — 100.00 % SFL Deepwater Ltd 100.00 % 100.00 % 100.00 % SFL Hercules Ltd 100.00 % 100.00 % 100.00 % SFL Linus Ltd 100.00 % 100.00 % 100.00 % Bluelot Shipping Company Limited — — 100.00 % SFL Corte Real Limited — — 100.00 % The determination that Ship Finance is not the primary beneficiary of SFL Deepwater Ltd. ("SFL Deepwater"), SFL Hercules Ltd. ("SFL Hercules"), and SFL Linus Ltd. ("SFL Linus") is due to these subsidiaries each owning assets on which the underlying leases include both fixed price call options and fixed price put options or purchase obligations. The determination that Ship Finance was not the primary beneficiary of SFL West Polaris Limited ("SFL West Polaris") was similarly due to this subsidiary owning an asset on which the underlying lease included both fixed price call options and a fixed price put option. Following the exercise of a purchase option, SFL West Polaris was sold in December 2014 (see below). The determination that Ship Finance was not the primary beneficiary of Bluelot Shipping Company Limited ("Bluelot") and SFL Corte Real Limited ("Corte Real") was due to these subsidiaries, which did not own vessels, each having been incorporated specifically to participate in a three-party lease agreement, which could be effectively terminated by one of the other parties (see below). The three-party lease agreements were terminated in the first quarter of 2014. SFL West Polaris was a 100% owned subsidiary of Ship Finance, incorporated in 2008 for the purpose of holding an ultra deepwater drillship and leasing that vessel to Seadrill Polaris Ltd. ("Seadrill Polaris"), fully guaranteed by its parent company Seadrill Limited ("Seadrill"), a related party. The vessel was chartered on a bareboat basis and the terms of the charter provided the charterer with various call options to acquire the vessel at certain dates throughout the charter. In addition, SFL West Polaris had a put option to sell the vessel to Seadrill Polaris at a fixed price at the end of the charter, which expired in 2023. Because the main asset of SFL West Polaris was the subject of a lease which included both fixed price call options and a fixed price put option, it was determined that this subsidiary of Ship Finance was a variable interest entity in which Ship Finance was not the primary beneficiary. In December 2014, the parent company of the charterer advised the Company of its intention to exercise a purchase option, and the transaction was effected on December 30, 2014 as a sale of SFL West Polaris. The Company recorded a gain of $6.1 million on the sale, which was recorded as "Gain on sale of investment in associated company". In December 2012, SFL West Polaris entered into a $420 million five year term loan and revolving credit facility, which was used in January 2013 to refinance the previous facility established in 2008. Although SFL West Polaris ceased to be a subsidiary in December 2014, the Company guaranteed $88.0 million of this debt until June 19, 2015, when the guarantee obligation was released. SFL Deepwater is a 100% owned subsidiary of Ship Finance, incorporated in 2008 for the purpose of holding two ultra deepwater drilling rigs and leasing those rigs to Seadrill Deepwater Charterer Ltd. and Seadrill Offshore AS, fully guaranteed by their parent company Seadrill. In June 2013, SFL Deepwater transferred one of the rigs and the corresponding lease to SFL Hercules (see below). Accordingly, SFL Deepwater now holds one ultra deepwater drilling rig which is leased to Seadrill Deepwater Charterer Ltd. In October 2013, SFL Deepwater entered into a $390 million five year term loan and revolving credit facility, which was used in November 2013 to refinance the previous loan facility. At December 31, 2015 , the balance outstanding under the new facility was $221.1 million ( 2014 : $303.3 million ), and the available amount under the revolving part of the facility was $50.0 million (2014: $ nil ). The Company guaranteed $80.0 million of this debt at December 31, 2015 ( 2014 : $85.0 million ). 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 expires in 2023. Because the main asset of SFL Deepwater is the subject of a lease which includes both fixed price call options and a fixed price purchase obligation, it has been determined that this subsidiary of Ship Finance is a variable interest entity in which Ship Finance is not the primary beneficiary. SFL Hercules is a 100% owned subsidiary of Ship Finance, incorporated in 2012 for the purpose of holding an ultra deepwater drilling rig and leasing that rig to Seadrill Offshore AS, fully guaranteed by its parent company Seadrill. The rig was transferred, together with the corresponding lease, to SFL Hercules from SFL Deepwater in June 2013. In May 2013, SFL Hercules entered into a $375 million six year term loan and revolving credit facility to partly finance its acquisition of the rig from SFL Deepwater. The facility was drawn in June 2013, and at December 31, 2015 , the balance outstanding under this facility was $256.3 million ( 2014 : $283.7 million ). At December 31, 2015 , the available amount under the revolving part of the facility was $50.0 million ( 2014 : $50.0 million ). The Company guaranteed $80.0 million of this debt at December 31, 2015 ( 2014 : $85.0 million ). Because the main asset of SFL Hercules is the subject of a lease which includes both fixed price call options and a fixed price purchase obligation at the end of the charter, it has been determined that this subsidiary of Ship Finance is a variable interest entity in which Ship Finance is not the primary beneficiary. SFL Linus is a 100% owned subsidiary of Ship Finance, acquired in 2013 from North Atlantic Drilling Ltd ("NADL"), a related party. SFL Linus holds a harsh environment jack-up drilling rig which was delivered from the ship yard in February 2014 and immediately leased to North Atlantic Linus Charterer Ltd., fully guaranteed by its parent company NADL. In October 2013, SFL Linus entered into a $475 million five year term loan and revolving credit facility to partly finance the acquisition of the rig. The facility was drawn in February 2014, and at December 31, 2015 , the balance outstanding under this facility was $353.8 million ( 2014 : $451.3 million ). At December 31, 2015 , the available amount under the revolving part of the facility was $50.0 million (2014: $ nil ). The Company guaranteed $90.0 million of this debt at December 31, 2015 ( 2014 : $90.0 million ). In February 2015, amendments were made to the lease, whereby Seadrill replaced NADL as lease guarantor. Because the main asset of SFL Linus is the subject of a lease which includes both fixed price call options and a fixed price put option, it has been determined that this subsidiary of Ship Finance is a variable interest entity in which Ship Finance is not the primary beneficiary. Bluelot and Corte Real are 100% owned subsidiaries of Ship Finance, each incorporated in 2010 for the purpose of leasing in a 13,800 twenty-foot equivalent units ("TEU") container vessel on a bareboat charter basis, respectively the CMA CGM Magellan and the CMA CGM Corte Real , and leasing the vessel out on a time-charter basis to CMA CGM. In November and December 2013, CMA CGM exercised its options to acquire the two vessel-owning entities, and the charter agreements were terminated in January and March 2014, respectively. The business activities of Bluelot and Corte Real were discontinued upon the re-delivery of their vessels, since when they have been fully consolidated. Summarized balance sheet information of the Company's equity method investees is as follows: As of December 31, 2015 (in thousands of $) TOTAL SFL Deepwater SFL West Polaris SFL Hercules SFL Linus Bluelot Corte Real Current assets 120,251 33,735 — 38,936 47,580 — — Non-current assets 1,212,302 366,893 — 362,419 482,990 — — Total assets 1,332,553 400,628 — 401,355 530,570 — — Current liabilities 128,455 25,221 — 28,624 74,610 — — Non-current liabilities (1) 1,119,483 335,881 — 354,025 429,577 — — Total liabilities 1,247,938 361,102 — 382,649 504,187 — — Total shareholders' equity 84,615 39,526 — 18,706 26,383 — — As of December 31, 2014 (in thousands of $) TOTAL SFL Deepwater SFL West Polaris SFL Hercules SFL Linus Bluelot Corte Real Current assets (1) 127,268 44,297 — 38,619 44,352 — — Non-current assets 1,324,765 397,191 — 397,226 530,348 — — Total assets 1,452,033 441,488 — 435,845 574,700 — — Current liabilities 122,861 38,376 — 32,945 51,540 — — Non-current liabilities (1) 1,275,715 371,147 — 391,500 513,068 — — Total liabilities 1,398,576 409,523 — 424,445 564,608 — — Total shareholders' equity 53,457 31,965 — 11,400 10,092 — — (1) SFL Deepwater, SFL Hercules and SFL Linus non-current liabilities at December 31, 2015 , include $137.4 million ( 2014 : $100.0 million ), $125.3 million ( 2014 : $135.3 million ) and $125.0 million ( 2014 : $110.7 million ) due to Ship Finance, respectively (see Note 23: Related party transactions). In addition, SFL Linus current liabilities at December 31, 2015 , include a further $23.2 million ( 2014 : $ nil ) due to Ship Finance (see Note 23: Related party transactions). Summarized statement of operations information of the Company's wholly-owned equity method investees is shown below. Year ended December 31, 2015 (in thousands of $) TOTAL SFL Deepwater SFL West Polaris SFL Hercules SFL Linus Bluelot Corte Real Operating revenues 82,731 22,424 — 23,315 36,992 — — Net operating revenues 82,725 22,422 — 23,313 36,990 — — Net income (2) 31,001 7,561 — 7,306 16,134 — — Year ended December 31, 2014 (in thousands of $) TOTAL SFL Deepwater SFL West Polaris SFL Hercules SFL Linus Bluelot Corte Real Operating revenues 108,632 24,917 22,251 24,565 33,236 1,171 2,492 Net operating revenues 105,567 24,905 22,234 24,544 33,221 232 431 Net income (2) 33,497 8,023 4,643 7,755 12,413 232 431 Year ended December 31, 2013 (in thousands of $) TOTAL SFL Deepwater SFL West Polaris SFL Hercules SFL Linus Bluelot Corte Real Operating revenues 122,792 46,145 23,701 13,832 — 19,490 19,624 Net operating revenues 88,121 46,109 23,681 13,808 — 2,261 2,262 Net income (3) 28,200 17,747 2,324 3,645 (38 ) 2,261 2,261 (2) The net income of SFL Deepwater, SFL West Polaris, SFL Hercules and SFL Linus in the year ended December 31, 2015 , includes interest payable to Ship Finance amounting to $6.5 million ( 2014 : $6.5 million ; 2013 : $9.6 million ), $ nil ( 2014 : $6.5 million ; 2013 : $6.5 million ), $6.5 million ( 2014 : $6.5 million ; 2013 : $3.5 million ) and $5.6 million ( 2014 : $ 4.9 million ; 2013 : $ nil ), respectively (see Note 23: Related party transactions). SFL Deepwater, SFL Hercules and SFL Linus have loan facilities for which Ship Finance provides limited guarantees, as indicated above. These loan facilities contain financial covenants, with which Ship Finance and Seadrill must comply. As at December 31, 2015 , Ship Finance and Seadrill were in compliance with all of the covenants under these long-term debt facilities.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2015
Accrued Liabilities [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES (in thousands of $) 2015 2014 Vessel operating expenses 3,676 6,305 Administrative expenses 1,206 1,330 Interest expense 7,764 10,555 12,646 18,190

OTHER CURRENT LIABILITIES OTHER

OTHER CURRENT LIABILITIES OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIES (in thousands of $) 2015 2014 Deferred and prepaid charter revenue 5,549 7,982 Employee taxes 152 899 Other items 11,336 211 17,037 9,092 Other items at December 31, 2015 , include $10.9 million installments payable on newbuildings ( 2014 : $ nil ).

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2015
Long-term Debt, by Current and Noncurrent [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT (in thousands of $) 2015 2014 Long-term debt: 3.75% senior unsecured convertible bonds due 2016 117,500 125,000 Norwegian kroner 600 million senior unsecured floating rate bonds due 2017 63,681 76,487 3.25% senior unsecured convertible bonds due 2018 350,000 350,000 Norwegian kroner 900 million senior unsecured floating rate bonds due 2019 85,434 119,277 U.S. dollar denominated floating rate debt (LIBOR plus margin) due through 2023 1,049,861 1,061,695 1,666,476 1,732,459 Less : current portion of long-term debt (208,031 ) (182,415 ) 1,458,445 1,550,044 The outstanding debt as of December 31, 2015 , is repayable as follows: (in thousands of $) Year ending December 31, 2016 208,031 2017 185,246 2018 532,553 2019 255,744 2020 117,590 Thereafter 367,312 Total debt 1,666,476 The weighted average interest rate for floating rate debt denominated in U.S. dollars and Norwegian kroner ("NOK") as at December 31, 2015 , was 4.22% per annum ( 2014 : 4.98% ). These rates take into consideration the effect of related interest rate swaps. At December 31, 2015 , the three month dollar LIBOR was 0.613% ( 2014 : 0.256% ) and the three month Norwegian Interbank Offered Rate ("NIBOR") was 1.13% ( 2014 : 1.48% ). 3.75% senior unsecured convertible bonds due 2016 On February 10, 2011 , the Company issued a senior unsecured convertible bond loan totaling $125.0 million . Interest on the bonds is fixed at 3.75% per annum and is payable in cash semi-annually in arrears on February 10 and August 10. The bonds were convertible into Ship Finance International Limited common shares at any time up to 10 banking days prior to February 10, 2016 . The conversion price at the time of issue was $27.05 per share, representing a 35% premium to the share price at the time, and since then dividend distributions reduced the conversion price to $16.61 at December 31, 2015 . The Company had the right to call the bonds after March 3, 2014 , if the value of the shares underlying each bond exceeds, for a specified period of time, 130% of the principal amount of the bond. In December 2015, the Company purchased bonds with principal amounts totaling $7.5 million ( 2014 ; $ nil ) and the net amount outstanding at December 31, 2015 , was $117.5 million ( 2014 : $125.0 million ). In February 2016, the amount outstanding was fully redeemed in cash without any conversion into shares having taken place (see Note 27: Subsequent events). NOK 600 million senior unsecured bonds due 2017 On October 19, 2012 , the Company issued a senior unsecured bond loan totaling NOK 600 million in the Norwegian credit market. The bonds bear quarterly interest at NIBOR plus a margin and are redeemable in full on October 19, 2017 . The bonds may, in their entirety, be redeemed at the Company's option from April 19, 2017 , upon giving bondholders at least 30 business days notice and paying 100.50% of par value plus accrued interest. Since their issue, at December 31, 2015 , the Company has purchased bonds with principal amounts totaling NOK 43.0 million (2014: NOK 36.0 million ), of which NOK 8.0 million (2014: NOK 8.0 million ) were subsequently re-sold. The Company holds bonds purchased as treasury bonds. The net amount outstanding at December 31, 2015 , was NOK 565 million , equivalent to $63.7 million ( 2014 : NOK 572 million , equivalent to $76.5 million ). 3.25% senior unsecured convertible bonds due 2018 On January 30, 2013 , the Company issued a senior unsecured convertible bond loan totaling $350.0 million . Interest on the bonds is fixed at 3.25% 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 Ship Finance International Limited common shares at any time up to ten banking days prior to February 1, 2018 . The conversion price at the time of issue was $21.945 per share, representing a 33% premium to the share price at the time. Since then, dividend distributions have reduced the conversion price to $16.2456 per share. In conjunction with the bond issue, the Company loaned up to 6,060,606 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 borrowed from Hemen Holding Ltd., the largest shareholder of the Company, for a one-time loan fee of $1.0 million . 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 $20.7 million 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 $4.1 million in the year ended December 31, 2015 ( 2014 . $4.1 million ). NOK 900 million senior unsecured bonds due 2019 On March 19, 2014 , the Company issued a senior unsecured bond loan totaling NOK 900 million in the Norwegian credit market. The bonds bear quarterly interest at NIBOR plus a margin and are redeemable in full on March 19, 2019 . The bonds may, in their entirety, be redeemed at the Company's option from September 19, 2018 , upon giving the bondholders at least 30 business days notice and paying 100.50% of par value plus accrued interest. Subsequent to their issue, at December 31, 2015 , the Company has purchased bonds with principal amounts totaling NOK 142.0 million (2014: NOK 8.0 million ), which are being held as treasury bonds. The net amount outstanding at December 31, 2015 , was NOK 758.0 million , equivalent to $85.4 million ( 2014 : NOK 892.0 , equivalent to $119.3 ). $210 million secured term loan facility In April 2006, five wholly-owned subsidiaries of the Company entered into a $210.0 million secured term loan facility with a syndicate of banks to partly fund the acquisition of five new container vessels. The facility bore interest at LIBOR plus a margin and had a term of twelve years from the date of drawdown for each vessel. The terms of the loan were initially linked to long-term charters of the vessels, and the Company did not provide a corporate guarantee for the facility. In April 2012, the long-term charters were terminated and the terms of the loan agreement were amended. Although the facility continued without recourse to the Company, as part of the amended agreement the Company guaranteed that revenues received by the vessel-owning subsidiaries would achieve certain minimum levels for each vessel. In January 2015, this indirect limited performance guarantee became exhausted and in February 2015 the Company signed an agreement with the lenders under the facility whereby ownership of the five vessels together with associated working capital was transferred to unrelated third parties and Ship Finance International Limited and its subsidiaries have no future interest in the vessels or obligations under the loan facility. The net amount outstanding at December 31, 2015 , was $ nil ( 2014 : $171.4 million ). $30 million secured revolving credit facility In February 2008, a wholly-owned subsidiary of the Company entered into a $30.0 million secured revolving credit facility with a bank. The proceeds of the facility were used to partly fund the acquisition of a 1,700 TEU container vessel, which also served as security for the facility. The facility, which was fully prepaid and canceled in January 2015, bore interest at LIBOR plus a margin and had a term of seven years. The net amount outstanding at December 31, 2015 , was $ nil ( 2014 : $3.0 million ). $49 million secured term loan and revolving credit facility In March 2008, two wholly-owned subsidiaries of the Company entered into a $49.0 million secured term loan and revolving credit facility with a bank. The proceeds of the facility were used to partly fund the acquisition of two newbuilding chemical tankers, which also serve as security for the facility. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of ten years. At December 31, 2015 , the amount available under the revolving part of the facility was $12.0 million (2014: $ nil ). The net amount outstanding at December 31, 2015 , was $8.0 million ( 2014 : $28.0 million ). $43 million secured term loan facility In February 2010, a wholly-owned subsidiary of the Company entered into a $42.6 million secured term loan facility with a bank, bearing interest at LIBOR plus a margin and with a term of approximately five years. The facility is secured against a Suezmax tanker. In November 2014, the terms of the loan were amended and restated, and the facility now matures in November 2019 . The net amount outstanding at December 31, 2015 , was $26.3 million ( 2014 : $29.1 million ). $725 million secured term loan and revolving credit facility In March 2010, the Company entered into a $725 million secured term loan and revolving credit facility with a syndicate of banks, secured against 26 vessels chartered to Frontline at the time. The facility, which was fully prepaid and canceled in February 2015, bore interest at LIBOR plus a margin and was repayable over a term of five years. The net amount outstanding at December 31, 2015 , was $ nil ( 2014 : $71.5 million ). $43 million secured term loan facility In March 2010, a wholly-owned subsidiary of the Company entered into a $42.6 million secured term loan facility with a bank, bearing interest at LIBOR plus a margin and with a term of approximately five years. The facility is secured against a Suezmax tanker. In March 2015, the terms of the loan were amended and restated, and the facility now matures in March 2020. The net amount outstanding at December 31, 2015 , was $26.3 million ( 2014 : $29.1 million ). $54 million secured term loan facility In November 2010, two wholly-owned subsidiaries of the Company entered into a $53.7 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 eight years. The net amount outstanding at December 31, 2015 , was $34.1 million ( 2014 : $38.0 million ). $95 million secured term loan and revolving credit facility In February 2011, a wholly-owned subsidiary of the Company entered into a $95 million secured term loan and revolving credit facility with a bank, secured against a jack-up drilling rig. The facility bears interest at LIBOR plus a margin and has a term of seven years. At December 31, 2015 , the available amount under the revolving part of the facility was $2.5 million (2014: $ nil ). The net amount outstanding at December 31, 2015 , was $22.5 million ( 2014 : $57.5 million ). $75 million secured term loan facility In March 2011, three wholly-owned subsidiaries of the Company entered into a $75.4 million 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 eight years. The net amount outstanding at December 31, 2015 , was $50.8 million ( 2014 : $56.6 million ). $171 million secured term loan facility In May 2011, eight wholly-owned subsidiaries of the Company entered into a $171.0 million secured loan facility with a syndicate of banks. The facility is supported by China Export & Credit Insurance Corporation, or SINOSURE, which provides an insurance policy in favor of the banks for part of the outstanding loan. The facility is secured against a 1,700 TEU container vessel and seven Handysize dry bulk carriers. The facility bears interest at LIBOR plus a margin and has a term of approximately ten years from delivery of each vessel. The net amount outstanding at December 31, 2015 , was $122.2 million ( 2014 : $134.2 million ). $167 million secured term loan and revolving credit facility In July 2011, five wholly-owned subsidiaries of the Company entered into a $166.8 million secured term loan and revolving credit facility agreement with a syndicate of banks, secured against five VLCCs chartered to Frontline at the time. The facility, which was fully prepaid and canceled in June 2015, bore interest at LIBOR plus a margin and was repayable over a term of six years. The net amount outstanding at December 31, 2015 was $ nil ( 2014 : 72.2 million ). $53 million secured term loan facility In November 2012, two wholly-owned subsidiaries of the Company entered into a $53.2 million secured term loan facility with a bank, secured against two car carriers. The facility bears interest at LIBOR plus a margin and has a term of approximately five years. The net amount outstanding at December 31, 2015 was $39.9 million ( 2014 : $44.3 million ). $45 million secured term loan and revolving credit facility In June 2014, seven wholly-owned subsidiaries of the Company entered into a $45.0 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. At December 31, 2015 , the available amount under the revolving part of the facility was $9.0 million (2014: $ nil ). The net amount outstanding at December 31, 2015 , was $36.0 million ( 2014 : $45.0 million ). $101 million secured term loan facility In August 2014, six wholly-owned subsidiaries of the Company entered into a $101.4 million secured term loan facility with a syndicate of banks, secured against six offshore supply vessels. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of five years. The net amount outstanding at December 31, 2015 , was $87.8 million ( 2014 : $ 98.7 million ). One of the vessels was sold in February 2016 (see Note 27: Subsequent events) and the facility now relates to the remaining five vessels. $20 million secured term loan facility In September 2014, two wholly-owned subsidiaries of the Company entered into a $20.0 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. The net amount outstanding at December 31, 2015 , was $20.0 million ( 2014 : $20.0 million ). $128 million secured term loan facility In September 2014, two wholly-owned subsidiaries of the Company entered into a $127.5 million secured term loan facility with a bank, for the post-delivery financing of two newbuilding 8,700 TEU container vessels, which were delivered in 2014. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of seven years. The net amount outstanding at December 31, 2015 , was $117.9 million ( 2014 : $126.4 million ). $128 million secured term loan facility In November 2014, two wholly-owned subsidiaries of the Company entered into a $127.5 million secured term loan facility with a bank, for the post-delivery financing of two newbuilding 8,700 TEU container vessels, which were delivered in January 2015. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of seven years. The net amount outstanding at December 31, 2015 was $121.1 million (2014: $ nil ). $39 million secured term loan facility In December 2014, two wholly-owned subsidiaries of the Company entered into a $39.0 million secured term loan facility with a bank, secured against two Kamsarmax dry bulk carriers. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of approximately eight years. The net amount outstanding at December 31, 2015 , was $34.0 million ( 2014 : $36.4 million ). $250 million secured revolving credit facility In June 2015, 17 wholly-owned subsidiaries entered into a $250.0 million secured revolving credit facility with a syndicate of banks, secured against 17 tankers chartered to Frontline Shipping. Three of the tankers have since been sold, and the facility now relates to the remaining 14 tankers. The facility bears interest at LIBOR plus a margin and has a term of three years. At December 31, 2015 , the available amount under the facility was $154.6 million (2014: $ nil ). The net amount outstanding at December 31, 2015 , was $73.5 million ( 2014 : $ nil ). $166 million secured term loan facility In July 2015, eight wholly-owned subsidiaries entered into a $166.0 million secured term loan facility with a syndicate of banks, secured against eight Capesize dry bulk carriers acquired in 2015. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of seven years. The net amount outstanding at December 31, 2015 was $159.5 million ( 2014 : $ nil ). $210 million secured term loan facility In November 2015, three subsidiaries entered into a $210.0 million secured term loan facility with a syndicate of banks, to partly fund the acquisition of three newbuilding container vessels, against which the facility is secured. One of the vessels was delivered in November 2015, a second was delivered in February 2016, and the remaining vessel is scheduled for delivery later in 2016. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of five years from the delivery of each vessel. At December 31, 2015 , the net amount outstanding was $70.0 million ( 2014 : $ nil ). The aggregate book value of assets pledged as security against borrowings at December 31, 2015 , was $2,087 million ( 2014 : $2,062 million ). Agreements related to long-term debt provide limitations on the amount of total borrowings and secured debt, and acceleration of payment under certain circumstances, including failure to satisfy certain financial covenants. As of December 31, 2015 , the Company is in compliance with all of the covenants under its long-term debt facilities. The $101 million secured term loan facility entered into in August 2014 contains certain financial covenants on Deep Sea and Deep Sea Supply BTG. As at December 31, 2015 , Deep Sea and Deep Sea Supply BTG were in compliance with all covenants under the respective loan agreements.

OTHER LONG TERM LIABILITIES

OTHER LONG TERM LIABILITIES	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
OTHER LONG TERM LIABILITIES	OTHER LONG-TERM LIABILITIES (in thousands of $) 2015 2014 Unamortized sellers' credit 11,960 15,042 Other items 3 2,542 11,963 17,584 The Company's six offshore supply vessels were acquired from Deep Sea and were originally chartered back to subsidiaries of Deep Sea under bareboat charter agreements. As part of the purchase consideration, the Company received seller's credits totaling $37.0 million which are being recognized as additional bareboat revenues over the period of the charters. In connection with the transfer in May 2013 of the charters for five of the vessels from subsidiaries of Deep Sea to a subsidiary of Deep Sea Supply BTG, the seller's credits for these five vessels were also transferred to the new counterparty. Other items at December 31, 2014, included the $2.5 million fair value of the guarantee provided by the Company to the providers of the loan facility to SFL West Polaris, following the sale of that company (see Note 16: Investment in associated companies). Ship Finance International Limited was released from the guarantee in June 2015.

SHARE CAPITAL, ADDITIONAL PAID-

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS	12 Months Ended
	Dec. 31, 2015
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) 2015 2014 125,000,000 common shares of $1.00 par value each 125,000 125,000 Issued and fully paid share capital is as follows: (in thousands of $, except share data) 2015 2014 93,468,000 common shares of $1.00 par value each (2014: 93,404,000 shares) 93,468 93,404 The Company's common shares are listed on the New York Stock Exchange. In the year ended December 31, 2015 , the Company issued a total of 64,000 new shares in order to satisfy options exercised by two officers and three employees ( 2014 : 144,000 new shares issued to satisfy options exercised by three directors, one officer and two employees). The weighted average exercise price of the options was $10.55 per share ( 2014 : $6.44 per share), resulting in a premium on issue of $0.6 million ( 2014 : $0.8 million ). No other shares were issued and sold in the years ended December 31, 2015 , and December 31, 2014 . In November 2006, the Board of Directors approved the Ship Finance International Limited Share Option Scheme (the "Option Scheme"). 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 22: Share option plan). During 2014, one officer exercised options and in lieu of issuing 80,000 new shares the Company made a payment totaling $1.2 million , equal to the intrinsic value of the options on the date of exercise. These amounts are accounted for as repurchases of the Company's shares and the payments are recorded as reductions in additional paid-in capital. In January 2013 , the Company issued a senior unsecured convertible bond loan totaling $350 million . The bonds are convertible into common shares at any time up to ten banking days prior to February 1, 2018 . The conversion price at the time of issue was $21.945 per share, representing a 33% premium to the share price at the time. Since then, dividend distributions have reduced the conversion price to $16.2456 per share. As required by ASC 470-20 "Debt with conversion and other options", the Company calculated the equity component of the convertible bond, which was valued at $20.7 million and recorded as "Additional paid-in capital" (see Note 19: Long-term Debt). The Company has accounted for the acquisition of vessels from Frontline at Frontline's historical carrying value. The difference between the historical carrying values and the net investment in the leases was recorded as a deferred deemed equity contribution, which was presented as a reduction in net investment in direct financing leases in the balance sheet. This accounting treatment arose from the related party nature of both the initial transfer of the vessels and the subsequent leases. The deferred deemed equity contributions were amortized to contributed surplus over the life of the lease arrangements, as lease payments were applied to the principal balance of the lease receivable. In the six months ended June 30, 2015, the Company credited contributed surplus with $2.0 million of such deemed equity contributions (year ended December 31, 2014 : $4.5 million ). On June 5, 2015, the charter agreements with Frontline were amended with effect from July 1, 2015 (see Note 23: Related party transactions), following which the unamortized deferred deemed equity contributions were incorporated into the lease schedules and no further amounts have been credited to contributed surplus.

SHARE OPTION PLAN

SHARE OPTION PLAN	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE OPTION PLAN	SHARE OPTION PLAN The Option Scheme adopted in November 2006 will expire in November 2016. The subscription price for all options granted under the scheme will be reduced by the amount of all dividends declared by the Company per share in the period from the date of grant until the date the option is exercised, provided the subscription price shall never be reduced below the par value of the share. Options granted under the scheme will vest at a date determined by the board at the date of the grant. The options granted under the plan to date vest over a period of one to three years and have a five year term. There is no maximum number of shares authorized for awards of equity share options, and either authorized unissued shares of Ship Finance or treasury shares held by the Company may be used to satisfy exercised options. The following summarizes share option transactions related to the Option Scheme in 2015 , 2014 and 2013 : 2015 2014 2013 Options Weighted average exercise price $ Options Weighted average exercise price $ Options Weighted average exercise price $ Options outstanding at beginning of year 189,000 13.17 423,000 9.99 498,000 10.27 Granted — — — — — — Exercised (64,000 ) 10.55 (224,000 ) 5.41 (75,000 ) 5.29 Forfeited — — (10,000 ) 5.56 — — Options outstanding at end of year 125,000 12.56 189,000 13.17 423,000 9.99 Exercisable at end of year 125,000 12.56 189,000 13.17 374,333 9.22 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. No new options were granted in 2015 , 2014 and 2013 , and all options outstanding at December 31, 2015 , were fully vested. (see Note 27: Subsequent events). The total intrinsic value of options exercised in 2015 was $0.3 million on the day of exercise ( 2014 : $2.9 million ; 2013 : $0.9 million ). The intrinsic value of options fully vested but not exercised at December 31, 2015 , is $0.5 million and their average remaining term is 0.22 years. As of December 31, 2015 , the unrecognized compensation costs relating to non-vested options granted under the Option Scheme was $ nil ( 2014 : $ nil ).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company, which was formed in 2003 as a wholly-owned subsidiary of Frontline, was partially spun-off in 2004 and its shares commenced trading on the New York Stock Exchange in June 2004. A significant proportion of the Company's business continues to be transacted with related parties. The Company has had transactions with the following related parties, being companies in which our principal shareholders Hemen Holding Ltd. and Farahead Investment Inc. (hereafter jointly referred to as "Hemen") and companies associated with Hemen have, or had, a significant direct or indirect interest: – Frontline (3) – Frontline 2012 (3) – Frontline Shipping and Frontline Shipping II (collectively the Frontline Charterers) – Seadrill – NADL – Golden Ocean Group Limited ("Golden Ocean") (2) – United Freight Carriers ("UFC" - which is a joint venture approximately 50% owned by Golden Ocean) – Deep Sea – Deep Sea Supply BTG (which is a joint venture 50% owned by Deep Sea) – Golar Management UK Limited ("Golar") (1) – Arcadia Petroleum Limited ("Arcadia") (1) From September 2014, Golar ceased to be a related party to the Company, following disassociation through the sale of shares held by a company associated with Hemen. (2) In March 2015, Golden Ocean Group Limited merged with Knightsbridge Tankers Limited, leaving Knightsbridge Tankers Limited as the surviving legal entity and changing its name to Golden Ocean Group Limited. (3) On November 30, 2015, Frontline and Frontline 2012 merged, leaving Frontline as the surviving legal entity and Frontline 2012 becoming a wholly-owned subsidiary of Frontline. The Consolidated Balance Sheets include the following amounts due from and to related parties, excluding direct financing lease balances (see Note 15: Investments in direct financing leases): (in thousands of $) 2015 2014 Amounts due from: Frontline Charterers 18,052 30,714 Frontline Ltd 2,816 9,012 UFC 1,639 232 Deep Sea and Deep Sea Supply BTG — 1,338 SFL Linus 23,152 — Seadrill — 111,195 Total amount due from related parties 45,659 152,491 Loans to related parties - associated companies, long-term SFL Deepwater 137,437 100,036 SFL Hercules 125,275 135,250 SFL Linus 125,000 110,745 Total loans to related parties - associated companies, long-term 387,712 346,031 Loans to related parties - others, long-term Frontline Ltd — 79,294 Total loans to related parties - others, long-term — 79,294 Amounts due to: Frontline Charterers 229 196 Frontline Management 143 848 Other related parties 44 65 Total amount due to related parties 416 1,109 SFL Deepwater, SFL Hercules and SFL Linus are wholly-owned subsidiaries which are not fully consolidated but are accounted for under the equity method as at December 31, 2015. As described below in "Related party loans", at December 31, 2015 and 2014 , the long-term loans from Ship Finance to SFL Deepwater, SFL Hercules, and SFL Linus are presented net of amounts due to them by Ship Finance on their respective current accounts. Related party leasing and service contracts As at December 31, 2015 , 14 of the Company's vessels leased to Frontline Shipping and two of its offshore supply vessels leased to subsidiaries of Deep Sea and Deep Sea Supply BTG, respectively, are recorded as direct financing leases. In addition, at December 31, 2015 , four offshore supply vessels were leased to a subsidiary of Deep Sea Supply BTG, eight dry bulk carriers were leased to a subsidiary of Golden Ocean and a further six dry bulk carriers were leased to UFC under operating leases. At December 31, 2015 , the combined balance of net investments in direct financing leases with Frontline Shipping, Deep Sea and Deep Sea Supply BTG was $511.4 million ( 2014 : $839.9 million ) of which $37.1 million ( 2014 : $37.5 million ) represents short-term maturities. At December 31, 2015 , the net book value of assets leased under operating leases to Deep Sea Supply BTG, Golden Ocean and UFC was $499.6 million ( 2014 : $198.9 million ). A summary of leasing revenues earned from the Frontline Charterers, Seadrill, Deep Sea, Deep Sea Supply BTG, Golden Ocean and UFC is as follows: (in millions of $) 2015 2014 2013 Operating lease income 42.9 26.4 24.0 Direct financing lease interest income 34.2 45.4 55.4 Finance lease service revenue 46.5 46.5 52.4 Direct financing lease repayments 35.9 43.1 47.4 Profit sharing revenues 59.6 33.8 0.8 In May 2013, the Company agreed to change the legal entity under the charters for five of the six vessels on charter to subsidiaries of Deep Sea. The new charterer is Deep Sea Supply Shipowning II AS, a wholly-owned subsidiary of Deep Sea Supply BTG, which is a joint venture owned 50% by Deep Sea and 50% by BTG Pactual. The new charters became effective on May 31, 2013, and the main terms of the charters remain unchanged. On December 30, 2011, amendments were made to the charter agreements with Frontline Shipping and Frontline Shipping II, which related to 28 vessels accounted for as direct financing leases. In terms of the amending agreements, the Company received a compensation payment of $106 million and agreed to a $6,500 per day reduction in the time charter rate of each vessel for the period January 1, 2012, to December 31, 2015. Thereafter, the charter rates were to revert to the previously agreed daily amounts. The leases were amended to reflect the compensation payment received and the reduction in future minimum lease payments to be received. During 2012, 2013 and 2014, 11 of the vessels were sold. On June 5, 2015, further amendments were made to the charter agreements relating to the remaining 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 ordinary shares in Frontline, the fair value of which amounted to $150.2 million , and also an increase in the profit sharing percentage (see below). The charters for three of the vessels were transferred from Frontline Shipping II to Frontline Shipping, which is now the charter counterparty for all of the vessels. As part of the amended agreement, Frontline was released from its guarantee obligations under the charters, and in exchange a cash reserve of $2 million per vessel has been built up in Frontline Shipping as security for its obligations under the charters. The Company's holding of Frontline ordinary shares represented approximately 27.73% of the issued share capital of Frontline at the time of receipt in June 2015. On November 30, 2015, Frontline merged with Frontline 2012 and increased its issued share capital, reducing the Company's holding to approximately 7.03% . Accordingly, from June 5, 2015, to November 30, 2015, the Company's shareholding was accounted for as an investment in associated companies (see Note 16: Investment in associated companies). Since December 1, 2015, the Company's holding of Frontline shares has been held under available for sale securities (see Note 11: Available for sale securities). Prior to December 31, 2011, Frontline Shipping and Frontline Shipping II paid the Company profit sharing of 20% of their earnings on a time-charter equivalent basis from their use of the Company's fleet above average threshold charter rates each fiscal year. The amendments to the charter agreements made on December 30, 2011, increased the profit sharing percentage to 25% for future earnings above those threshold levels. Of the $106 million compensation payment received, $50 million represented a non-refundable advance relating to the 25% profit sharing agreement. The Company earned and recognized profit sharing revenue under the 25% arrangement in the year ended December 31, 2015 , of $ nil ( 2014 : $ nil ; 2013 : $ nil ). The amendments to the charter agreements effective from July 1, 2015, increased the profit sharing percentage from 25% to 50% for earnings above the new reduced time-charter rates. The Company earned and recognized profit sharing revenue under the 50% arrangement of $37.3 million in the year ended December 31, 2015 ( 2014 : $ nil ; 2013 : $ nil ). The amendments to the charter agreements effective from January 1, 2012, additionally provided that for the four year period of the temporary reduction in charter rates, Frontline Shipping and Frontline Shipping II would pay the Company 100% of any earnings on a time-charter equivalent basis above the temporarily reduced time charter rates, subject to a maximum of $6,500 per day per vessel. In the year ended December 31, 2015 , the Company earned and recognized $19.9 million revenue under this arrangement ( 2014 : $32.7 million ; 2013 : $0.0 million ), which is also reported under "Profit sharing revenues". This arrangement was discontinued from July 1, 2015, when the amendments agreed in June 2015 became effective. In the event that vessels on charter to the Frontline Charterers are agreed to be sold, the Company may either pay or receive compensation for the termination of the lease. In September 2015, October 2015 and December 2015, the Suezmax tankers Front Glory , Front Splendour and Mindanao on charter to Frontline Shipping were sold and their leases cancelled, with agreed termination fees payable of $2.2 million , $1.3 million and $3.3 million , respectively. In November 2014, three VLCCs, namely Front Comanche , Front Commerce and Front Opalia , on charter to the Frontline Charterers were sold and their leases cancelled, with agreed termination fees receivable of $49.2 million . Of the termination fees receivable, $10.5 million was received in cash and $38.7 million was received in the form of amortizing loan notes from Frontline receivable over the approximately eight remaining years of the canceled leases. The initial face value of the notes received, on which interest at 7.25% was receivable, was $48.4 million and their initial fair value of $38.7 million 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 trading activity in the debt market. In January 2013 the non-double VLCC Edinburgh was sold and its lease cancelled, with an agreed termination fee payable of $7.8 million . In February 2013 and March 2013, the Suezmax tanker Front Pride and the OBO Front Guider were sold and their leases cancelled, with agreed termination fees receivable of $2.1 million and $11.7 million , respectively. In November 2013, the VLCCs Golden Victory and Front Champion were sold and their leases cancelled, with agreed termination fees receivable of $37.3 million and $30.4 million , respectively. Of the $67.7 million combined fees receivable for the two VLCCs sold in November 2013, $10.9 million was received in cash and $56.8 million was received in the form of amortizing loan notes from Frontline receivable over the approximately eight remaining years of the cancelled leases. The initial face value of the notes received, on which interest at 7.25% was receivable, was $79.0 million and their initial fair value of $56.8 million was determined on the same basis as that used for the notes received in 2014. In December 2015, Frontline redeemed in full the loan notes received by the Company on the sale of the two VLCCs in November 2013 and three VLCCs in November 2014. The aggregate amount received on redemption was $113.2 million ( 2014 : $ nil ; 2013 : $ nil ), including accrued interest of $0.5 million (2014: $ nil ; 2013: $ nil ). At the time of the redemption, the loan notes had a carrying value of $83.8 million ( December 31, 2014 : $87.5 million ), resulting in a gain of $28.9 million on disposal. In the year ended December 31, 2015 , 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. In the year ended December 31, 2015 , the Company earned no income under this arrangement ( 2014 : $ nil ; 2013 : $ nil ). In the year ended December 31, 2015 , the Company had six dry bulk carriers operating on time-charters to UFC, which include profit sharing arrangements whereby the Company earns a 50% share of profits earned by the vessels above threshold levels. In the year ended December 31, 2015 , the Company earned and recognized $2.5 million under this arrangement ( 2014 : $1.1 million ; 2013 : $0.8 million ). As at December 31, 2015 , the Company was owed a total of $18.1 million ( 2014 : $30.7 million ) by Frontline Shipping in respect of leasing contracts and profit share. At December 31, 2015 , the Company was owed $2.8 million ( 2014 : $9.0 million ) by Frontline in respect of various short-term items. At December 31, 2014 , these items included the $7.8 million carrying value of the short-term portion of loan notes receivable (2015: $ nil ) and $0.4 million accrued interest on the loan notes (2015: $ nil ). At December 31, 2014 , the Company also had a long-term loan of $79.3 million due from Frontline, being the carrying value of the long-term portion of loan notes receivable (2015: $ nil ). At December 31, 2015 , the Company was owed $1.6 million ( 2014 : $0.2 million ) by UFC in respect of leasing contracts and profit share. At December 31, 2014 , the Company was owed $1.3 million by Deep Sea and Deep Sea Supply BTG in respect of leasing contracts (2015: $ nil ). At December 31, 2015 , the Company was owed $23.2 million by SFL Linus in addition to the loan due to the Company ( 2014 : $ nil ) - see below. On December 30, 2014, the Company sold SFL West Polaris to Seadrill (see Note 16: Investment in associated companies) and at December 31, 2014 , the Company was owed $111.2 million by Seadrill in relation to this transaction (2015:$ nil ). 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 (Bermuda) Ltd. ("Frontline Management"), a wholly owned subsidiary of Frontline. This daily fee has been payable since July 1, 2015, when amendments to the charter agreements became effective, before which the fixed daily fee was $6,500 per day. 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. During the year ended December 31, 2015 , the Company also had 12 container vessels, 14 dry bulk carriers, two Suezmax tankers and two car carriers operating on time charter or in the spot market, for which the supervision of the technical management was sub-contracted to Frontline Management. In the year ended December 31, 2015 , management fees paid to Frontline Management amounted to $48.0 million ( 2014 : $48.4 million ; 2013 : $54.2 million ). 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 Group Management (Bermuda) Ltd. ("Golden Ocean Management"), a wholly-owned subsidiary of Golden Ocean. Additionally, in the year ended December 31, 2015 , the Company had 12 container vessels and 14 dry bulk carriers operating on time-charters, for which part of the operating management was sub-contracted to Golden Ocean Management. In the year ended December 31, 2015 , management fees paid to Golden Ocean Management amounted to approximately $9.0 million ( 2014 : $0.8 million ; 2013 : $0.7 million ). Management fees are classified as vessel operating expenses in the consolidated statements of operations. The Company paid a commission of 1% to Frontline Management in respect of all payments received in respect of the five -year sales-type leases on the Suezmax tankers Glorycrown and Everbright . This arrangement ended in September 2013, when the leases were terminated, following which we agreed to pay Frontline a management fee of 1.25% of chartering revenues. In 2015 , $0.4 million was paid to Frontline Management pursuant to the new arrangement ( 2014 : $0.3 million ). Under the old arrangement $0.1 million was paid in 2013 . The Company also paid $0.5 million in 2015 ( 2014 : $0.5 million , 2013 : $0.4 million ) to Frontline Management for the provision of management and administrative services. The Company pays fees to Frontline Management for the management supervision of some of its newbuildings, which in 2015 amounted to $0.1 million ( 2014 : $2.9 million ; 2013 : $2.4 million ). In the year ended December 31, 2015 , the Company paid $0.4 million ( 2014 : $0.4 million ; 2013 : $0.3 million ) to Frontline Management AS for the provision of office facilities in Oslo, and $0.1 million ( 2014 : $ nil ; 2013 : $ nil ) to Arcadia for the provision of office facilities in London. The Company paid $nil in 2015 ( 2014 : $0.1 million ; 2013 : $0.2 million ) to Golar Management UK Limited for the provision of office facilities in London. Golar Management UK Limited ceased to be a related party in October 2014. As at December 31, 2015 , the Company owes Frontline Management and Frontline Management AS a combined total of $0.1 million ( 2014 : $0.8 million ) for various items, including newbuilding supervision fees, technical supervision fees and office costs. Related party loans – associated companies Ship Finance has entered into agreements with SFL Deepwater, SFL Hercules and SFL Linus granting them loans of $145.0 million , $145.0 million and $125.0 million , respectively. The loans to SFL Deepwater and SFL Hercules are fixed interest rate loans, and the loan to SFL Linus was interest free until the newbuilding jack-up drilling rig was delivered to that company, since when it has been a fixed interest rate loan. These loans are repayable in full on October 1, 2023, October 1, 2023 and June 30, 2029, respectively, or earlier if the companies sell their drilling units. Ship Finance is entitled to take excess cash from these companies, and such amounts are recorded within their current accounts with Ship Finance. The loan agreements specify that the balance on the current accounts will have no interest applied and will be settled by offset against the eventual repayments of the fixed interest loans. In the year ended December 31, 2015 , the Company received interest income on these loans of $6.5 million from SFL Deepwater ( 2014 : $6.5 million ; 2013 : $9.6 million ), $6.5 million from SFL Hercules ( 2014 : $6.5 million ; 2013 $3.5 million ) and $5.6 million from SFL Linus ( 2014 : $4.9 million , 2013 : $ nil ) totaling $18.7 million . Ship Finance also granted a $145.0 million fixed interest rate loan to SFL West Polaris, which was repaid when that company was sold on December 30, 2014. The terms of the loan were similar to those in the above continuing loans, and in the year ended December 31, 2015 , the Company received interest income on this loan of $nil ( 2014 : $6.5 million ; 2013 : $6.5 million ). Related party purchases and sales of vessels – 2015 In the third quarter of 2015, the Company acquired eight Capesize dry bulk carriers from subsidiaries of Golden Ocean for a total acquisition cost of $272.0 million . The vessels were immediately chartered back to a subsidiary of Golden Ocean on ten year time charters, at rates of $17,600 per day for the first seven years and $14,900 per day thereafter. In addition, the Company will receive a 33% profit share of revenues above these rates. Golden Ocean was granted an option to purchase all eight of the vessels at the expiry of the charters. If the purchase option is not exercised, Ship Finance has the option to extend the charters for an additional three years at the rate of $14,900 per day per vessel. Related party purchases and sales of vessels – 2014 The ultra deepwater drilling unit West Polaris is owned by SFL West Polaris, which was a wholly-owned subsidiary of Ship Finance accounted for using the equity method (see Note 16: Investment in associated companies). In December 2014, Seadrill advised the Company of its intention to exercise a purchase option, and the transaction was effected on December 30, 2014 as the sale of SFL West Polaris. The Company recorded a gain of $6.1 million on the sale, which was recorded as "Gain on sale of investment in associated company". Related party purchases and sales of vessels – 2013 In July 2013, the Company announced the acquisition of the newbuilding harsh-environment jack-up drilling rig West Linus from a subsidiary of NADL, for a total acquisition cost of $600 million . The rig, which was delivered in February 2014, was leased back to a subsidiary of NADL for a period in excess of 15 years , and the subsidiary was granted four purchase options at dates during and at the end of the charter period. Additionally, Ship Finance has an option to sell the rig back to the subsidiary at the end of the charter period. The rig is owned by SFL Linus, a wholly-owned subsidiary of Ship Finance accounted for using the equity method (see Note 16: Investment in associated companies).

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2015
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 due 2017 and 2019. From a financial perspective these swaps hedge interest rate and exchange rate exposure. The counterparties to such contracts are DNB Bank, Nordea Bank Finland Plc., ABN AMRO Bank N.V., NIBC Bank N.V., Skandinaviska Enskilda Banken AB (publ), ING Bank N.V., Danske Bank A/S and Swedbank AB (publ). Credit risk exists to the extent that the counterparties are unable to perform under the contracts, but this risk is considered remote 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 $) 2015 2014 Designated derivative instruments -short-term liabilities: Interest rate swaps — 292 Non-designated derivative instruments -short-term liabilities: Interest rate swaps — 225 Total derivative instruments - short-term liabilities — 517 Designated derivative instruments -long-term liabilities: Interest rate swaps 11,458 40,058 Cross currency interest rate swaps 87,642 63,083 Non-designated derivative instruments -long-term liabilities: Interest rate swaps 2,897 1,565 Cross currency interest rate swaps 11,645 1,973 Total derivative instruments - long-term liabilities 113,642 106,679 (in thousands of $) 2015 2014 Designated derivative instruments -long-term assets: Interest rate swaps 487 710 Non-designated derivative instruments -long-term assets: Interest rate swaps 313 2,584 Total derivative instruments - long-term assets 800 3,294 Interest rate risk management The Company manages its debt portfolio with interest rate swap agreements denominated in U.S. dollars and Norwegian kroner to achieve an overall desired position of fixed and floating interest rates. At December 31, 2015 , 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 $) Inception date Maturity date Fixed interest rate $31,604 (reducing to $24,794) March 2008 August 2018 4.05% - 4.15% $34,140 (reducing to $23,394) April 2011 December 2018 2.13% - 2.80% $50,760 (reducing to $34,044) May 2011 January 2019 0.80% - 2.58% $100,000 (remaining at $100,000) August 2011 August 2021 2.50% - 2.93% $157,933 (terminating at $79,733) May 2012 August 2022 1.76% - 1.85% $105,436 (equivalent to NOK600 million) October 2012 October 2017 5.92% - 6.23% * $39,900 (reducing to $32,142) February 2013 December 2017 0.81% - 0.82% $100,000 (remaining at $100,000) March 2013 April 2023 1.85% - 1.97% $151,008 (equivalent to NOK900 million) March 2014 March 2019 6.03 % * $108,375 (reducing to $70,125) December 2016 December 2021 1.86% - 3.33% $110,500 (reducing to $70,125) January 2017 January 2022 1.56% - 3.09% $33,973 (reducing to $19,413) September 2015 March 2022 1.67 % * These swaps relate to the NOK 600 million and the NOK 900 million unsecured bonds, and the fixed interest rates paid are exchanged for NIBOR plus the margin on the bonds. For the remaining swaps the fixed interest rate paid is exchanged for LIBOR, excluding margin on the underlying loans. The interest rate swap with a notional principal of $108.4 million has an inception date of December 2016 , and the interest rate swap with a notional principal of $110.5 million has an inception date of January, 2017 . The total notional principal amount subject to swap agreements as at December 31, 2015 , excluding those with inception dates in the future, was $804.8 million ( 2014 : $1,094.1 million ). Foreign currency risk management The Company has entered into currency swap transactions, involving the payment of U.S. dollars in exchange for Norwegian kroner, which are designated as hedges against the NOK 600 million senior unsecured bonds due 2017 and the NOK 900 million senior unsecured bonds due 2019. Principal Receivable Principal Payable Inception date Maturity date NOK600 million US$105.4 million October 2012 October 2017 NOK900 million US$151.0 million March 2014 March 2019 Apart from the NOK 600 million and NOK 900 million senior unsecured bonds due 2017 and 2019, respectively, the majority of the Company's transactions, assets and liabilities are denominated in U.S. dollars, the functional currency of the Company. Other than the corresponding currency swap transactions summarized above, the Company has not entered into forward contracts for either transaction or translation risk. Accordingly, there is a risk that currency fluctuations could have an adverse effect on the Company's cash flows, financial condition and results of operations. Fair Values The carrying value and estimated fair value of the Company's financial assets and liabilities at December 31, 2015 , and 2014 , are as follows: 2015 2015 2014 2014 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available for sale securities 199,594 199,594 73,656 73,656 Floating rate NOK bonds due 2017 63,681 63,719 76,487 75,210 Floating rate NOK bonds due 2019 85,434 79,549 119,277 108,542 3.75% unsecured convertible bonds due 2016 117,500 118,021 125,000 124,375 3.25% unsecured convertible bonds due 2018 350,000 378,315 350,000 335,563 Derivatives: Interest rate/ currency swap contracts – long-term receivables 800 800 3,294 3,294 Interest rate/ currency swap contracts – short-term payables — — 517 517 Interest rate/ currency swap contracts – long-term payables 113,642 113,642 106,679 106,679 The above long-term receivables relating to interest rate/ currency swap contracts at December 31, 2015 , include $0.3 million which relates to non-designated swap contracts ( 2014 : $2.6 million ), with the balance relating to designated hedges. The above short-term payables relating to interest rate/ currency swap contracts at December 31, 2015 , include $ nil which relates to non-designated swap contracts ( 2014 : $0.2 million ), with the balance relating to designated hedges. The above long-term payables relating to interest rate/ currency swap contracts at December 31, 2015 , include $14.5 million which relates to non-designated swap contracts ( 2014 : $3.5 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: Derivatives – Interest rate and currency swaps"), where the Company has designated the swap as a hedge, and to the extent that the hedge is effective, changes in the fair values of interest rate swaps are recognized in other comprehensive income. Changes in the fair value of other swaps and the ineffective portion of swaps designated as hedges are recognized in the consolidated statement of operations. The above fair values of financial assets and liabilities as at December 31, 2015 , are measured as follows: Fair value measurements using Total fair value as at December 31, 2015 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 securities 199,594 199,594 Interest rate/ currency swap contracts - long-term receivables 800 800 Total assets 200,394 199,594 800 — Liabilities: Floating rate NOK bonds due 2017 63,719 63,719 Floating rate NOK bonds due 2019 79,549 79,549 3.75% unsecured convertible bonds due 2016 118,021 118,021 3.25% unsecured convertible bonds due 2018 378,315 378,315 Interest rate/ currency swap contracts – long-term payables 113,642 113,642 Total liabilities 753,246 639,604 113,642 — The above fair values of financial assets and liabilities as at December 31, 2014 , were measured as follows: Fair value measurements using Total fair value as at December 31, 2014 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 securities 73,656 49,913 23,743 Interest rate/ currency swap contracts – long-term receivables 3,294 3,294 Total assets 76,950 49,913 3,294 23,743 Liabilities: Floating rate NOK bonds due 2017 75,210 75,210 Floating rate NOK bonds due 2019 108,542 108,542 3.75% unsecured convertible bonds due 2016 124,375 124,375 3.25% unsecured convertible bonds due 2018 335,563 335,563 Interest rate/ currency swap contracts – short-term payables 517 517 Interest rate/ currency swap contracts – long-term payables 106,679 106,679 Total liabilities 750,886 643,690 107,196 — 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. Available for sale securities consist of (i) listed Frontline shares (December 31, 2015, only), (ii) secured listed and unlisted corporate bonds and (iii) Horizon Lines, LLC second lien loan notes (December 31, 2014, only). The fair value of the listed Frontline shares and the listed and unlisted corporate bonds consists of their aggregate market value as at the balance sheet date. The fair value of the Horizon Lines, LLC loan notes at December 31, 2014, was a Level 3 input, determined from analysis of projected cash flows, based on factors including the terms, provisions and other characteristics of the notes, 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. The Horizon Lines, LLC loan notes were sold in May 2015 (see note 9: Gain on sale of loan notes and share warrants - other). The following table shows the changes in the fair value of the asset with Level 3 valuation during the year ended December 31, 2015 : (in thousands of $) Horizon Lines, LLC loan notes Fair values - Level 3 inputs: Balance as at December 31, 2014 23,743 Interest income, receivable in form of unlisted second lien loan notes - see (a) below 2,182 Balance on sale of notes at May 29, 2015 25,925 (a) The interest income of $2.2 million is recognized in the Consolidated Statement of Operations under "Interest income - other". There were no changes to the above valuation during the year ended December 31, 2015 , no related gains or losses recognized in "Other Comprehensive Income" and no transfers of items between Level 3 and other valuation levels. The estimated fair values for the floating rate NOK bonds due 2017 and 2019, and the 3.75% and 3.25% unsecured convertible bonds are based on the quoted market prices as at the balance sheet date. The fair value of interest rate and currency swap contracts is calculated using a well-established independent valuation technique applied to contracted cash flows and LIBOR/NIBOR interest rates as at the balance sheet date. Concentrations of risk There is a concentration of credit risk with respect to cash and cash equivalents to the extent that most of the amounts are carried with Skandinaviska Enskilda Banken, ABN AMRO, Nordea, DNB and Credit Agricole Corporate and Investment Bank. However, the Company believes this risk is remote. Since the Company was spun-off from Frontline in 2004, Frontline has accounted for a significant proportion of our operating revenues. In the year ended December 31, 2015 , Frontline accounted for 33% of our operating revenues ( 2014 : 37% , 2013 : 38% ). There is thus a concentration of revenue risk with Frontline.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Assets Pledged 2015 Book value of assets pledged under ship mortgages (see Note 19) $2,087 million Other Contractual Commitments 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 Korea Shipowner’s Mutual Protection & Indemnity Association, The West of England Ship Owners Mutual Insurance Association (Luxembourg), North of England P&I Association Limited, The Standard Club Europe Ltd and The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited, all of which are mutual protection and indemnity associations. The Company is subject to calls payable to the associations based on the Company’s claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which may result in additional calls on the members. SFL Deepwater, SFL Hercules and SFL Linus are wholly-owned subsidiaries of the Company, which are accounted for using the equity method. Accordingly, their assets and liabilities are not consolidated in the Company's Consolidated Balance Sheets, but are presented on a net basis under "Investment in associated companies" - see Note 16. As at December 31, 2015 , their combined borrowings amounted to $831.2 million and the Company guaranteed $250.0 million of this debt. At December 31, 2015 , the Company had commitments under contracts to acquire newbuilding vessels totaling $261.9 million ( 2014 : $85.0 million ). In addition, two subsidiaries had contractual commitments relating to the chartering-in of two 18,000-20,000 TEU container vessels on 15 year bareboat charters amounting to $406.1 million at December 31, 2015 (2014: $ nil ), of which $30.0 million represents initial payments due on delivery of the vessels. There are no other contractual commitments at December 31, 2015 . The Company is routinely party both as plaintiff and defendant to laws suits in various jurisdictions under charter hire obligations arising from the operation of its vessels in the ordinary course of business. The Company believes that the resolution of such claims will not have a material adverse effect on its results of operations or financial position. The Company has not recognized any contingent gains or losses arising from the pending results of any such law suits.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2015
CONSOLIDATED VARIABLE INTEREST ENTITIES [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITIES	CONSOLIDATED VARIABLE INTEREST ENTITIES The Company's consolidated financial statements include 26 variable interest entities, all of which are wholly-owned subsidiaries. These subsidiaries own vessels with existing charters during which related and third parties have fixed price options to purchase the respective vessels, at dates varying from September 2017 to July 2025. It has been determined that the Company is the primary beneficiary of these entities, as none of the purchase options are deemed to be at bargain prices and none of the charters include sales options. At December 31, 2015 , the vessels of two of these entities are accounted for as direct financing leases with a combined carrying value of $44.3 million , unearned lease income of $9.0 million and estimated residual values of $5.9 million . The outstanding loan balances in these two entities total $23.9 million , of which the short-term portion is $4.8 million . The other 24 fully consolidated variable interest entities own vessels which are accounted for as operating lease assets, with a total net book value at December 31, 2015 , of $609.6 million . The outstanding loan balances in these entities total $309.9 million , of which the short-term portion is $30.0 million .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In February 2016, the Company took delivery of the newbuilding container vessel Maersk Skarstind , which immediately commenced a five year time charter to Maersk Line A/S. The vessel-owning subsidiary drew down $70.0 million against the $210 million facility secured against this and two other newbuilding vessels, one of which is yet to be delivered. In February 2016, the Company redeemed in cash the full outstanding amount under the 3.75% senior unsecured convertible bonds due 2016. In February 2016, Frontline enacted a 1-for-5 reverse stock split of its ordinary shares. Accordingly, the Company's holding in Frontline changed from 55 million shares to 11 million shares, remaining at approximately 7.0% of Frontline's issued share capital. In February 2016, the Company entered into interest rate swap contracts with initial principal amounts totaling $68.9 million , swapping variable LIBOR interest rates for a fixed interest rate of 1.2625% per annum. On February 29, 2016, the Board of Ship Finance declared a dividend of $0.45 per share which was paid in cash on March 30, 2016. In February 2016, the Company sold the offshore supply vessel Sea Bear to an unrelated party third party, and simultaneously agreed to terminate the corresponding charter with a subsidiary of Deep Sea. Total gross proceeds amounted to approximately $19.6 million , consisting of cash sales proceeds and amortizing senior unsecured loan notes received from Deep Sea as compensation for the early termination of the charter. The loan notes bear interest at a rate of 7.25% and are redeemable over a period of six years. In March 2016, the Company issued 36,575 new shares to satisfy the share options exercised by two officers and three employees. The exercise price was $12.11 per share, resulting in a total premium on issue of $0.4 million . In March 2016, the Company awarded a total of 279,000 options to six Board members, two officers and five employees, 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 March 2017 onwards. The initial strike price is $14.38 per share.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
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. We evaluate our subsidiaries, and any other entities in which we hold a variable interest, in order to determine whether we are the primary beneficiary of the entity, and where it is determined that we are the primary beneficiary we fully consolidate the entity.
Investments in associated companies	Investments in associated companies Investments in companies over which the Company exercises significant influence but which it does not consolidate are accounted for using 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 investees' earnings or losses in the consolidated statements of operations as "Equity in earnings of associated companies." At December 31, 2015, two ultra-deepwater drilling units and one jack-up drilling rig are owned by three wholly-owned subsidiaries of the Company that are accounted for using the equity method.
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.
Foreign currencies	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.
Revenue and expense recognition	Revenue and expense recognition Revenues and expenses are recognized on the accrual basis. 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, finance lease service revenues, profit sharing arrangements and freight billings, where contracts exist, the charter and voyage rates are predetermined, service is provided and the collection of the revenue is reasonably assured. Each charter agreement is evaluated and classified as an operating or a capital lease. Rental receipts from operating leases are recognized in income as it is earned ratably on a straight line basis over the duration of the period of each charter as adjusted for off-hire days. Rental payments from capital leases, which are either direct financing leases or sales-type leases, are allocated between lease service revenue, if applicable, lease interest income and repayment of net investment in leases. 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. Voyage revenues are recognized ratably over the estimated length of each voyage, and accordingly are allocated between reporting periods based on the relative transit time in each period. Voyage expenses are recognized as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Vessel operating expenses are expensed as incurred. Under a time charter, specified voyage costs such as fuel and port charges are paid by the charterer and other non-specified voyage expenses, such as commissions, are paid by the Company. Vessel operating costs include crews, voyage costs not applicable to the charterer, maintenance and insurance and are paid by the Company. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating costs and risks of operation. If payment is received in advance from charterers, it is recorded as deferred charter revenue and recognized as revenue over the period to which it relates. Amounts receivable from profit sharing arrangements with Frontline Shipping Limited ("Frontline Shipping") and Frontline Shipping II Limited ("Frontline Shipping II"), which are related parties, are accrued based on amounts earned at the reporting date. Such profit share income has two elements: - 50% profit sharing: From January 1, 2012, up to and including June 30, 2015, the charter agreements with Frontline Shipping and Frontline Shipping II included provisions whereby they were to pay the Company profit sharing of 25% of their earnings on a time-charter equivalent basis from their use of the Company's fleet above average threshold charter rates each fiscal year. In December 2011, the Company received a $106 million compensation payment from Frontline Ltd. ("Frontline"), of which $50 million represented a non-refundable advance relating to this 25% profit sharing agreement. The amendments to the charter agreements made on June 5, 2015, increased the profit sharing percentage to 50% for earnings above new threshold levels from July 1, 2015, onwards. The Company did not recognize any income under the 25% profit sharing agreement, as the cumulative share of earnings did not attain the starting level of $50 million over the three and a half years of the agreement's duration. The new 50% profit sharing agreement is not subject to any such constraints. - Cash sweep: The charter agreements effective from January 1, 2012, were essentially the continuation of previous agreements amended to temporarily reduce the time-charter rates by $6,500 per day for the four year period commencing January 1, 2012. The agreements additionally provided that during the four year period Frontline Shipping and Frontline Shipping II would pay the Company 100% of any earnings on a time-charter equivalent basis above the temporarily reduced time charter rates, subject to a maximum of $6,500 per day per vessel. As detailed in Note 23: "Related party transactions"; the Company also has profit sharing arrangements with related parties Golden Ocean Group Limited ("Golden Ocean") and United Freight Carriers ("UFC"). Amounts receivable under these arrangements are accrued on the basis of amounts earned at the reporting date. All contingent elements of rental income, such as profit share, cash sweep and interest rate adjustments, are recognized when the contingent conditions have materialized.
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.
Available for sale securities	Available for sale securities Available for sale securities held by the Company consist of share investments and interest-earning listed and unlisted corporate bonds. It is expected that corporate bonds will be held to maturity or redemption, and any premium paid on their acquisition is amortized over the life of the bond. Available for sale securities are recorded at fair value, with unrealized gains and losses generally recorded as a separate component of other comprehensive income. If circumstances arise which lead the Company to believe that the issuer of a corporate bond may be unable meet its payment obligations in full, or that the fair value at acquisition of the share investment or corporate bond may otherwise not be fully recoverable, then to the extent that a loss is expected to arise that unrealized loss is recorded as an impairment in the statement of operations, with an adjustment if necessary to any unrealized gains or losses previously recorded in other comprehensive income. 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.
Trade accounts receivable	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 doubtful balances. At each balance sheet date, all potentially uncollectable accounts are assessed individually to determine any allowance for doubtful receivables. At December 31, 2015 and 2014 , no provision was made for doubtful receivables.
Inventories	Inventories Inventories are comprised principally of fuel and lubricating oils and are stated at the lower of cost and market value. Cost is determined on a first-in first-out basis.
Vessels and equipment (including operating 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 assets, including drilling rigs and drillships, is 30 years and for all other vessels it is 25 years. Where an asset is subject to an operating lease that includes fixed price purchase options, the projected net book value of the asset is compared to the option price at the various option dates. If any option price is less than the projected net book value at an option date, the initial depreciation schedule is amended so that the carrying value of the asset is written down on a straight line basis to the option price at the option date. If the option is not exercised, this process is repeated so as to amortize the remaining carrying value, on a straight line basis, to the estimated scrap value or the option price at the next option date, as appropriate. This accounting policy for fixed assets has the effect that if an option is exercised there will be either a) no gain or loss on the sale of the asset or b) in the event that the option is exercised at a price in excess of the net book value at the option date, a gain will be reported in the statement of operations at the date of delivery to the new owners, under the heading "gain on sale of assets and termination of charters". Office equipment is depreciated at 20% per annum on a reducing balance basis.
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 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.
Investment in Capital Leases	Investment in Capital Leases Leases (charters) of our vessels where we are the lessor are classified as either capital leases or operating leases, based on an assessment of the terms of the lease. For charters classified as capital 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 capital lease. For capital leases that are 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 "lease service revenue". For capital leases that are 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. Where a capital lease relates to a 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 capital leases 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, other than by renewing the lease or extending its term, in a manner that would have resulted in a different classification of the lease had such amended terms been in effect at the lease inception, the amended lease agreement shall be considered to be a new lease agreement over the remainder of its term. If the terms of a capital lease are amended in a way that does not result in it being treated as a new operating lease agreement, the remaining minimum lease payments and, if appropriate, the estimated residual value will be amended to reflect the revised terms, with a corresponding increase or decrease in unearned income.
Other Investments	Other Long-Term Investments Other long-term investments are measured at fair value using the best available value indicators, and are included in "Other long-term assets" in the Consolidated Balance Sheets. The Company currently has one long-term investment, consisting of shares in a container vessel owner/operator which are not publicly traded, and the best estimate available for the valuation of this investment is the cost basis. When using this basis of valuation, the Company carries out regular reviews for possible impairment adjustments. Following such a review, an impairment adjustment of $2.9 million was made to the carrying value of this asset in 2012, reducing its carrying value to $ nil ( December 31, 2015 : $ nil ; December 31, 2014 : $ nil ). At December 31, 2014 , the Company had another long-term investment consisting of warrants to purchase shares in a U.S. company, which were received in 2012, together with other assets, as part of the consideration for the Company agreeing to terminate certain long-term charter agreements. Although shares in the U.S. company were traded on the over-the-counter market, the warrants were not listed. The Company considered that the best method of establishing the fair value of these warrants was to calculate their value in relation to the current market price of the underlying shares, taking into account the terms, restrictions and other features of the warrants, the fundamental financial and other characteristics of the issuing company, trading characteristics of the issuing company's shares, and actual sale transactions of comparable securities completed in secondary markets. The Company carried out regular reviews of the value of this investment, and adjusted the carrying value accordingly. In 2012, the Company concluded that the initial value of the warrants may not be recoverable and recorded an impairment charge of $0.5 million , reducing the carrying value to $1.2 million ( December 31, 2014 : $1.2 million ). The Company sold this long-term investment in May 2015 (see Note 9: Gain on sale of loan notes and share warrants - other).
Deemed Equity Contributions	Deemed Equity Contributions The Company has accounted for the acquisition of vessels from Frontline at Frontline's historical carrying value. The difference between the historical carrying value and the net investment in each lease was recorded as a deferred deemed equity contribution. These deferred deemed equity contributions were presented as a reduction in the net investment in direct financing leases in the balance sheet, due to the related party nature of both the transfer of the vessels and the subsequent direct financing leases. The deferred deemed equity contributions were amortized as credits to contributed surplus over the life of the lease arrangements, as lease payments were applied to the principal balance of each lease receivable. Amendments were made to the charter agreements on June 5, 2015, reducing daily lease payments from July 1, 2015, onwards. In the course of re-stating the amended leases, it was concluded that amortization of the deferred deemed equity contributions is no longer appropriate and these items are now incorporated into the revised lease schedules.
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. The Company carried out a review of the carrying value of its vessels, drilling rigs and long-term investments in the year ended December 31, 2015, and concluded that the carrying values of two container vessels and two off-shore supply vessels were impaired, and charges were taken against those assets. In the year ended December 31, 2014 , reviews of the carrying value of long-lived assets indicated that the carrying value of five container vessels were impaired, and charges were taken against those assets, which were sold in 2015. No impairment loss was recorded in the year ended December 31, 2013.
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.
Derivatives	Derivatives 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, and for certain of the Company's swaps the 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.
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.
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.
Stock-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 Issued Accounting Standards	RECENTLY ISSUED ACCOUNTING STANDARDS In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers" in order to ensure that revenue recognition requirements are the same under both US GAAP and International Financial Reporting Standards ("IFRS"). ASU 2014-09 removes inconsistencies and provides a more robust framework for addressing revenue issues. ASU 2014-09 was effective for reporting periods and interim periods beginning on or after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 "Deferral of the Effective Date" to delay the implementation of ASU 2014-09 by one year, in response to feedback from preparers, practitioners and users of financial statements. Accordingly, ASU 2014-09 is now effective for reporting periods and interim periods beginning on or after December 15, 2017. Early adoption is permitted for reporting and interim periods beginning on or after December 15, 2016. The Company is currently assessing the impact of ASU 2014-09 on its consolidated financial position, results of operations and cash flows. In November 2014, the FASB issued ASU 2014-16 "Derivatives and Hedging" in order to standardize the determination of whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. ASU 2014-16 requires that all terms and features of the hybrid instrument, including the embedded derivative feature itself, must be taken into account when establishing separate accounting for the embedded derivative. ASU 2014-16 is effective for fiscal years and interim periods beginning on or after December15, 2015. The Company is currently assessing the impact of ASU 2014-16 on its consolidated financial position, results of operations and cash flows. In February 2015, the FASB issued ASU 2015-02 "Consolidation: Amendments to the Consolidation Analysis" in order to clarify the basis for consolidation of certain legal entities. ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in certain legal entities. ASU 2015-02 is effective for public business entities for fiscal years and interim periods beginning on or after December 15, 2015. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-02 on its consolidated financial position, results of operations and cash flows. In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs” to simplify presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. ASU 2015-03 is effective for public entities with reporting periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. In August 2015, the FASB issued ASU 2015-15 "Interest - Imputation of Interest" to address the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements, which were not specifically addressed in ASU 2015-03. The Company believes that the implementation of this update will only affect the presentation of debt issuance costs which will be shown as a direct deduction of the related debt instead of under non-current assets in the accompanying balance sheets. In June 2015, the FASB issued ASU 2015-10 "Technical Corrections and Improvements" to clarify and make minor improvements to the Codification and correct unintended application of guidance. The FASB does not expect the numerous amendments to have a significant effect on accounting practice. ASU 2015-10 is effective for fiscal years and interim periods beginning on or after December 31, 2015. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-10 on its consolidated financial position, results of operations and cash flows. In July 2015, the FASB issued ASU 2015-11 "Simplifying the Measurement of Inventory" to reduce the complexity and cost of the subsequent measurement of inventory, in particular when using the first-in, first-out (FIFO) or average cost methods. The provisions of ASU 2015-11 specifically exclude inventory that is measured using the last-in, first-out (LIFO) or the retail inventory method. Entities should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. ASU 2015-11 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-10 on its consolidated financial position, results of operations and cash flows. In January 2016, the FASB issued ASU 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities" to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. ASU 2016-01 particularly relates to the fair value and impairment of equity investments, financial instruments measured at amortized cost, and the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU 2016-01 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is only permitted for certain particular amendments within ASU 2016-01, where financial statements have not yet been issued. The Company is currently assessing the impact of ASU 2016-01 on its consolidated financial position, results of operations and cash flows. In February 2016, the FASB issued ASU 2016-02 "Leases" to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 creates a new Accounting Standards Codification Topic 842 "Leases" to replace the previous Topic 840 "Leases." ASU 2016-02 affects both lessees and lessors, although for the latter the provisions are similar to the previous model, but updated to align with certain changes to the lessee model and also the new revenue recognition provisions contained in ASU 2014-09 (see above). ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-02 on its consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-07 "Investments - Equity Method and Joint Ventures" to simplify the transition to the equity method of accounting. ASU 2016-07 eliminates the requirement that when an investment qualifies for the use of the equity method as a result of an increase in the level of ownership, the investor must adjust the investment, results of operations and retained earnings retrospectively as if the equity method had been in effect during all previous periods in which the investment had been held. ASU 2016-07 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-02 on its consolidated financial position, results of operations and cash flows.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
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 $) 2015 2014 2013 Basic: Net income available to stockholders 200,832 122,815 89,206 Diluted: Net income available to stockholders 200,832 122,815 89,206 Interest paid on 3.75% convertible bonds 5,078 5,060 5,092 Interest paid on 3.25% convertible bonds 17,371 17,371 — 223,281 145,246 94,298 The components of the denominator for the calculation of basic and diluted EPS are as follows: Year ended December 31 (in thousands) 2015 2014 2013 Basic earnings per share: Weighted average number of common shares outstanding 93,450 93,331 89,508 Diluted earnings per share: Weighted average number of common shares outstanding 93,450 93,331 89,508 Effect of dilutive share options 23 84 163 Effect of dilutive convertible debt 25,535 23,332 5,753 119,008 116,747 95,424

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2015
Leases, Operating [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, 2015 , are as follows: (in thousands of $) Year ending December 31, 2016 263,340 2017 252,799 2018 211,819 2019 175,756 2020 147,902 Thereafter 293,855 Total minimum lease revenues 1,345,471
Cost and accumulated depreciation of vessels leased to third parties on operating leases	The cost and accumulated depreciation of vessels leased to third parties on operating leases at December 31, 2015 and 2014 were as follows: (in thousands of $) 2015 2014 Cost 1,964,852 1,715,510 Accumulated depreciation 323,535 338,377 Vessels and equipment, net 1,641,317 1,377,133

GAIN ON SALE OF ASSETS AND TE38

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS (Tables)	12 Months Ended
	Dec. 31, 2015
Gain (Loss) on Disposition of Assets [Abstract]
Gains on sale of assets and termination of charters	The Company has recorded gains on sale of assets and termination of charters as follows: Year ended December 31 (in thousands) 2015 2014 2013 Gain/ (loss) on sale of assets 7,364 (1,384 ) 18,025 Gain on termination of charters — 25,315 — Total gain on sale of assets and termination of charters 7,364 23,931 18,025

OTHER FINANCIAL ITEMS (Tables)

OTHER FINANCIAL ITEMS (Tables)	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Other financial items	Other financial items comprise the following items: Year ended December 31 (in thousands of $) 2015 2014 2013 Net increase/(decrease) in fair value of non-designated derivatives (13,051 ) (7,636 ) 7,726 Net cash payments on non-designated derivatives (6,453 ) (7,196 ) (2,653 ) Net increase/(decrease) in fair value of designated derivatives (ineffective portion) (227 ) (63 ) 224 Other items (1,558 ) (1,337 ) (3,294 ) Total other financial items (21,289 ) (16,232 ) 2,003

AVAILABLE FOR SALE SECURITIES (

AVAILABLE FOR SALE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Available-for-sale debt securities	Marketable securities held by the Company are debt securities and share investments considered to be available-for-sale securities. (in thousands of $) 2015 2014 Amortized cost 185,148 80,743 Accumulated net unrealized (loss)/gain 14,446 (7,087 ) Carrying value 199,594 73,656

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Vessels and equipment	( in thousands of $) 2015 2014 Cost 1,964,852 1,715,510 Accumulated depreciation 323,535 338,377 Vessels and equipment, net 1,641,317 1,377,133

INVESTMENTS IN DIRECT FINANCI42

INVESTMENTS IN DIRECT FINANCING LEASES (Tables)	12 Months Ended
	Dec. 31, 2015
Net Investment in Direct Financing and Sales Type Leases [Abstract]
Components of the investments in direct financing and sales-type leases	The following lists the components of the investments in direct financing leases as at December 31, 2015 , and December 31, 2014 : (in thousands of $) 2015 2014 Total minimum lease payments to be received 825,460 1,174,327 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (362,959 ) (330,056 ) Net minimum lease payments receivable 462,501 844,271 Estimated residual values of leased property (un-guaranteed) 195,238 239,002 Less : unearned income (146,296 ) (243,419 ) 511,443 839,854 Less : deferred deemed equity contribution — (86,585 ) Less : unamortized gains — (6,738 ) Total investment in direct financing and sales-type leases 511,443 746,531 Current portion 37,145 37,517 Long-term portion 474,298 709,014 511,443 746,531
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 direct financing leases as of December 31, 2015 , are as follows: (in thousands of $) Year ending December 31, 2016 109,340 2017 109,042 2018 109,042 2019 109,042 2020 96,410 Thereafter 292,584 Total minimum lease revenues 825,460

INVESTMENT IN ASSOCIATED COMP43

INVESTMENT IN ASSOCIATED COMPANIES (Tables)	12 Months Ended
	Dec. 31, 2015
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Percentage participation using the equity method of accounting	At December 31, 2015 , 2014 and 2013 , the Company had the following participation in investments that are recorded using the equity method: 2015 2014 2013 SFL West Polaris Limited — — 100.00 % SFL Deepwater Ltd 100.00 % 100.00 % 100.00 % SFL Hercules Ltd 100.00 % 100.00 % 100.00 % SFL Linus Ltd 100.00 % 100.00 % 100.00 % Bluelot Shipping Company Limited — — 100.00 % SFL Corte Real Limited — — 100.00 %
Summarized financial statement information of equity method investees	Summarized balance sheet information of the Company's equity method investees is as follows: As of December 31, 2015 (in thousands of $) TOTAL SFL Deepwater SFL West Polaris SFL Hercules SFL Linus Bluelot Corte Real Current assets 120,251 33,735 — 38,936 47,580 — — Non-current assets 1,212,302 366,893 — 362,419 482,990 — — Total assets 1,332,553 400,628 — 401,355 530,570 — — Current liabilities 128,455 25,221 — 28,624 74,610 — — Non-current liabilities (1) 1,119,483 335,881 — 354,025 429,577 — — Total liabilities 1,247,938 361,102 — 382,649 504,187 — — Total shareholders' equity 84,615 39,526 — 18,706 26,383 — — As of December 31, 2014 (in thousands of $) TOTAL SFL Deepwater SFL West Polaris SFL Hercules SFL Linus Bluelot Corte Real Current assets (1) 127,268 44,297 — 38,619 44,352 — — Non-current assets 1,324,765 397,191 — 397,226 530,348 — — Total assets 1,452,033 441,488 — 435,845 574,700 — — Current liabilities 122,861 38,376 — 32,945 51,540 — — Non-current liabilities (1) 1,275,715 371,147 — 391,500 513,068 — — Total liabilities 1,398,576 409,523 — 424,445 564,608 — — Total shareholders' equity 53,457 31,965 — 11,400 10,092 — — (1) SFL Deepwater, SFL Hercules and SFL Linus non-current liabilities at December 31, 2015 , include $137.4 million ( 2014 : $100.0 million ), $125.3 million ( 2014 : $135.3 million ) and $125.0 million ( 2014 : $110.7 million ) due to Ship Finance, respectively (see Note 23: Related party transactions). In addition, SFL Linus current liabilities at December 31, 2015 , include a further $23.2 million ( 2014 : $ nil ) due to Ship Finance (see Note 23: Related party transactions). Summarized statement of operations information of the Company's wholly-owned equity method investees is shown below. Year ended December 31, 2015 (in thousands of $) TOTAL SFL Deepwater SFL West Polaris SFL Hercules SFL Linus Bluelot Corte Real Operating revenues 82,731 22,424 — 23,315 36,992 — — Net operating revenues 82,725 22,422 — 23,313 36,990 — — Net income (2) 31,001 7,561 — 7,306 16,134 — — Year ended December 31, 2014 (in thousands of $) TOTAL SFL Deepwater SFL West Polaris SFL Hercules SFL Linus Bluelot Corte Real Operating revenues 108,632 24,917 22,251 24,565 33,236 1,171 2,492 Net operating revenues 105,567 24,905 22,234 24,544 33,221 232 431 Net income (2) 33,497 8,023 4,643 7,755 12,413 232 431 Year ended December 31, 2013 (in thousands of $) TOTAL SFL Deepwater SFL West Polaris SFL Hercules SFL Linus Bluelot Corte Real Operating revenues 122,792 46,145 23,701 13,832 — 19,490 19,624 Net operating revenues 88,121 46,109 23,681 13,808 — 2,261 2,262 Net income (3) 28,200 17,747 2,324 3,645 (38 ) 2,261 2,261 (2) The net income of SFL Deepwater, SFL West Polaris, SFL Hercules and SFL Linus in the year ended December 31, 2015 , includes interest payable to Ship Finance amounting to $6.5 million ( 2014 : $6.5 million ; 2013 : $9.6 million ), $ nil ( 2014 : $6.5 million ; 2013 : $6.5 million ), $6.5 million ( 2014 : $6.5 million ; 2013 : $3.5 million ) and $5.6 million ( 2014 : $ 4.9 million ; 2013 : $ nil ), respectively (see Note 23: Related party transactions).

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2015
Accrued Liabilities [Abstract]
Schedule of Accrued Liabilities	(in thousands of $) 2015 2014 Vessel operating expenses 3,676 6,305 Administrative expenses 1,206 1,330 Interest expense 7,764 10,555 12,646 18,190

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	(in thousands of $) 2015 2014 Deferred and prepaid charter revenue 5,549 7,982 Employee taxes 152 899 Other items 11,336 211 17,037 9,092

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
Long-term Debt, by Current and Noncurrent [Abstract]
Schedule of long-term debt	(in thousands of $) 2015 2014 Long-term debt: 3.75% senior unsecured convertible bonds due 2016 117,500 125,000 Norwegian kroner 600 million senior unsecured floating rate bonds due 2017 63,681 76,487 3.25% senior unsecured convertible bonds due 2018 350,000 350,000 Norwegian kroner 900 million senior unsecured floating rate bonds due 2019 85,434 119,277 U.S. dollar denominated floating rate debt (LIBOR plus margin) due through 2023 1,049,861 1,061,695 1,666,476 1,732,459 Less : current portion of long-term debt (208,031 ) (182,415 ) 1,458,445 1,550,044
Schedule of maturities of debt	The outstanding debt as of December 31, 2015 , is repayable as follows: (in thousands of $) Year ending December 31, 2016 208,031 2017 185,246 2018 532,553 2019 255,744 2020 117,590 Thereafter 367,312 Total debt 1,666,476

OTHER LONG TERM LIABILITIES (Ta

OTHER LONG TERM LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Schedule of Other Long Term Liabilities	(in thousands of $) 2015 2014 Unamortized sellers' credit 11,960 15,042 Other items 3 2,542 11,963 17,584

SHARE CAPITAL, ADDITIONAL PAI48

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Schedule of Share Capital	Authorized share capital is as follows: (in thousands of $, except share data) 2015 2014 125,000,000 common shares of $1.00 par value each 125,000 125,000 Issued and fully paid share capital is as follows: (in thousands of $, except share data) 2015 2014 93,468,000 common shares of $1.00 par value each (2014: 93,404,000 shares) 93,468 93,404

SHARE OPTION PLAN (Tables)

SHARE OPTION PLAN (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of share option transactions	The following summarizes share option transactions related to the Option Scheme in 2015 , 2014 and 2013 : 2015 2014 2013 Options Weighted average exercise price $ Options Weighted average exercise price $ Options Weighted average exercise price $ Options outstanding at beginning of year 189,000 13.17 423,000 9.99 498,000 10.27 Granted — — — — — — Exercised (64,000 ) 10.55 (224,000 ) 5.41 (75,000 ) 5.29 Forfeited — — (10,000 ) 5.56 — — Options outstanding at end of year 125,000 12.56 189,000 13.17 423,000 9.99 Exercisable at end of year 125,000 12.56 189,000 13.17 374,333 9.22

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2015
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, excluding direct financing lease balances (see Note 15: Investments in direct financing leases): (in thousands of $) 2015 2014 Amounts due from: Frontline Charterers 18,052 30,714 Frontline Ltd 2,816 9,012 UFC 1,639 232 Deep Sea and Deep Sea Supply BTG — 1,338 SFL Linus 23,152 — Seadrill — 111,195 Total amount due from related parties 45,659 152,491 Loans to related parties - associated companies, long-term SFL Deepwater 137,437 100,036 SFL Hercules 125,275 135,250 SFL Linus 125,000 110,745 Total loans to related parties - associated companies, long-term 387,712 346,031 Loans to related parties - others, long-term Frontline Ltd — 79,294 Total loans to related parties - others, long-term — 79,294 Amounts due to: Frontline Charterers 229 196 Frontline Management 143 848 Other related parties 44 65 Total amount due to related parties 416 1,109
Summary of leasing revenues earned from related parties	A summary of leasing revenues earned from the Frontline Charterers, Seadrill, Deep Sea, Deep Sea Supply BTG, Golden Ocean and UFC is as follows: (in millions of $) 2015 2014 2013 Operating lease income 42.9 26.4 24.0 Direct financing lease interest income 34.2 45.4 55.4 Finance lease service revenue 46.5 46.5 52.4 Direct financing lease repayments 35.9 43.1 47.4 Profit sharing revenues 59.6 33.8 0.8

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
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 $) 2015 2014 Designated derivative instruments -short-term liabilities: Interest rate swaps — 292 Non-designated derivative instruments -short-term liabilities: Interest rate swaps — 225 Total derivative instruments - short-term liabilities — 517 Designated derivative instruments -long-term liabilities: Interest rate swaps 11,458 40,058 Cross currency interest rate swaps 87,642 63,083 Non-designated derivative instruments -long-term liabilities: Interest rate swaps 2,897 1,565 Cross currency interest rate swaps 11,645 1,973 Total derivative instruments - long-term liabilities 113,642 106,679 (in thousands of $) 2015 2014 Designated derivative instruments -long-term assets: Interest rate swaps 487 710 Non-designated derivative instruments -long-term assets: Interest rate swaps 313 2,584 Total derivative instruments - long-term assets 800 3,294
Schedule of interest rate swap transactions designated as hedges against specific loans	The summary includes all swap transactions, most of which are hedges against specific loans. Notional Principal (in thousands of $) Inception date Maturity date Fixed interest rate $31,604 (reducing to $24,794) March 2008 August 2018 4.05% - 4.15% $34,140 (reducing to $23,394) April 2011 December 2018 2.13% - 2.80% $50,760 (reducing to $34,044) May 2011 January 2019 0.80% - 2.58% $100,000 (remaining at $100,000) August 2011 August 2021 2.50% - 2.93% $157,933 (terminating at $79,733) May 2012 August 2022 1.76% - 1.85% $105,436 (equivalent to NOK600 million) October 2012 October 2017 5.92% - 6.23% * $39,900 (reducing to $32,142) February 2013 December 2017 0.81% - 0.82% $100,000 (remaining at $100,000) March 2013 April 2023 1.85% - 1.97% $151,008 (equivalent to NOK900 million) March 2014 March 2019 6.03 % * $108,375 (reducing to $70,125) December 2016 December 2021 1.86% - 3.33% $110,500 (reducing to $70,125) January 2017 January 2022 1.56% - 3.09% $33,973 (reducing to $19,413) September 2015 March 2022 1.67 % * These swaps relate to the NOK 600 million and the NOK 900 million unsecured bonds, and the fixed interest rates paid are exchanged for NIBOR plus the margin on the bonds. For the remaining swaps the fixed interest rate paid is exchanged for LIBOR, excluding margin on the underlying loans.
Schedule of currency swap transactions	The Company has entered into currency swap transactions, involving the payment of U.S. dollars in exchange for Norwegian kroner, which are designated as hedges against the NOK 600 million senior unsecured bonds due 2017 and the NOK 900 million senior unsecured bonds due 2019. Principal Receivable Principal Payable Inception date Maturity date NOK600 million US$105.4 million October 2012 October 2017 NOK900 million US$151.0 million March 2014 March 2019
Schedule of carrying value and estimated fair value of financial assets and liabilities	The carrying value and estimated fair value of the Company's financial assets and liabilities at December 31, 2015 , and 2014 , are as follows: 2015 2015 2014 2014 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available for sale securities 199,594 199,594 73,656 73,656 Floating rate NOK bonds due 2017 63,681 63,719 76,487 75,210 Floating rate NOK bonds due 2019 85,434 79,549 119,277 108,542 3.75% unsecured convertible bonds due 2016 117,500 118,021 125,000 124,375 3.25% unsecured convertible bonds due 2018 350,000 378,315 350,000 335,563 Derivatives: Interest rate/ currency swap contracts – long-term receivables 800 800 3,294 3,294 Interest rate/ currency swap contracts – short-term payables — — 517 517 Interest rate/ currency swap contracts – long-term payables 113,642 113,642 106,679 106,679
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The above fair values of financial assets and liabilities as at December 31, 2015 , are measured as follows: Fair value measurements using Total fair value as at December 31, 2015 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 securities 199,594 199,594 Interest rate/ currency swap contracts - long-term receivables 800 800 Total assets 200,394 199,594 800 — Liabilities: Floating rate NOK bonds due 2017 63,719 63,719 Floating rate NOK bonds due 2019 79,549 79,549 3.75% unsecured convertible bonds due 2016 118,021 118,021 3.25% unsecured convertible bonds due 2018 378,315 378,315 Interest rate/ currency swap contracts – long-term payables 113,642 113,642 Total liabilities 753,246 639,604 113,642 — The above fair values of financial assets and liabilities as at December 31, 2014 , were measured as follows: Fair value measurements using Total fair value as at December 31, 2014 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 securities 73,656 49,913 23,743 Interest rate/ currency swap contracts – long-term receivables 3,294 3,294 Total assets 76,950 49,913 3,294 23,743 Liabilities: Floating rate NOK bonds due 2017 75,210 75,210 Floating rate NOK bonds due 2019 108,542 108,542 3.75% unsecured convertible bonds due 2016 124,375 124,375 3.25% unsecured convertible bonds due 2018 335,563 335,563 Interest rate/ currency swap contracts – short-term payables 517 517 Interest rate/ currency swap contracts – long-term payables 106,679 106,679 Total liabilities 750,886 643,690 107,196 —
Schedule of changes in the fair values of the asset with Level 3 valuation	he following table shows the changes in the fair value of the asset with Level 3 valuation during the year ended December 31, 2015 : (in thousands of $) Horizon Lines, LLC loan notes Fair values - Level 3 inputs: Balance as at December 31, 2014 23,743 Interest income, receivable in form of unlisted second lien loan notes - see (a) below 2,182 Balance on sale of notes at May 29, 2015 25,925 (a) The interest income of $2.2 million is recognized in the Consolidated Statement of Operations under "Interest income - other".

COMMITMENTS AND CONTINGENT LI52

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of assets pledged	Assets Pledged 2015 Book value of assets pledged under ship mortgages (see Note 19) $2,087 million

GENERAL (Details)

GENERAL (Details)	Dec. 31, 2015carriers	Dec. 31, 2015tankers	Dec. 31, 2015drilling_rigs	Dec. 31, 2015vessel	Dec. 31, 2015contract	Jun. 05, 2015carriers	Dec. 31, 2014contract
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of very large crude oil carriers owned	12					12
Number of Suezmax crude oil carriers owned	4					5
Number of Capesize drybulk carriers owned	8
Number of Supramax drybulk carriers owned	5
Number of Handysize drybulk carriers owned	7
Number of Kamsarmax drybulk carriers owned	2
Number of container vessels owned | vessel				18
Number of car carriers	2
Number of jack-up drilling rigs owned | drilling_rigs			2
Number of ultra-deepwater drilling units owned by wholly-owned subsidiaries accounted for using the equity method | drilling_rigs			2
Number of jack-up drilling rigs owned by wholly-owned subsidiaries account for using the equity method | drilling_rigs			1
Number of offshore supply vessels owned | vessel				6
Number of oil product tankers contracted to be acquired		2		2
Number of chemical tankers owned | tankers		2
Number of container vessels contracted to be acquired				2	2		2
Number of container vessels contracted to be chartered in | vessel				2

ACCOUNTING POLICIES (Related Pa

ACCOUNTING POLICIES (Related Party) (Details) - USD ($)	1 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2012	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2011
Related Party Transaction [Line Items]
Profit sharing percent of earnings from Frontline from July 1 2015 onwards		50.00%
Frontline Charterers [Member]
Related Party Transaction [Line Items]
Profit sharing percentage of earnings from Frontline for use of fleet					20.00%
Increase profit sharing percentage of earnings from Frontline for use of fleet (in hundredths)					25.00%
Compensation payment received				$ 150,200,000	$ 106,000,000
Non-refundable advance relating to the profit sharing agreement					$ 50,000,000
Period of temporary reduction in daily time charter rates	4 years
Agreed Temporary Reduction in Daily Time Charter Rates			$ 6,500
Maximum daily amount to which temporary earnings-related 100% payment applies			$ 6,500

ACCOUNTING POLICIES (Details)

ACCOUNTING POLICIES (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2012USD ($)	Mar. 31, 2012USD ($)	Dec. 31, 2015USD ($)containershipdrilling_rigsvesselInvestment	May. 31, 2015USD ($)	Dec. 31, 2014USD ($)containership	Dec. 31, 2012USD ($)
Accounting Policies [Abstract]
Number of ultra deepwater drilling units owned | drilling_rigs			2
Number of wholly-owned subsidiaries that own drilling rigs | vessel			3
Number of jack-up drilling rigs owned by wholly-owned subsidiaries account for using the equity method | drilling_rigs			1
Property, Plant and Equipment [Line Items]
Allowance for Doubtful Accounts Receivable			$ 0		$ 0
Number of container vessels impaired | containership			2		5
Number of off-shore supply vessels impaired | containership			2
Long-term investment impairment charge	$ 500,000	$ 2,900,000
Number of long-term investments in shares which are not publicly traded | Investment			1
Offshore vessels and rigs [Member]
Property, Plant and Equipment [Line Items]
Estimated economic useful life (in years)			30 years
Other Capitalized Property Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated economic useful life (in years)			25 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciation, rate			20.00%
Impaired Investment 2 [Member]
Property, Plant and Equipment [Line Items]
Investments			$ 1,200,000	$ 1,200,000	$ 1,200,000
Impaired Investment 1 [Member]
Property, Plant and Equipment [Line Items]
Investments			$ 0		$ 0	$ 0

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	12 Months Ended
	Dec. 31, 2015segment
Segment Reporting [Abstract]
Number of reportable segments	1

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic:
Net income available to stockholders	$ 200,832	$ 122,815	$ 89,206
Diluted:
Interest paid on 3.75% convertible bonds	5,078	5,060	5,092
Interest paid on 3.25% convertible bonds	17,371	17,371	0
Net income available to stockholders, diluted	$ 223,281	$ 145,246	$ 94,298
Basic earnings per share:
Weighted average number of common shares outstanding	93,450	93,331	89,508
Diluted earnings per share:
Weighted average number of common shares outstanding	93,450	93,331	89,508
Effect of dilutive share options	23	84	163
Effect of dilutive convertible debt	25,535	23,332	5,753
Weighted average number of diluted common shares outstanding	119,008	116,747	95,424

EARNINGS PER SHARE (Narrative)

EARNINGS PER SHARE (Narrative) (Details) - Convertible Debt [Member]	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
3.75% Convertible Bond [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate	3.75%	3.75%	3.75%
3.25% Convertible Bond
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate	3.25%	3.25%	3.25%

OPERATING LEASES (Details)

OPERATING LEASES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)containership	Dec. 31, 2014USD ($)containership	Dec. 31, 2013USD ($)
Minimum future revenues to be received under non-cancelable operating leases [Abstract]
2,016	$ 263,340
2,017	252,799
2,018	211,819
2,019	175,756
2,020	147,902
Thereafter	293,855
Total minimum lease revenues	1,345,471
Cost and accumulated depreciation of vessels leased on operating leases [Abstract]
Cost	1,964,852	$ 1,715,510
Accumulated depreciation	323,535	338,377
Vessels and equipment, net	1,641,317	1,377,133
Vessel impairment charge	$ 42,410	$ 11,800	$ 0
Number of container vessels impaired | containership	2	5

GAIN ON SALE OF ASSETS AND TE60

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS (Summary) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain/ (loss) on sale of assets	$ 7,364	$ (1,384)	$ 18,025
Gain on termination of charters	0	25,315	0
Total gain on sale of assets and termination of charters	7,364	$ 23,931	$ 18,025
Sale of Suezmax tanker Front Glory [Member]
Gain/ (loss) on sale of assets	3,400
Sale of Suezmax tanker Front Splendour [Member]
Gain/ (loss) on sale of assets	2,400
Sale of Suezmax tanker Mindanao [Member]
Gain/ (loss) on sale of assets	1,700
Sale of 5 Horizon container vessels [Member]
Gain/ (loss) on sale of assets	$ (114)

GAIN ON SALE OF ASSETS AND TE61

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS (Gain on Sale of Vessels) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)vessel	Dec. 31, 2013USD ($)vessel
Vessel impairment charge | $	$ 42,410	$ 11,800	$ 0
Gain/(Loss) | $	7,364	(1,384)	$ 18,025
Sale of 5 Horizon container vessels [Member]
Vessel impairment charge | $		$ 11,800
Gain/(Loss) | $	$ (114)
VLCCs [Member]
Number of vessels sold		3
Ore-Bulk-Oil (OBO) Carriers [Member]
Number of vessels sold			1
Single hull Very Large Crude Carrier VLCC [Member]
Number of vessels sold			1
Double-hull Very Large Crude Carriers (VLCC) [Member]
Number of vessels sold			2
Suezmax Tankers [Member]
Number of vessels sold			1

GAIN ON SALE OF ASSETS AND TE62

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS (Gain on Termination of Charters) (Details) $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2010vessels	Sep. 30, 2010USD ($)vessels	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Gain (Loss) on Disposition of Assets [Abstract]
Term of time charter	5 years
Daily charter rate of drybulk carriers with terminated charters		$ 14
Number of drybulk carriers with charter agreement terminated | vessels	4	4
Total compensation received on termination of charters			$ 0	$ 25,315	$ 0

GAIN ON SALE OF LOAN NOTES AN63

GAIN ON SALE OF LOAN NOTES AND SHARE WARRANTS - OTHER (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May. 31, 2015
Gain (Loss) on Investments [Line Items]
Proceeds from redemption of Horizon loan notes and warrants	$ 71,681	$ 0	$ 0
Available for sale securities	199,594	73,656
Gain on sale of loan notes and share warrants - other	44,552	0	$ 0
Impaired Investment 2 [Member]
Gain (Loss) on Investments [Line Items]
Investments	$ 1,200	1,200		$ 1,200
Unlisted Securities [Member]
Gain (Loss) on Investments [Line Items]
Available for sale securities		$ 23,700		$ 25,900

OTHER FINANCIAL ITEMS (Details)

OTHER FINANCIAL ITEMS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other Income and Expenses [Abstract]
Net increase/(decrease) in fair value of non-designated derivatives	$ (13,051)	$ (7,636)	$ 7,726
Net cash payments on non-designated derivatives	(6,453)	(7,196)	(2,653)
Net increase/(decrease) in fair value of designated derivatives (ineffective portion)	(227)	(63)	224
Other items	(1,558)	(1,337)	(3,294)
Total other financial items	(21,289)	(16,232)	2,003
Loss on derivative instrument reclassified from other comprehensive income	(1,300)	(4,500)	2,100
Gain on foreign currency translation	$ (53)	$ (109)	$ (507)

AVAILABLE FOR SALE SECURITIES65

AVAILABLE FOR SALE SECURITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 185,148	$ 80,743
Accumulated net unrealized (loss)/gain	14,446	(7,087)	$ 1,268
Carrying value	199,594	73,656
Available-for sale securities impairment charge	(20,552)	0	$ 0
Share capital
Schedule of Available-for-sale Securities [Line Items]
Carrying value	164,500	0
Listed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying value	$ 35,100	49,900
Unlisted Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying value		23,700		$ 25,900
Unlisted Securities [Member] | Second Lien Interest-Bearing Loan Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying value		$ 59,400

TRADE ACCOUNTS RECEIVABLE AND66

TRADE ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Receivables [Abstract]
Allowance for doubtful accounts, trade receivables	$ 0	$ 0
Allowance for doubtful other receivables	$ 0	$ 0

VESSELS AND EQUIPMENT, NET (Sch

VESSELS AND EQUIPMENT, NET (Schedule of Vessels and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Cost	$ 1,964,852	$ 1,715,510
Accumulated depreciation	323,535	338,377
Vessels and equipment, net	$ 1,641,317	$ 1,377,133

VESSELS AND EQUIPMENT, NET (Det

VESSELS AND EQUIPMENT, NET (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)carrierscontainership	Dec. 31, 2014USD ($)carrierscontainership	Dec. 31, 2013USD ($)
Property Subject to or Available for Operating Lease [Line Items]
Number of drybulk carriers delivered | carriers	8	2
Cost of drybulk carriers	$ 272,000	$ 61,800
Number of newbuilding container vessels delivered | containership	3	2
Cost of newbuilding container vessels delivered	$ 270,700	$ 173,800
Number of second hand container vessels delivered | carriers		9
Cost of second hand container vessels delivered		$ 127,900
Vessel impairment charge	$ 42,410	$ 11,800	$ 0
Number of container vessels impaired | containership	2	5
Depreciation	$ 78,080	$ 67,393	$ 58,436
Sale of 5 Horizon container vessels [Member]
Property Subject to or Available for Operating Lease [Line Items]
Vessel impairment charge		$ 11,800
Property Subject to Operating Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Vessel impairment charge	$ 29,200

NEWBUILDINGS (Details)

NEWBUILDINGS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)tankerscontainership	Dec. 31, 2014USD ($)contract	Dec. 31, 2013USD ($)	Dec. 31, 2015vessel	Dec. 31, 2015USD ($)	Dec. 31, 2015contract
Property, Plant and Equipment [Line Items]
Interest capitalized in the cost of newbuildings	$ 404	$ 290	$ 257
Number of newbuilding contracts | contract		2				4
Number of container vessels contracted to be acquired		2		2		2
Number of oil product tankers contracted to be acquired	2			2
Accumulated costs of newbuildings		$ 87,600			$ 40,100
Number of container vessels delivered | containership	3
9,300 - 9,500 TEU Container vessel [Member]
Property, Plant and Equipment [Line Items]
Number of container vessels contracted to be acquired | vessel				3

INVESTMENTS IN DIRECT FINANCI70

INVESTMENTS IN DIRECT FINANCING LEASES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)carriersvesselassets	Dec. 31, 2014USD ($)assets	Dec. 31, 2013USD ($)	Dec. 31, 2011USD ($)vessel	Feb. 29, 2016vessel	Jun. 05, 2015carriersvessel
Number of Suezmax tankers sold [Line Items]
Number of VLCCs and Suezmaxes Chartered | vessel	14
Term of charters, minimum (in years)	4 years
Term of charters, maximum (in years)	11 years
Number of offshore supply vessels chartered on long-term bareboat charters | vessel	2
Joint venture, ownership percentage	50.00%
Assets accounted for as direct financing leases and leased to related parties | assets	16	19
Number of very large crude oil carriers owned | carriers	12					12
Number of Suezmax crude oil carriers owned | carriers	4					5
Number of Suezmax tankers sold | carriers	3
Vessel impairment charge	$ 42,410	$ 11,800	$ 0
Minimum future lease revenues to be received [Abstract]
2,016	109,340
2,017	109,042
2,018	109,042
2,019	109,042
2,020	96,410
Thereafter	292,584
Total minimum lease revenues	825,460
Property subject to direct financing leases [Member]
Number of Suezmax tankers sold [Line Items]
Vessel impairment charge	$ 13,200
Frontline Charterers [Member]
Number of Suezmax tankers sold [Line Items]
Assets accounted for as direct financing leases and leased to related parties | vessel	14			28		17
Compensation Payment Received for Lease Amendments	$ 150,200			$ 106,000
DESS Cyprus Limited [Member]
Number of Suezmax tankers sold [Line Items]
Number of offshore supply vessels chartered on long-term bareboat charters | vessel	1
Subsequent Event [Member]
Number of Suezmax tankers sold [Line Items]
Number of offshore supply vessels subsequently sold | vessel					1

INVESTMENTS IN DIRECT FINANCI71

INVESTMENTS IN DIRECT FINANCING LEASES (Components of Investments in Direct Financing and Sales-type Leases) (Details) $ in Thousands	Feb. 29, 2016vessel	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Subsequent Event [Line Items]
Total minimum lease payments to be received		$ 825,460	$ 1,174,327
Less: amounts representing estimated executory costs including profit thereon, included in total minimum lease payments		(362,959)	(330,056)
Net minimum lease payments receivable		462,501	844,271
Estimated residual values of leased property (un-guaranteed)		195,238	239,002
Less: unearned income		(146,296)	(243,419)
Net investment in direct financing and sales-type leases before deferred deemed equity contribution and unamortized gains		511,443	839,854
Less: deferred deemed equity contribution		0	(86,585)
Less: unamortized gains		0	(6,738)
Total investment in direct financing and sales-type leases		511,443	746,531
Current portion		37,145	37,517
Long-term portion		$ 474,298	$ 709,014
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of offshore supply vessels subsequently sold | vessel	1

INVESTMENT IN ASSOCIATED COMP72

INVESTMENT IN ASSOCIATED COMPANIES (Details) shares in Millions		1 Months Ended	6 Months Ended	12 Months Ended
		Oct. 31, 2013USD ($)	Jun. 30, 2015Rateshares	Dec. 31, 2015USD ($)assetsRate	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)		Dec. 31, 2012USD ($)	Jun. 19, 2015USD ($)	May. 31, 2013USD ($)	Dec. 31, 2008vessel
Schedule of Equity Method Investments [Line Items]
Number of shares received | shares			55
Equity in earnings of associated companies				$ 33,605,000	$ 33,497,000	$ 28,200,000
Gain on sale of investment in associated company				0	6,055,000	0
Term loan facility, amount outstanding				1,666,476,000	1,732,459,000
Summarized balance sheet information [Abstract]
Due from related parties				$ 45,659,000	152,491,000
Frontline Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage | Rate			27.73%	7.03%
Equity in earnings of associated companies				$ 2,600,000	$ 0	$ 0
Proceeds from equity method investment dividends				$ 2,800,000
SFL West Polaris [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths)				0.00%	0.00%	100.00%
Term loan facility, principal amount								$ 420,000,000
Term loan facility, term								5 years
Term loan facility, amount guaranteed									$ 88,000,000
Summarized balance sheet information [Abstract]
Current assets				$ 0	$ 0
Non-current assets				0	0
Total assets				0	0
Current liabilities				0	0
Non-current liabilities	[1]			0	0
Total liabilities				0	0
Total shareholders' equity				0	0
Statement of operations information [Abstract]
Operating revenues				0	22,251,000	$ 23,701,000
Net operating revenues				0	22,234,000	23,681,000
Net income				0	4,643,000	2,324,000	[2]
Interest payable to parent				$ 0	$ 6,500,000	$ 6,500,000
SFL Deepwater [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths)				100.00%	100.00%	100.00%
Term loan facility, principal amount		$ 390,000,000
Term loan facility, term		5 years
Term loan facility, amount guaranteed				$ 80,000,000	$ 85,000,000
Term loan facility, amount outstanding				$ 221,100,000	303,300,000
Number of main assets subject of leases which includes both fixed price call options and fixed price purchase obligations				1							2
Available amount under revolving part of credit facility				$ 50,000,000	0
Summarized balance sheet information [Abstract]
Current assets				33,735,000	44,297,000
Non-current assets				366,893,000	397,191,000
Total assets				400,628,000	441,488,000
Current liabilities				25,221,000	38,376,000
Non-current liabilities	[1]			335,881,000	371,147,000
Total liabilities				361,102,000	409,523,000
Total shareholders' equity				39,526,000	31,965,000
Due to parent				137,400,000	100,000,000
Statement of operations information [Abstract]
Operating revenues				22,424,000	24,917,000	$ 46,145,000
Net operating revenues				22,422,000	24,905,000	46,109,000
Net income				7,561,000	8,023,000	17,747,000	[2]
Interest payable to parent				$ 6,500,000	$ 6,500,000	$ 9,600,000
SFL Hercules [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths)				100.00%	100.00%	100.00%
Term loan facility, principal amount										$ 375,000,000
Term loan facility, term		6 years
Term loan facility, amount guaranteed				$ 80,000,000	$ 85,000,000
Term loan facility, amount outstanding				256,300,000	283,700,000
Available amount under revolving part of credit facility				50,000,000	50,000,000
Summarized balance sheet information [Abstract]
Current assets				38,936,000	38,619,000
Non-current assets				362,419,000	397,226,000
Total assets				401,355,000	435,845,000
Current liabilities				28,624,000	32,945,000
Non-current liabilities	[1]			354,025,000	391,500,000
Total liabilities				382,649,000	424,445,000
Total shareholders' equity				18,706,000	11,400,000
Due to parent				125,300,000	135,300,000
Statement of operations information [Abstract]
Operating revenues				23,315,000	24,565,000	$ 13,832,000
Net operating revenues				23,313,000	24,544,000	13,808,000
Net income				7,306,000	7,755,000	3,645,000
Interest payable to parent				$ 6,500,000	$ 6,500,000	$ 3,500,000
SFL Linus [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths)				100.00%	100.00%	100.00%
Term loan facility, principal amount		$ 475,000,000
Term loan facility, term		5 years
Term loan facility, amount guaranteed				$ 90,000,000	$ 90,000,000
Term loan facility, amount outstanding				353,800,000	451,300,000
Available amount under revolving part of credit facility				50,000,000	0
Summarized balance sheet information [Abstract]
Current assets				47,580,000	44,352,000
Non-current assets				482,990,000	530,348,000
Total assets				530,570,000	574,700,000
Current liabilities				74,610,000	51,540,000
Non-current liabilities	[1]			429,577,000	513,068,000
Total liabilities				504,187,000	564,608,000
Total shareholders' equity				26,383,000	10,092,000
Due to parent				125,000,000	110,700,000
Due from related parties				23,152,000	0
Statement of operations information [Abstract]
Operating revenues				36,992,000	33,236,000	$ 0
Net operating revenues				36,990,000	33,221,000	0
Net income				16,134,000	12,413,000	(38,000)
Interest payable to parent				$ 5,600,000	$ 4,900,000	$ 0
Bluelot Shipping Company [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths)				0.00%	0.00%	100.00%
Summarized balance sheet information [Abstract]
Current assets				$ 0	$ 0
Non-current assets				0	0
Total assets				0	0
Current liabilities				0	0
Non-current liabilities	[1]			0	0
Total liabilities				0	0
Total shareholders' equity				0	0
Statement of operations information [Abstract]
Operating revenues				0	1,171,000	$ 19,490,000
Net operating revenues				0	232,000	2,261,000
Net income				$ 0	$ 232,000	$ 2,261,000	[2]
SFL Corte Real [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths)				0.00%	0.00%	100.00%
Summarized balance sheet information [Abstract]
Current assets				$ 0	$ 0
Non-current assets				0	0
Total assets				0	0
Current liabilities				0	0
Non-current liabilities	[1]			0	0
Total liabilities				0	0
Total shareholders' equity				0	0
Statement of operations information [Abstract]
Operating revenues				0	2,492,000	$ 19,624,000
Net operating revenues				0	431,000	2,262,000
Net income				0	431,000	2,261,000	[2]
Total [Member]
Summarized balance sheet information [Abstract]
Current assets				120,251,000	127,268,000
Non-current assets				1,212,302,000	1,324,765,000
Total assets				1,332,553,000	1,452,033,000
Current liabilities				128,455,000	122,861,000
Non-current liabilities	[1]			1,119,483,000	1,275,715,000
Total liabilities				1,247,938,000	1,398,576,000
Total shareholders' equity				84,615,000	53,457,000
Statement of operations information [Abstract]
Operating revenues				82,731,000	108,632,000	122,792,000
Net operating revenues				82,725,000	105,567,000	88,121,000
Net income				$ 31,001,000	$ 33,497,000	$ 28,200,000	[2]
[1]	SFL Deepwater, SFL Hercules and SFL Linus non-current liabilities at December 31, 2015, include $137.4 million (2014: $100.0 million), $125.3 million (2014: $135.3 million) and $125.0 million (2014: $110.7 million) due to Ship Finance, respectively (see Note 23: Related party transactions). In addition, SFL Linus current liabilities at December 31, 2015, include a further $23.2 million (2014: $nil) due to Ship Finance (see Note 23: Related party transactions).
[2]	The net income of SFL Deepwater, SFL West Polaris, SFL Hercules and SFL Linus in the year ended December 31, 2015, includes interest payable to Ship Finance amounting to $6.5 million (2014: $6.5 million; 2013: $9.6 million), $nil (2014: $6.5 million; 2013: $6.5 million), $6.5 million (2014: $6.5 million; 2013: $3.5 million) and $5.6 million (2014: $4.9 million; 2013: $nil), respectively (see Note 23: Related party transactions).

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued Liabilities [Abstract]
Vessel operating expenses	$ 3,676	$ 6,305
Administrative expenses	1,206	1,330
Interest expense	7,764	10,555
Accrued expenses	$ 12,646	$ 18,190

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Liabilities Disclosure [Abstract]
Deferred and prepaid charter revenue	$ 5,549	$ 7,982
Employee taxes	152	899
Other items	11,336	211
Other current liabilities	17,037	9,092
Current liabilities relating to newbuilding contracts	$ 10,900	$ 0

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details)	Jan. 30, 2013	Nov. 30, 2015USD ($)carrierssubsidiaries	Jul. 31, 2015USD ($)carrierssubsidiaries	Jun. 30, 2015USD ($)carrierscontainershipsubsidiaries	Dec. 31, 2014USD ($)carrierssubsidiaries	Nov. 30, 2014USD ($)containershipsubsidiaries	Sep. 30, 2014USD ($)containershipsubsidiaries	Aug. 31, 2014USD ($)vesselsubsidiaries	Jun. 30, 2014subsidiaries	Mar. 31, 2014	Jan. 31, 2013USD ($)$ / sharesshares	Nov. 30, 2012USD ($)carrierssubsidiaries	Oct. 31, 2012NOK	Nov. 30, 2011	Jul. 31, 2011USD ($)vesselsubsidiaries	May. 31, 2011USD ($)vesselsubsidiaries	Mar. 31, 2011USD ($)	Feb. 28, 2011	Nov. 30, 2010USD ($)carrierssubsidiaries	Mar. 31, 2010USD ($)vessel	Feb. 28, 2010USD ($)	Mar. 31, 2008USD ($)tankerssubsidiaries	Feb. 28, 2008USD ($)	Apr. 30, 2006vesselsubsidiaries	Dec. 31, 2015USD ($)carriersvessel$ / shares	Dec. 31, 2015NOK	Dec. 31, 2014USD ($)carriers	Dec. 31, 2014NOK	Dec. 31, 2013USD ($)	Mar. 31, 2016USD ($)	Feb. 29, 2016vessel	Dec. 31, 2015NOKcarriersvessel	Dec. 31, 2014NOKcarriers	Mar. 19, 2014NOK	Feb. 10, 2011USD ($)$ / shares	Feb. 08, 2011USD ($)
Debt Instrument [Line Items]
Long-term debt					$ 1,732,459,000																				$ 1,666,476,000		$ 1,732,459,000
Less : current portion of long-term debt					(182,415,000)																				(208,031,000)		(182,415,000)
Total long-term debt, non-current portion					1,550,044,000																				1,458,445,000		1,550,044,000
Long-term Debt, by Maturity [Abstract]
2,014																									208,031,000
2,015																									185,246,000
2,016																									532,553,000
2,017																									255,744,000
2,018																									117,590,000
Thereafter																									367,312,000
Long-term debt					$ 1,732,459,000																				$ 1,666,476,000		$ 1,732,459,000
Three month dollar LIBOR rate (in hundredths)					0.256%																				0.613%		0.256%					0.613%	0.256%
Three month Norwegian kroner NIBOR rate (in hundredths)					1.48%																				1.13%		1.48%					1.13%	1.48%
Number of car carriers | carriers																									2							2
Book value of assets pledged under ship mortgages					$ 2,062,000,000																				$ 2,087,000,000		$ 2,062,000,000
Equity component of convertible bond issuance, net											$ 20,722,000														0		0		$ 20,722,000
US Dollar 53.2 Million Secured Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term debt					44,300,000																				39,900,000		44,300,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					44,300,000																				39,900,000		44,300,000
Debt amount												$ 53,200,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries												2
Number of car carriers | carriers												2
Debt Instrument, Term												5 years
US Dollar 45 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt					45,000,000																				36,000,000		45,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					45,000,000																				$ 36,000,000		45,000,000
Debt amount				$ 45,000,000
Number of container vessels | containership				7
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries									7
Debt Instrument, Term									5 years
US dollar 350 Million Senior Unsecured Convertible Bonds Due 2018 [Member]
Long-term Debt, by Maturity [Abstract]
Interest rate											3.25%
Debt amount											$ 350,000,000
Maturity date of debt	Feb. 1, 2018
Conversion price (in dollars per share) | $ / shares											$ 21.945														$ 16.2456
Premium of conversion price to share price											33.00%
Common shares loaned to affiliate | shares											6,060,606
Related party share loan fee											$ 1,000,000
NOK 900 Million Senior Unsecured Bonds [Member]
Debt Instrument [Line Items]
Long-term debt					119,277,000																				$ 85,434,000		119,277,000					NOK 758,000,000	NOK 892,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					119,277,000																				85,434,000		119,277,000					758,000,000	892,000,000
Debt amount | NOK																																		NOK 900,000,000
Amount of debt repurchased | NOK																										NOK 142,000,000		NOK 8,000,000
Maturity date of debt										Mar. 19, 2019
Redemption price of debt (in hundredths)																																		100.50%
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member]
Debt Instrument [Line Items]
Long-term debt					125,000,000																				117,500,000		125,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					125,000,000																				$ 117,500,000		125,000,000
Interest rate																																			3.75%
Debt amount																																			$ 125,000,000
Amount of debt repurchased | NOK																										7,500,000		0
Maturity date of debt																		Feb. 10, 2016
Conversion price (in dollars per share) | $ / shares																									$ 16.61										$ 27.05
Premium of conversion price to share price																																			35.00%
Threshold percentage of value of shares underlying each bond to principal amount of bond for the bonds to be callable (in hundredths)																																			130.00%
NOK 600 million senior unsecured floating rate bonds due 2017 [Member]
Debt Instrument [Line Items]
Long-term debt					76,487,000																				$ 63,681,000		76,487,000					565,000,000	572,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					76,487,000																				63,681,000		76,487,000					NOK 565,000,000	NOK 572,000,000
Debt amount | NOK													NOK 600,000,000
Amount of debt repurchased | NOK																										43,000,000		36,000,000
Maturity date of debt													Oct. 19, 2017
Redemption price of debt (in hundredths)													100.50%
Proceeds from resale of debt previous purchased | NOK																										NOK 8,000,000		NOK 8,000,000
Senior Unsecured Convertible Bonds Due 2018 [Member]
Debt Instrument [Line Items]
Long-term debt					350,000,000																				350,000,000		350,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					350,000,000																				350,000,000		350,000,000
Floating Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt					1,061,695,000																				1,049,861,000		1,061,695,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					$ 1,061,695,000																				$ 1,049,861,000		$ 1,061,695,000
Weighted average interest rate (in hundredths)					4.98%																				4.22%		4.98%					4.22%	4.98%
Floating Rate Debt [Member] | US$ 210 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt					$ 171,400,000																				$ 0		$ 171,400,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					171,400,000																				0		171,400,000
Number of new vessels acquired that were partly funded by secured term loan facility | vessel																								5
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries																								5
Term of loan in years																								12 years
Floating Rate Debt [Member] | US$ 30 million secured revolving credit facility (February 2008) [Member]
Debt Instrument [Line Items]
Long-term debt					3,000,000																				0		3,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					3,000,000																				0		3,000,000
Debt amount																							$ 30,000,000
Debt Instrument, Term																							7 years
Floating Rate Debt [Member] | US$ 49 million secured term loan and revolving credit facility [Member]
Debt Instrument [Line Items]
Long-term debt					28,000,000																				8,000,000		28,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					28,000,000																				8,000,000		28,000,000
Debt amount																						$ 49,000,000
Number of new vessels acquired that were partly funded by secured term loan facility | tankers																						2
Available amount under revolving part of credit facility					0																				12,000,000		0
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries																						2
Term of loan in years																						10 years
Floating Rate Debt [Member] | US$ 43 million secured term loan facility (February 2010) [Member]
Debt Instrument [Line Items]
Long-term debt					29,100,000																				26,300,000		29,100,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					29,100,000																				26,300,000		29,100,000
Debt amount																					$ 42,600,000
Term of loan in years																					5 years
Floating Rate Debt [Member] | US$ 725 million secured term loan and revolving credit facility [Member]
Debt Instrument [Line Items]
Long-term debt					71,500,000																				0		71,500,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					71,500,000																				0		71,500,000
Debt amount																				$ 725,000,000
Term of loan in years																				5 years
Number of vessels against which loan was secured | vessel																				26
Floating Rate Debt [Member] | US$ 43 million secured term loan facility (March 2010) [Member]
Debt Instrument [Line Items]
Long-term debt					29,100,000																				26,300,000		29,100,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					29,100,000																				26,300,000		29,100,000
Debt amount																				$ 42,600,000
Term of loan in years																				5 years
Floating Rate Debt [Member] | US$ 54 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt					38,000,000																				34,100,000		38,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					38,000,000																				34,100,000		38,000,000
Debt amount																			$ 53,700,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries																			2
Number of vessels against which loan was secured | carriers																			2
Debt Instrument, Term																			8 years
Floating Rate Debt [Member] | US$ 95 million secured term loan and revolving credit facility [Member]
Debt Instrument [Line Items]
Long-term debt					57,500,000																				22,500,000		57,500,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					57,500,000																				22,500,000		57,500,000
Debt amount																																				$ 95,000,000
Available amount under revolving part of credit facility					0																				2,500,000		0
Debt Instrument, Term														7 years
Floating Rate Debt [Member] | US$ 75 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt					56,600,000																				50,800,000		56,600,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					56,600,000																				50,800,000		56,600,000
Debt amount																	$ 75,400,000
Term of loan in years																	8 years
Number of vessels against which loan was secured																	3
Floating Rate Debt [Member] | US$ 171 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt					134,200,000																				122,200,000		134,200,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					134,200,000																				122,200,000		134,200,000
Debt amount																$ 171,000,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries																8
Term of loan in years																10 years
Number of vessels against which loan was secured | vessel																7
Floating Rate Debt [Member] | US$ 167 million secured term loan facility
Debt Instrument [Line Items]
Long-term debt					72,200,000																				0		72,200,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					72,200,000																				0		72,200,000
Debt amount															$ 166,800,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries															5
Number of vessels against which loan was secured | vessel															5
Debt Instrument, Term															6 years
Floating Rate Debt [Member] | US Dollar 45 million secured term loan facility [Member]
Long-term Debt, by Maturity [Abstract]
Available amount under revolving part of credit facility					0																				9,000,000		0
Floating Rate Debt [Member] | US dollar 101 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt					98,700,000																				87,800,000		98,700,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					98,700,000																				$ 87,800,000		98,700,000
Debt amount								$ 101,400,000
Number of offshore supply vessels | vessel								6
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries								6
Number of remaining vessels relating to loan facility | vessel																									5							5
Debt Instrument, Term								5 years
Floating Rate Debt [Member] | US dollar 20 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt					20,000,000																				$ 20,000,000		20,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					20,000,000																				20,000,000		20,000,000
Debt amount							$ 20,000,000
Number of container vessels | containership				2
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries							2
Debt Instrument, Term							5 years
Floating Rate Debt [Member] | US dollar 128 million secured term loan facility (September 2014) [Member]
Debt Instrument [Line Items]
Long-term debt					126,400,000																				117,900,000		126,400,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					126,400,000																				117,900,000		126,400,000
Debt amount							$ 127,500,000
Number of container vessels | containership							2
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries							2
Debt Instrument, Term							7 years
Floating Rate Debt [Member] | US dollar 128 million secured term loan facility (November 2014) [Member]
Debt Instrument [Line Items]
Long-term debt					0																				121,100,000		0
Long-term Debt, by Maturity [Abstract]
Long-term debt					0																				121,100,000		0
Debt amount						$ 127,500,000
Number of container vessels | containership						2
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries						2
Debt Instrument, Term						7 years
Floating Rate Debt [Member] | US dollar 39 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt					36,400,000																				34,000,000		36,400,000
Long-term Debt, by Maturity [Abstract]
Long-term debt					36,400,000																				34,000,000		36,400,000
Debt amount					$ 39,000,000																						$ 39,000,000
Number of drybulk carriers | carriers					2																						2						2
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries					2
Debt Instrument, Term					8 years
Floating Rate Debt [Member] | US dollar 250 million secured revolving credit facility [Member]
Debt Instrument [Line Items]
Long-term debt					$ 0																				73,500,000		$ 0
Long-term Debt, by Maturity [Abstract]
Long-term debt					0																				73,500,000		0
Debt amount				$ 250,000,000
Available amount under revolving part of credit facility					0																				$ 154,600,000		0
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries				17
Number of vessels sold | carriers																									3							3
Number of remaining vessels relating to loan facility | carriers																									14							14
Number of vessels against which loan was secured | carriers				17
Debt Instrument, Term				3 years
Floating Rate Debt [Member] | US dollar 166 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt					0																				$ 159,500,000		0
Long-term Debt, by Maturity [Abstract]
Long-term debt					0																				159,500,000		0
Debt amount			$ 166,000,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries			8
Number of vessels against which loan was secured | carriers			8
Debt Instrument, Term			7 years
Floating Rate Debt [Member] | US dollar 210 million secured term loan facility (Maersk) [Member]
Debt Instrument [Line Items]
Long-term debt					0																				70,000,000		0
Long-term Debt, by Maturity [Abstract]
Long-term debt					$ 0																				70,000,000		0
Debt amount		$ 210,000,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries		3
Number of vessels against which loan was secured | carriers		3
Number of vessels delivered | carriers		(1)
Debt Instrument, Term		5 years
Interest Expense [Member]
Long-term Debt, by Maturity [Abstract]
Amortization of deferred charges																									$ 4,100,000		$ 4,100,000
Subsequent Event [Member] | US$ 210 million secured term loan facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt amount																														$ 210,000,000
Subsequent Event [Member] | Floating Rate Debt [Member]
Long-term Debt, by Maturity [Abstract]
Number of vessels sold | vessel																															1

OTHER LONG TERM LIABILITIES (De

OTHER LONG TERM LIABILITIES (Details) $ in Thousands	Dec. 31, 2015USD ($)vessel	Dec. 31, 2014USD ($)	Dec. 31, 2013vessel
Other Liabilities Disclosure [Abstract]
Unamortized sellers' credit	$ 11,960	$ 15,042
Other items	3	2,542
Other long-term liabilities	$ 11,963	17,584
Number of offshore supply vessels acquired | vessel	6
Seller's credit received	$ 37,000
Related Party Transaction [Line Items]
Guarantees, Fair Value Disclosure		$ 2,500
Deep Sea Supply BTG [Member]
Related Party Transaction [Line Items]
Number of offshore supply vessels | vessel			5

SHARE CAPITAL, ADDITIONAL PAI77

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stockholders' Equity Note [Abstract]
Common shares, authorized	$ 125,000,000	$ 125,000,000
Common shares, authorized (in shares)	125,000,000	125,000,000
Share capital, par value (in dollars per share)	$ 1	$ 1
Common shares, issued	$ 93,468,000	$ 93,404,000
Common shares, issued (in shares)	93,468,000	93,404,000	93,260,000	85,225,000

SHARE CAPITAL, ADDITIONAL PAI78

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Narrative) (Details)	1 Months Ended	6 Months Ended	12 Months Ended
	Jan. 31, 2013USD ($)$ / shares	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)employees$ / sharesshares	Dec. 31, 2014USD ($)employees$ / sharesshares	Dec. 31, 2013USD ($)
Stockholders' Equity Note [Abstract]
Options exercised (in shares) | shares			64,000	144,000
Number of officers who exercised options | employees			2	1
Number of employees exercising options | employees			3	2
Number of directors who exercised share options | employees				3
Exercised share price (in dollars per share) | $ / shares			$ 10.55	$ 6.44
Premium on stock options exercised			$ 600,000	$ 800,000
Number of employees who exercised options and received cash | employees				1
Number of options exercised satisfied by cash payment | shares				80,000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised during the period			300,000	$ 2,900,000	$ 900,000
Equity component of convertible bond issuance, net	$ 20,722,000		0	0	20,722,000
Amortization of deferred equity contributions		$ 2,044,000	$ 2,044,000	4,520,000	$ 20,197,000
US dollar 350 Million Senior Unsecured Convertible Bonds Due 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Debt amount	$ 350,000,000
Conversion price (in dollars per share) | $ / shares	$ 21.945		$ 16.2456
Premium of conversion price to share price	33.00%
Ship Finance International Limited Share Option Scheme [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised during the period				$ 1,200,000

SHARE OPTION PLAN (Details)

SHARE OPTION PLAN (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2016employees$ / sharesshares	Dec. 31, 2015USD ($)employees$ / sharesshares	Dec. 31, 2014USD ($)employees$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares
Share options [Roll Forward]
Options exercised (in shares)		(64,000)	(144,000)
Other disclosures [Abstract]
Total intrinsic value of options exercised during the period | $		$ 300,000	$ 2,900,000	$ 900,000
Number of officers who exercised options | employees		2	1
Number of employees exercising options | employees		3	2
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period, minimum (in years)	3 years
Options, term (in years)	5 years
Share options [Roll Forward]
Granted (in shares)	279,000
Other disclosures [Abstract]
Number of officers who exercised options | employees	2
Number of employees exercising options | employees	3
Granted (in shares)	279,000
Number of directors granted options | employees	6
Number of officers granted options | employees	2
Number of employees granted options | employees	5
Option Indexed to Issuer's Equity, Strike Price | $ / shares	$ 14.38
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, term (in years)		5 years
Share options [Roll Forward]
Options outstanding at beginning of year (in shares)	125,000	189,000	423,000	498,000
Granted (in shares)		0	0	0
Options exercised (in shares)		(64,000)	(224,000)	(75,000)
Forfeited (in shares)		0	(10,000)	0
Options outstanding at end of year (in shares)		125,000	189,000	423,000
Exercisable at end of year (in shares)		125,000	189,000	374,333
Weighted average exercise price [Abstract]
Options outstanding at beginning of year (in dollars per share) | $ / shares	$ 12.56	$ 13.17	$ 9.99	$ 10.27
Granted (in dollars per share) | $ / shares		0	0	0
Exercised (in dollars per share) | $ / shares		10.55	5.41	5.29
Forfeited (in dollars per share) | $ / shares		0	5.56	0
Options outstanding at end of year (in dollars per share) | $ / shares		12.56	13.17	9.99
Exercisable at end of year (in dollars per share) | $ / shares		$ 12.56	$ 13.17	$ 9.22
Other disclosures [Abstract]
Intrinsic value of options fully vested but not exercised | $		$ 500,000
Options fully vested but not exercised, average remaining term (in years)		2 months 21 days
Unrecognized compensation costs related to non-vested options granted | $		$ 0	$ 0
Granted (in shares)		0	0	0
Stock Options [Member] | Subsequent Event [Member]
Weighted average exercise price [Abstract]
Exercised (in dollars per share) | $ / shares	$ 12.11
New Options Granted During The Year [Member]
Weighted average assumptions used to calculate fair value of options [Abstract]
Expected life of options (in years)		0 years	0 years	0 years
Minimum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period, minimum (in years)		1 year
Maximum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period, minimum (in years)		3 years

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) shares in Millions	1 Months Ended								3 Months Ended				6 Months Ended		12 Months Ended
	Nov. 30, 2014USD ($)vessel	Feb. 28, 2014contract	Nov. 30, 2013USD ($)	May. 31, 2013	Mar. 31, 2013USD ($)	Feb. 28, 2013USD ($)	Jan. 31, 2013USD ($)	Jan. 31, 2012	Sep. 30, 2015	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)	Mar. 31, 2013USD ($)	Dec. 31, 2015USD ($)vesselassetsRate	Jun. 30, 2015USD ($)Rateshares	Dec. 31, 2015USD ($)vesselcarrierstankersassetsRate	Dec. 31, 2014USD ($)vesselassets	Dec. 31, 2013USD ($)vessel	Dec. 31, 2011USD ($)vessel	Jun. 05, 2015vessel	Jul. 31, 2013USD ($)
Related Party Transaction [Line Items]
Joint venture, ownership percentage															50.00%
Amounts due from and to related parties [Abstract]
Due from related parties													$ 45,659,000		$ 45,659,000	$ 152,491,000
Loans to related parties													387,712,000		387,712,000	346,031,000
Loans to related parties - others, long-term													0		0	79,294,000
Due to related parties													$ 416,000		416,000	1,109,000
Leasing revenues earned from related parties [Abstract]
Direct financing lease interest income															34,193,000	45,363,000	$ 55,385,000
Finance lease service revenue															46,460,000	46,488,000	52,390,000
Profit sharing revenues															$ 59,607,000	$ 33,756,000	770,000
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as direct financing leases | assets													16		16	19
Vessels and equipment, net													$ 1,641,317,000		$ 1,641,317,000	$ 1,377,133,000
Gain on redemption of loan notes from related parties															28,904,000	$ 0	0
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares														55
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
Profit sharing percent of earnings from Frontline from July 1 2015 onwards													50.00%
Compensation payable (receivable) for early contract termination of charter	$ 49,200,000
Compensation received on termination of charters, cash	10,500,000
Compensation received on termination of charters, notes receivable	$ 38,700,000
Term of lease/charter (in years)	8 years															15 years
Number of years charter may be extended									3 years
Notes receivable, related parties	$ 48,400,000		$ 79,000,000										$ 83,800,000		83,800,000	$ 87,500,000
Cost of Drybulk Carriers															272,000,000	61,800,000
Daily vessel management fee before July 1 2015														$ 6,500
Management fees paid, vessels															$ 56,939,000	49,170,000	54,916,000
Commission percentage paid on chartering revenues															1.25%
Administrative expenses - related parties															$ 1,032,000	965,000	439,000
Related party loans [Abstract]
Interest income, related party loans															18,672,000	24,464,000	19,575,000
Cost of jack-up drilling rig																				$ 600,000,000
Related party purchases and sales of vessels [Abstract]
Proceeds from redemption of loan notes including interest															113,200,000	0	0
Accrued interest included with loan note redemption															500,000	0	0
Gain on disposal of investment in equity method investee															0	6,055,000	0
Deep Sea and Deep Sea Supply BTG [Member]
Amounts due from and to related parties [Abstract]
Due from related parties													0		0	1,338,000
SFL Linus [Member]
Amounts due from and to related parties [Abstract]
Due from related parties													23,200,000		23,200,000	0
Frontline Charterers, Seadrill, Deep Sea and UFC [Member]
Leasing revenues earned from related parties [Abstract]
Operating lease income															42,900,000	26,400,000	24,000,000
Direct financing lease interest income															34,200,000	45,400,000	55,400,000
Finance lease service revenue															46,500,000	46,500,000	52,400,000
Direct financing lease repayments															35,900,000	43,100,000	47,400,000
Profit sharing revenues															59,600,000	33,800,000	800,000
Frontline Charterers [Member]
Amounts due from and to related parties [Abstract]
Due from related parties													18,052,000		18,052,000	30,714,000
Due to related parties													229,000		229,000	196,000
Due from related parties													$ 18,100,000		18,100,000	30,700,000
Leasing revenues earned from related parties [Abstract]
Profit sharing revenues															$ 0	$ 0	0
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as direct financing leases | vessel													14		14			28	17
Number of vessels sold | vessel	3												2		2	11
Compensation payment received															$ 150,200,000			$ 106,000,000
Number of charters transferred to new charterer | vessel																			3
Agreed temporary reduction in daily time charter rates														6,500
Profit sharing percentage of earnings from Frontline for use of fleet																		20.00%
Increase profit sharing percentage of earnings from Frontline for use of fleet (in hundredths)																		25.00%
Non-refundable advance relating to the profit sharing agreement																		$ 50,000,000
Period of temporary reduction in daily time charter rates								4 years
Maximum daily amount to which temporary earnings-related 100% payment applies														$ 6,500
Seadrill [Member]
Amounts due from and to related parties [Abstract]
Due from related parties													$ 0		0	$ 111,195,000
United Freight Carriers Inc [Member]
Amounts due from and to related parties [Abstract]
Due from related parties													$ 1,639,000		1,639,000	232,000
Leasing revenues earned from related parties [Abstract]
Profit sharing revenues															$ 2,500,000	1,100,000	800,000
Related party leasing and service contracts [Abstract]
Profit sharing percentage of earnings from Frontline for use of fleet															50.00%
Number of vessels leased to related parties classified as operating leases | vessel													6		6
Frontline Ltd [Member]
Amounts due from and to related parties [Abstract]
Due from related parties													$ 2,816,000		$ 2,816,000	9,012,000
Loans to related parties - others, long-term													0		0	79,294,000
Accrued interest on loan notes receivable with related parties													0		0	400,000
Related party leasing and service contracts [Abstract]
Stated interest rate	7.25%
Frontline Shipping and Frontline Shipping II [Member]
Leasing revenues earned from related parties [Abstract]
Profit sharing revenues															19,900,000	32,700,000	0
Related party leasing and service contracts [Abstract]
Profit sharing percentage of earnings from Frontline for use of fleet								100.00%
Profit share income from July 1 2015 onwards										$ 37,300,000	$ 0	$ 0
Frontline Management [Member]
Amounts due from and to related parties [Abstract]
Due to related parties													143,000		$ 143,000	848,000
Related party leasing and service contracts [Abstract]
Term of lease/charter (in years)															5 years
Number of container vessels operating on time charter, for which part or all management supervision was sub-contracted to a related party | vessel															12
Number of drybulk carriers operating on time charter, for which part or all management supervision was sub-contracted to a related party | carriers															14
Number of crude oil tankers | tankers															2
Number of car carriers operating on time charter, for which part or all management supervision was sub-contracted to a related party | carriers															2
Management fees paid, vessels															$ 48,000,000	48,400,000	54,200,000
Commission percentage paid for sales-type leases of Suezmax tankers (in hundredths)															1.00%
Commissions paid for sales-type leases on Suezmax tankers															$ 400,000	300,000	100,000
Administrative expenses - related parties															500,000	500,000	400,000
Management fees paid, supervision of newbuildings															100,000	2,900,000	2,400,000
Other related parties [Member]
Amounts due from and to related parties [Abstract]
Due to related parties													44,000		44,000	65,000
Golar Management UK Limited [Member]
Related party leasing and service contracts [Abstract]
Management fees paid, provision of office facilities															0	100,000	$ 200,000
Frontline Charterers, Deep Sea and Seadrill [Member]
Related party leasing and service contracts [Abstract]
Combined balance of net investments in direct financing leases													511,400,000		511,400,000	839,900,000
Combined balance of net investments in direct financing leases, short-term maturities													37,100,000		37,100,000	37,500,000
Vessels and equipment, net													499,600,000		499,600,000	198,900,000
Deep Sea [Member]
Related Party Transaction [Line Items]
Number of offshore supply vessels | vessel																	6
Amounts due from and to related parties [Abstract]
Due from related parties													$ 0		$ 0
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as direct financing leases | vessel													2		2
Number of vessels leased to related parties classified as operating leases | vessel													4		4
Deep Sea Supply BTG [Member]
Related Party Transaction [Line Items]
Number of offshore supply vessels | vessel																	5
Frontline Management AS [Member]
Related party leasing and service contracts [Abstract]
Management fees paid, provision of office facilities															$ 400,000	400,000	$ 300,000
Arcadia Petroleum Limited [Member]
Related party leasing and service contracts [Abstract]
Management fees paid, provision of office facilities															100,000	0	0
Frontline Management and Frontline Management AS [Member]
Amounts due from and to related parties [Abstract]
Due to related parties													$ 100,000		100,000	800,000
SFL West Polaris and SFL Deepwater [Member]
Related party loans [Abstract]
Interest income, related party loans															18,700,000
Golden Ocean [Member]
Leasing revenues earned from related parties [Abstract]
Profit sharing revenues															$ 0	0	0
Related party leasing and service contracts [Abstract]
Profit sharing percentage of earnings from Frontline for use of fleet															33.00%
Number of years before time charter rate is reduced									7 years
Time charter rate for Capesize drybulk carriers for first 7 years															$ 17,600
Time charter rates for Capesize drybulk carriers after 7 years															$ 14,900
Term of lease/charter (in years)									10 years
Number of vessels leased to related parties classified as operating leases | vessel													8		8
Cost of Drybulk Carriers															$ 272,000,000
Number of container vessels operating on time charter, for which part or all management supervision was sub-contracted to a related party | vessel															12
Number of drybulk carriers operating on time charter, for which part or all management supervision was sub-contracted to a related party | carriers															14
Management fees paid, vessels															$ 9,000,000	800,000	700,000
Frontline Ltd [Member]
Related party leasing and service contracts [Abstract]
Ownership percentage | Rate													7.03%	27.73%	7.03%
SFL West Polaris [Member]
Related party loans [Abstract]
Loans advanced to related parties													$ 145,000,000		$ 145,000,000
Interest income, related party loans															0	6,500,000	6,500,000
SFL Deepwater [Member]
Amounts due from and to related parties [Abstract]
Loans to related parties													137,437,000		137,437,000	100,036,000
Related party loans [Abstract]
Loans advanced to related parties													145,000,000		145,000,000
Interest income, related party loans															6,500,000	6,500,000	9,600,000
SFL Hercules [Member]
Amounts due from and to related parties [Abstract]
Loans to related parties													125,275,000		125,275,000	135,250,000
Related party loans [Abstract]
Loans advanced to related parties													145,000,000		145,000,000
Interest income, related party loans															6,500,000	6,500,000	3,500,000
SFL Linus [Member]
Amounts due from and to related parties [Abstract]
Due from related parties													23,152,000		23,152,000	0
Loans to related parties													125,000,000		125,000,000	110,745,000
Related party loans [Abstract]
Loans advanced to related parties													125,000,000		125,000,000
Interest income, related party loans															5,600,000	4,900,000	$ 0
Sale of Suezmax tanker Front Glory [Member]
Related party leasing and service contracts [Abstract]
Compensation payable (receivable) for early contract termination of charter															2,200,000
Sale of Suezmax tanker Front Splendour [Member]
Related party leasing and service contracts [Abstract]
Compensation payable (receivable) for early contract termination of charter															1,300,000
Sale of Suezmax tanker Mindanao [Member]
Related party leasing and service contracts [Abstract]
Compensation payable (receivable) for early contract termination of charter															3,300,000
Sale of VLCC Edinburgh [Member]
Related party leasing and service contracts [Abstract]
Compensation payable (receivable) for early contract termination of charter							$ 7,800,000
Sale of Front Pride [Member]
Related party leasing and service contracts [Abstract]
Compensation payable (receivable) for early contract termination of charter						$ (2,100,000)
Sale of Front Guider [Member]
Related party leasing and service contracts [Abstract]
Compensation payable (receivable) for early contract termination of charter					$ (11,700,000)
Sale of Golden Victory [Member]
Related party leasing and service contracts [Abstract]
Compensation payable (receivable) for early contract termination of charter			(37,300,000)
Sale of Front Champion [Member]
Related party leasing and service contracts [Abstract]
Compensation payable (receivable) for early contract termination of charter			(30,400,000)
Sale of Golden Victory and Front Champion [Member]
Related party leasing and service contracts [Abstract]
Compensation payable (receivable) for early contract termination of charter			67,700,000
Compensation received on termination of charters, cash			10,900,000
Compensation received on termination of charters, notes receivable			$ 56,800,000
Term of lease/charter (in years)			8 years
Loan Notes [Member] | Frontline Ltd [Member]
Amounts due from and to related parties [Abstract]
Short-term portion of loan notes receivable with related parties													$ 0		0	$ 7,800,000
Minimum [Member] | NADL [Member]
Related party loans [Abstract]
Asset purchased and leased back, term of lease (in excess of 15 years)		15 years
Number of purchase options, related party | contract		4
Vessels Leased to Frontline Charterers [Member] | Frontline Management [Member]
Related party leasing and service contracts [Abstract]
Daily vessel management fee															9,000
Golden Ocean [Member] | Golden Ocean Management [Member]
Related party leasing and service contracts [Abstract]
Daily vessel management fee															$ 7,000
Deep Sea [Member] | Deep Sea [Member]
Related Party Transaction [Line Items]
Joint venture, ownership percentage				50.00%
BTG Pactual [Member] | Deep Sea Supply BTG [Member]
Related Party Transaction [Line Items]
Joint venture, ownership percentage				50.00%

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2015USD ($)	Dec. 31, 2015NOK	Dec. 31, 2014USD ($)	Mar. 19, 2014NOK	Oct. 31, 2012NOK
Derivative [Line Items]
Financial instruments (short-term): at fair value		$ 0		$ 517
Derivative, Fair value [Abstract]
Liabilities		113,642		106,679
Assets		800		3,294
Interest rate swaps [Abstract]
Notional principal		804,800		1,094,100
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Financial instruments (short-term): at fair value		0		292
Derivative, Fair value [Abstract]
Liabilities		11,458		40,058
Assets		487		710
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Financial instruments (short-term): at fair value		0		225
Derivative, Fair value [Abstract]
Liabilities		2,897		1,565
Assets		313		2,584
Interest Rate Swap 1 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Notional principal		213,158
Notional principal, at maturity		$ 122,632
Fixed interest rate range, low end (in hundredths)		1.96%	1.96%
Fixed interest rate range, high end (in hundredths)		2.22%	2.22%
Interest Rate Swap 2 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date		Mar. 31, 2008
Maturity date		Aug. 31, 2018
Notional principal		$ 36,972
Notional principal, at maturity		$ 24,794
Fixed interest rate range, low end (in hundredths)		4.05%	4.05%
Fixed interest rate range, high end (in hundredths)		4.15%	4.15%
Interest Rate Swap 3 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date		Apr. 30, 2011
Maturity date		Dec. 31, 2018
Notional principal		$ 41,956
Notional principal, at maturity		$ 23,394
Fixed interest rate range, low end (in hundredths)		2.13%	2.13%
Fixed interest rate range, high end (in hundredths)		2.80%	2.80%
Interest Rate Swap 4 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date		May 31, 2011
Maturity date		Jan. 31, 2019
Notional principal		$ 62,535
Notional principal, at maturity		$ 34,044
Fixed interest rate range, low end (in hundredths)		0.80%	0.80%
Fixed interest rate range, high end (in hundredths)		2.58%	2.58%
Interest Rate Swap 5 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date		Aug. 31, 2011
Maturity date		Aug. 31, 2021
Notional principal		$ 100,000
Notional principal, at maturity		$ 100,000
Fixed interest rate range, low end (in hundredths)		2.50%	2.50%
Fixed interest rate range, high end (in hundredths)		2.93%	2.93%
Cross Currency Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative, Fair value [Abstract]
Liabilities		$ 87,642		63,083
Interest rate swaps [Abstract]
Notional principal	[1]	76,136	NOK 450,000,000
Cross Currency Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative, Fair value [Abstract]
Liabilities		11,645		$ 1,973
Interest Rate Swap 7 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Notional principal		$ 174,789
Notional principal, at maturity | NOK			NOK 153,804,000,000
Interest Rate Swap 8 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date		May 31, 2012
Maturity date		Aug. 31, 2022
Notional principal		$ 154,100
Notional principal, at maturity		$ 79,733
Fixed interest rate range, low end (in hundredths)		1.76%	1.76%
Fixed interest rate range, high end (in hundredths)		1.85%	1.85%
Interest Rate Swap 9 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Notional principal		$ 73,938
Notional principal, at maturity		$ 69,713
Cross Currency Interest Rate Contract Two [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	[1]	Oct. 31, 2012
Maturity date	[1]	Oct. 31, 2017
Notional principal	[1]	$ 105,436	NOK 600,000,000
Fixed interest rate range, low end (in hundredths)	[1]	5.92%	5.92%
Fixed interest rate range, high end (in hundredths)	[1]	6.23%	6.23%
Interest Rate Swap 11 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date		Feb. 28, 2013
Maturity date		Dec. 31, 2017
Notional principal		$ 48,767
Notional principal, at maturity		$ 32,142
Fixed interest rate range, low end (in hundredths)		0.81%	0.81%
Fixed interest rate range, high end (in hundredths)		0.82%	0.82%
Interest Rate Swap 12 [Member] | Not Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date		Mar. 31, 2013
Maturity date		Apr. 30, 2023
Notional principal		$ 100,000
Notional principal, at maturity		$ 100,000
Fixed interest rate range, low end (in hundredths)		1.85%	1.85%
Fixed interest rate range, high end (in hundredths)		1.97%	1.97%
Cross Currency Interest Rate Contract 3 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	[1]	Mar. 19, 2014
Maturity date	[1]	Mar. 19, 2019
Notional principal	[1]	$ 151,008	NOK 900,000,000
Fixed Interest Rate		6.03%	6.03%
Interest Rate Swap 14 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date		Dec. 28, 2016
Maturity date		Dec. 27, 2021
Notional principal		$ 108,375
Notional principal, at maturity		$ 70,125
Fixed interest rate range, low end (in hundredths)		1.86%	1.86%
Fixed interest rate range, high end (in hundredths)		3.33%	3.33%
Interest Rate Swap 15 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date		Jan. 6, 2017
Maturity date		Jan. 6, 2022
Notional principal		$ 110,500
Notional principal, at maturity		$ 70,125
Fixed interest rate range, low end (in hundredths)		1.56%	1.56%
Fixed interest rate range, high end (in hundredths)		3.09%	3.09%
Interest Rate Swap 16 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date		Sep. 21, 2015
Maturity date		Mar. 21, 2022
Fixed Interest Rate		1.67%	1.67%
NOK 600 million senior unsecured floating rate bonds due 2017 [Member]
Derivative [Line Items]
Debt amount | NOK						NOK 600,000,000
NOK 900 Million Senior Unsecured Bonds [Member]
Derivative [Line Items]
Debt amount | NOK					NOK 900,000,000
[1]	These swaps relate to the NOK600 million and the NOK900 million unsecured bonds, and the fixed interest rates paid are exchanged for NIBOR plus the margin on the bonds. For the remaining swaps the fixed interest rate paid is exchanged for LIBOR, excluding margin on the underlying loans.

FINANCIAL INSTRUMENTS (Fair Val

FINANCIAL INSTRUMENTS (Fair Value and Carrying Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Non-derivatives:
Available for sale securities	$ 199,594	$ 73,656
Floating rate NOK bonds due 2017	63,719	75,210
Floating Rate NOK Bonds due 2019	79,549
Derivatives:
Interest rate/ currency swap contracts – long-term receivables	800	3,294
Interest rate/ currency swap contracts – long-term payables	113,642	106,679
Long term payables, non-designated swap contracts	14,500	3,500
Long term receivables, non-designated swap contracts	300	2,600
Carrying Value [Member]
Non-derivatives:
Available for sale securities	199,594	73,656
Floating rate NOK bonds due 2017	63,681	76,487
Floating Rate NOK Bonds due 2019	85,434	119,277
Derivatives:
Interest rate/ currency swap contracts – long-term receivables	800	3,294
Interest rate/ currency swap contracts – short-term payables	0	517
Interest rate/ currency swap contracts – long-term payables	113,642	106,679
Fair Value [Member]
Non-derivatives:
Available for sale securities	199,594	73,656
Floating rate NOK bonds due 2017	63,719	75,210
Floating Rate NOK Bonds due 2019	79,549	108,542
Derivatives:
Interest rate/ currency swap contracts – long-term receivables	800	3,294
Interest rate/ currency swap contracts – short-term payables	0	517
Interest rate/ currency swap contracts – long-term payables	113,642	106,679
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member]
Non-derivatives:
Unsecured convertible bonds	118,021	124,375
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member] | Carrying Value [Member]
Non-derivatives:
Unsecured convertible bonds	117,500	125,000
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member] | Fair Value [Member]
Non-derivatives:
Unsecured convertible bonds	118,021	124,375
Senior Unsecured Convertible Bonds Due 2018 [Member]
Non-derivatives:
Unsecured convertible bonds	378,315
Senior Unsecured Convertible Bonds Due 2018 [Member] | Carrying Value [Member]
Non-derivatives:
Unsecured convertible bonds	350,000	350,000
Senior Unsecured Convertible Bonds Due 2018 [Member] | Fair Value [Member]
Non-derivatives:
Unsecured convertible bonds	378,315	335,563
Not Designated as Hedging Instrument [Member]
Derivatives:
Interest rate/ currency swap contracts – short-term payables	$ 0	$ 200

FINANCIAL INSTRUMENTS (Fair V83

FINANCIAL INSTRUMENTS (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	May. 29, 2015	Dec. 31, 2014
Assets:
Available for sale securities	$ 199,594		$ 73,656
Interest rate/currency swap contracts - long term receivables	800		3,294
Total assets	200,394		76,950
Liabilities:
Floating rate NOK bonds due 2017	63,719		75,210
Floating Rate NOK Bonds due 2019	79,549
Interest rate/ currency swap contracts – long-term payables	113,642		106,679
Total liabilities	753,246		750,886
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member]
Assets:
Available for sale securities	199,594		49,913
Total assets	199,594		49,913
Liabilities:
Floating rate NOK bonds due 2017	63,719		75,210
Floating Rate NOK Bonds due 2019	79,549
Total liabilities	639,604		643,690
Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member]
Assets:
Interest rate/currency swap contracts - long term receivables	800		3,294
Total assets	800		3,294
Liabilities:
Swap Contracts, Short Term Payable, Fair Value Disclosure			517
Interest rate/ currency swap contracts – long-term payables	113,642		106,679
Total liabilities	113,642		107,196
Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member]
Assets:
Available for sale securities		$ 25,925	23,743
Total assets	0		23,743
Liabilities:
Total liabilities	0		0
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member]
Liabilities:
Unsecured convertible bonds	118,021		124,375
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member]
Liabilities:
Unsecured convertible bonds	118,021		124,375
Senior Unsecured Convertible Bonds Due 2018 [Member]
Liabilities:
Unsecured convertible bonds	378,315
Senior Unsecured Convertible Bonds Due 2018 [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member]
Liabilities:
Unsecured convertible bonds	378,315		335,563
Estimate of Fair Value Measurement [Member]
Assets:
Available for sale securities	199,594		73,656
Interest rate/currency swap contracts - long term receivables	800		3,294
Liabilities:
Floating rate NOK bonds due 2017	63,719		75,210
Floating Rate NOK Bonds due 2019	79,549		108,542
Interest rate/ currency swap contracts – short-term payables	0		517
Interest rate/ currency swap contracts – long-term payables	113,642		106,679
Estimate of Fair Value Measurement [Member] | 3.75% Senior Unsecured Convertible Bonds Due 2016 [Member]
Liabilities:
Unsecured convertible bonds	118,021		124,375
Estimate of Fair Value Measurement [Member] | Senior Unsecured Convertible Bonds Due 2018 [Member]
Liabilities:
Unsecured convertible bonds	$ 378,315		$ 335,563

FINANCIAL INSTRUMENTS (Changes

FINANCIAL INSTRUMENTS (Changes in the fair values of the asset with Level 3 valuation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2013	Feb. 10, 2011
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as at December 31, 2014	$ 73,656
Balance on sale of notes at May 29, 2015	199,594	$ 73,656
Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as at December 31, 2014	23,743
Interest income, receivable in form of unlisted second lien loan notes - see (a) below	2,182
Balance on sale of notes at May 29, 2015		$ 23,743
Interest Income [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Interest income, receivable in form of unlisted second lien loan notes - see (a) below	$ 2,200
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Interest rate					3.75%
US dollar 350 Million Senior Unsecured Convertible Bonds Due 2018 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Interest rate				3.25%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Concentration risk, percentage	33.00%	37.00%	38.00%

COMMITMENTS AND CONTINGENT LI85

COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2014	Dec. 31, 2015USD ($)vessel	Dec. 31, 2014USD ($)
Commitments and Contingencies Disclosure [Abstract]
Book value of assets pledged under ship mortgages		$ 2,087	$ 2,062
Related Party Transaction [Line Items]
Contractual commitments under newbuilding contracts		$ 261.9	$ 85
Number of container vessels contracted to be chartered in | vessel		2
Term of lease or charter	8 years		15 years
Contractual commitments relating to chartering-in agreements		$ 406.1	$ 0
Initial payment amount due on delivery		30
SFL West Polaris and SFL Deepwater [Member]
Related Party Transaction [Line Items]
Revolving credit facility, amount drawn		831.2
SFL West Polaris and SFL Deepwater [Member] | Financial Guarantee [Member]
Related Party Transaction [Line Items]
Guarantee on loan facility		$ 250

CONSOLIDATED VARIABLE INTERES86

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) $ in Thousands	Dec. 31, 2015USD ($)variable_interest_entities	Dec. 31, 2014USD ($)
Variable Interest Entity [Line Items]
Number of variable interest entities | variable_interest_entities	26
Estimated residual values of leased property (un-guaranteed)	$ 195,238	$ 239,002
Variable Interest Entities With Assets Accounted for as Direct Financing Leases [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities | variable_interest_entities	2
Carrying value of vessels	$ 44,300
Unearned lease income	9,000
Estimated residual values of leased property (un-guaranteed)	5,900
Outstanding loan balance	23,900
Outstanding loan balance, current portion	$ 4,800
Variable Interest Entities With Assets Accounted for as Operating Lease Assets [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities | variable_interest_entities	24
Carrying value of vessels	$ 609,600
Outstanding loan balance	309,900
Outstanding loan balance, current portion	$ 30,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Nov. 30, 2014	Mar. 31, 2016USD ($)employees$ / sharesshares	Jun. 30, 2015Rateshares	Dec. 31, 2015USD ($)employees$ / sharesRateshares	Dec. 31, 2014USD ($)employees$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares	Feb. 29, 2016USD ($)Rate	Nov. 30, 2015USD ($)	Feb. 10, 2011USD ($)
Subsequent Event [Line Items]
Term of lease or charter	8 years				15 years
Proceeds from issuance of short-term and long-term debt				$ 595,305,000	$ 733,632,000	$ 705,347,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares			55,000,000
Derivative, Notional Amount				$ 804,800,000	$ 1,094,100,000
Number of officers who exercised options | employees				2	1
Number of employees exercising options | employees				3	2
Options exercised (in shares) | shares				64,000	144,000
Premium on stock options exercised				$ 600,000	$ 800,000
Shares issued				675,000	927,000	128,915,000
Share capital
Subsequent Event [Line Items]
Shares issued				$ 64,000	$ 144,000	$ 8,035,000
Stock Options [Member]
Subsequent Event [Line Items]
Options exercised (in shares) | shares				64,000	224,000	75,000
Exercised share price (in dollars per share) | $ / shares				$ 10.55	$ 5.41	$ 5.29
Granted (in shares) | shares				0	0	0
Options, term (in years)				5 years
Frontline Ltd [Member]
Subsequent Event [Line Items]
Ownership percentage | Rate			27.73%	7.03%
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member]
Subsequent Event [Line Items]
Debt amount									$ 125,000,000
Interest rate									3.75%
US dollar 210 million secured term loan facility (Maersk) [Member] | Floating Rate Debt [Member]
Subsequent Event [Line Items]
Debt amount								$ 210,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Term of lease or charter		5 years
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares		11,000,000
Derivative, Notional Amount							$ 68,900,000
Derivative, Fixed Interest Rate | Rate							1.2625%
Dividend declared | $ / shares		$ 0.45
Number of officers who exercised options | employees		2
Number of employees exercising options | employees		3
Premium on stock options exercised		$ 400,000
Granted (in shares) | shares		279,000
Number of directors granted options | employees		6
Number of officers granted options | employees		2
Number of employees granted options | employees		5
Options, term (in years)		5 years
Option vesting period, minimum (in years)		3 years
Option Indexed to Issuer's Equity, Strike Price | $ / shares		$ 14.38
Subsequent Event [Member] | Share capital
Subsequent Event [Line Items]
Shares issued		$ 36,575
Subsequent Event [Member] | Stock Options [Member]
Subsequent Event [Line Items]
Exercised share price (in dollars per share) | $ / shares		$ 12.11
Subsequent Event [Member] | Deep Sea [Member]
Subsequent Event [Line Items]
Stated interest rate		7.25%
Term of loan notes		6 years
Subsequent Event [Member] | Sale of offshore supply vessel Sea Bear [Member]
Subsequent Event [Line Items]
Disposal Group, Including Discontinued Operation, Revenue		$ 19,600,000
Subsequent Event [Member] | US dollar 210 million secured term loan facility (Maersk) [Member] | Floating Rate Debt [Member]
Subsequent Event [Line Items]
Proceeds from issuance of short-term and long-term debt		70,000,000
Subsequent Event [Member] | US$ 210 million secured term loan facility [Member]
Subsequent Event [Line Items]
Debt amount		$ 210,000,000