Table:
|  | 2019 | 2018 | 2017 |
| --- | --- | --- | --- |
| (in millions of $) |  |  |  |
| Net cash provided by/(used in) operating activities | 106.5 | 116.7 | (35.1) |
| Net cash used in investing activities | (264.4) | (202.5) | (419.9) |
| Net cash (used in)/provided by financing activities | (136.0) | 177.4 | 427.4 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (293.9) | 91.6 | (27.5) |
| Cash, cash equivalents and restricted cash at beginning of year | 704.3 | 612.7 | 640.2 |
| Cash, cash equivalents and restricted cash at end of year | 410.4 | 704.3 | 612.7 |
Paragraphs:
Cash Flows
The following table summarizes our cash flows from operating, investing and financing activities for the periods indicated.
Net cash provided by/(used in) operating activities
Cash provided by operating activities decreased by $10.2 million to $106.5 million in 2019 compared to $116.7 million in 2018. The decrease was primarily due to:
• lower contribution recognized from our participation in the Cool Pool due to lower utilization and a higher number of drydocking days for our vessels for the year ended December 31, 2019;
• $24.9 million of drydocking costs as the majority of our fleet was scheduled for dry-dock during 2019;
• $9.3 million in cash receipts in connection with arbitration proceedings with a former charterer of the Golar Tundra, compared to $50.7 million recovered in 2018; and
• the reduction in the general timing of working capital in 2019 compared to the same period in 2018.
This was partially offset by receipts of $4.0 million in relation to a loss of hire insurance claim on the Golar Viking. There were no comparable receipts in 2018.
Cash provided by operating activities increased by $151.8 million to $116.7 million in 2018 compared to cash utilized of $35.1 million in 2017. The increase in cash utilized in 2018 was primarily due to: • higher contributions recognized from our participation in the Cool Pool as a result of improved utilization and daily hire rates from the Cool Pool vessels; • lower charterhire payments as a result of the expiry of the charter-back arrangement of the Golar Grand from Golar Partners in November 2017; • $50.7 million in cash receipts in connection with arbitration proceedings with a former charterer of the Golar Tundra; and • the improvement on the general timing of working capital in 2018 compared to the same period in 2017.
Net cash used in investing activities
Net cash used in investing activities of $264.4 million in 2019 comprised mainly of:
• $376.3 million of payments made in respect of the conversion of the Gimi into a FLNG;
• $21.0 million additional investments in Golar Power and Avenir; and
• $24.4 million of payments predominately for the installation of the ballast water treatment systems on eight of our vessels.
This was partially offset by receipts of:
• $115.2 million of proceeds from Keppel's initial subscription and subsequent cash calls in relation to its 30% equity interest in Gimi MS;
• $29.2 million of dividends received from Golar Partners; and
• $9.7 million of cash consideration received from Golar Partners in respect of the remaining net purchase price less working capital adjustments in connection with the Hilli acquisition.
Net cash used in investing activities of $202.5 million in 2018 comprised mainly of:
• the addition of $116.7 million to asset under development relating to payments made in respect of the conversion of the Hilli into a FLNG; and
• additions of $95.5 million to investments in affiliates, which relates principally to capital contributions made to Golar Power of $55.0 million and our investment in Avenir of $24.8 million; and
• additions to vessels and equipment of $33.1 million.
This was partially offset by: • receipt of $9.7 million from Golar Partners in relation to the Hilli Disposal; and • $33.2 million of dividends received from Golar Partners.
Net cash (used in)/provided by financing activities
Net cash used in financing activities is principally generated from funds from new debt, debt refinancings, debt repayments and cash dividends. Net cash used in financing activities of $136.0 million in 2019 arose primarily due to: • scheduled debt repayments of $443.1 million; • $100.0 million repayment of the Margin Loan following refinancing; • $9.1 million repayment upon the extension of the Golar Arctic facility; • payment of dividends of $65.0 million; • financing costs of $24.5 million predominately in relation to the Gimi debt facility; and • payment of $18.6 million in relation to the 1.5 million treasury shares repurchased on our equity swap in November 2019.
This was partially offset by debt proceeds drawn down of:
• $100.0 million on the new Margin Loan facility;
• $150.0 million on the term loan facility;
• $130.0 million on the Gimi facility; and
• $144.3 million in relation to our lessor VIE's.
Net cash provided by financing activities of $177.4 million in 2018 arose primarily due to proceeds of $1.2 billion from our debt facilities, including:
• $115.0 million further drawdown on the pre-delivery financing in relation to the conversion of the Hilli into a FLNG;
• $960.0 million drawdown on the post-acceptance Hilli sale and leaseback financing in relation to the Hilli Facility; and
• $101.0 million of debt proceeds drawn down by the lessor VIE, which owns the Golar Crystal, upon refinancing of its debt into a long-term loan facility. See note 5 "Variable Interest Entities" of our consolidated financial statements included herein.
This was partially offset by:
• loan repayments of $994.9 million, which includes (i) the repayment of $640.0 million on the pre-delivery financing in relation to the conversion of the Hilli into a FLNG, (ii) payment of $105.0 million in connection with the refinancing of the Golar Crystal facility mentioned above, (iii) payments of $76.9 million in connection with the Golar Tundra financing arrangement and (iv) scheduled repayments on our remaining debt facilities; and
• payment of dividends of $42.9 million.
Question:
What accounted for the higher contributions from the participation in Cool Pool?
Answer: Improved utilization and daily hire rates from the Cool Pool vessels