Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Maturity of Operating Lease Liabilities

During the second quarter of 2024, the Company exercised an option to extend an operating lease pertaining to a drill ship used in our offshore business. This resulted in an increase of $254.1 million (discounted) to our right-of-use assets and operating lease liabilities at June 30, 2024.

Maturity of Lease Liabilities

(Thousands of dollars)	Operating Leases		Finance Leases		Total
2024	$	81,903	$	265	$	82,168
2025	279,908		1,069		280,977
2026	125,462		1,069		126,531
2027	69,098		1,069		70,167
2028	62,569		1,069		63,638
Remaining	490,391		267		490,658
Total future minimum lease payments	1,109,331		4,808		1,114,139
Less imputed interest	(235,937)		(1,277)		(237,214)
Present value of lease liabilities 1	$	873,394	$	3,531	$	876,925

1 Includes both the current and long-term portion of the lease liabilities.

Schedule of Maturity of Finance Lease Liabilities

During the second quarter of 2024, the Company exercised an option to extend an operating lease pertaining to a drill ship used in our offshore business. This resulted in an increase of $254.1 million (discounted) to our right-of-use assets and operating lease liabilities at June 30, 2024.

Maturity of Lease Liabilities

(Thousands of dollars)	Operating Leases		Finance Leases		Total
2024	$	81,903	$	265	$	82,168
2025	279,908		1,069		280,977
2026	125,462		1,069		126,531
2027	69,098		1,069		70,167
2028	62,569		1,069		63,638
Remaining	490,391		267		490,658
Total future minimum lease payments	1,109,331		4,808		1,114,139
Less imputed interest	(235,937)		(1,277)		(237,214)
Present value of lease liabilities 1	$	873,394	$	3,531	$	876,925

1 Includes both the current and long-term portion of the lease liabilities.

Summary of Other Lease Information

Lease Term and Discount Rate

	September 30, 2024		December 31, 2023
Weighted average remaining lease term:
Operating leases	8 years		10 years
Finance leases	5 years		5 years
Weighted average discount rate:
Operating leases	5.7	%	5.9	%
Finance leases	4.7	%	4.7	%