Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of components of lease cost

The following table details the components of our lease cost (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Operating lease cost	$	22,643	$	18,836	$	65,475	$	53,189
Variable lease cost		2,236		6,058		8,353		16,223
Short-term lease cost		18,665		18,751		41,324		43,644
Sublease income		(26)		(374)		(70)		(911)
Net lease cost	$	43,518	$	43,271	$	115,082	$	112,145

Schedule of maturities of operating lease liabilities

Maturities of our operating lease liabilities as of September 30, 2024 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	78,073	$	6,567	$	84,640
One to two years		69,963		3,436		73,399
Two to three years		61,771		2,653		64,424
Three to four years		58,208		2,597		60,805
Four to five years		52,748		2,381		55,129
Over five years		99,552		7,577		107,129
Total lease payments	$	420,315	$	25,211	$	445,526
Less: imputed interest		(87,109)		(5,158)		(92,267)
Total operating lease liabilities	$	333,206	$	20,053	$	353,259
Current operating lease liabilities	$	54,098	$	5,768	$	59,866
Non-current operating lease liabilities		279,108		14,285		293,393
Total operating lease liabilities	$	333,206	$	20,053	$	353,259

Maturities of our operating lease liabilities as of December 31, 2023 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	67,488	$	6,639	$	74,127
One to two years		55,453		3,508		58,961
Two to three years		35,200		1,289		36,489
Three to four years		26,245		1,272		27,517
Four to five years		3,040		1,244		4,284
Over five years		—		1,926		1,926
Total lease payments	$	187,426	$	15,878	$	203,304
Less: imputed interest		(22,419)		(2,038)		(24,457)
Total operating lease liabilities	$	165,007	$	13,840	$	178,847
Current operating lease liabilities	$	56,602	$	6,060	$	62,662
Non-current operating lease liabilities		108,405		7,780		116,185
Total operating lease liabilities	$	165,007	$	13,840	$	178,847

Schedule of weighted average remaining lease term and discount rate

The following table presents the weighted average remaining lease term and discount rate:

	September 30,		December 31,
	2024		2023
Weighted average remaining lease term	6.0	years	3.1	years
Weighted average discount rate	7.89	%	8.20	%

Schedule of other information related to operating leases

The following table presents other information related to our operating leases (in thousands):

	Nine Months Ended
	September 30,
	2024		2023
Cash paid for operating lease liabilities	$	60,042	$	51,733
Right-of-use assets obtained in exchange for new operating lease liabilities (1)		213,480		25,463

(1) Our operating lease additions during the nine-month period ended September 30, 2024 are primarily related to the charter extensions for the Siem Helix 1, the Siem Helix 2, the Grand Canyon II and the Shelia Bordelon (Note 13). Our operating lease additions during the nine-month period ended September 30, 2023 are primarily related to the vessel charter for the Glomar Wave.