Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases

Schedule of components of lease cost

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

	Three Months Ended
	March 31,
	2025		2024
Operating lease cost	$	21,230	$	20,475
Variable lease cost		2,346		3,057
Short-term lease cost		8,943		8,914
Sublease income		(29)		(22)
Net lease cost	$	32,490	$	32,424

Schedule of maturities of operating lease liabilities

Maturities of our operating lease liabilities as of March 31, 2025 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	81,873	$	4,883	$	86,756
One to two years		68,327		3,295		71,622
Two to three years		65,904		4,415		70,319
Three to four years		53,539		2,963		56,502
Four to five years		52,748		3,761		56,509
Over five years		73,250		14,968		88,218
Total lease payments	$	395,641	$	34,285	$	429,926
Less: imputed interest		(75,728)		(9,510)		(85,238)
Total operating lease liabilities	$	319,913	$	24,775	$	344,688
Current operating lease liabilities	$	59,516	$	4,026	$	63,542
Non-current operating lease liabilities		260,397		20,749		281,146
Total operating lease liabilities	$	319,913	$	24,775	$	344,688

Maturities of our operating lease liabilities as of December 31, 2024 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	78,442	$	5,324	$	83,766
One to two years		66,020		3,442		69,462
Two to three years		61,771		3,871		65,642
Three to four years		55,933		3,368		59,301
Four to five years		52,748		3,185		55,933
Over five years		86,257		15,736		101,993
Total lease payments	$	401,171	$	34,926	$	436,097
Less: imputed interest		(80,564)		(9,567)		(90,131)
Total operating lease liabilities	$	320,607	$	25,359	$	345,966
Current operating lease liabilities	$	55,643	$	4,339	$	59,982
Non-current operating lease liabilities		264,964		21,020		285,984
Total operating lease liabilities	$	320,607	$	25,359	$	345,966

Schedule of weighted average remaining lease term and discount rate

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

	March 31,		December 31,
	2025		2024
Weighted average remaining lease term	5.7	years	5.9	years
Weighted average discount rate	7.86	%	7.89	%

Schedule of other information related to operating leases

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

	Three Months Ended
	March 31,
	2025		2024
Cash paid for operating lease liabilities	$	20,428	$	18,720
Right-of-use assets related to new operating lease liabilities (1)		12,073		203,040

(1) Our operating lease additions are primarily related to the charter for the Trym during the three-month period ended March 31, 2025, and the charter extensions for the Siem Helix 1, the Siem Helix 2, the Grand Canyon II and the Shelia Bordelon during the three-month period ended March 31, 2024 (Note 13).