Leases (Tables)

6 Months Ended

Jun. 30, 2025

Leases

Schedule of components of lease cost

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Operating lease cost	$	23,349	$	22,357	$	44,579	$	42,832
Variable lease cost		2,686		3,060		5,032		6,117
Short-term lease cost		12,746		13,745		21,689		22,659
Sublease income		(29)		(22)		(58)		(44)
Net lease cost	$	38,752	$	39,140	$	71,242	$	71,564

Schedule of maturities of operating lease liabilities

Maturities of our operating lease liabilities as of June 30, 2025 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	79,119	$	4,331	$	83,450
One to two years		65,767		3,684		69,451
Two to three years		64,491		4,624		69,115
Three to four years		55,173		2,652		57,825
Four to five years		52,749		4,407		57,156
Over five years		60,099		14,089		74,188
Total lease payments	$	377,398	$	33,787	$	411,185
Less: imputed interest		(70,258)		(9,283)		(79,541)
Total operating lease liabilities	$	307,140	$	24,504	$	331,644
Current operating lease liabilities	$	57,884	$	3,641	$	61,525
Non-current operating lease liabilities		249,256		20,863		270,119
Total operating lease liabilities	$	307,140	$	24,504	$	331,644

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

	June 30,		December 31,
	2025		2024
Weighted average remaining lease term	5.5	years	5.9	years
Weighted average discount rate	7.82	%	7.89	%

Schedule of other information related to operating leases

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

	Six Months Ended
	June 30,
	2025		2024
Cash paid for operating lease liabilities	$	43,394	$	38,877
Right-of-use assets related to new operating lease liabilities (1)		14,692		207,511

(1) Our operating lease additions are primarily related to the charter for the Trym during the six-month period ended June 30, 2025, and the charter extensions for the Siem Helix 1, the Siem Helix 2, the Grand Canyon II and the Shelia Bordelon during the six-month period ended June 30, 2024 (Note 13).