Details of Certain Accounts

12 Months Ended

Dec. 31, 2024

Details of Certain Accounts

Details Of Certain Accounts

Note 4 — Details of Certain Accounts

Other current assets consist of the following (in thousands):

	December 31,
	2024		2023
Prepaids	$	26,780	$	28,352
Income tax receivable		2,635		—
Contract assets (Note 11)		12,221		5,824
Deferred costs (Note 11)		31,874		36,041
Other		9,512		15,006
Total other current assets	$	83,022	$	85,223

Other assets, net consist of the following (in thousands):

	December 31,
	2024		2023
Prepaid charter (1)	$	12,544	$	12,544
Deferred costs (Note 11)		5,348		587
Other receivable (2)		24,827		25,623
Intangible assets with finite lives, net		3,630		4,105
Other		1,829		1,964
Total other assets, net	$	48,178	$	44,823

(1) Represents prepayments to the owner of the Siem Helix 1 and the Siem Helix 2 to offset certain payment obligations associated with the vessels at the end of their respective charter term.

(2) Represents the present value of receivables for P&A work to be performed by us on Droshky oil and gas properties we acquired from Marathon Oil Corporation in 2019.

Accrued liabilities consist of the following (in thousands):

	December 31,
	2024		2023
Accrued payroll and related benefits	$	49,521	$	59,010
Accrued interest		10,278		4,181
Income tax payable		—		1,938
Deferred revenue (Note 11)		14,914		32,763
Earnout consideration (Note 3)		—		85,000
Other (1)		15,742		20,220
Total accrued liabilities	$	90,455	$	203,112

(1) During the third quarter 2023, we acquired five P&A systems and other assets for total consideration of $17.6 million including $6.0 million in cash in addition to credits towards future services offered by us. Amount as of December 31, 2023 included $9.0 million of those credits, which were increased by $2.4 million with a charge to “Other expense, net” during 2024 and were fully utilized as of December 31, 2024.

Other non-current liabilities consist of the following (in thousands):

	December 31,
	2024		2023
Deferred revenue (Note 11)	$	699	$	—
Asset retirement obligations (Note 15)		62,947		61,356
Other (1)		3,325		4,892
Total other non-current liabilities	$	66,971	$	66,248

(1) Amount as of December 31, 2023 included $2.6 million of credits offered by us in exchange for the purchase of P&A equipment, which were fully utilized as of December 31, 2024 (see above).