Details Of Certain Accounts (Tables)

12 Months Ended

Dec. 31, 2024

Organization

Schedule of other current assets

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

Schedule of other assets, net

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.

Schedule of accrued liabilities

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.

Schedule of other non-current liabilities

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).