Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases

Schedule of components of lease cost

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

	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	87,569	$	72,775	$	61,067
Variable lease cost		11,113		21,423		20,562
Short-term lease cost		55,879		54,613		29,487
Sublease income		(99)		(1,113)		(1,275)
Net lease cost	$	154,462	$	147,698	$	109,841

Schedule of maturities of operating lease liabilities

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

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:

	December 31,
	2024		2023		2022
Weighted average remaining lease term	5.9	years	3.1	years	4.0	years
Weighted average discount rate	7.89	%	8.20	%	7.84	%

Schedule of other information related to operating leases

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

	Year Ended December 31,
	2024		2023		2022
Cash paid for operating lease liabilities	$	80,642	$	68,788	$	58,129
Right-of-use assets related to new operating lease obligations (1)		220,945		26,502		144,134

(1) Our operating lease additions are primarily related to the charter extensions for the Siem Helix 1, Siem Helix 2, Grand Canyon II and Shelia Bordelon vessels during the year ended December 31, 2024 (Note 16), the vessel charters for the Glomar Wave and North Sea Enabler vessels during the year ended December 31, 2023, and the charter extensions for the Siem Helix 1, Siem Helix 2, Grand Canyon II, Grand Canyon III and Shelia Bordelon vessels during the year ended December 31, 2022.