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Leases | 12 Months Ended
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Dec. 31, 2024
Leases |
Leases | Note 6 — Leases We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2034. We also sublease some of our facilities under non-cancelable sublease agreements. As of December 31, 2024, the minimum sublease income to be received in the future was minimal. 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
​ 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
​ 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 | %
​ 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.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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