XML 22 R11.htm IDEA: XBRL DOCUMENT

Leases

9 Months Ended

Sep. 30, 2025

Note 4 — Leases

We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2034.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Operating lease cost	$	23,378	$	22,643	$	67,957	$	65,475
Variable lease cost		4,160		2,236		9,192		8,353
Short-term lease cost		14,920		18,665		36,609		41,324
Sublease income		(29)		(26)		(87)		(70)
Net lease cost	$	42,429	$	43,518	$	113,671	$	115,082

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


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	74,427	$	4,145	$	78,572
One to two years		65,768		3,532		69,300
Two to three years		62,216		4,132		66,348
Three to four years		54,059		3,011		57,070
Four to five years		52,748		4,367		57,115
Over five years		46,804		12,937		59,741
Total lease payments	$	356,022	$	32,124	$	388,146
Less: imputed interest		(64,434)		(8,727)		(73,161)
Total operating lease liabilities	$	291,588	$	23,397	$	314,985

Current operating lease liabilities	$	54,325	$	3,501	$	57,826
Non-current operating lease liabilities		237,263		19,896		257,159
Total operating lease liabilities	$	291,588	$	23,397	$	314,985

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

The following table presents the weighted average remaining lease term and discount rate:


	September 30,		December 31,
	2025		2024
Weighted average remaining lease term	5.4	years	5.9	years
Weighted average discount rate	7.80	%	7.89	%

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

(1)

Our operating lease additions are primarily related to the charter for the Trym during the nine-month period ended September 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 nine-month period ended September 30, 2024 (Note 13).

Nine Months Ended

September 30,

Cash paid for operating lease liabilities

Right-of-use assets related to new operating lease liabilities ⁽¹⁾