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Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consists of the following:
 
December 31, 2023December 31, 2022
 Principal Amount OutstandingDebt Discounts and Debt Issuance CostsCarrying ValuePrincipal Amount OutstandingDebt Discounts and Debt Issuance CostsCarrying Value
Convertible Bond Debt$104,119 $(229)$103,890 $104,119 $(620)$103,499 
Global Ultraco Debt Facility – Term Facility262,950 (5,305)257,645 237,750 (6,767)230,983 
Global Ultraco Debt Facility – Revolving Facility125,000 (2,732)122,268 — — — 
Total debt492,069 (8,266)483,803 341,869 (7,387)334,482 
Less: Current portion – Convertible Bond Debt(104,119)229 (103,890)— — — 
Less: Current portion – Global Ultraco Debt Facility(49,800)— (49,800)(49,800)— (49,800)
Total long-term debt$338,150 $(8,037)$330,113 $292,069 $(7,387)$284,682 
Schedule of Interest Expense
A summary of interest expense for the years ended December 31, 2023, 2022 and 2021 is as follows:
 
 Year Ended
 December 31, 2023December 31, 2022December 31, 2021
Convertible Bond Debt$5,206 $5,547 $5,738 
Global Ultraco Debt Facility – Term Facility (1)
9,657 8,310 2,474 
Global Ultraco Debt Facility – Revolving Facility5,141 — — 
Norwegian Bond Debt— — 11,710 
New Ultraco Debt Facility (2)
— — 4,335 
Holdco Revolving Credit Facility— — 314 
Super Senior Facility— — 30 
Commitment fees on revolving credit facilities860 994 573 
Amortization of debt discount and debt issuance costs2,738 2,130 7,083 
$23,602 $16,981 $32,257 
(1)Interest expense on the Global Ultraco Debt Facility includes a reduction of $9.6 million, and $1.9 million of interest for the years ended December 31, 2023 and 2022, respectively, and includes $0.5 million of interest from interest rate derivatives designated as hedging instruments for the year ended December 31, 2021. See Note 8.  Derivative Instruments for additional information.
(2)Interest expense on the New Ultraco Debt Facility includes $0.5 million of interest from interest rate derivatives designated as hedging instruments for the year ended December 31, 2021. See Note 8.  Derivative Instruments for additional information.
Schedule of Maturities of Long-term Debt
The following table presents the scheduled maturities of principal amounts of our debt obligations for the next five years.
    
Convertible Bond Debt (1)
Global Ultraco Debt Facility – Revolving Facility (2)
Global Ultraco Debt Facility – Term FacilityTotal
2024$104,119 $— $49,800 $153,919 
2025— — 49,800 49,800 
2026— 16,230 49,800 66,030 
2027— 21,780 49,800 71,580 
2028— 86,990 63,750 150,740 
$104,119 $125,000 $262,950 $492,069 
(1)This amount represents the aggregate principal amount of the Convertible Bond Debt outstanding that would be payable in cash upon maturity if no holder of the Convertible Bond Debt elects conversion pursuant to the Indenture.
(2)Represents amounts payable based on the amount outstanding under the Revolving Facility as of December 31, 2023 and the timing of contractual reduction in capacity of the Revolving Facility. The amount and timing of actual repayments may change as a result of additional future borrowings or repayments under the Revolving Facility.
Schedule of Weighted Average and Contractual Interest Rates In addition, the following table presents the range of contractual interest rates on the Company’s debt obligations, excluding the impact of costs associated with commitment fees on revolving facilities for the years ended December 31, 2023, 2022 and 2021.
 Year Ended
 December 31, 2023December 31, 2022December 31, 2021
Weighted average effective interest rate7.76 %5.00 %6.31 %
Range of interest rates (from)
5.00% to 8.02%
2.35% to 6.87%
2.24% to 8.25%

The following table presents the weighted average effective interest rate on the Company’s debt obligations, including the impact on interest from interest rate derivatives designated as hedging instruments as well as amortization of debt discounts and debt issuance costs and costs associated with commitment fees on revolving facilities for the years ended December 31, 2023, 2022 and 2021.

 Year Ended
 December 31, 2023December 31, 2022December 31, 2021
Weighted average effective interest rate, including hedging instruments5.52 %4.49 %6.50 %