Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Note 5 — Leases

We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2031. Our operating lease additions during the three-month period ended March 31, 2023 are primarily related to the vessel charter for the Glomar Wave (Note 14). Our operating lease additions during the three-month period ended March 31, 2022 are primarily related to the charter extensions for the Siem Helix 1 and the Siem Helix 2. We also sublease some of our facilities under non-cancelable sublease agreements.

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

	Three Months Ended
	March 31,
	2023		2022
Operating lease cost	$	17,006	$	14,462
Variable lease cost		4,910		4,922
Short-term lease cost		6,977		5,438
Sublease income		(331)		(249)
Net lease cost	$	28,562	$	24,573

Maturities of our operating lease liabilities as of March 31, 2023 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	60,932	$	6,688	$	67,620
One to two years		60,058		5,517		65,575
Two to three years		36,690		1,974		38,664
Three to four years		39,169		979		40,148
Four to five years		15,845		979		16,824
Over five years		791		2,597		3,388
Total lease payments	$	213,485	$	18,734	$	232,219
Less: imputed interest		(30,177)		(2,449)		(32,626)
Total operating lease liabilities	$	183,308	$	16,285	$	199,593
Current operating lease liabilities	$	48,466	$	5,941	$	54,407
Non-current operating lease liabilities		134,842		10,344		145,186
Total operating lease liabilities	$	183,308	$	16,285	$	199,593

Maturities of our operating lease liabilities as of December 31, 2022 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	58,063	$	6,603	$	64,666
One to two years		55,515		5,697		61,212
Two to three years		43,400		2,797		46,197
Three to four years		35,200		959		36,159
Four to five years		26,244		959		27,203
Over five years		3,041		2,783		5,824
Total lease payments	$	221,463	$	19,798	$	241,261
Less: imputed interest		(32,986)		(2,675)		(35,661)
Total operating lease liabilities	$	188,477	$	17,123	$	205,600
Current operating lease liabilities	$	45,131	$	5,783	$	50,914
Non-current operating lease liabilities		143,346		11,340		154,686
Total operating lease liabilities	$	188,477	$	17,123	$	205,600

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

	March 31,		December 31,
	2023		2022
Weighted average remaining lease term	3.8	years	4.0	years
Weighted average discount rate	7.91	%	7.84	%

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

	Three Months Ended
	March 31,
	2023		2022
Cash paid for operating lease liabilities	$	16,184	$	16,010
Right-of-use assets obtained in exchange for new operating lease liabilities		6,070		60,699