Leases

9 Months Ended

Sep. 30, 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 nine-month period ended September 30, 2023 are primarily related to the vessel charters for the Glomar Wave and the Horizon Enabler (Note 14). Our operating lease additions during the nine-month period ended September 30, 2022 are primarily related to the charter extensions for the Siem Helix 1, the Siem Helix 2, the Grand Canyon II, the Grand Canyon III and the Shelia Bordelon. 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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Operating lease cost	$	18,836	$	16,088	$	53,189	$	44,348
Variable lease cost		6,058		4,488		16,223		14,035
Short-term lease cost		18,751		9,112		43,644		22,121
Sublease income		(374)		(300)		(911)		(930)
Net lease cost	$	43,271	$	29,388	$	112,145	$	79,574

Maturities of our operating lease liabilities as of September 30, 2023 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	66,794	$	6,737	$	73,531
One to two years		59,599		4,184		63,783
Two to three years		37,944		1,078		39,022
Three to four years		30,569		968		31,537
Four to five years		7,590		968		8,558
Over five years		—		2,086		2,086
Total lease payments	$	202,496	$	16,021	$	218,517
Less: imputed interest		(25,896)		(1,975)		(27,871)
Total operating lease liabilities	$	176,600	$	14,046	$	190,646
Current operating lease liabilities	$	55,049	$	6,142	$	61,191
Non-current operating lease liabilities		121,551		7,904		129,455
Total operating lease liabilities	$	176,600	$	14,046	$	190,646

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:

	September 30,		December 31,
	2023		2022
Weighted average remaining lease term	3.3	years	4.0	years
Weighted average discount rate	8.17	%	7.84	%

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

	Nine Months Ended
	September 30,
	2023		2022
Cash paid for operating lease liabilities	$	51,733	$	43,342
Right-of-use assets obtained in exchange for new operating lease liabilities		25,463		143,357