Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 6 — 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 year ended December 31, 2023 are primarily related to the vessel charters for the Glomar Wave and the Horizon Enabler (Note 16). Our operating lease additions during the year ended December 31, 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. As of December 31, 2023, 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,
	2023		2022		2021
Operating lease cost	$	72,775	$	61,067	$	60,636
Variable lease cost		21,423		20,562		16,711
Short-term lease cost		54,613		29,487		20,590
Sublease income		(1,113)		(1,275)		(1,303)
Net lease cost	$	147,698	$	109,841	$	96,634

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

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:

	December 31,
	2023		2022		2021
Weighted average remaining lease term	3.1	years	4.0	years	2.4	years
Weighted average discount rate	8.20	%	7.84	%	7.57	%

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

	Year Ended December 31,
	2023		2022		2021
Cash paid for operating lease liabilities	$	68,788	$	58,129	$	61,826
Right-of-use assets obtained in exchange for new operating lease obligations		26,502		144,134		5,992