Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating lease cost	$	22,357	$	17,347	$	42,832	$	34,353
Variable lease cost		3,060		5,255		6,117		10,165
Short-term lease cost		13,745		17,916		22,659		24,893
Sublease income		(22)		(206)		(44)		(537)
Net lease cost	$	39,140	$	40,312	$	71,564	$	68,874

Maturities of our operating lease liabilities as of June 30, 2024 are as follows (in thousands):

			Facilities and
	Vessels		Equipment		Total
Less than one year	$	76,796	$	6,452	$	83,248
One to two years		74,553		2,279		76,832
Two to three years		61,771		1,968		63,739
Three to four years		60,482		1,885		62,367
Four to five years		52,748		1,714		54,462
Over five years		112,848		4,231		117,079
Total lease payments	$	439,198	$	18,529	$	457,727
Less: imputed interest		(93,830)		(3,239)		(97,069)
Total operating lease liabilities	$	345,368	$	15,290	$	360,658
Current operating lease liabilities	$	51,750	$	5,967	$	57,717
Non-current operating lease liabilities		293,618		9,323		302,941
Total operating lease liabilities	$	345,368	$	15,290	$	360,658

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

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

	June 30,		December 31,
	2024		2023
Weighted average remaining lease term	6.1	years	3.1	years
Weighted average discount rate	7.93	%	8.20	%

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

	Six Months Ended
	June 30,
	2024		2023
Cash paid for operating lease liabilities	$	38,877	$	32,964
Right-of-use assets obtained in exchange for new operating lease liabilities (1)		207,511		6,234

(1) Our operating lease additions during the six-month period ended June 30, 2024 are primarily related to the charter extensions for the Siem Helix 1, the Siem Helix 2, the Grand Canyon II and the Shelia Bordelon (Note 13). Our operating lease additions during the six-month period ended June 30, 2023 are primarily related to the vessel charter for the Glomar Wave.