HELIX ENERGY SOLUTIONS GROUP INC Leases Disclosure
Note 6 — Leases
We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2034. We also sublease some of our facilities under non-cancelable sublease agreements. As of December 31, 2025, 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, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
Operating lease cost | $ | 90,737 |
| $ | 87,569 |
| $ | 72,775 | |
Variable lease cost |
| 12,543 |
| 11,113 |
| 21,423 | |||
Short-term lease cost |
| 48,318 |
| 55,879 |
| 54,613 | |||
Sublease income |
| (117) |
| (99) |
| (1,113) | |||
Net lease cost | $ | 151,481 |
| $ | 154,462 |
| $ | 147,698 | |
Maturities of our operating lease liabilities as of December 31, 2025 are as follows (in thousands):
| | Facilities and | | ||||||
| Vessels | | Equipment | | Total | ||||
Less than one year | $ | 77,129 | $ | 4,267 |
| $ | 81,396 | ||
One to two years |
| 76,334 |
| 4,328 |
| 80,662 | |||
Two to three years |
| 65,278 |
| 4,088 |
| 69,366 | |||
Three to four years |
| 53,006 |
| 3,869 |
| 56,875 | |||
Four to five years |
| 59,020 |
| 4,636 |
| 63,656 | |||
Over five years |
| 27,237 |
| 11,950 |
| 39,187 | |||
Total lease payments | $ | 358,004 | $ | 33,138 |
| $ | 391,142 | ||
Less: imputed interest |
| (60,774) |
| (8,613) |
| (69,387) | |||
Total operating lease liabilities | $ | 297,230 | $ | 24,525 |
| $ | 321,755 | ||
Current operating lease liabilities | $ | 57,240 | $ | 3,556 |
| $ | 60,796 | ||
Non-current operating lease liabilities |
| 239,990 |
| 20,969 |
| 260,959 | |||
Total operating lease liabilities | $ | 297,230 | $ | 24,525 |
| $ | 321,755 | ||
Maturities of our operating lease liabilities as of December 31, 2024 are as follows (in thousands):
| | Facilities and | | ||||||
| Vessels | | Equipment | | Total | ||||
Less than one year | $ | 78,442 | $ | 5,324 |
| $ | 83,766 | ||
One to two years |
| 66,020 |
| 3,442 |
| 69,462 | |||
Two to three years |
| 61,771 |
| 3,871 |
| 65,642 | |||
Three to four years |
| 55,933 |
| 3,368 |
| 59,301 | |||
Four to five years |
| 52,748 |
| 3,185 |
| 55,933 | |||
Over five years |
| 86,257 |
| 15,736 |
| 101,993 | |||
Total lease payments | $ | 401,171 | $ | 34,926 |
| $ | 436,097 | ||
Less: imputed interest |
| (80,564) |
| (9,567) |
| (90,131) | |||
Total operating lease liabilities | $ | 320,607 | $ | 25,359 |
| $ | 345,966 | ||
Current operating lease liabilities | $ | 55,643 | $ | 4,339 |
| $ | 59,982 | ||
Non-current operating lease liabilities |
| 264,964 |
| 21,020 |
| 285,984 | |||
Total operating lease liabilities | $ | 320,607 | $ | 25,359 |
| $ | 345,966 | ||
The following table presents the weighted average remaining lease term and discount rate:
December 31, | |||||||||
| 2025 | 2024 | 2023 | ||||||
Weighted average remaining lease term |
| 5.0 | years | 5.9 | years | 3.1 | years | ||
Weighted average discount rate |
| 7.68 | % | 7.89 | % | 8.20 | % | ||
The following table presents other information related to our operating leases (in thousands):
Year Ended December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
Cash paid for operating lease liabilities | $ | 88,248 |
| $ | 80,642 |
| $ | 68,788 | |
Right-of-use assets related to new operating lease obligations (1) |
| 37,658 |
| 220,945 |
| 26,502 | |||
| (1) | Our operating lease additions are primarily related to the charter for the Trym and charter extensions for the North Sea Enabler during the year ended December 31, 2025, the charter extensions for the Sea Helix 1, the Siem Helix 2, the Grand Canyon II and the Shelia Bordelon during the year ended December 31, 2024, and the charters for the Glomar Wave and the North Sea Enabler during the year ended December 31, 2023. |
See Note 16 for additional information on our significant leases including those not yet commenced as of December 31, 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.