Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.19.1
Leases
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Leases

5.

LEASES

As of March 31, 2019, the Company leases in four anchor handling towing supply (“AHTS”) vessels, two liftboats, one FSV, one supply vessel and certain facilities and other equipment.  The leases typically contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. As of March 31, 2019, the remaining lease terms of the vessels have remaining durations from eight to 32 months. The lease terms of the other equipment range in duration from 10 to 333 months.

As of March 31, 2019, future minimum payments for operating leases for the remainder of 2019 and the years ended December 31 were as follows (in thousands):

 

Remainder of 2019

 

$

14,778

 

2020

 

 

13,982

 

2021

 

 

7,036

 

2022

 

 

640

 

2023

 

 

622

 

Years subsequent to 2023

 

 

4,858

 

 

 

 

41,916

 

Interest component

 

 

(4,147

)

 

 

 

37,769

 

Current portion of long-term operating lease liabilities

 

 

17,918

 

Long-term operating lease liabilities

 

$

19,851

 

For the three months ended March 31, 2019, the components of lease expense were as follows (in thousands):

 

 

2019

 

Operating lease expense

 

$

3,612

 

Short-term lease expense (lease duration of twelve months or less at lease commencement)

 

 

536

 

 

 

$

4,148

 

For the three months ended March 31, 2019, other information related to operating leases were as follows (in thousands except weighted average data):

 

 

2019

 

Operating cash flows from operating leases

 

$

4,837

 

Right-of-use assets obtained for operating lease liabilities

 

$

33,757

 

Weighted average remaining lease term, in years

 

 

4.4

 

Weighted average discount rate

 

 

4.1

%