螺旋能源 2025年季度报告

Item1. Financial Statements CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands) March31,December31,20252024ASSETSCurrent assets:Cash and cash equivalents$369,987$368,030Accounts receivable, net of allowance for credit losses of $3,597and $3,682, respectively258,485258,630Other current assets107,73583,022Total current assets736,207709,682Property and equipment3,113,5153,068,755Less accumulated depreciation(1,679,150)(1,630,902)Property and equipment, net1,434,3651,437,853Operating lease right-of-use assets327,732329,649Deferred recertification and dry dock costs, net89,11571,718Other assets, net47,60448,178Total assets$2,635,023$2,597,080LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable$159,835$144,793Accrued liabilities90,60690,455Current maturities of long-term debt9,412Current operating lease liabilities63,54259,982Total current liabilities323,395304,416Long-term debt301,697305,971Operating lease liabilities281,146285,984Deferred tax liabilities113,416113,973Other non-current liabilities70,10466,971 Three Months EndedMarch31,2025 Effect of exchange rate changes on cash and cash equivalents1,078 VesselsEquipmentLess than one year$78,442$5,324 Two to three yearsThree to four years Four to five years52,7483,18555,933Over five years86,25715,736101,993Total lease payments$401,171$34,926$436,097Less: imputed interest(80,564)(9,567)(90,131)Total operating lease liabilities$320,607$25,359$345,966 The following table presents the weighted average remaining lease term and discount rate:March31,December31,20252024Weighted average remaining lease term5.7years5.9yearsWeighted average discount rate7.86%7.89% Right-of-use assets related to new operating lease liabilities(1)12,073 month period ended March31, 2025, and the charter extensions fortheSiem Helix1, theSiemHelix2, theGrand Canyon IIand theShelia Bordelonduring the three-month period endedMarch31, 2024 (Note13). Note5— Long-Term DebtScheduled maturities of our long-term debt outstanding as of March31, 2025 are as follows(inthousands):MARAD2029DebtNotesTotalLess than one year$9,412$—$9,412 Unamortized debt issuance costs(1)(976)(6,080)(7,056)Total debt18,318292,791311,109Less current maturities(9,412)—(9,412)Long-term debt$8,906$292,791$301,697(1)Debt discount and debt issuance costs are amortized to interest expense over the term of the Credit AgreementOn September30, 2021 we entered into an asset-based credit agreement with Bank ofAmerica, N.A. (“Bank of America”), Wells Fargo Bank, N.A. and Zions Bancorporation and The net proceeds from the issuance of the 2029 Notes were approximately $291.1million, after to redeem our former Convertible Senior Notes due 2026 (the “2026 Notes”). See details regarding theredemption of the 2026 Notes below.The 2029 Notes bear interest at a coupon interest rate of9.75% per annum payablesemi-annuallyin arrears on March1 and September1 of each year, beginning on March1, 2024. The 2029Notes mature onMarch1, 2029unless earlier redeemed or repurchased by us. the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemptiondate, in an amount not exceeding the proceeds of such equity offerings. Year 2026104.875%2027102.438%2028 and thereafter100.000% Upon the occurrence of a Change of Control Triggering Event, as defined in the indenturegoverning the 2029 Notes, we may be required to make an offer to repurchase all of the notes thenoutstanding at a price equal to101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.The indenture governing the 2029 Notes contains customary terms and covenants, includinglimitations on additional indebtedness, restricted payments, liens, asset sales, transactions withaffiliates, mergers and consolidations, designation of unrestricted subsidiaries, and dividend and other of our indebtedness, including the Amended ABL Facility. The 2029 Notes are junior in right of paymentto all our existing and future secured indebtedness and obligations and rank equally in right of paymentwith all our existing and future senior unsecured indebtedness. The 2029 Notes rank senior in right ofpayment to any of our future subordinated indebtedness and are fully and unconditionally guaranteedby the guarantors described above on a senior basis. In January2024, we issued a notice for the redemption of the remaining $40.0millionaggregate principal amount of the 2026 Notes to be settled in March2024 (the “2026 NotesRedemptions”). The redemption price consisted of the principal amount and the make-whole premium,plus accrued and unpaid interest. Our redemption notice enabled holders of $39.7million aggregateprincipal amount of the 2026 Notes to tender their notes for conversion prior to the redemption date, interest rate of6.75% per annum and an effective interest rate of7.6%. For the three-month periodended March31, 2024, total interest expense related to the 2026 Notes was $0.4millio