Quarterly report [Sections 13 or 15(d)]

Lease Receivables

v3.25.2
Lease Receivables
6 Months Ended
Jun. 30, 2025
Lease Receivables  
Lease Receivables

6.

Lease Receivables

The Company’s lease receivables consist of the following:

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Lease Receivables

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June 30, 2025

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December 31, 2024

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Current

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Lease receivables

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821

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446

Unearned income

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(178)

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(92)

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643

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354

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Long-term

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Leases receivable

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2,459

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1,249

Unearned income

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(264)

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(122)

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2,195

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1,127

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The leases are direct financing leases of drilling equipment. The lease terms are three to five years with a residual payment at the end of the term. The lease terms include provisions for prepayment after a certain period. For the six months ended June 30, 2025, lease payments received totaled $0.3 million and lease revenue was less than $0.1 million.

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Lease receivable maturities including residual values are as follows:

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Lease Receivable Maturities

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June 30, 2025

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2025

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411

2026

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863

2027

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726

2028

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736

2029

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393

2030

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151

Total

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3,280

Less unearned income

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442

Present value of lease receivables

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2,838

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Current portion of lease receivables

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643

Non-current portion of lease receivables

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2,195

Total lease receivables (net)

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2,838

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