Quarterly report [Sections 13 or 15(d)]

Lease Receivables

v3.25.3
Lease Receivables
9 Months Ended
Sep. 30, 2025
Lease Receivables  
Lease Receivables

6.

Lease Receivables

The Company’s lease receivables consist of the following:

​

​

​

​

​

​

Lease Receivables

​

September 30, 2025

​

December 31, 2024

​

​

​

​

​

Current

​

​

​

​

Lease receivables

​

821

​

446

Unearned income

​

(167)

​

(92)

​

​

654

​

354

​

​

​

​

​

Long-term

​

​

​

​

Leases receivable

​

2,254

​

1,249

Unearned income

​

(226)

​

(122)

​

​

2,028

​

1,127

​

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 dependent on the executed contract. For the nine months ended September 30, 2025, lease payments received totaled $0.5 million. Lease revenue was less than $0.1 million for the same period.

​

Lease receivable maturities including residual values are as follows:

​

​

​

​

Lease Receivable Maturities

​

September 30, 2025

​

​

​

2025

​

205

2026

​

864

2027

​

726

2028

​

736

2029

​

393

2030

​

151

Total

​

3,075

Less unearned income

​

393

Present value of lease receivables

​

2,682

​

​

​

Current portion of lease receivables

​

654

Non-current portion of lease receivables

​

2,028

Total lease receivables (net)

​

2,682

​