Quarterly report [Sections 13 or 15(d)]

Lease Receivables

v3.26.1
Lease Receivables
3 Months Ended
Mar. 31, 2026
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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March 31, 2026

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December 31, 2025

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Current

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Lease receivables

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840

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863

Unearned income

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(143)

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(155)

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697

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708

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Long-term

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Leases receivable

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1,825

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2,006

Unearned income

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(161)

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(192)

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1,664

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1,814

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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 dependent on the executed contract. For the three months ended March 31, 2026 and 2025, lease payments received totaled $0.2 million and $0.1 million, respectively. Lease income was less than $0.1 million and less than $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

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Lease receivable maturities including residual values are as follows:

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Lease Receivable Maturities

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March 31, 2026

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2026

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659

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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2,665

Less unearned income

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304

Present value of lease receivables

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2,361

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Current portion of lease receivables

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697

Non-current portion of lease receivables

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1,664

Total lease receivables (net)

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2,361

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