Quarterly report [Sections 13 or 15(d)]

Lease Receivables

v3.25.1
Lease Receivables
3 Months Ended
Mar. 31, 2025
Lease Receivables  
Lease Receivables

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6.

Lease Receivables

The Company’s lease receivables consist of the following:

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Lease Receivables

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March 31, 2025

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December 31, 2024

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Current

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Lease receivables

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731

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446

Unearned income

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(162)

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(92)

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569

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354

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Long-term

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Leases receivable

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2,252

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1,249

Unearned income

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(245)

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(122)

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2,007

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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 three months ended March 31, 2025, lease payments received totaled $0.1 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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March 31, 2025

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2025

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548

2026

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773

2027

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635

2028

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646

2029

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303

2030

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78

Total

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2,983

Less unearned income

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407

Present value of lease receivables

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2,576

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Current portion of lease receivables

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569

Non-current portion of lease receivables

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2,007

Total lease receivables (net)

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2,576

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