Operating Leases as a Lessor
The category ’Vessels and floating equipment’ mainly relates to facilities leased to third parties under various operating lease agreements which terminate between 2022 and 2030. Leased facilities included in the ’Vessels and floating equipment’ amount to:
Leased facilities included in the vessels and floating equipment
|
31 December 2021 |
31 December 2020 |
||
|---|---|---|---|
|
Cost |
1,741 |
2,683 |
|
|
Accumulated depreciation and impairment |
(1,447) |
(2,317) |
|
|
Book value at 31 December |
294 |
367 |
In December 2021, the units included under leased facilities are FPSO Capixaba, FPSO Cidade de Anchieta and the semi-sumersible production facility Thunder Hawk. The book value of the leased facilities included in the vessels and floating equipment has decreased by US$73 million mainly due to depreciation.
The nominal values of the future expected bareboat receipts (undiscounted lease payments) in respect of the remaining operating lease contracts are:
Nominal values of the future expected bareboat receipts
|
31 December 2021 |
31 December 2020 |
||
|---|---|---|---|
|
Within 1 year |
146 |
277 |
|
|
2 years |
109 |
145 |
|
|
3 years |
107 |
95 |
|
|
4 years |
100 |
94 |
|
|
5 years |
90 |
92 |
|
|
After 5 years |
313 |
399 |
|
|
Total |
865 |
1,103 |
A number of agreements have extension options, which have not been included in the above table.
Purchase and termination options in operating lease contracts
The operating lease contract of semi-submersible Thunder Hawk includes a call option for the client to purchase the underlying asset. The exercise of this call option would have resulted in a gain for the Company as of December 31, 2021.