v3.25.1
PROPERTY, PLANT AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT, NET

The following table shows the component of property, plant and equipment, net (in thousands):

 

 

Estimated Useful
Lives (in Years)

 

March 31, 2025

 

 

December 31, 2024

 

Rental tools and equipment

 

5-10

 

$

214,251

 

 

$

205,939

 

Buildings and improvements

 

5-40

 

 

7,273

 

 

 

7,074

 

Office furniture, fixtures and equipment

 

3-5

 

 

3,166

 

 

 

2,507

 

Transportation and equipment

 

3-5

 

 

715

 

 

 

714

 

Total property, plant and equipment

 

 

 

 

225,405

 

 

 

216,234

 

Less: accumulated deprecation

 

 

 

 

(145,969

)

 

 

(142,203

)

Property, plant and equipment, net (excluding construction in progress)

 

 

 

 

79,436

 

 

 

74,031

 

Construction in progress

 

 

 

 

1,427

 

 

 

1,540

 

Property, plant and equipment, net

 

 

 

$

80,863

 

 

$

75,571

 

 

Total depreciation expense for the three months ended March 31, 2025 and 2024 was approximately $6.1 million and $5.3 million, respectively. The Company has not acquired any property, plant and equipment under financing leases.