v3.25.2
PROPERTY, PLANT, & EQUIPMENT
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, & EQUIPMENT

5. PROPERTY, PLANT, & EQUIPMENT

 

Property, plant, and equipment, net of accumulated depreciation, of the Company consists of the following as of the period end dates set forth below (in US$ thousands):

 

   Lives (in years)  June 30, 2025   December 31, 2024 
   Estimated Useful  As of 
   Lives (in years)  June 30, 2025   December 31, 2024 
Buildings and leasehold improvements  5 to 25  $55,798   $55,283 
Drilling rigs, plant and equipment  1 to 15   783,271    747,905 
Office equipment (furniture and fixtures) and tools  3 to 10   16,191    16,658 
Vehicles and cranes  5 to 10   9,422    9,713 
Less: Accumulated depreciation      (476,985)   (443,367)
Land      11,664    11,664 
Capital work in progress      24,495    40,290 
Total     $423,856   $438,146 

 

The Company recorded depreciation expense of $29.3 million, $27.9 million, $58.8 million and $55.5 million for the three-month period ended June 30, 2025, the three-month period ended June 30, 2024, the six-month period ended June 30, 2025, and the six-month period ended June 30, 2024, respectively, in the Unaudited Condensed Consolidated Interim Statements of Operations.