v3.25.4
PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 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)

 

December 31, 2025

 

 

December 31, 2024

 

Rental tools and equipment

 

5-10

 

$

215,596

 

 

$

205,939

 

Buildings and improvements

 

5-40

 

 

7,876

 

 

 

7,074

 

Office furniture, fixtures and equipment

 

3-5

 

 

3,153

 

 

 

2,507

 

Transportation and equipment

 

3-5

 

 

691

 

 

 

715

 

Total property, plant and equipment

 

 

 

 

227,317

 

 

 

216,234

 

Less: accumulated depreciation

 

 

 

 

(156,382

)

 

 

(142,203

)

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

 

 

 

 

70,935

 

 

 

74,031

 

Construction in progress

 

 

 

 

1,667

 

 

 

1,540

 

Property, plant and equipment, net

 

 

 

$

72,602

 

 

$

75,571

 

 

Total depreciation expense for the year ended December 31, 2025 and December 31, 2024 was approximately $24.6 million and $21.5 million, respectively. The Company has not acquired any property, plant and equipment under capital leases.