v3.25.4
PROPERTY, PLANT, & EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, & EQUIPMENT

7. 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):

 

  

Estimated

Useful Lives

(in years)

  December 31,
2025		   December 31,
2024		 
Buildings and leasehold improvements  5 to 25  $56,937   $55,283 
Drilling rigs, plant and equipment  1 to 15   818,147    747,905 
Office equipment (furniture and fixtures) and tools  3 to 10   14,785    16,658 
Vehicles and cranes  5 to 10   9,364    9,713 
Less: Accumulated depreciation      (522,072)   (443,367)
Land      11,664    11,664 
Capital work in progress      76,629    40,290 
Total     $465,454   $438,146 

 

The Company recorded depreciation expense of $118.5 million, $111.7 million, and $109.7 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively, within Cost of Services in the Consolidated Statement of Operations.