GOODWILL, INTANGIBLE, AND OTHER ASSETS (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| SCHEDULE OF CHANGES IN CARRYING AMOUNT OF GOODWILL |
Changes
in the carrying amount of goodwill of the Company between December 31, 2024, and December 31, 2025, are as follows (in US$ thousands):
SCHEDULE OF CHANGES IN CARRYING AMOUNT OF GOODWILL
| | |
Production
Services | | |
Drilling and
Evaluation
Services | | |
Goodwill | |
| Balance as of December 31, 2024 | |
$ | 459,710 | | |
$ | 185,385 | | |
$ | 645,095 | |
| Not applicable | |
| - | | |
| - | | |
| - | |
| Balance as of December 31, 2025 | |
$ | 459,710 | | |
$ | 185,385 | | |
$ | 645,095 | |
|
| SCHEDULE OF WEIGHTED AVERAGE AMORTIZATION PERIOD FOR INTANGIBLE ASSETS |
The
following is the weighted average amortization period for intangible assets of the Company subject to amortization (in years):
SCHEDULE OF WEIGHTED AVERAGE AMORTIZATION PERIOD FOR INTANGIBLE ASSETS
| | |
Amortization | |
| Customer contracts & relationships | |
| 10.0 | |
| Trademarks and trade names | |
| 7.9 | |
| Total intangible assets | |
| 9.7 | |
|
| SCHEDULE OF INTANGIBLE ASSETS SUBJECT TO AMORTIZATION |
The
details of our intangible assets subject to amortization are set forth below (in US$ thousands):
SCHEDULE OF INTANGIBLE ASSETS SUBJECT TO AMORTIZATION
| | |
December 31, 2025 | | |
December 31, 2024 | |
| | |
Gross
carrying
amount | | |
Accumulated
amortization | | |
Net
carrying
amount | | |
Gross carrying
amount | | |
Accumulated
amortization | | |
Net
carrying
amount | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Customer contracts & relationships | |
$ | 153,500 | | |
$ | (107,742 | ) | |
$ | 45,758 | | |
$ | 153,500 | | |
$ | (92,322 | ) | |
$ | 61,178 | |
| Trademarks and trade names | |
| 25,940 | | |
| (24,612 | ) | |
| 1,328 | | |
| 25,940 | | |
| (21,422 | ) | |
| 4,518 | |
| Total intangible assets | |
$ | 179,440 | | |
$ | (132,354 | ) | |
$ | 47,086 | | |
$ | 179,440 | | |
$ | (113,744 | ) | |
$ | 65,696 | |
|
| SCHEDULE OF INVESTMENTS |
The
following table presents our investments at the dates indicated (in US$ thousands):
SCHEDULE OF INVESTMENTS
| | |
Segment | |
Ownership | | |
December 31,
2025 | | |
December 31,
2024 | |
| WDVGE | |
Production Services | |
| 46.2 | % | |
$ | - | | |
| 3,225 | |
|
| SCHEDULE OF EARNINGS (LOSS) FROM EQUITY INVESTMENTS |
The
following table presents earnings (loss) from equity investments for the periods indicated (in US$ thousands):
SCHEDULE OF EARNINGS (LOSS) FROM EQUITY INVESTMENTS
| | |
Segment | |
Year ended
December 31,
2025 | | |
Year ended
December 31,
2024 | | |
Year ended
December 31,
2023 | |
| W. D. Von Gonten Engineering LLC | |
Production Services | |
$ | (237.5 | ) | |
$ | 28.7 | | |
$ | (454.1 | ) |
|
| SCHEDULE OF FINANCIAL INFORMATION FOR OUR EQUITY METHOD INVESTMENTS |
Summarized
combined financial information for our equity method investments is as follows for the periods indicated (amounts represent 100% of investee
financial information in US$ thousands):
SCHEDULE OF FINANCIAL INFORMATION FOR OUR EQUITY METHOD INVESTMENTS
| | |
December 31,
2025 | | |
December 31,
2024 | |
| Balance Sheet data: | |
| | | |
| | |
| Current assets | |
$ | 4,044 | | |
| 5,242 | |
| Noncurrent assets | |
| 12,451 | | |
| 15,236 | |
| Total assets | |
$ | 16,495 | | |
| 20,478 | |
| | |
| | | |
| | |
| Current liabilities | |
$ | 2,543 | | |
| 2,555 | |
| Other liabilities | |
| 9,068 | | |
| 10,976 | |
| Combined equity | |
| 4,884 | | |
| 6,947 | |
| Total liabilities and combined equity | |
$ | 16,495 | | |
| 20,478 | |
| | |
Year ended | | |
Year ended | | |
Year ended | |
| | |
December 31, 2025 | | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
| | |
| | |
| |
| Statement of operations data: | |
| | | |
| | | |
| | |
| Revenue | |
$ | 17,824 | | |
$ | 20,016 | | |
$ | 19,263 | |
| Operating income | |
| (2,063 | ) | |
| 62 | | |
| (1,041 | ) |
| Net income | |
| (2,063 | ) | |
| 62 | | |
| (983 | ) |
|